Income-Generating Duplex with
2637 Northwest 23rd Court Miami, FL 33142
For Sale
$720,000
Duplex with two occupied 1-bed/1-bath units plus den space, with detached structure and plans for a potential third unit conversion.
Property Size2,003 SF
Price / SF$359.46
Days on Market99
Property Features for 2637 Northwest 23rd Court
General Information
- Standard status
- Active
- Size
- 2,003 SF
- Property subtype
- Multi-Family Income / Duplex
Building Details
- Year Built
- 1959
Listing Agency:
LoKation
(954) 545-5583
Listed By:
Chabelli Gugliatto · License #3478950
(954) 545-5583
Source:
Compass
Added: Apr 16
Changed: Jul 21
Last Checked: Jul 23 at 8:30AM
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 LoKation
Investment Insights
Based on property information with market context.
This income-producing duplex features two 1-bedroom, 1-bath units, each including a den. Both units are currently occupied. A detached CBS structure on-site includes electrical already in place, and architectural plans are available for converting that space into an additional unit.
The property is zoned T4-R and allows up to 4 units, with parking for up to 6 vehicles. Recent improvements include full exterior stucco and paint, roof improvements in 2025, a leveled backyard with new landscaping and turf, and a new chain link fence. Interior updates include fresh paint, a new refrigerator, updated bathroom vanity and toilet, and a new split A/C unit.
The current setup includes the existing duplex configuration with in-place income, and the detached structure provides a near-turnkey path to adding a third unit per the available plans.
The property is zoned T4-R and allows up to 4 units, with parking for up to 6 vehicles. Recent improvements include full exterior stucco and paint, roof improvements in 2025, a leveled backyard with new landscaping and turf, and a new chain link fence. Interior updates include fresh paint, a new refrigerator, updated bathroom vanity and toilet, and a new split A/C unit.
The current setup includes the existing duplex configuration with in-place income, and the detached structure provides a near-turnkey path to adding a third unit per the available plans.
Key Highlights
- Income‑producing duplex with 2 occupied 1‑bed/1‑bath units plus den space; $3,400/month current rental income
- Both units rented at $1,700/unit (below market per remarks), offering potential for rent increases
- Extensive recent improvements: exterior stucco and paint, roof improvements in 2025, fresh interior paint, new refrigerator, updated vanity/toilet
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 | $61.3k | $30.60 |
| − Vacancy | −$3.9k | −$1.95 |
| EGI | $57.4k | $28.65 |
| − OpEx | −$17.2k | −$8.60 |
| NOI | $40.2k | $20.06 |
2,003 SF · lease $30.60/SF/yr · vacancy 6.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$573.9K
$502.1K – $669.5K
NOI $40,171 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$528.6K
$462.5K – $616.7K
NOI $37,002 @ 7.0% cap · market cap 5.14%
Theoretical Best
Specialty Retail
$1.35M
$1.18M – $1.58M
NOI $94,643 @ 7.0% cap · market cap 13.14%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Duplex with two occupied 1-bed/1-bath units plus den space, with detached structure and plans for a potential third unit conversion.
Where is this duplex located?
The property is located at 2637 Northwest 23rd Court Miami, FL.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: Income‑producing duplex with 2 occupied 1‑bed/1‑bath units plus den space; $3,400/month current rental income; Both units rented at $1,700/unit (below market per remarks), offering potential for rent increases; Extensive recent improvements: exterior stucco and paint, roof improvements in 2025, fresh interior paint, new refrigerator, updated vanity/toilet
