Well-Maintained Duplex
For Sale
$875,000
247 Nw 51st Ave, Miami, FL 33126
Duplex includes two residential units with separate bed and bath counts, currently leased for immediate rental income.
Property Size1,998 SF
Price / SF$437.94
Days on Market91
Property Features for 247 Nw 51st Ave
General Information
Standard status
Active
Size
1,998 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,240
Listing Agency:
The Keyes Company
(305) 595-8166
Listed By:
Millie Doyle · License #3288927
(305) 283-3861
Source:
Exprealty
Added: Jun 9
Changed: Sep 5
Last Checked: Sep 6 at 12:21PM
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 The Keyes Company
Investment Insights
Based on property information with market context.
This well-maintained duplex features two spacious residential units. Unit A offers 3 bedrooms and 2 bathrooms, and Unit B offers 2 bedrooms and 1 bathroom. The property is described as being in great condition and well cared for.
Both units are currently occupied by long-term tenants who would like to remain with the property, supporting immediate rental income for a new owner if desired. The property is conveniently located near shopping, dining, schools, and major roadways.
For buyers seeking an income-producing residential investment, this duplex provides two separate unit configurations within a single asset.
Both units are currently occupied by long-term tenants who would like to remain with the property, supporting immediate rental income for a new owner if desired. The property is conveniently located near shopping, dining, schools, and major roadways.
For buyers seeking an income-producing residential investment, this duplex provides two separate unit configurations within a single asset.
Key Highlights
- Duplex built in 1966 with two separate residential units
- Unit A: 3 bedrooms and 2 bathrooms
- Unit B: 2 bedrooms and 1 bathroom
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
$40,071
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
4.58%
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%
$801,420
$801.4K
Cap Rate 7%
$572,443
$572.4K
Cap Rate 9%
$445,233
$445.2K
Market Conditions
NOI Build-Up for 1,998 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
$61.1K $30.60/SF
− Vacancy
−$3.9K −$1.95/SF
EGI
$57.2K $28.65/SF
− OpEx
−$17.2K −$8.60/SF
NOI
$40.1K $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%
$801,420
Cap Rate 7%
$572,443
Cap Rate 9%
$445,233
Alternative Uses
Best Use
Multifamily LT 5
$572.4K
$500.9K – $667.9K
NOI $40,071 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$527.3K
$461.4K – $615.2K
NOI $36,910 @ 7.0% cap · market cap 4.22%
Theoretical Best
Specialty Retail
$1.35M
$1.18M – $1.57M
NOI $94,406 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,088
Businesses Nearby
Explore this area
Business Placement
Demographics for 33126, FL
48,751
Population
19,725
Households
2.5
Avg Household Size
44
Median Age
28%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
9,028
Density / Sq Mi
$55,722
Median Household Income
$32,607
Median Earnings
$1,651
Median Rent
$299,800
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 includes two residential units with separate bed and bath counts, currently leased for immediate rental income.
Where is this duplex located?
The property is located at 247 Nw 51st Ave Miami, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Duplex built in 1966 with two separate residential units; Unit A: 3 bedrooms and 2 bathrooms; Unit B: 2 bedrooms and 1 bathroom
