Gutted Duplex Redevelopment
For Sale
$680,000
3034 Northwest 33rd Street, Miami, FL 33142
Duplex-zoned property with a fully gutted structure and proposed front and rear residential layouts.
Property Size2,830 SF
Price / SF$240.28
Days on Market208
Property Features for 3034 Northwest 33rd Street
General Information
Standard status
Active
Size
2,830 SF
Property subtype
Residential Income / Duplex
Property Condition
Severity
Major Repairs Needed
Evidence
fully gutted
Taxes and HOA fees
Annual Taxes
$8,311
Building Details
Year Built
1926
Listing Agency:
List-A-House Realty, LLC
(754) 799-7545
Listed By:
James Migues · License #3271735
(754) 799-7545
Source:
Compass
Added: Feb 4
Changed: Aug 31
Last Checked: Aug 31 at 1:24AM
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 List-A-House Realty, LLC
Investment Insights
Based on property information with market context.
This duplex property presents a redevelopment project centered on a fully gutted existing structure. The proposed design calls for separate front and rear residences, including a four-bedroom, two-and-a-half-bath front unit and a three-bedroom, two-bath rear unit. Plans are expected by the end of April, with the completed project designed around new systems, layouts, and finishes.
The property is located in Miami’s Allapattah submarket at 3034 Northwest 33rd Street. The site offers access to Wynwood, Downtown Miami, Miami International Airport, and major transportation corridors. The original structure dates to 1926.
The property is located in Miami’s Allapattah submarket at 3034 Northwest 33rd Street. The site offers access to Wynwood, Downtown Miami, Miami International Airport, and major transportation corridors. The original structure dates to 1926.
Key Highlights
- Duplex‑zoned property at 3034 Northwest 33rd Street, Miami, FL 33142
- Existing structure is fully gutted for redevelopment
- Proposed front residence includes 4 bedrooms and 2‑1/2 baths
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
$56,757
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
8.35%
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%
$1,135,140
$1.1M
Cap Rate 7%
$810,814
$810.8K
Cap Rate 9%
$630,633
$630.6K
Market Conditions
NOI Build-Up for 2,830 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
$86.6K $30.60/SF
− Vacancy
−$5.5K −$1.95/SF
EGI
$81.1K $28.65/SF
− OpEx
−$24.3K −$8.60/SF
NOI
$56.8K $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%
$1,135,140
Cap Rate 7%
$810,814
Cap Rate 9%
$630,633
Alternative Uses
Best Use
Multifamily LT 5
$810.8K
$709.5K – $946.0K
NOI $56,757 @ 7.0% cap · market cap 8.35%
Second Best
Apartment 5plus
$746.9K
$653.5K – $871.3K
NOI $52,280 @ 7.0% cap · market cap 7.69%
Theoretical Best
Specialty Retail
$1.91M
$1.67M – $2.23M
NOI $133,719 @ 7.0% cap · market cap 19.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,569
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
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex-zoned property with a fully gutted structure and proposed front and rear residential layouts.
Where is this duplex located?
The property is located at 3034 Northwest 33rd Street Miami, FL.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Duplex‑zoned property at 3034 Northwest 33rd Street, Miami, FL 33142; Existing structure is fully gutted for redevelopment; Proposed front residence includes 4 bedrooms and 2‑1/2 baths
