Two-Unit Multifamily
For Sale
$555,000
Pending
1737-1739 Northwest 47th Street, Miami, FL 33142
Two residential units provide a mix of two-bedroom and one-bedroom layouts.
Property Size1,375 SF
Days on Market336
Property Features for 1737-1739 Northwest 47th Street
General Information
Standard status
Pending
Size
1,375 SF
Property subtype
Residential Income / Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,236
Building Details
Year Built
1957
Listing Agency:
Iconic Miami Realty
Listed By:
Belmis Montesino · License #3243480
(305) 725-4185
Source:
Compass
Added: Oct 3, 2025
Changed: Sep 2
Last Checked: Aug 31 at 9:36PM
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 Iconic Miami Realty
Investment Insights
Based on property information with market context.
This duplex, built in 1957, contains two separately configured residential units totaling 1,375 square feet. The first unit offers two bedrooms and one bathroom within 800 square feet, while the second includes one bedroom and one bathroom across 675 square feet.
Both units are currently rented. The first unit is occupied by a Section 8 tenant, providing an existing occupancy profile for the property. The combination of different unit sizes supports a varied residential configuration within a single multifamily asset.
Both units are currently rented. The first unit is occupied by a Section 8 tenant, providing an existing occupancy profile for the property. The combination of different unit sizes supports a varied residential configuration within a single multifamily asset.
Key Highlights
- Two‑unit duplex totaling 1,375 square feet
- Unit 1: 2 bedrooms, 1 bathroom, and 800 square feet
- Unit 2: 1 bedroom, 1 bathroom, and 675 square feet
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
$27,576
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
4.97%
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%
$551,520
$551.5K
Cap Rate 7%
$393,943
$393.9K
Cap Rate 9%
$306,400
$306.4K
Market Conditions
NOI Build-Up for 1,375 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
$42.1K $30.60/SF
− Vacancy
−$2.7K −$1.95/SF
EGI
$39.4K $28.65/SF
− OpEx
−$11.8K −$8.60/SF
NOI
$27.6K $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%
$551,520
Cap Rate 7%
$393,943
Cap Rate 9%
$306,400
Alternative Uses
Best Use
Multifamily LT 5
$393.9K
$344.7K – $459.6K
NOI $27,576 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$362.9K
$317.5K – $423.4K
NOI $25,401 @ 7.0% cap · market cap 4.58%
Theoretical Best
Specialty Retail
$928.1K
$812.1K – $1.08M
NOI $64,969 @ 7.0% cap · market cap 11.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
964
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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 residential units provide a mix of two-bedroom and one-bedroom layouts.
Where is this duplex located?
The property is located at 1737-1739 Northwest 47th Street Miami, FL.
What is the asking price?
The asking price for this property is $555,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,375 square feet; Unit 1: 2 bedrooms, 1 bathroom, and 800 square feet; Unit 2: 1 bedroom, 1 bathroom, and 675 square feet
