Two-Unit Duplex with Updated
For Sale
$799,000
2501 NW 23rd Ave, Miami, FL 33142
Both residences are leased and offer separate two-bedroom and three-bedroom layouts.
Property Size2,506 SF
Price / SF$318.83
Days on Market18
Property Features for 2501 NW 23rd Ave
General Information
Standard status
Active
Size
2,506 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$66,000
Taxes and HOA fees
Annual Taxes
$6,700
Building Details
Building Size
2,506 SF
Year Built
1925
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty International Lifestyles
Listed By:
Maria Auxiliadora Ruiz Marrero · License #3640143
Source:
Batrare
Added: Sep 17
Changed: Sep 26
Last Checked: Oct 4 at 1:42PM
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 Keller Williams Realty International Lifestyles
Investment Insights
Based on property information with market context.
Built in 1925, this 2,506-square-foot duplex contains two currently rented residences. The front unit has three bedrooms and two bathrooms; its remodeling about five years ago included the air conditioning system and flat roof. Plumbing in the kitchen and bathrooms was updated approximately two years ago, and the PVC line between the sidewalk and the unit was replaced. An impact-rated front door is also in place.
The second unit has two bedrooms and one bathroom. It was remodeled about two years ago, and its shingle roof is approximately 15 years old. The property is located at 2501 NW 23rd Ave in Miami, Florida.
The second unit has two bedrooms and one bathroom. It was remodeled about two years ago, and its shingle roof is approximately 15 years old. The property is located at 2501 NW 23rd Ave in Miami, Florida.
Key Highlights
- 2,506‑square‑foot duplex built in 1925
- Two rented units: a 3‑bedroom, 2‑bath front residence and a 2‑bedroom, 1‑bath second residence
- Front unit remodeling about five years ago included air conditioning and a flat roof
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
$50,259
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
6.29%
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%
$1,005,180
$1.0M
Cap Rate 7%
$717,986
$718.0K
Cap Rate 9%
$558,433
$558.4K
Market Conditions
NOI Build-Up for 2,506 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
$76.7K $30.60/SF
− Vacancy
−$4.9K −$1.95/SF
EGI
$71.8K $28.65/SF
− OpEx
−$21.5K −$8.60/SF
NOI
$50.3K $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%
$1,005,180
Cap Rate 7%
$717,986
Cap Rate 9%
$558,433
Alternative Uses
Best Use
Multifamily LT 5
$718.0K
$628.2K – $837.7K
NOI $50,259 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$661.3K
$578.7K – $771.6K
NOI $46,294 @ 7.0% cap · market cap 5.79%
Theoretical Best
Specialty Retail
$1.69M
$1.48M – $1.97M
NOI $118,410 @ 7.0% cap · market cap 14.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,690
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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 - Both residences are leased and offer separate two-bedroom and three-bedroom layouts.
Where is this duplex located?
The property is located at 2501 NW 23rd Ave Miami, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2,506‑square‑foot duplex built in 1925; Two rented units: a 3‑bedroom, 2‑bath front residence and a 2‑bedroom, 1‑bath second residence; Front unit remodeling about five years ago included air conditioning and a flat roof
