Building Details

Building Size 1,504 SF

Year Built 1948

Stories 1

Listing Agency: Global Pyramid Real Estate

Listed By: Jermaine Young · License #3237313 Show Phone

Source: Elliman

Added: Nov 28, 2025 Changed: Aug 13 Last Checked: Sep 1 at 10:04PM

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Investment Insights

Based on property information with market context.

This duplex is located between Miami Shores and El Portal, areas known for their proximity to Miami's cultural and commercial centers. Each side of the duplex features two bedrooms and two bathrooms. The property was updated in 2018. It is located a 15-minute drive from Miami Beach, Wynwood, and the Miami Design District, offering access to attractions, restaurants, shopping, and art scenes.

Key Highlights

• Highly desirable location between Miami Shores and El Portal.
• Updated in 2018.
• Each side of duplex has two bedrooms and two bathrooms.

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

$25,071

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

3.92%

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%

$501,420 $501.4K

Cap Rate 7%

$358,157 $358.2K

Cap Rate 9%

$278,567 $278.6K

Market Conditions

NOI Build-Up for 1,504 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

$37.9K $25.20/SF

− Vacancy

−$2.1K −$1.39/SF

EGI

$35.8K $23.81/SF

− OpEx

−$10.7K −$7.14/SF

NOI

$25.1K $16.67/SF

Area

Miami-Dade 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%

$501,420

Cap Rate 7%

$358,157

Cap Rate 9%

$278,567

Alternative Uses

Best Use

Multifamily LT 5

$358.2K

$313.4K – $417.9K (±1% cap)

NOI $25,071 @ 7.0% cap · market cap 3.92%

Second Best

Apartment 5plus

$330.4K

$289.1K – $385.5K (±1% cap)

NOI $23,130 @ 7.0% cap · market cap 3.62%

Theoretical Best

Office A

$763.0K

$667.7K – $890.2K (±1% cap)

NOI $53,413 @ 7.0% cap · market cap 8.36%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Skin Care Clinic Parking Lot & Garage Gym & Fitness Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

774

Businesses Nearby

Explore this area Business Placement

Demographics for 33168, FL

24,715

Population

6,761

Households

3.7

Avg Household Size

39

Median Age

16%

College-Educated

79%

High-School Grad

3.6 sq mi

ZIP Area

6,865

Density / Sq Mi

$58,636

Median Household Income

$31,984

Median Earnings

$1,576

Median Rent

$329,000

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Updated duplex near Miami Shores and El Portal.

Where is this duplex located?

The property is located at 534 NW 113th St Miami Shores, FL.

What is the asking price?

The asking price for this property is $639,000.

What are key features of this property?

This property features: Highly desirable location between Miami Shores and El Portal.; Updated in 2018.; Each side of duplex has two bedrooms and two bathrooms.