Renovated Duplex with Detached
For Sale
$615,000
1864 Northwest 88th Terrace, Miami, FL 33147
Main and detached residences offer separate living configurations suited to rental occupancy.
Property Size1,950 SF
Price / SF$315.38
Days on Market676
Property Features for 1864 Northwest 88th Terrace
General Information
Standard status
Active
Size
1,950 SF
Property subtype
Multi-Family Income / Duplex
Taxes and HOA fees
Annual Taxes
$8,744
Building Details
Year Built
1948
Listing Agency:
Amp Realty Group, LLC
(305) 989-1667
Listed By:
Raika Jiha Pujol · License #3548327
(305) 989-1667
Source:
Compass
Added: Oct 27, 2024
Changed: Aug 29
Last Checked: Aug 29 at 1:34PM
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 Amp Realty Group, LLC
Investment Insights
Based on property information with market context.
This duplex property includes a recently renovated primary residence with 4 bedrooms and 2 bathrooms, along with a detached residence containing 2 bedrooms and 2 bathrooms. The two-residence layout provides distinct living spaces within one property and supports rental occupancy.
Built in 1948, the property is located at 1864 Northwest 88th Terrace in Miami, Florida 33147. Its street-to-street configuration adds a notable physical characteristic to the site.
Built in 1948, the property is located at 1864 Northwest 88th Terrace in Miami, Florida 33147. Its street-to-street configuration adds a notable physical characteristic to the site.
Key Highlights
- Recently renovated 4‑bedroom, 2‑bathroom primary residence
- Detached 2‑bedroom, 2‑bathroom residence
- Two separate residences on one property
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
$39,108
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
6.36%
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%
$782,160
$782.2K
Cap Rate 7%
$558,686
$558.7K
Cap Rate 9%
$434,533
$434.5K
Market Conditions
NOI Build-Up for 1,950 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
$59.7K $30.60/SF
− Vacancy
−$3.8K −$1.95/SF
EGI
$55.9K $28.65/SF
− OpEx
−$16.8K −$8.60/SF
NOI
$39.1K $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%
$782,160
Cap Rate 7%
$558,686
Cap Rate 9%
$434,533
Alternative Uses
Best Use
Multifamily LT 5
$558.7K
$488.9K – $651.8K
NOI $39,108 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$514.6K
$450.3K – $600.4K
NOI $36,023 @ 7.0% cap · market cap 5.86%
Theoretical Best
Specialty Retail
$1.32M
$1.15M – $1.54M
NOI $92,138 @ 7.0% cap · market cap 14.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
642
Businesses Nearby
Explore this area
Business Placement
Demographics for 33147, FL
48,823
Population
16,220
Households
3
Avg Household Size
39
Median Age
15%
College-Educated
77%
High-School Grad
7.2 sq mi
ZIP Area
6,781
Density / Sq Mi
$47,728
Median Household Income
$33,385
Median Earnings
$1,359
Median Rent
$301,300
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 - Main and detached residences offer separate living configurations suited to rental occupancy.
Where is this duplex located?
The property is located at 1864 Northwest 88th Terrace Miami, FL.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Recently renovated 4‑bedroom, 2‑bathroom primary residence; Detached 2‑bedroom, 2‑bathroom residence; Two separate residences on one property
