Fully Renovated Turnkey
For Sale
$675,000
224 Northeast 111th Street, Miami, FL 33161
Duplex offers two furnished 3BR/1BA units with terrazzo floors and shared washer/dryer.
Property Size1,484 SF
Price / SF$454.85
Days on Market149
Property Features for 224 Northeast 111th Street
General Information
Standard status
Active
Size
1,484 SF
Property subtype
Multi-Family Income / Duplex
Taxes and HOA fees
Annual Taxes
$7,464
Building Details
Year Built
1947
Listing Agency:
Cosmo International Investment Group
(786) 462-6766
Listed By:
Emmanuel Aldabe · License #3059018
(786) 462-6766
Source:
Compass
Added: Mar 16
Changed: Aug 10
Last Checked: Aug 10 at 10:15AM
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 Cosmo International Investment Group
Investment Insights
Based on property information with market context.
Fully furnished and fully renovated duplex featuring two 3BD/1BA units. Interior finishes include polished terrazzo floors throughout. Both units share a washer/dryer located at the back of the property. Major upgrades completed in 2025 include a new roof, new electrical and plumbing, new appliances, and two new A/C systems, supporting a turnkey presentation for buyers.
The property is located at 224 Northeast 111th Street, Miami, FL 33161 and sits directly across from Barry University. It is currently used as an Airbnb, with flexibility for use as short-term or long-term rentals based on the existing setup.
With two separate residential units, the layout supports independent living while maintaining shared laundry facilities on-site.
The property is located at 224 Northeast 111th Street, Miami, FL 33161 and sits directly across from Barry University. It is currently used as an Airbnb, with flexibility for use as short-term or long-term rentals based on the existing setup.
With two separate residential units, the layout supports independent living while maintaining shared laundry facilities on-site.
Key Highlights
- Duplex built in 1947 with two furnished 3BR/1BA units
- Polished terrazzo floors throughout both units
- Major upgrades completed in 2025: new roof, electrical, plumbing, appliances, and two new A/C systems
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
$29,762
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
4.41%
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%
$595,240
$595.2K
Cap Rate 7%
$425,171
$425.2K
Cap Rate 9%
$330,689
$330.7K
Market Conditions
NOI Build-Up for 1,484 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
$45.4K $30.60/SF
− Vacancy
−$2.9K −$1.95/SF
EGI
$42.5K $28.65/SF
− OpEx
−$12.8K −$8.60/SF
NOI
$29.8K $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%
$595,240
Cap Rate 7%
$425,171
Cap Rate 9%
$330,689
Alternative Uses
Best Use
Multifamily LT 5
$425.2K
$372.0K – $496.0K
NOI $29,762 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$391.6K
$342.7K – $456.9K
NOI $27,415 @ 7.0% cap · market cap 4.06%
Theoretical Best
Specialty Retail
$1.00M
$876.5K – $1.17M
NOI $70,120 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
Explore this area
Business Placement
Demographics for 33161, FL
53,015
Population
18,912
Households
2.8
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
5.5 sq mi
ZIP Area
9,639
Density / Sq Mi
$55,265
Median Household Income
$34,311
Median Earnings
$1,494
Median Rent
$376,500
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 - Duplex offers two furnished 3BR/1BA units with terrazzo floors and shared washer/dryer.
Where is this duplex located?
The property is located at 224 Northeast 111th Street Miami, FL.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Duplex built in 1947 with two furnished 3BR/1BA units; Polished terrazzo floors throughout both units; Major upgrades completed in 2025: new roof, electrical, plumbing, appliances, and two new A/C systems
