Duplex with Attached
For Sale
$385,000
3143 MILLER AVENUE, Lake Placid, FL 33852
Both residences are tenant-occupied, with three bedrooms, two bathrooms, and a private well apiece.
Property Size2,653 SF
Price / SF$145.12
Days on Market10
Property Features for 3143 MILLER AVENUE
General Information
Standard status
Active
Size
2,653 SF
Total Parking Spaces
2
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Parking per Unit
1
Additional Details
Utilities to Site
Yes
Building Details
Year Built
2008
Buildings
1
Tenancy
Multi
Listing Agency:
REMAX EXPERTS
(863) 802-5262
Listed By:
Jake Bellamy · License #3225833
(863) 838-7804
Source:
Endlesssummerrealty
Added: Sep 25
Changed: Oct 3
Last Checked: Oct 3 at 1:00AM
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 REMAX EXPERTS
Investment Insights
Based on property information with market context.
Built in 2008, this duplex contains two residences, each arranged with three bedrooms and two bathrooms. Both units have an attached one-car garage and a private well. Interior features include tile flooring in the main living areas and an open kitchen, dining, and family-room arrangement. Each kitchen has a center island with bar seating and a closet pantry. The primary bedroom includes a walk-in closet and en-suite bath with dual vanities, a garden tub, and a separate shower; the other two bedrooms share a full bath.
Both units are currently leased. The property has no HOA or deed restrictions. An adjoining lot to the east is separately available for purchase.
Both units are currently leased. The property has no HOA or deed restrictions. An adjoining lot to the east is separately available for purchase.
Key Highlights
- Duplex with two 3‑bedroom, 2‑bath units
- Both units are currently leased
- Each residence has an attached 1‑car garage and its own private well
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
$23,962
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
6.22%
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%
$479,240
$479.2K
Cap Rate 7%
$342,314
$342.3K
Cap Rate 9%
$266,244
$266.2K
Market Conditions
NOI Build-Up for 2,653 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
$36.6K $13.80/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$34.2K $12.90/SF
− OpEx
−$10.3K −$3.87/SF
NOI
$24.0K $9.03/SF
Area
Highlands County, FL
Vacancy
6.50%
Lease Rate
$13.80 /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%
$479,240
Cap Rate 7%
$342,314
Cap Rate 9%
$266,244
Alternative Uses
Best Use
Multifamily LT 5
$342.3K
$299.5K – $399.4K
NOI $23,962 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$318.1K
$278.3K – $371.1K
NOI $22,267 @ 7.0% cap · market cap 5.78%
Theoretical Best
Office A
$551.9K
$483.0K – $643.9K
NOI $38,636 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Explore this area
Business Placement
Demographics for 33852, FL
21,635
Population
12,991
Households
1.7
Avg Household Size
55
Median Age
20%
College-Educated
85%
High-School Grad
293.4 sq mi
ZIP Area
74
Density / Sq Mi
$54,841
Median Household Income
$39,658
Median Earnings
$1,063
Median Rent
$205,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are tenant-occupied, with three bedrooms, two bathrooms, and a private well apiece.
Where is this duplex located?
The property is located at 3143 MILLER AVENUE Lake Placid, FL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Duplex with two 3‑bedroom, 2‑bath units; Both units are currently leased; Each residence has an attached 1‑car garage and its own private well
