Duplex with Section 8
New
For Sale
$695,000
3445 NW 191st Street, Miami Gardens, FL 33056
Two-unit residential property with established Section 8 tenancy and in-place rental operations.
Property Size2,862 SF
Lot Size0.18 Acres
Price / SF$269.90
Days on Market2
Property Features for 3445 NW 191st Street
General Information
Standard status
Active
Size
2,862 SF
Total Parking Spaces
4
Lot size
0.18 Acres
Property subtype
Residential Income
Zoning
5700
Net Operating Income
$59,956
Additional Details
Gross Income
$78,576
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,082
Building Details
Building Size
2,862 SF
Year Built
1971
Stories
1
Listing Agency:
Partnership Realty Inc.
Listed By:
Zeyneddin Biter · License #3365594
(786) 708-1133
Source:
Laerrealty
Added: Sep 11
Last Checked: Sep 12 at 4:32AM
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 Partnership Realty Inc.
Investment Insights
Based on property information with market context.
This duplex contains 2 living units with established Section 8 tenants and approximately 2,575 square feet of living area. Built in 1971, the property sits on a 7,950-square-foot lot and carries zoning designation 5700.
The property is located at 3445 NW 191st Street in Miami Gardens, Florida, near Hard Rock Stadium, major highways, shopping, dining, and entertainment. Its two-unit configuration and existing tenancy provide a defined residential income property profile.
The property is located at 3445 NW 191st Street in Miami Gardens, Florida, near Hard Rock Stadium, major highways, shopping, dining, and entertainment. Its two-unit configuration and existing tenancy provide a defined residential income property profile.
Key Highlights
- 2 living units with established Section 8 tenants
- Approximately 2,575 SF of living area
- 7,950 SF lot
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
$36,755
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
5.29%
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%
$735,100
$735.1K
Cap Rate 7%
$525,071
$525.1K
Cap Rate 9%
$408,389
$408.4K
Market Conditions
NOI Build-Up for 2,575 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
$54.1K $21.00/SF
− Vacancy
−$1.6K −$0.61/SF
EGI
$52.5K $20.39/SF
− OpEx
−$15.8K −$6.12/SF
NOI
$36.8K $14.27/SF
Area
Miami Gardens, FL
Vacancy
2.90%
Lease Rate
$21.00 /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%
$735,100
Cap Rate 7%
$525,071
Cap Rate 9%
$408,389
Alternative Uses
Best Use
Multifamily LT 5
$525.1K
$459.4K – $612.6K
NOI $36,755 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$489.1K
$428.0K – $570.7K
NOI $34,239 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$766.6K
$670.8K – $894.4K
NOI $53,663 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
740
Businesses Nearby
Explore this area
Business Placement
Demographics for 33056, FL
36,556
Population
12,155
Households
3
Avg Household Size
37
Median Age
18%
College-Educated
84%
High-School Grad
6.1 sq mi
ZIP Area
5,993
Density / Sq Mi
$62,255
Median Household Income
$33,179
Median Earnings
$1,659
Median Rent
$332,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with established Section 8 tenancy and in-place rental operations.
Where is this duplex located?
The property is located at 3445 NW 191st Street Miami Gardens, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 2 living units with established Section 8 tenants; Approximately 2,575 SF of living area; 7,950 SF lot
