Remodeled Duplex With New
For Sale
$1,195,000
1851-1853 NW 22nd Pl, Miami, FL 33125
Updated residential income property with remodeled interiors, outdoor improvements, and convenient access to central Miami.
Property Size2,534 SF
Days on Market183
Property Features for 1851-1853 NW 22nd Pl
General Information
Standard status
Active
Size
2,534 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$13,136
Building Details
Building Size
2,534 SF
Year Built
1969
Listing Agency:
Miami Premier Realty
Listed By:
Maria Castellanos · License #3131740
Source:
Relinkre
Added: Feb 11
Changed: Aug 8
Last Checked: Aug 13 at 11:54AM
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 Miami Premier Realty
Investment Insights
Based on property information with market context.
This duplex property, built in 1969, includes a two-bedroom residence with a remodeled kitchen and bathroom, along with a separate three-bedroom, two-bathroom residence featuring an expansive living area. The property also includes storage and laundry space. Both residential areas have been remodeled, and the outdoor areas have received improvements. A new roof adds a recent capital improvement to the property.
Located in Miami, the property offers access to Downtown Miami and the central city area. The combination of updated interiors, multiple residential layouts, storage, laundry space, and recent exterior work supports continued use as a residential income property.
Located in Miami, the property offers access to Downtown Miami and the central city area. The combination of updated interiors, multiple residential layouts, storage, laundry space, and recent exterior work supports continued use as a residential income property.
Key Highlights
- Two‑bedroom residence with remodeled kitchen and bathroom
- Three‑bedroom residence with two bathrooms and a large living area
- New roof installed
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
$50,821
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
4.25%
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%
$1,016,420
$1.0M
Cap Rate 7%
$726,014
$726.0K
Cap Rate 9%
$564,678
$564.7K
Market Conditions
NOI Build-Up for 2,534 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
$77.5K $30.60/SF
− Vacancy
−$4.9K −$1.95/SF
EGI
$72.6K $28.65/SF
− OpEx
−$21.8K −$8.60/SF
NOI
$50.8K $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%
$1,016,420
Cap Rate 7%
$726,014
Cap Rate 9%
$564,678
Alternative Uses
Best Use
Multifamily LT 5
$726.0K
$635.3K – $847.0K
NOI $50,821 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$668.7K
$585.2K – $780.2K
NOI $46,812 @ 7.0% cap · market cap 3.92%
Theoretical Best
Specialty Retail
$1.71M
$1.50M – $2.00M
NOI $119,733 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,548
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
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 - Updated residential income property with remodeled interiors, outdoor improvements, and convenient access to central Miami.
Where is this duplex located?
The property is located at 1851-1853 NW 22nd Pl Miami, FL.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Two‑bedroom residence with remodeled kitchen and bathroom; Three‑bedroom residence with two bathrooms and a large living area; New roof installed
