Duplex with Two 3BR
For Sale
$755,000
Pending
4491 NW 23rd Avenue, Miami, FL 33142
Duplex offering two 3-bedroom, 2-bath units with open layouts, inside laundry, and fenced backyards.
Property Size2,184 SF
Days on Market57
Property Features for 4491 NW 23rd Avenue
General Information
Standard status
Pending
Size
2,184 SF
Property subtype
Duplex
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
2021
Listing Agency:
Realty One Group Evolution
(786) 477-4715
Listed By:
Ingrid M Roldan · License #3136467
(786) 346-5028
Source:
Lehmannflorida
Added: Jul 14
Changed: Sep 7
Last Checked: Sep 8 at 6:03AM
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 Realty One Group Evolution
Investment Insights
Based on property information with market context.
This duplex features two spacious 3-bedroom, 2-bath units with open-concept layouts. Each unit includes a modern kitchen with quartz countertops and stainless steel appliances, along with 24" x 24" porcelain tile flooring. Additional in-unit amenities include an inside laundry room with washer and dryer, and the property is supported by a high-efficiency HVAC system and a tankless water heater. Both units also have fenced backyards, and there is ample front parking.
The property is built with CBS construction and is described as designed for low maintenance and energy efficiency. The location provides convenient access to SR-112, SR-836, I-95, Downtown Miami, Wynwood, the Design District, and Miami International Airport, as well as the Earlington Heights Metrorail Station.
There is no HOA. The configuration supports either an owner-occupant living arrangement in one unit while renting the other, or a duplex purchase for rental income.
The property is built with CBS construction and is described as designed for low maintenance and energy efficiency. The location provides convenient access to SR-112, SR-836, I-95, Downtown Miami, Wynwood, the Design District, and Miami International Airport, as well as the Earlington Heights Metrorail Station.
There is no HOA. The configuration supports either an owner-occupant living arrangement in one unit while renting the other, or a duplex purchase for rental income.
Key Highlights
- Duplex built in 2021 with two 3‑bedroom, 2‑bath units
- Each unit features an open‑concept layout with a modern kitchen and quartz countertops
- 24" x 24" porcelain tile flooring throughout and Energy Star stainless steel appliances
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
$43,801
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
5.80%
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%
$876,020
$876.0K
Cap Rate 7%
$625,729
$625.7K
Cap Rate 9%
$486,678
$486.7K
Market Conditions
NOI Build-Up for 2,184 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
$66.8K $30.60/SF
− Vacancy
−$4.3K −$1.95/SF
EGI
$62.6K $28.65/SF
− OpEx
−$18.8K −$8.60/SF
NOI
$43.8K $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%
$876,020
Cap Rate 7%
$625,729
Cap Rate 9%
$486,678
Alternative Uses
Best Use
Multifamily LT 5
$625.7K
$547.5K – $730.0K
NOI $43,801 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$576.4K
$504.3K – $672.4K
NOI $40,346 @ 7.0% cap · market cap 5.34%
Theoretical Best
Specialty Retail
$1.47M
$1.29M – $1.72M
NOI $103,195 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,353
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 - Duplex offering two 3-bedroom, 2-bath units with open layouts, inside laundry, and fenced backyards.
Where is this duplex located?
The property is located at 4491 NW 23rd Avenue Miami, FL.
What is the asking price?
The asking price for this property is $755,000.
What are key features of this property?
This property features: Duplex built in 2021 with two 3‑bedroom, 2‑bath units; Each unit features an open‑concept layout with a modern kitchen and quartz countertops; 24" x 24" porcelain tile flooring throughout and Energy Star stainless steel appliances
