Renovated Duplex with Private
For Sale
Contact for pricing
545 NE 64th St, Miami, FL 33138
Two updated 2-bedroom units offer private entrances, dedicated fenced parking, shared laundry, and flexible rental use.
Property Size1,600 SF
Price / SF$536.88
Days on Market59
Property Features for 545 NE 64th St
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Multifamily
Building Details
Year Built
1954
Listing Agency:
Green Wave Realty Group Corp
(305) 215-5070
Listed By:
Adriana Molina · License #3524534
Source:
Crexi
Added: Jun 10
Changed: Jul 10
Last Checked: Jul 28 at 2:10PM
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 Green Wave Realty Group Corp
Investment Insights
Based on property information with market context.
This renovated duplex presents a straightforward two-unit setup designed for day-to-day livability and rental flexibility. The property includes two updated 2-bedroom, 1-bath units, each with approximately 720 square feet of space. Both units have private entrances and share access to a laundry facility, while each unit also benefits from a dedicated fenced parking space. A tropical backyard adds an outdoor component for tenants in either configuration, whether used as a primary residence, a live-in and rent option, or for other rental arrangements.
The duplex is located in Miami’s MiMo District, and the public remarks indicate it is just minutes from Biscayne Boulevard, the Design District, Wynwood, Downtown Miami, Miami Beach, and Miami International Airport. That proximity can be useful for tenants who want convenient access to dining, shopping, entertainment, and cultural destinations without giving up a more residential setting.
From a practical ownership standpoint, the layout supports multiple income approaches. You can live in one unit while renting the other, lease both units together, or adapt the property for furnished seasonal rentals and short-term rental opportunities, subject to applicable rules. For buyers looking for a turnkey-ready duplex with two independently accessible living spaces and on-site parking, this property offers a simple foundation to match a range of resident and investor preferences.
The duplex is located in Miami’s MiMo District, and the public remarks indicate it is just minutes from Biscayne Boulevard, the Design District, Wynwood, Downtown Miami, Miami Beach, and Miami International Airport. That proximity can be useful for tenants who want convenient access to dining, shopping, entertainment, and cultural destinations without giving up a more residential setting.
From a practical ownership standpoint, the layout supports multiple income approaches. You can live in one unit while renting the other, lease both units together, or adapt the property for furnished seasonal rentals and short-term rental opportunities, subject to applicable rules. For buyers looking for a turnkey-ready duplex with two independently accessible living spaces and on-site parking, this property offers a simple foundation to match a range of resident and investor preferences.
Key Highlights
- Renovated duplex built in 1954 with two updated 2‑bedroom, 1‑bath units.
- Each unit offers approx. 720 SF of living space with a private entrance.
- Dedicated fenced parking space for each unit.
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
$32,089
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
3.74%
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%
$641,780
$641.8K
Cap Rate 7%
$458,414
$458.4K
Cap Rate 9%
$356,544
$356.5K
Market Conditions
NOI Build-Up for 1,600 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
$49.0K $30.60/SF
− Vacancy
−$3.1K −$1.95/SF
EGI
$45.8K $28.65/SF
− OpEx
−$13.8K −$8.60/SF
NOI
$32.1K $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%
$641,780
Cap Rate 7%
$458,414
Cap Rate 9%
$356,544
Alternative Uses
Best Use
Multifamily LT 5
$458.4K
$401.1K – $534.8K
NOI $32,089 @ 7.0% cap · market cap 3.74%
Second Best
Apartment 5plus
$422.2K
$369.5K – $492.6K
NOI $29,557 @ 7.0% cap · market cap 3.44%
Theoretical Best
Specialty Retail
$1.08M
$945.0K – $1.26M
NOI $75,601 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,019
Businesses Nearby
Explore this area
Business Placement
Demographics for 33138, FL
27,601
Population
14,310
Households
1.9
Avg Household Size
43
Median Age
47%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
6,572
Density / Sq Mi
$71,518
Median Household Income
$52,853
Median Earnings
$1,647
Median Rent
$686,300
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 updated 2-bedroom units offer private entrances, dedicated fenced parking, shared laundry, and flexible rental use.
Where is this duplex located?
The property is located at 545 NE 64th St Miami, FL.
What is the asking price?
The asking price for this property is $859,000.
What are key features of this property?
This property features: Renovated duplex built in 1954 with two updated 2‑bedroom, 1‑bath units.; Each unit offers approx. 720 SF of living space with a private entrance.; Dedicated fenced parking space for each unit.
