Updated Duplex with
For Sale
$649,900
Pending
2316-2318 Northwest 98th Street, Miami, FL 33147
Duplex offers two rental-ready units with separate bedroom/bath configurations, newly updated exterior and roof, plus on-site parking.
Property Size1,854 SF
Days on Market118
Property Features for 2316-2318 Northwest 98th Street
General Information
Standard status
Pending
Size
1,854 SF
Property subtype
Multi-Family Income / Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,211
Building Details
Year Built
2005
Tenancy
Multi
Listing Agency:
Bestway Realty Sales, LLC
Listed By:
Leonardo Venereo · License #3012285
(305) 359-5801
Source:
Compass
Added: May 14
Changed: Aug 8
Last Checked: Jul 24 at 1:15PM
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 Bestway Realty Sales, LLC
Investment Insights
Based on property information with market context.
This updated duplex contains two separate residential units. One unit features three bedrooms and two bathrooms, while the second unit offers two bedrooms and one bathroom. The property has been recently improved with a brand-new roof and fresh exterior paint, and it includes a yard and ample on-site parking.
Located at 2316-2318 Northwest 98th Street in Miami, the duplex is set up for occupancy by an owner-occupant in one unit while leasing the other. Both units are described as having spacious layouts and comfortable living areas.
Overall, the asset presents a straightforward two-unit income property configuration with recent exterior updates and practical outdoor and parking amenities.
Located at 2316-2318 Northwest 98th Street in Miami, the duplex is set up for occupancy by an owner-occupant in one unit while leasing the other. Both units are described as having spacious layouts and comfortable living areas.
Overall, the asset presents a straightforward two-unit income property configuration with recent exterior updates and practical outdoor and parking amenities.
Key Highlights
- Duplex built in 2005 with two separate units
- Unit 1: 3 bed / 2 bath
- Unit 2: 2 bed / 1 bath
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
$37,183
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
5.72%
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%
$743,660
$743.7K
Cap Rate 7%
$531,186
$531.2K
Cap Rate 9%
$413,144
$413.1K
Market Conditions
NOI Build-Up for 1,854 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
$56.7K $30.60/SF
− Vacancy
−$3.6K −$1.95/SF
EGI
$53.1K $28.65/SF
− OpEx
−$15.9K −$8.60/SF
NOI
$37.2K $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%
$743,660
Cap Rate 7%
$531,186
Cap Rate 9%
$413,144
Alternative Uses
Best Use
Multifamily LT 5
$531.2K
$464.8K – $619.7K
NOI $37,183 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$489.3K
$428.1K – $570.8K
NOI $34,250 @ 7.0% cap · market cap 5.27%
Theoretical Best
Specialty Retail
$1.25M
$1.10M – $1.46M
NOI $87,602 @ 7.0% cap · market cap 13.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
689
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 - Duplex offers two rental-ready units with separate bedroom/bath configurations, newly updated exterior and roof, plus on-site parking.
Where is this duplex located?
The property is located at 2316-2318 Northwest 98th Street Miami, FL.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Duplex built in 2005 with two separate units; Unit 1: 3 bed / 2 bath; Unit 2: 2 bed / 1 bath
