New Construction
New
For Sale
$795,000
2109 NW 65 ST, Miami, FL 33147
Residential Income, Unincorporated Dade, FL
Property Size2,300 SF
Price / SF$345.65
Days on Market5
Property Features for 2109 NW 65 ST
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning description
5700
Bedrooms
6
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 1, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 5, Bathroom 4
Parking
4
Subdivision
ORANGE RIDGE
Lot features
< 1/4 Acre
Standard status
Active
APN
30-31-15-020-0495
Size
2,300 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
ORANGE RIDGE PB 4-129 LOT 11 BLK 15 LOT SIZE 6950 SQFT M/L OR 18764-0348/0349 0399 4 FAU 30-3115-020-0500
Tax Annual Amount
4088
Legal Description
ORANGE RIDGE PB 4-129 LOT 11 BLK 15 LOT SIZE 6950 SQFT M/L OR 18764-0348/0349 0399 4 FAU 30-3115-020-0500
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
impact windows
tankless water heater
laundry closet
stainless steel appliances
Building Details
Year built
2026
Floors in Building
2
Flooring type
Tile - Ceramic
Building materials
Block
Roof type
Shingle
Listing Agency:
Keller Williams Eagle Realty · Keller Williams Realty
(305) 757-1700
Listed By:
Ivan Rabinovich · License #3276152
(305) 803-0894
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 26 at 5:06PM
MLS# A12093734
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 under-construction duplex is configured as two separate three-bedroom, two-bathroom residences totaling 2,300 square feet. Each unit includes contemporary finishes, ceramic tile flooring, central heating and central air, a tankless water heater, a laundry closet, and new stainless steel appliances. Impact windows are installed, with block construction and a shingle roof completing the improvements.
The property uses public water and public sewer and is scheduled for completion in 2026. Each residence includes two parking spaces. Short-term rental use, including Airbnb, is approved. The address is in Unincorporated Dade, with Brickell, Downtown, Wynwood, and Miami Beach identified as nearby destinations.
The property uses public water and public sewer and is scheduled for completion in 2026. Each residence includes two parking spaces. Short-term rental use, including Airbnb, is approved. The address is in Unincorporated Dade, with Brickell, Downtown, Wynwood, and Miami Beach identified as nearby destinations.
Key Highlights
- Two 3‑bedroom, 2‑bathroom units totaling 2,300 square feet
- Under construction with 2026 completion year
- Airbnb and short‑term rental use approved
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
$46,128
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
5.80%
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%
$922,560
$922.6K
Cap Rate 7%
$658,971
$659.0K
Cap Rate 9%
$512,533
$512.5K
Market Conditions
NOI Build-Up for 2,300 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
$70.4K $30.60/SF
− Vacancy
−$4.5K −$1.95/SF
EGI
$65.9K $28.65/SF
− OpEx
−$19.8K −$8.60/SF
NOI
$46.1K $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%
$922,560
Cap Rate 7%
$658,971
Cap Rate 9%
$512,533
Alternative Uses
Best Use
Multifamily LT 5
$659.0K
$576.6K – $768.8K
NOI $46,128 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$607.0K
$531.1K – $708.2K
NOI $42,489 @ 7.0% cap · market cap 5.34%
Theoretical Best
Specialty Retail
$1.55M
$1.36M – $1.81M
NOI $108,676 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,193
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer contemporary finishes, private laundry closets, and dedicated parking for each household.
Where is this duplex located?
The property is located at 2109 NW 65 ST Miami, FL.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bathroom units totaling 2,300 square feet; Under construction with 2026 completion year; Airbnb and short‑term rental use approved
