Two-Unit Duplex with
New
For Sale
$385,000
3143 MILLER Avenue, Lake Placid, FL 33852
Residential Income, LAKE PLACID, FL
Property Size2,653 SF
Lot Size0.23 Acres
Price / SF$145.12
Days on Market1
Property Features for 3143 MILLER Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 6, Bathroom 4, Bathroom 3, Bedroom 5
Window features
Blinds
Patio and Porch features
Porch
Pets allowed
Cats OK, Yes, Dogs OK
Interior features
Ceiling Fans(s), Open Floorplan, Thermostat
Exterior features
Sidewalk
Appliances
Dishwasher, Disposal, Microwave, Range, Refrigerator
Subdivision
LEISURE LAKES SEC 03
Directions
From highway 27 and Lake June Rd. Take Lake June Rd West. Lake June Rd merges into Miller Ave. House on North side of the road just west of Larkspur St.
Standard status
Active
APN
C-21-36-29-030-1970-0280
Size
2,653 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEISURE LAKES SEC 3 PB 6-PG 25 LOT 28 BLK 197
Tax Annual Amount
3979
Legal Description
LEISURE LAKES SEC 3 PB 6-PG 25 LOT 28 BLK 197
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Well
Building Details
Year built
2008
Floors in Building
1
Number of units
2
Flooring type
Tile - Ceramic, Carpet
Building materials
Block, Stucco
Roof type
Shingle
Listing Agency:
REMAX EXPERTS · RE/MAX International
(863) 802-5262
Listed By:
Jake Bellamy · License #3225833
(863) 838-7804
Added: Sep 25
Last Checked: Sep 25 at 10:06PM
MLS# L4965355
Copyright © 2026 Stellar MLS. 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.
Built in 2008, this 2,653-square-foot duplex contains two three-bedroom, two-bath residences on a 0.23-acre parcel. Each home has a private well and an attached one-car garage. Tile finishes run through the main living spaces, while the open kitchen, dining area, and family room form a connected living area. Each kitchen includes an island with bar seating and a closet pantry.
The primary bedroom in each residence has a walk-in closet and an en-suite bathroom with dual vanities, a garden tub, and a separate shower. Two additional bedrooms share a full bathroom. The property is located west of Lake June in Lake Placid, Florida, and is zoned R. Both residences are tenant-occupied and leased.
The primary bedroom in each residence has a walk-in closet and an en-suite bathroom with dual vanities, a garden tub, and a separate shower. Two additional bedrooms share a full bathroom. The property is located west of Lake June in Lake Placid, Florida, and is zoned R. Both residences are tenant-occupied and leased.
Key Highlights
- Two leased residences, each with 3 bedrooms and 2 bathrooms
- 2,653‑square‑foot duplex on a 0.23‑acre parcel
- Attached 1‑car garage and private well at each residence
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
Multi-tenant
Tenancy
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
Check the figures for this property
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 leased and offer three bedrooms, two bathrooms, and private wells.
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: Two leased residences, each with 3 bedrooms and 2 bathrooms; 2,653‑square‑foot duplex on a 0.23‑acre parcel; Attached 1‑car garage and private well at each residence
