Elevated Two-Unit
For Sale
$880,000
189 Casa Court Dr, Tavernier, FL 33070
Residential Income, Tavernier, FL
Property Size1,804 SF
Price / SF$487.80
Days on Market11
Property Features for 189 Casa Court Dr
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
IS-D
Parking
8
Security features
Security
Patio and Porch features
Patio
Exterior features
Balcony, Patio, Room For Pool, Storm/Security Shutters
Subdivision
ADOBE CASA COURT
Lot features
< 1/4 Acre
Standard status
Active
APN
00481660-000000
Size
1,804 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
BK C LT 5 ADOBE CASA COURT KEY LARGO PB5-17 OR619-415 OR788-854 OR790-1844 OR791-986 OR815-2370 OR823-462 OR916-1017 OR1369-2169 OR1390-2283
Tax Annual Amount
7302
Legal Description
BK C LT 5 ADOBE CASA COURT KEY LARGO PB5-17 OR619-415 OR788-854 OR790-1844 OR791-986 OR815-2370 OR823-462 OR916-1017 OR1369-2169 OR1390-2283
Utilities
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
covered parking
RV/boat parking
spacious outdoor area
Building Details
Year built
2006
Floors in Building
1
Flooring type
Tile
Roof type
Metal
Listing Agency:
Florida Realty of Miami Corp
(305) 598-5488
Listed By:
Paola Gutierrez · License #3541605
(786) 847-5092
Added: Aug 12
Changed: Aug 22
Last Checked: Aug 22 at 12:06PM
MLS# A12068653
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This elevated duplex contains two separate two-bedroom, one-bath residences within 1,804 square feet. Built in 2006, the property offers tile flooring, central air, ceiling fans, balconies, patios, and abundant natural light. A metal roof, recent exterior painting, and storm/security shutters add to the existing improvements.
The covered parking area accommodates vehicles along with RVs and boats. The outdoor space includes room for a pool and additional private-use landscaping. Public water serves the property, which is located in Tavernier, Florida, at 189 Casa Court Dr. The separate unit configuration supports owner occupancy alongside rental use or independent residential leasing.
The covered parking area accommodates vehicles along with RVs and boats. The outdoor space includes room for a pool and additional private-use landscaping. Public water serves the property, which is located in Tavernier, Florida, at 189 Casa Court Dr. The separate unit configuration supports owner occupancy alongside rental use or independent residential leasing.
Key Highlights
- Two separate 2‑bedroom, 1‑bath units
- 1,804 square feet on an elevated property
- Built in 2006 with a metal roof
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
$30,221
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
3.43%
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%
$604,420
$604.4K
Cap Rate 7%
$431,729
$431.7K
Cap Rate 9%
$335,789
$335.8K
Market Conditions
NOI Build-Up for 1,804 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
$46.1K $25.56/SF
− Vacancy
−$2.9K −$1.63/SF
EGI
$43.2K $23.93/SF
− OpEx
−$13.0K −$7.18/SF
NOI
$30.2K $16.75/SF
Area
Monroe County, FL
Vacancy
6.37%
Lease Rate
$25.56 /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%
$604,420
Cap Rate 7%
$431,729
Cap Rate 9%
$335,789
Alternative Uses
Best Use
Multifamily LT 5
$431.7K
$377.8K – $503.7K
NOI $30,221 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$399.9K
$349.9K – $466.6K
NOI $27,994 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$725.6K
$634.9K – $846.6K
NOI $50,795 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Explore this area
Business Placement
Demographics for 33070, FL
6,220
Population
4,366
Households
1.4
Avg Household Size
52
Median Age
35%
College-Educated
93%
High-School Grad
4.2 sq mi
ZIP Area
1,481
Density / Sq Mi
$77,228
Median Household Income
$40,511
Median Earnings
$1,866
Median Rent
$695,000
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 - Flexible residential property with covered parking, outdoor space, and separate living accommodations.
Where is this duplex located?
The property is located at 189 Casa Court Dr Tavernier, FL.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: Two separate 2‑bedroom, 1‑bath units; 1,804 square feet on an elevated property; Built in 2006 with a metal roof
