Building Details

Building Size 2,262 SF

Year Built 1957

Tenancy Multi

Listing Agency: Green Wave Realty Group Corp

Listed By: Adriana Molina · License #3524534 Show Phone

Source: Silverleafrealtygroup

Added: Apr 20 Changed: Oct 9 Last Checked: Oct 11 at 1:37PM

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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 fourplex offers a unit mix that includes two 1-bedroom units, one studio, and one 2-bedroom unit. Three of the four units are currently leased, with one unit vacant. The property is zoned T5L and includes previously approved development plans for a 6-unit live/work multifamily building.

The site is located in Miami’s MiMo District near Biscayne Boulevard, with walkability and access to transit reflected in a very walkable Walk Score and good transit score. Bikeability is also supported by a Bike Score.

The existing property provides immediate rental occupancy alongside a documented path for redevelopment using the previously approved 6-unit live/work plans.

Key Highlights

• 1957‑built 4‑unit multifamily on a 7,200 SF lot in Miami’s MiMo District
• Zoned T5L and includes previously approved plans for a 6‑unit live/work multifamily development
• Unit mix: two 1‑bedrooms, one 2‑bedroom, and one studio; three units currently leased and one vacant

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,366

Cap Rate

2.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$907,320 $907.3K

Cap Rate 7%

$648,086 $648.1K

Cap Rate 9%

$504,067 $504.1K

Market Conditions

NOI Build-Up for 2,262 SF

Gross rent

$69.2K $30.60/SF

− Vacancy

−$4.4K −$1.95/SF

EGI

$64.8K $28.65/SF

− OpEx

−$19.4K −$8.60/SF

NOI

$45.4K $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 Rate 5%

$907,320

Cap Rate 7%

$648,086

Cap Rate 9%

$504,067

Alternative Uses

Best Use

Multifamily LT 5

$648.1K

$567.1K – $756.1K (±1% cap)

NOI $45,366 @ 7.0% cap · market cap 2.93%

Second Best

Apartment 5plus

$597.0K

$522.3K – $696.5K (±1% cap)

NOI $41,787 @ 7.0% cap · market cap 2.70%

Theoretical Best

Specialty Retail

$1.53M

$1.34M – $1.78M (±1% cap)

NOI $106,881 @ 7.0% cap · market cap 6.90%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Dental Office Nursing Home Locksmith Butcher (Bike/Boat/Book/etc) Store Restaurant

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

Lease Details

4

Residential units

75%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

2,072

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Quadplex - Four-unit multifamily property in T5L zoning with previously approved plans for a 6-unit live/work development.

Where is this quadplex located?

The property is located at 571 NE 67th Street Miami, FL.

What is the asking price?

The asking price for this property is $1,549,000.

What are key features of this property?

This property features: 1957‑built 4‑unit multifamily on a 7,200 SF lot in Miami’s MiMo District; Zoned T5L and includes previously approved plans for a 6‑unit live/work multifamily development; Unit mix: two 1‑bedrooms, one 2‑bedroom, and one studio; three units currently leased and one vacant