Legal Duplex with Private
551 Northeast 67th Street Miami, FL 33138
For Sale
$1,250,000
Renovated legal duplex offers two 2-bedroom plus den, 2-bath units with private backyards and dedicated parking.
Property Size2,064 SF
Price / SF$605.62
Days on Market203
Property Features for 551 Northeast 67th Street
General Information
- Standard status
- Active
- Size
- 2,064 SF
- Property subtype
- Multi-Family Income / Duplex
Building Details
- Year Built
- 1957
Listing Agency:
Douglas Elliman
(305) 677-5000
Listed By:
Cyril Matz · License #3110560
(305) 677-5000
Source:
Compass
Added: Jan 2
Changed: Jul 21
Last Checked: Jul 23 at 7:21AM
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 Douglas Elliman
Investment Insights
Based on property information with market context.
This renovated legal duplex includes two separate 2-bedroom plus den, 2-bath units. One unit is tenant-occupied on a month-to-month basis, and the second unit is vacant. Both units feature private backyards, and the property provides dedicated parking.
The duplex is located in the Morningside area, just off Biscayne Blvd near Morningside Park, the farmers market, and neighborhood dining. Access to the Design District, Wynwood, and Miami Beach is described as convenient.
Showings are by appointment only, and tenants should not be disturbed.
The duplex is located in the Morningside area, just off Biscayne Blvd near Morningside Park, the farmers market, and neighborhood dining. Access to the Design District, Wynwood, and Miami Beach is described as convenient.
Showings are by appointment only, and tenants should not be disturbed.
Key Highlights
- Legal duplex built in 1957 with two 2‑bedroom plus den, 2‑bath units
- Tenant‑occupied unit on a month‑to‑month basis and second unit is vacant
- Renovated duplex with private backyards for both units
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.2k | $30.60 |
| − Vacancy | −$4.0k | −$1.95 |
| EGI | $59.1k | $28.65 |
| − OpEx | −$17.7k | −$8.60 |
| NOI | $41.4k | $20.06 |
2,064 SF · lease $30.60/SF/yr · vacancy 6.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$591.4K
$517.4K – $689.9K
NOI $41,395 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$544.7K
$476.6K – $635.5K
NOI $38,129 @ 7.0% cap · market cap 3.05%
Theoretical Best
Specialty Retail
$1.39M
$1.22M – $1.63M
NOI $97,525 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Renovated legal duplex offers two 2-bedroom plus den, 2-bath units with private backyards and dedicated parking.
Where is this duplex located?
The property is located at 551 Northeast 67th Street Miami, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Legal duplex built in 1957 with two 2‑bedroom plus den, 2‑bath units; Tenant‑occupied unit on a month‑to‑month basis and second unit is vacant; Renovated duplex with private backyards for both units
