Renovated Two-Unit
For Sale
$1,099,999
171 NW 47th St, Miami, FL 33127
Two separately entered residences with upgraded interiors and a landscaped outdoor living area in Miami’s Buena Vista district.
Property Size1,540 SF
Lot Size0.11 Acres
Price / SF$714.29
Days on Market9
Property Features for 171 NW 47th St
General Information
Standard status
Active
Size
1,540 SF
Lot size
0.11 Acres
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$16,109
Amenities
Italian flooring
custom millwork
spa shower
high-end appliances
landscaped oasis
outdoor lounge and dining area
Building Details
Building Size
1,540 SF
Year Built
1980
Year Renovated
2022
Tenancy
Multi
Listing Agency:
LoKation
(312) 607-2113
Listed By:
Joshua Jankelow · License #3568304
Source:
Casacollectiongroup
Added: Jul 30
Changed: Aug 2
Last Checked: Aug 6 at 4:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of LoKation
Investment Insights
Based on property information with market context.
This two-unit duplex offers 1,540 square feet of living space and 1,652 square feet in total on a 5,000-square-foot lot. Each residence includes two bedrooms and one bathroom, with private entrances that support separate occupancy. The property was renovated in 2022, and the rear unit features Italian flooring, custom millwork, built-ins, a spa-style shower with illuminated niches, and upgraded appliances.
The exterior includes landscaped grounds with more than 50 palms, an outdoor lounge, and a dining area. The property is positioned within walking distance of the Design District, Wynwood, and Midtown, while South Beach is approximately 10–15 minutes away. It can be delivered vacant, allowing the next owner to establish the occupancy strategy from the outset.
The exterior includes landscaped grounds with more than 50 palms, an outdoor lounge, and a dining area. The property is positioned within walking distance of the Design District, Wynwood, and Midtown, while South Beach is approximately 10–15 minutes away. It can be delivered vacant, allowing the next owner to establish the occupancy strategy from the outset.
Key Highlights
- Two 2BR/1BA units with separate entrances
- 1,540 sf of living area and 1,652 sf total
- 5,000 sf lot with landscaped grounds and 50+ palms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,886
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$617,720
$617.7K
Cap Rate 7%
$441,229
$441.2K
Cap Rate 9%
$343,178
$343.2K
Market Conditions
NOI Build-Up for 1,540 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$47.1K $30.60/SF
− Vacancy
−$3.0K −$1.95/SF
EGI
$44.1K $28.65/SF
− OpEx
−$13.2K −$8.60/SF
NOI
$30.9K $20.06/SF
Area
Miami, FL
Vacancy
6.37%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$617,720
Cap Rate 7%
$441,229
Cap Rate 9%
$343,178
Alternative Uses
Best Use
Multifamily LT 5
$441.2K
$386.1K – $514.8K
NOI $30,886 @ 7.0% cap · market cap 2.81%
Second Best
Apartment 5plus
$406.4K
$355.6K – $474.2K
NOI $28,449 @ 7.0% cap · market cap 2.59%
Theoretical Best
Specialty Retail
$1.04M
$909.6K – $1.21M
NOI $72,766 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,007
Businesses Nearby
Explore this area
Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately entered residences with upgraded interiors and a landscaped outdoor living area in Miami’s Buena Vista district.
Where is this duplex located?
The property is located at 171 NW 47th St Miami, FL.
What is the asking price?
The asking price for this property is $1,099,999.
What are key features of this property?
This property features: Two 2BR/1BA units with separate entrances; 1,540 sf of living area and 1,652 sf total; 5,000 sf lot with landscaped grounds and 50+ palms
