Renovated Duplex with Separate
For Sale
$574,900
Pending
4129 SW 23 Street, West Park, FL 33023
Residential Income, West Park, FL
Property Size1,321 SF
Days on Market50
Property Features for 4129 SW 23 Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-1C
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 1
Parking
4
Subdivision
CARVER RANCHES
Lot features
< 1/4 Acre
Directions
Use Waze app or Google maps.
Standard status
Pending
APN
514219010450
Size
1,321 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
CARVER RANCHES 19-2 B LOT 4 BLK 3
Tax Annual Amount
12469
Legal Description
CARVER RANCHES 19-2 B LOT 4 BLK 3
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Amenities
in-unit washer/dryer
Building Details
Year built
1954
Floors in Building
1
Flooring type
Hardwood, Tile, Parquet Wood, Wood
Building materials
Block
Roof type
Shingle
Listing Agency:
United Realty Group Inc
(954) 450-2000
Listed By:
Richard Gago · License #3267385
(305) 849-1825
Added: Jul 27
Changed: Sep 13
Last Checked: Sep 14 at 4:06PM
MLS# A12015624
Copyright © 2026 Miami REALTORS®. 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.
This West Park duplex offers 1,321 square feet across two residential units, with each unit configured as a two-bedroom, one-bath layout. Both residences have their own laundry room and dedicated washer and dryer set. The property has been updated with impact doors and windows, refreshed finishes, central heating and cooling, hardwood and tile flooring, block construction, a shingle roof, and public sewer service. Built in 1954, the building also includes a rear yard with room for outdoor use or future improvements, subject to applicable approvals.
The property is located at 4129 SW 23 Street in West Park, Florida. Aventura Mall is about 10 minutes away, while Downtown Hollywood is approximately 8 minutes from the property. The rear unit is leased through March 2027, and the front unit is expected to become vacant by the end of August.
The property is located at 4129 SW 23 Street in West Park, Florida. Aventura Mall is about 10 minutes away, while Downtown Hollywood is approximately 8 minutes from the property. The rear unit is leased through March 2027, and the front unit is expected to become vacant by the end of August.
Key Highlights
- Two 2/1 units within a 1,321‑square‑foot duplex
- Separate laundry rooms with a complete washer and dryer set for each unit
- Impact doors and windows with updated finishes
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
$22,021
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
3.83%
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%
$440,420
$440.4K
Cap Rate 7%
$314,586
$314.6K
Cap Rate 9%
$244,678
$244.7K
Market Conditions
NOI Build-Up for 1,321 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
$33.3K $25.20/SF
− Vacancy
−$1.8K −$1.39/SF
EGI
$31.5K $23.81/SF
− OpEx
−$9.4K −$7.14/SF
NOI
$22.0K $16.67/SF
Area
Broward County, FL
Vacancy
5.50%
Lease Rate
$25.20 /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%
$440,420
Cap Rate 7%
$314,586
Cap Rate 9%
$244,678
Alternative Uses
Best Use
Multifamily LT 5
$314.6K
$275.3K – $367.0K
NOI $22,021 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$290.2K
$254.0K – $338.6K
NOI $20,316 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$670.2K
$586.4K – $781.9K
NOI $46,914 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
983
Businesses Nearby
Explore this area
Business Placement
Demographics for 33023, FL
66,749
Population
22,450
Households
3
Avg Household Size
38
Median Age
20%
College-Educated
84%
High-School Grad
8.8 sq mi
ZIP Area
7,585
Density / Sq Mi
$70,003
Median Household Income
$35,093
Median Earnings
$1,621
Median Rent
$344,500
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 residential units each include two bedrooms, one bathroom, and dedicated laundry space.
Where is this duplex located?
The property is located at 4129 SW 23 Street West Park, FL.
What is the asking price?
The asking price for this property is $574,900.
What are key features of this property?
This property features: Two 2/1 units within a 1,321‑square‑foot duplex; Separate laundry rooms with a complete washer and dryer set for each unit; Impact doors and windows with updated finishes
