Remodeled Triplex with Paved
259 NE 111th St Miami, FL 33161
259 NE 111th St, Miami, FL, 33161
Contact for pricing
For Sale
Contact for pricing
Three remodeled units with a 2023 roof, impact windows/doors, and separate electric metering.
Property Size1,762 SF
Price / SF$385.36
Days on Market31
Property Features for 259 NE 111th St
General Information
- Standard status
- Active
- Size
- 1,762 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1947
Listing agency
Pamela Hall Real Estate, LLC.
Listed by
Pamela Hall · License #3221692
Source
Crexi
Added: Jun 21 Updated: Jul 20 at 7:17PM Checked: Jul 20 at 7:17PM
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 Pamela Hall Real Estate, LLC.
Investment Insights
Based on property information with market context.
This remodeled triplex is vacant and ready to tour, with one larger unit and two front efficiency units. The property includes a washer/dryer and an additional building/shed that conveys. Reported updates also include a new roof (2023), new impact windows/doors, and a newly paved parking lot. Metering is split with two separate electric meters—one for the back unit and one for the two front units—and one shared water meter.
The 4-bedroom, 2-bath unit is vacant and currently projected at $2,800 per month. The two front efficiencies are leased on annual terms at $1,100 and $1,200 per month, with rents stated to include utilities. Total gross income is reported as $5,100 per month ($61,200 per year), and the leases are described as having a flexible 30-day right to cancel with security deposits transferring. For tenant privacy, tenant-occupied units will be shown only during the inspection period with a fully executed contract; please do not disturb tenants.
The 4-bedroom, 2-bath unit is vacant and currently projected at $2,800 per month. The two front efficiencies are leased on annual terms at $1,100 and $1,200 per month, with rents stated to include utilities. Total gross income is reported as $5,100 per month ($61,200 per year), and the leases are described as having a flexible 30-day right to cancel with security deposits transferring. For tenant privacy, tenant-occupied units will be shown only during the inspection period with a fully executed contract; please do not disturb tenants.
Key Highlights
- Remodeled 3‑unit residential duplex (1947) with a vacant 4BR/2BA unit plus two additional units for rental income
- Gross rent $5,100/month ($61,200/year), with the vacant 4BR/2BA unit projected at $2,800/month
- Front unit is split into two efficiencies leased at $1,100 and $1,200/month on annual leases
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $53.9k | $30.60 |
| − Vacancy | −$3.4k | −$1.95 |
| EGI | $50.5k | $28.65 |
| − OpEx | −$15.1k | −$8.60 |
| NOI | $35.3k | $20.06 |
1,762 SF · lease $30.60/SF/yr · vacancy 6.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$504.8K
$441.7K – $589.0K
NOI $35,338 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$465.0K
$406.9K – $542.5K
NOI $32,550 @ 7.0% cap · market cap 4.79%
Theoretical Best
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,255 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three remodeled units with a 2023 roof, impact windows/doors, and separate electric metering.
Where is this triplex located?
The property is located at 259 NE 111th St Miami, FL.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Remodeled 3‑unit residential duplex (1947) with a vacant 4BR/2BA unit plus two additional units for rental income; Gross rent $5,100/month ($61,200/year), with the vacant 4BR/2BA unit projected at $2,800/month; Front unit is split into two efficiencies leased at $1,100 and $1,200/month on annual leases
