Two-Unit Duplex with
For Sale
$765,000
2320 Northwest 15th Street, Miami, FL 33125
Centrally located duplex offering two identical 3-bedroom units with brand-new roof, patio, and separate utility meters.
Property Size1,680 SF
Price / SF$455.36
Days on Market440
Property Features for 2320 Northwest 15th Street
General Information
Standard status
Active
Size
1,680 SF
Property subtype
Multi-Family Income / Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,472
Amenities
large patio
laundry room
central AC
impact windows
separate water and electrical meters
Building Details
Year Built
1947
Stories
2
Tenancy
Multi
Listing Agency:
United Real Estate Miami
Listed By:
Casandra Echemendia · License #0702053
(305) 273-9000
Source:
Compass
Added: Jun 26, 2025
Changed: Aug 8
Last Checked: Jul 22 at 5:12AM
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 United Real Estate Miami
Investment Insights
Based on property information with market context.
This two-story duplex features two spacious, identical units, each with three bedrooms and one bathroom. The property includes laminate flooring, updated kitchens, a laundry room on the first floor, a central AC system, and a brand-new roof. Each unit is individually metered with separate water and electrical meters, supporting independent utility management.
The duplex is centrally located in Miami, Florida. It offers a large patio and plenty of parking spaces. Current tenants are on month-to-month terms.
Each unit is configured as a 3-bedroom, 1-bath residence with the same overall layout and finishes, providing consistency between units within the duplex.
The duplex is centrally located in Miami, Florida. It offers a large patio and plenty of parking spaces. Current tenants are on month-to-month terms.
Each unit is configured as a 3-bedroom, 1-bath residence with the same overall layout and finishes, providing consistency between units within the duplex.
Key Highlights
- 1947‑built, 2‑story duplex with two identical units, each offering 3 bedrooms and 1 bathroom
- Brand‑new roof and laminate flooring in both units
- Updated kitchens, plus a large patio for the duplex
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
$33,693
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
4.40%
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%
$673,860
$673.9K
Cap Rate 7%
$481,329
$481.3K
Cap Rate 9%
$374,367
$374.4K
Market Conditions
NOI Build-Up for 1,680 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
$51.4K $30.60/SF
− Vacancy
−$3.3K −$1.95/SF
EGI
$48.1K $28.65/SF
− OpEx
−$14.4K −$8.60/SF
NOI
$33.7K $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%
$673,860
Cap Rate 7%
$481,329
Cap Rate 9%
$374,367
Alternative Uses
Best Use
Multifamily LT 5
$481.3K
$421.2K – $561.6K
NOI $33,693 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$443.4K
$387.9K – $517.3K
NOI $31,035 @ 7.0% cap · market cap 4.06%
Theoretical Best
Specialty Retail
$1.13M
$992.3K – $1.32M
NOI $79,381 @ 7.0% cap · market cap 10.38%
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
6,726
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 - Centrally located duplex offering two identical 3-bedroom units with brand-new roof, patio, and separate utility meters.
Where is this duplex located?
The property is located at 2320 Northwest 15th Street Miami, FL.
What is the asking price?
The asking price for this property is $765,000.
What are key features of this property?
This property features: 1947‑built, 2‑story duplex with two identical units, each offering 3 bedrooms and 1 bathroom; Brand‑new roof and laminate flooring in both units; Updated kitchens, plus a large patio for the duplex
