Updated Duplex With Fenced
For Sale
$620,000
2137 NW 99th Terrace, Miami, FL 33147
Two-unit property with renovated interiors, off-street parking, and a spacious backyard with mature fruit trees.
Property Size2,130 SF
Price / SF$328.04
Days on Market12
Property Features for 2137 NW 99th Terrace
General Information
Standard status
Active
Size
2,130 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
5100
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,733
Building Details
Building Size
2,130 SF
Year Built
1971
Stories
1
Tenancy
Multi
Listing Agency:
EXP Realty, LLC.
(954) 388-7653
Listed By:
Melissa Miller · License #3022898
(954) 388-7653
Source:
Laerrealty
Added: Aug 1
Changed: Aug 11
Last Checked: Aug 12 at 3:31AM
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 EXP Realty, LLC.
Investment Insights
Based on property information with market context.
This 1,890-square-foot duplex, built in 1971, combines two separate living units with practical residential layouts. Unit 1 includes updated, well-kept living areas, while Unit 2 features luxury plank flooring, recessed lighting, gray shaker-style cabinetry, quartz-style countertops, stainless steel appliances, and contemporary bathroom tile. Both units offer spacious bedrooms and comfortable living areas.
The property includes a large fenced backyard with mature fruit trees, along with generous outdoor space and ample off-street parking. Its location at 2137 NW 99th Terrace places the duplex near major highways, shopping, dining, schools, and public transportation. The property is zoned 5100, and Unit 1 is currently leased below market rent.
The property includes a large fenced backyard with mature fruit trees, along with generous outdoor space and ample off-street parking. Its location at 2137 NW 99th Terrace places the duplex near major highways, shopping, dining, schools, and public transportation. The property is zoned 5100, and Unit 1 is currently leased below market rent.
Key Highlights
- 1,890‑square‑foot duplex with two residential units
- Unit 2 includes updated kitchen and bathroom finishes
- Large fenced backyard with mature fruit trees
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
$37,905
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
6.11%
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%
$758,100
$758.1K
Cap Rate 7%
$541,500
$541.5K
Cap Rate 9%
$421,167
$421.2K
Market Conditions
NOI Build-Up for 1,890 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
$57.8K $30.60/SF
− Vacancy
−$3.7K −$1.95/SF
EGI
$54.1K $28.65/SF
− OpEx
−$16.2K −$8.60/SF
NOI
$37.9K $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%
$758,100
Cap Rate 7%
$541,500
Cap Rate 9%
$421,167
Alternative Uses
Best Use
Multifamily LT 5
$541.5K
$473.8K – $631.8K
NOI $37,905 @ 7.0% cap · market cap 6.11%
Second Best
Apartment 5plus
$498.8K
$436.4K – $581.9K
NOI $34,915 @ 7.0% cap · market cap 5.63%
Theoretical Best
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,303 @ 7.0% cap · market cap 14.40%
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
666
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 - Two-unit property with renovated interiors, off-street parking, and a spacious backyard with mature fruit trees.
Where is this duplex located?
The property is located at 2137 NW 99th Terrace Miami, FL.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: 1,890‑square‑foot duplex with two residential units; Unit 2 includes updated kitchen and bathroom finishes; Large fenced backyard with mature fruit trees
