Duplex Residence with Impact
For Sale
$650,000
2360 NW 98TH Street, Miami, FL 33147
Single-story duplex with 2/1 units on each side, impact windows, and a new drain field system.
Property Size1,654 SF
Price / SF$392.99
Days on Market53
Property Features for 2360 NW 98TH Street
General Information
Standard status
Active
Size
1,654 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Year Built
1953
Stories
1
Tenancy
Multi
Listing Agency:
LAM International Realty LLC
Listed By:
Alfonso Lam · License #B26025447
(305) 281-5414
Source:
Lehmannflorida
Added: Jul 20
Changed: Sep 9
Last Checked: Sep 9 at 7:16AM
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 LAM International Realty LLC
Investment Insights
Based on property information with market context.
Welcome to this thoughtfully designed single-story duplex residence in the ACME GULFAIR community. The property features impact windows and a newly installed drain field system. With 1,654 square feet of finished living space, the duplex offers flexible configuration for an owner-occupant or income approach. Each side is laid out as a 2/1.
The home is situated in the established ACME GULFAIR subdivision, with convenient access to Miami’s urban environment. The property also includes plenty of parking space. A shed in the backyard is noted as not conveying with the sale, though other additional storage is available.
The home is situated in the established ACME GULFAIR subdivision, with convenient access to Miami’s urban environment. The property also includes plenty of parking space. A shed in the backyard is noted as not conveying with the sale, though other additional storage is available.
Key Highlights
- Single‑story duplex (2/1 on each side) with 1,654 SF of finished living space
- Impact windows throughout
- New drain field system
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
$33,172
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
5.10%
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%
$663,440
$663.4K
Cap Rate 7%
$473,886
$473.9K
Cap Rate 9%
$368,578
$368.6K
Market Conditions
NOI Build-Up for 1,654 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
$50.6K $30.60/SF
− Vacancy
−$3.2K −$1.95/SF
EGI
$47.4K $28.65/SF
− OpEx
−$14.2K −$8.60/SF
NOI
$33.2K $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%
$663,440
Cap Rate 7%
$473,886
Cap Rate 9%
$368,578
Alternative Uses
Best Use
Multifamily LT 5
$473.9K
$414.7K – $552.9K
NOI $33,172 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$436.5K
$381.9K – $509.3K
NOI $30,555 @ 7.0% cap · market cap 4.70%
Theoretical Best
Specialty Retail
$1.12M
$976.9K – $1.30M
NOI $78,152 @ 7.0% cap · market cap 12.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Single-story duplex with 2/1 units on each side, impact windows, and a new drain field system.
Where is this duplex located?
The property is located at 2360 NW 98TH Street Miami, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Single‑story duplex (2/1 on each side) with 1,654 SF of finished living space; Impact windows throughout; New drain field system
