Renovated Triplex with Three
For Sale
$700,000
57 NW 68th Street, Miami, FL 33150
Two two-bedroom residences and a studio create a flexible three-unit residential configuration.
Property Size1,968 SF
Days on Market22
Property Features for 57 NW 68th Street
General Information
Standard status
Active
Size
1,968 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$8,207
Building Details
Building Size
1,968 SF
Year Built
1948
Listing Agency:
Avenew Realty Corp
(786) 397-9417
Listed By:
Horacio Ferrando · License #3374130
(786) 397-9417
Source:
Silverleafrealtygroup
Added: Jul 23
Changed: Aug 12
Last Checked: Aug 12 at 3:30AM
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 Avenew Realty Corp
Investment Insights
Based on property information with market context.
This renovated triplex, built in 1948, contains three separate residences: two two-bedroom, one-bath units and a studio with a full bathroom, kitchen sink, and refrigerator. Updated interiors, generously sized bedrooms, and open living areas are complemented by a large yard and on-site parking.
The property is located at 57 NW 68th Street in Miami, Florida, with access to major expressways, shopping centers, restaurants, schools, parks, and public transportation. Downtown Miami, Wynwood, the Miami Design District, Miami Beach, and Miami International Airport are also within the surrounding area. The three-unit layout supports separate residential occupancy and rental use within one property.
The property is located at 57 NW 68th Street in Miami, Florida, with access to major expressways, shopping centers, restaurants, schools, parks, and public transportation. Downtown Miami, Wynwood, the Miami Design District, Miami Beach, and Miami International Airport are also within the surrounding area. The three-unit layout supports separate residential occupancy and rental use within one property.
Key Highlights
- Three separate residences: two 2‑bedroom, 1‑bath units and one studio
- Studio includes a full bathroom, kitchen sink, and refrigerator
- Renovated interiors with generously sized bedrooms and open living areas
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
$39,469
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
5.64%
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%
$789,380
$789.4K
Cap Rate 7%
$563,843
$563.8K
Cap Rate 9%
$438,544
$438.5K
Market Conditions
NOI Build-Up for 1,968 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
$60.2K $30.60/SF
− Vacancy
−$3.8K −$1.95/SF
EGI
$56.4K $28.65/SF
− OpEx
−$16.9K −$8.60/SF
NOI
$39.5K $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%
$789,380
Cap Rate 7%
$563,843
Cap Rate 9%
$438,544
Alternative Uses
Best Use
Multifamily LT 5
$563.8K
$493.4K – $657.8K
NOI $39,469 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$519.4K
$454.5K – $605.9K
NOI $36,356 @ 7.0% cap · market cap 5.19%
Theoretical Best
Specialty Retail
$1.33M
$1.16M – $1.55M
NOI $92,989 @ 7.0% cap · market cap 13.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,183
Businesses Nearby
Explore this area
Business Placement
Demographics for 33150, FL
28,703
Population
12,403
Households
2.3
Avg Household Size
37
Median Age
14%
College-Educated
75%
High-School Grad
3.5 sq mi
ZIP Area
8,201
Density / Sq Mi
$40,802
Median Household Income
$32,359
Median Earnings
$1,179
Median Rent
$377,700
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?
Triplex - Two two-bedroom residences and a studio create a flexible three-unit residential configuration.
Where is this triplex located?
The property is located at 57 NW 68th Street Miami, FL.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Three separate residences: two 2‑bedroom, 1‑bath units and one studio; Studio includes a full bathroom, kitchen sink, and refrigerator; Renovated interiors with generously sized bedrooms and open living areas
