Two-Unit Duplex Near
For Sale
$460,000
2223 Northwest 3rd Street, Miami, FL 33125
The duplex contains two one-bedroom, one-bath residences in West Little Havana.
Property Size1,521 SF
Price / SF$302.43
Days on Market150
Property Features for 2223 Northwest 3rd Street
General Information
Standard status
Active
Size
1,521 SF
Property subtype
Multi-Family Income / Duplex
Taxes and HOA fees
Annual Taxes
$7,788
Building Details
Year Built
1925
Listing Agency:
Fausto Commercial Realty Consultants Inc
(786) 748-7373
Listed By:
Elisa Barriga Alfaro · License #3462025
(786) 748-7373
Source:
Compass
Added: Apr 3
Changed: Aug 29
Last Checked: Aug 29 at 5:35PM
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 Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
This duplex contains two one-bedroom, one-bath residences, offering a straightforward two-unit configuration. The property was built in 1925 and is located in West Little Havana at 2223 Northwest 3rd Street in Miami.
The surrounding area includes supermarkets, restaurants, cafes, local entertainment, and the Miami River Landing complex. The property also provides access to Downtown Miami, Brickell, the Health District, and major highways, connecting it with several established employment centers and commercial destinations.
The surrounding area includes supermarkets, restaurants, cafes, local entertainment, and the Miami River Landing complex. The property also provides access to Downtown Miami, Brickell, the Health District, and major highways, connecting it with several established employment centers and commercial destinations.
Key Highlights
- Two‑unit duplex with one bedroom and one bathroom per residence
- Built in 1925
- Located in West Little Havana at 2223 Northwest 3rd Street
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
$30,504
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
6.63%
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%
$610,080
$610.1K
Cap Rate 7%
$435,771
$435.8K
Cap Rate 9%
$338,933
$338.9K
Market Conditions
NOI Build-Up for 1,521 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
$46.5K $30.60/SF
− Vacancy
−$3.0K −$1.95/SF
EGI
$43.6K $28.65/SF
− OpEx
−$13.1K −$8.60/SF
NOI
$30.5K $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%
$610,080
Cap Rate 7%
$435,771
Cap Rate 9%
$338,933
Alternative Uses
Best Use
Multifamily LT 5
$435.8K
$381.3K – $508.4K
NOI $30,504 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$401.4K
$351.2K – $468.3K
NOI $28,098 @ 7.0% cap · market cap 6.11%
Theoretical Best
Specialty Retail
$1.03M
$898.4K – $1.20M
NOI $71,868 @ 7.0% cap · market cap 15.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,443
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
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 - The duplex contains two one-bedroom, one-bath residences in West Little Havana.
Where is this duplex located?
The property is located at 2223 Northwest 3rd Street Miami, FL.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Two‑unit duplex with one bedroom and one bathroom per residence; Built in 1925; Located in West Little Havana at 2223 Northwest 3rd Street
