Duplex with Updated
For Sale
$650,000
3801 Northwest 23rd Avenue, Miami, FL 33142
Two separate units provide flexible occupancy with recently upgraded plumbing and cooling equipment.
Property Size1,278 SF
Price / SF$508.61
Days on Market193
Property Features for 3801 Northwest 23rd Avenue
General Information
Standard status
Active
Size
1,278 SF
Property subtype
Multi-Family Income / Duplex
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,863
Amenities
coin-operated washer and dryer
Building Details
Year Built
1930
Tenancy
Multi
Listing Agency:
Real Estate Empire Group, Inc.
(305) 592-1588
Listed By:
Angiolina Ayvar · License #3342937
(305) 592-1588
Source:
Compass
Added: Feb 19
Changed: Aug 30
Last Checked: Aug 31 at 2:12AM
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 Real Estate Empire Group, Inc.
Investment Insights
Based on property information with market context.
This 1,278-square-foot duplex includes a front residence with two bedrooms and one bathroom, plus a rear one-bedroom unit with a kitchen. The property also has parking for tenants and guests and a coin-operated washer and dryer. Plumbing was replaced in 2021, while the front unit received central AC and the rear unit received a mini-split system in 2025.
Both units are occupied under month-to-month leases, providing a flexible existing tenancy structure. The property sits on a quiet no-outlet street at 3801 Northwest 23rd Avenue in Miami, with access to major highways and proximity to the Design District.
Both units are occupied under month-to-month leases, providing a flexible existing tenancy structure. The property sits on a quiet no-outlet street at 3801 Northwest 23rd Avenue in Miami, with access to major highways and proximity to the Design District.
Key Highlights
- 1,278‑square‑foot duplex with two separate residential units
- Front unit includes 2 bedrooms and 1 bathroom
- Rear unit offers 1 bedroom and a kitchen
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
$25,631
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
3.94%
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%
$512,620
$512.6K
Cap Rate 7%
$366,157
$366.2K
Cap Rate 9%
$284,789
$284.8K
Market Conditions
NOI Build-Up for 1,278 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
$39.1K $30.60/SF
− Vacancy
−$2.5K −$1.95/SF
EGI
$36.6K $28.65/SF
− OpEx
−$11.0K −$8.60/SF
NOI
$25.6K $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%
$512,620
Cap Rate 7%
$366,157
Cap Rate 9%
$284,789
Alternative Uses
Best Use
Multifamily LT 5
$366.2K
$320.4K – $427.2K
NOI $25,631 @ 7.0% cap · market cap 3.94%
Second Best
Apartment 5plus
$337.3K
$295.1K – $393.5K
NOI $23,609 @ 7.0% cap · market cap 3.63%
Theoretical Best
Specialty Retail
$862.7K
$754.8K – $1.01M
NOI $60,386 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
740
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 - Two separate units provide flexible occupancy with recently upgraded plumbing and cooling equipment.
Where is this duplex located?
The property is located at 3801 Northwest 23rd Avenue Miami, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 1,278‑square‑foot duplex with two separate residential units; Front unit includes 2 bedrooms and 1 bathroom; Rear unit offers 1 bedroom and a kitchen
