Renovated Duplex Near
For Sale
$1,350,000
247 Northwest 54th Street, Miami, FL 33127
Renovated duplex with studio, near Wynwood and Design District.
Property Size2,156 SF
Price / SF$626.16
Days on Market789
Property Features for 247 Northwest 54th Street
General Information
Standard status
Active
Size
2,156 SF
Property subtype
Residential Income / Duplex
Taxes and HOA fees
Annual Taxes
$2,500
Building Details
Year Built
1926
Listing Agency:
FIP Realty Services, LLC
Listed By:
Gregory Troy Cohen · License #3368879
(786) 463-4977
Source:
Compass
Added: Aug 24, 2024
Changed: Oct 21
Last Checked: Oct 20 at 11:46PM
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 FIP Realty Services, LLC
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Investment Insights
Based on property information with market context.
This property features a fully renovated duplex situated on a 6,650 sq ft lot. Located approximately 5 minutes from Wynwood and the Miami Design District, the property includes two 3-bedroom, 2-bath units and a separate studio. The units feature modern finishes and tile flooring throughout. Upgrades include impact windows and doors, a new roof, updated electrical and plumbing, and a brand-new AC. The property offers over 2700 sq ft of living space and has T5-0 Commercial zoning.
Key Highlights
- Prime location: Just 5 minutes from Wynwood and the Miami Design District.
- Fully renovated duplex with modern finishes and over 2700 sqft of living space.
- Includes a separate studio unit.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,240
Cap Rate
3.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$864,800
$864.8K
Cap Rate 7%
$617,714
$617.7K
Cap Rate 9%
$480,444
$480.4K
Market Conditions
NOI Build-Up for 2,156 SF
Gross rent
$66.0K $30.60/SF
− Vacancy
−$4.2K −$1.95/SF
EGI
$61.8K $28.65/SF
− OpEx
−$18.5K −$8.60/SF
NOI
$43.2K $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 Rate 5%
$864,800
Cap Rate 7%
$617,714
Cap Rate 9%
$480,444
Alternative Uses
Best Use
Multifamily LT 5
$617.7K
$540.5K – $720.7K
NOI $43,240 @ 7.0% cap · market cap 3.20%
Second Best
Apartment 5plus
$569.0K
$497.9K – $663.8K
NOI $39,829 @ 7.0% cap · market cap 2.95%
Theoretical Best
Specialty Retail
$1.46M
$1.27M – $1.70M
NOI $101,872 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
2,219
Businesses Nearby
Explore this area
Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
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
Frequently Asked Questions
What type of property is this?
Duplex - Renovated duplex with studio, near Wynwood and Design District.
Where is this duplex located?
The property is located at 247 Northwest 54th Street Miami, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Prime location: Just 5 minutes from Wynwood and the Miami Design District.; Fully renovated duplex with modern finishes and over 2700 sqft of living space.; Includes a separate studio unit.
