Remodeled Two-Unit
For Sale
$1,150,000
2275 Southwest 61st Avenue, Miami, FL 33155
Two three-bedroom units feature private entrances, individual yards, and separately metered water and electricity.
Property Size2,391 SF
Price / SF$480.97
Days on Market235
Property Features for 2275 Southwest 61st Avenue
General Information
Standard status
Active
Size
2,391 SF
Total Parking Spaces
9
Property subtype
Multi-Family Income / Duplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,932
Amenities
private yards
washer/dryer in unit
Building Details
Year Built
2005
Buildings
1
Listing Agency:
One Sotheby's International Realty
(305) 666-0562
Listed By:
Maria Isabel Salum · License #3338536
(305) 666-0562
Source:
Compass
Added: Jan 7
Changed: Aug 29
Last Checked: Aug 29 at 11:40PM
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 One Sotheby's International Realty
Investment Insights
Based on property information with market context.
Built in 2005, this 2,391-square-foot duplex contains two 3-bedroom, 2-bath residences, each with a private entrance, generous living areas, individual yards, and its own washer and dryer. The property has been remodeled with updated bathrooms, new window treatments, a new range in the front unit, and new appliances in the rear unit.
Recent improvements include a roof installed in 12/2022, A/C systems updated in 2021/2022, and Titan tankless water heaters added in 8/2023. Separate water and electric meters support independent utility service, while 9 parking spaces serve the property. Both units are currently rented.
The duplex is located at 2275 Southwest 61st Avenue in Miami, near Coral Gables, Nicklaus Children’s Hospital, public transportation, major highways, and shopping.
Recent improvements include a roof installed in 12/2022, A/C systems updated in 2021/2022, and Titan tankless water heaters added in 8/2023. Separate water and electric meters support independent utility service, while 9 parking spaces serve the property. Both units are currently rented.
The duplex is located at 2275 Southwest 61st Avenue in Miami, near Coral Gables, Nicklaus Children’s Hospital, public transportation, major highways, and shopping.
Key Highlights
- 2,391 SF duplex with two 3‑bedroom, 2‑bath units
- Roof installed in 12/2022; A/C systems updated in 2021/2022
- Titan tankless water heaters added in 8/2023
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
$47,953
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
4.17%
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%
$959,060
$959.1K
Cap Rate 7%
$685,043
$685.0K
Cap Rate 9%
$532,811
$532.8K
Market Conditions
NOI Build-Up for 2,391 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
$73.2K $30.60/SF
− Vacancy
−$4.7K −$1.95/SF
EGI
$68.5K $28.65/SF
− OpEx
−$20.6K −$8.60/SF
NOI
$48.0K $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%
$959,060
Cap Rate 7%
$685,043
Cap Rate 9%
$532,811
Alternative Uses
Best Use
Multifamily LT 5
$685.0K
$599.4K – $799.2K
NOI $47,953 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$631.0K
$552.1K – $736.2K
NOI $44,170 @ 7.0% cap · market cap 3.84%
Theoretical Best
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $112,976 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,525
Businesses Nearby
Explore this area
Business Placement
Demographics for 33155, FL
43,695
Population
16,046
Households
2.7
Avg Household Size
45
Median Age
37%
College-Educated
85%
High-School Grad
7.4 sq mi
ZIP Area
5,905
Density / Sq Mi
$79,271
Median Household Income
$41,919
Median Earnings
$1,871
Median Rent
$505,000
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?
Duplex - Two three-bedroom units feature private entrances, individual yards, and separately metered water and electricity.
Where is this duplex located?
The property is located at 2275 Southwest 61st Avenue Miami, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 2,391 SF duplex with two 3‑bedroom, 2‑bath units; Roof installed in 12/2022; A/C systems updated in 2021/2022; Titan tankless water heaters added in 8/2023
