Renovated Duplex with Two Leased
For Sale
$699,999
259 NE 56th St, Miami, FL 33137
MULTI_FAMILY - Miami, FL
Property Size1,511 SF
Price / SF$463.27
Days on Market69
Property Features for 259 NE 56th St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
5700
Bedrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 1, Bathroom 4, Bedroom 2, Bathroom 2
Parking
2
Subdivision
DIXIE HIGHWAY TRACK
Lot features
< 1/4 Acre
Standard status
Active
APN
01-31-13-065-1110
Size
1,511 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
DIXIE HIGHWAY TR PB 5-24 LOT 21 BLK 8 LOT SIZE 50.000 X 100 OR 10036-0056 0478 1
Tax Annual Amount
3385
Legal Description
DIXIE HIGHWAY TR PB 5-24 LOT 21 BLK 8 LOT SIZE 50.000 X 100 OR 10036-0056 0478 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Building Details
Year built
1946
Floors in Building
1
Building materials
Block
Listing Agency:
Optimar International Realty
(305) 947-0477
Listed By:
Christopher Powell · License #3279561
(305) 615-0035
Added: Jun 9
Changed: Aug 12
Last Checked: Aug 16 at 11:06AM
MLS# A12033314
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated duplex offers two income-producing, currently leased units. One unit includes three bedrooms and three bathrooms, while the second unit includes one bedroom and one bathroom. The property is constructed of block and has been thoughtfully renovated. Cable is available, and the home is served by public sewer. The remarks also indicate that utilities are included in the rent.
Located at 259 NE 56th St in Miami, Florida 33137, the property was built in 1946 and totals 1,511 square feet.
The configuration provides two separate leased spaces within a duplex layout, supported by the unit bedroom and bathroom counts described in the property details.
Located at 259 NE 56th St in Miami, Florida 33137, the property was built in 1946 and totals 1,511 square feet.
The configuration provides two separate leased spaces within a duplex layout, supported by the unit bedroom and bathroom counts described in the property details.
Key Highlights
- Renovated duplex with two currently leased units
- Unit mix: 3 bedrooms/3 bathrooms plus 1 bedroom/1 bathroom
- 1,511 SF block duplex built in 1946
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
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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 - Renovated duplex featuring two leased units with block construction and cable available utilities tied to public sewer.
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: Renovated duplex with two currently leased units; Unit mix: 3 bedrooms/3 bathrooms plus 1 bedroom/1 bathroom; 1,511 SF block duplex built in 1946
