Renovated Duplex with Two
For Sale
$699,999
259 NE 56th St, Miami, FL 33137
Updated income property offers a leased two-unit configuration with utilities included in tenant rent.
Property Size1,511 SF
Price / SF$463.27
Days on Market67
Property Features for 259 NE 56th St
General Information
Standard status
Active
Size
1,511 SF
Property subtype
Duplex
Occupancy
100%
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,385
Building Details
Building Size
1,511 SF
Year Built
1946
Buildings
1
Tenancy
Multi
Listing Agency:
Optimar International Realty
Listed By:
Christopher Powell · License #3279561
Source:
Batrare
Added: Jun 8
Changed: Aug 3
Last Checked: Aug 12 at 2:28PM
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 Optimar International Realty
Investment Insights
Based on property information with market context.
This renovated duplex contains two separate residential units: a three-bedroom, three-bath residence and a one-bedroom, one-bath residence. Both units are leased, and utility costs are included in the rent. The improvements provide an updated physical setting for continued residential income use.
Built in 1946, the property is located at 259 NE 56th St in Miami’s Little Haiti neighborhood. Its two-unit layout and distinct bedroom and bath configurations provide a straightforward multifamily arrangement for an owner seeking an occupied residential asset.
Built in 1946, the property is located at 259 NE 56th St in Miami’s Little Haiti neighborhood. Its two-unit layout and distinct bedroom and bath configurations provide a straightforward multifamily arrangement for an owner seeking an occupied residential asset.
Key Highlights
- Two‑unit duplex with a 3‑bedroom, 3‑bath unit and a 1‑bedroom, 1‑bath unit
- Both residential units are currently leased
- Utilities are included in tenant rent
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
$30,304
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
4.33%
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%
$606,080
$606.1K
Cap Rate 7%
$432,914
$432.9K
Cap Rate 9%
$336,711
$336.7K
Market Conditions
NOI Build-Up for 1,511 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
$46.2K $30.60/SF
− Vacancy
−$2.9K −$1.95/SF
EGI
$43.3K $28.65/SF
− OpEx
−$13.0K −$8.60/SF
NOI
$30.3K $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%
$606,080
Cap Rate 7%
$432,914
Cap Rate 9%
$336,711
Alternative Uses
Best Use
Multifamily LT 5
$432.9K
$378.8K – $505.1K
NOI $30,304 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$398.8K
$348.9K – $465.2K
NOI $27,913 @ 7.0% cap · market cap 3.99%
Theoretical Best
Specialty Retail
$1.02M
$892.4K – $1.19M
NOI $71,395 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,068
Businesses Nearby
Explore this area
Business Placement
Demographics for 33137, FL
25,763
Population
15,237
Households
1.7
Avg Household Size
37
Median Age
51%
College-Educated
90%
High-School Grad
2.0 sq mi
ZIP Area
12,882
Density / Sq Mi
$82,798
Median Household Income
$53,519
Median Earnings
$2,338
Median Rent
$532,900
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 - Updated income property offers a leased two-unit configuration with utilities included in tenant rent.
Where is this duplex located?
The property is located at 259 NE 56th St Miami, FL.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Two‑unit duplex with a 3‑bedroom, 3‑bath unit and a 1‑bedroom, 1‑bath unit; Both residential units are currently leased; Utilities are included in tenant rent
