Remodeled Two-Unit
For Sale
$699,000
2512 Northwest 68th Street, Miami, FL 33147
Independent residences provide private entrances, separate laundry areas, and flexible occupancy options.
Property Size1,560 SF
Price / SF$448.08
Days on Market129
Property Features for 2512 Northwest 68th Street
General Information
Standard status
Active
Size
1,560 SF
Property subtype
Multi-Family Income / Income/MultiFamily
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$750,411
Building Details
Year Built
1959
Listing Agency:
Legacy Group Real Estate, LLC.
(305) 556-8685
Listed By:
Yamisderky Pelier Barranco · License #3429978
(305) 556-8685
Source:
Compass
Added: Apr 26
Changed: Aug 30
Last Checked: Aug 31 at 9:43PM
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 Legacy Group Real Estate, LLC.
Investment Insights
Based on property information with market context.
This duplex contains 1,560 square feet arranged as two independent two-bedroom, one-bath residences. Each unit has its own entrance and separate laundry area, creating distinct living spaces within the same property. The layout supports separate occupancy and may suit an owner-occupant arrangement with one residence retained for income use.
Remodeling includes impact windows, a new roof, refreshed kitchens, renovated bathrooms, updated flooring, and contemporary interior finishes. The property was built in 1959 and is located at 2512 Northwest 68th Street in Miami, Florida 33147. Permitting and municipal documentation for selected improvements are currently underway, with the seller working toward completion.
Remodeling includes impact windows, a new roof, refreshed kitchens, renovated bathrooms, updated flooring, and contemporary interior finishes. The property was built in 1959 and is located at 2512 Northwest 68th Street in Miami, Florida 33147. Permitting and municipal documentation for selected improvements are currently underway, with the seller working toward completion.
Key Highlights
- Two independent 2‑bedroom, 1‑bath units within 1,560 square feet
- Private entrance and separate laundry area for each unit
- Remodeled with impact windows, new roof, updated kitchens, and renovated bathrooms
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
$31,287
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
4.48%
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%
$625,740
$625.7K
Cap Rate 7%
$446,957
$447.0K
Cap Rate 9%
$347,633
$347.6K
Market Conditions
NOI Build-Up for 1,560 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
$47.7K $30.60/SF
− Vacancy
−$3.0K −$1.95/SF
EGI
$44.7K $28.65/SF
− OpEx
−$13.4K −$8.60/SF
NOI
$31.3K $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%
$625,740
Cap Rate 7%
$446,957
Cap Rate 9%
$347,633
Alternative Uses
Best Use
Multifamily LT 5
$447.0K
$391.1K – $521.5K
NOI $31,287 @ 7.0% cap · market cap 4.48%
Second Best
Apartment 5plus
$411.7K
$360.2K – $480.3K
NOI $28,819 @ 7.0% cap · market cap 4.12%
Theoretical Best
Specialty Retail
$1.05M
$921.4K – $1.23M
NOI $73,711 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,147
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
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 - Independent residences provide private entrances, separate laundry areas, and flexible occupancy options.
Where is this duplex located?
The property is located at 2512 Northwest 68th Street Miami, FL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two independent 2‑bedroom, 1‑bath units within 1,560 square feet; Private entrance and separate laundry area for each unit; Remodeled with impact windows, new roof, updated kitchens, and renovated bathrooms
