Duplex with Triplex Conversion
For Sale
$689,000
Pending
2637 NW 23rd Ct, Miami, FL 33142
MULTI_FAMILY - Miami, FL
Property Size2,003 SF
Days on Market50
Property Features for 2637 NW 23rd Ct
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
3900
Bedrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 1
Parking
6
Subdivision
WESTHAVEN
Lot features
< 1/4 Acre
Standard status
Pending
APN
01-31-27-026-0311
Size
2,003 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
WESTHAVEN PB 6-95 LOT 10 BLK 2 LOT SIZE 40.000 X 135 COC 26431-2604 06 2008 5
Tax Annual Amount
9426
Legal Description
WESTHAVEN PB 6-95 LOT 10 BLK 2 LOT SIZE 40.000 X 135 COC 26431-2604 06 2008 5
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Wall/Window Unit(s), Window Unit(s), Electric
Building Details
Year built
1959
Floors in Building
1
Flooring type
Tile
Building materials
Block
Roof type
Shingle
Listing Agency:
LoKation
(954) 545-5583
Listed By:
Chabelli Gugliatto · License #3478950
(305) 793-5833
Added: Jun 29
Changed: Aug 14
Last Checked: Aug 17 at 5:06AM
MLS# A12002456
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 income-producing duplex offers two 1-bedroom, 1-bath units plus den space, with the den layout described as convertible into a second bedroom. Both units are currently occupied. The property includes recent exterior and mechanical improvements: full exterior stucco and paint, roof improvements in 2025, and exterior yard updates with new landscaping and turf, plus 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.
A standout expansion feature is a detached CBS structure with electrical already in place, supported by architectural plans available for converting to a fully separate third unit. The property is zoned T4-R, allowing up to 4 units, with parking up to 6 vehicles. Additional practical utilities include cable availability and public sewer.
Built in 1959 and finished with block construction and tile flooring, the property is located at 2637 NW 23rd Ct, Miami, FL 33142, in Miami-Dade County.
A standout expansion feature is a detached CBS structure with electrical already in place, supported by architectural plans available for converting to a fully separate third unit. The property is zoned T4-R, allowing up to 4 units, with parking up to 6 vehicles. Additional practical utilities include cable availability and public sewer.
Built in 1959 and finished with block construction and tile flooring, the property is located at 2637 NW 23rd Ct, Miami, FL 33142, in Miami-Dade County.
Key Highlights
- Zoned T4‑R allowing up to 4 units; parking for up to 6 vehicles
- Two occupied units with 1 bedroom, 1 bathroom plus den layout
- Detached CBS structure with electrical in place for a separate third unit
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
$40,171
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
5.83%
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%
$803,420
$803.4K
Cap Rate 7%
$573,871
$573.9K
Cap Rate 9%
$446,344
$446.3K
Market Conditions
NOI Build-Up for 2,003 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
$61.3K $30.60/SF
− Vacancy
−$3.9K −$1.95/SF
EGI
$57.4K $28.65/SF
− OpEx
−$17.2K −$8.60/SF
NOI
$40.2K $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%
$803,420
Cap Rate 7%
$573,871
Cap Rate 9%
$446,344
Alternative Uses
Best Use
Multifamily LT 5
$573.9K
$502.1K – $669.5K
NOI $40,171 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$528.6K
$462.5K – $616.7K
NOI $37,002 @ 7.0% cap · market cap 5.37%
Theoretical Best
Specialty Retail
$1.35M
$1.18M – $1.58M
NOI $94,643 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,437
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex in Miami zoned T4-R, with occupied 1-bedroom plus den units and a detached CBS structure with electrical for expansion.
Where is this duplex located?
The property is located at 2637 NW 23rd Ct Miami, FL.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: Zoned T4‑R allowing up to 4 units; parking for up to 6 vehicles; Two occupied units with 1 bedroom, 1 bathroom plus den layout; Detached CBS structure with electrical in place for a separate third unit
