Fourplex with One-Bedroom
For Sale
$690,000
1992 NW 56th St, Miami, FL 33142
MULTI_FAMILY - Other - Miami, FL
Property Size1,672 SF
Price / SF$412.68
Days on Market26
Property Features for 1992 NW 56th St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
0100
Bedrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 4, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 3
Parking
4
Subdivision
BELVEDERE
Lot features
1/4 to 1/2 Acre Lot
Standard status
Active
APN
30-31-15-014-0170
Size
1,672 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
BELVEDERE PB 13-70 LOTS 11 & 12 BLK 2 LOT SIZE 108.900 X 105 OR 13794-1309 0888 1
Tax Annual Amount
8177
Legal Description
BELVEDERE PB 13-70 LOTS 11 & 12 BLK 2 LOT SIZE 108.900 X 105 OR 13794-1309 0888 1
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1948
Floors in Building
1
Flooring type
Vinyl
Building materials
Block
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Capital Realty · Keller Williams Realty
(305) 662-7325
Listed By:
Christina Mosquera · License #3489514
(305) 778-1880
Added: Jul 18
Changed: Aug 1
Last Checked: Aug 12 at 1:06PM
MLS# A12041165
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 fourplex is configured with four separate units, each offering 1 bedroom and 1 bathroom. The property is described as move-in ready for tenant occupancy. It is located on a corner lot and is identified as Section 8 approved.
The building is constructed with block materials and features vinyl flooring. Heating is provided by wall furnace, with cooling via wall/window unit(s) and window unit(s). The roof is shingle, and the home was built in 1948. Utilities include public water and public sewer.
The property totals 1,672 square feet and includes four bedrooms and four bathrooms across the four units, supporting an easy-to-manage residential income setup for an investor seeking a multi-unit building.
The building is constructed with block materials and features vinyl flooring. Heating is provided by wall furnace, with cooling via wall/window unit(s) and window unit(s). The roof is shingle, and the home was built in 1948. Utilities include public water and public sewer.
The property totals 1,672 square feet and includes four bedrooms and four bathrooms across the four units, supporting an easy-to-manage residential income setup for an investor seeking a multi-unit building.
Key Highlights
- Four separate units: four 1‑bedroom, 1‑bath layouts
- Section 8 approved
- Corner lot fourplex configuration
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
$33,533
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
4.86%
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%
$670,660
$670.7K
Cap Rate 7%
$479,043
$479.0K
Cap Rate 9%
$372,589
$372.6K
Market Conditions
NOI Build-Up for 1,672 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
$51.2K $30.60/SF
− Vacancy
−$3.3K −$1.95/SF
EGI
$47.9K $28.65/SF
− OpEx
−$14.4K −$8.60/SF
NOI
$33.5K $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%
$670,660
Cap Rate 7%
$479,043
Cap Rate 9%
$372,589
Alternative Uses
Best Use
Multifamily LT 5
$479.0K
$419.2K – $558.9K
NOI $33,533 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$441.3K
$386.1K – $514.8K
NOI $30,888 @ 7.0% cap · market cap 4.48%
Theoretical Best
Specialty Retail
$1.13M
$987.5K – $1.32M
NOI $79,003 @ 7.0% cap · market cap 11.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
972
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?
Quadplex - Fourplex on a corner lot with four 1-bedroom, 1-bath units and Section 8 approval.
Where is this quadplex located?
The property is located at 1992 NW 56th St Miami, FL.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Four separate units: four 1‑bedroom, 1‑bath layouts; Section 8 approved; Corner lot fourplex configuration
