Block Construction
For Sale
Contact for pricing
1785 NW 56th St, Miami, FL 33142
Block-built duplex with separately metered units, fenced grounds, parking, and access to major highways.
Property Size1,215 SF
Price / SF$452.67
Days on Market173
Property Features for 1785 NW 56th St
General Information
Standard status
Active
Size
1,215 SF
Total Parking Spaces
2
Property subtype
Multifamily
Zoning
0104
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
fully fenced yard
separate electric meters
Building Details
Year Built
1946
Construction
block
Listing Agency:
Phoenix Realtors LLC
(786) 463-7182
Listed By:
Marcela Ortiz · License #3426524
Source:
Crexi
Added: Mar 13
Changed: Aug 30
Last Checked: Aug 31 at 7:11PM
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 Phoenix Realtors LLC
Investment Insights
Based on property information with market context.
This 1,215-square-foot duplex was built in 1946 and contains two residential units, each with two bedrooms and one bathroom. Block construction, separate electric meters, a fully enclosed yard, and on-site parking provide a straightforward physical configuration for residential occupancy and rental use.
The property is in central Miami near Wynwood, Midtown, and Downtown Miami, with convenient access to major highways. The address is 1785 Northwest 56th Street, Miami, FL 33142. Property showings require a submitted offer.
The property is in central Miami near Wynwood, Midtown, and Downtown Miami, with convenient access to major highways. The address is 1785 Northwest 56th Street, Miami, FL 33142. Property showings require a submitted offer.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom per unit
- 1,215 SF property built in 1946
- Block construction with separate electric meters
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
$24,367
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
4.43%
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%
$487,340
$487.3K
Cap Rate 7%
$348,100
$348.1K
Cap Rate 9%
$270,744
$270.7K
Market Conditions
NOI Build-Up for 1,215 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
$37.2K $30.60/SF
− Vacancy
−$2.4K −$1.95/SF
EGI
$34.8K $28.65/SF
− OpEx
−$10.4K −$8.60/SF
NOI
$24.4K $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%
$487,340
Cap Rate 7%
$348,100
Cap Rate 9%
$270,744
Alternative Uses
Best Use
Multifamily LT 5
$348.1K
$304.6K – $406.1K
NOI $24,367 @ 7.0% cap · market cap 4.43%
Second Best
Apartment 5plus
$320.6K
$280.6K – $374.1K
NOI $22,445 @ 7.0% cap · market cap 4.08%
Theoretical Best
Specialty Retail
$820.1K
$717.6K – $956.8K
NOI $57,409 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,031
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 - Block-built duplex with separately metered units, fenced grounds, parking, and access to major highways.
Where is this duplex located?
The property is located at 1785 NW 56th St Miami, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom per unit; 1,215 SF property built in 1946; Block construction with separate electric meters
