Fourplex with T5L Development
For Sale
$1,549,000
571 NE 67th Street, Miami, FL 33138
Four-unit multifamily property in T5L zoning with previously approved plans for a 6-unit live/work development.
Property Size2,262 SF
Lot Size0.17 Acres
Price / SF$684.79
Days on Market126
Property Features for 571 NE 67th Street
General Information
Standard status
Active
Size
2,262 SF
Total Parking Spaces
6
Lot size
0.17 Acres
Property subtype
Residential Income
Zoning
6107
Occupancy
75%
Net Operating Income
$69,540
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$17,000
Building Details
Building Size
2,262 SF
Year Built
1957
Stories
1
Tenancy
Multi
Listing Agency:
Green Wave Realty Group Corp
(305) 215-5070
Listed By:
Adriana Molina · License #3524534
(305) 215-5070
Source:
Laerrealty
Added: Apr 21
Changed: Aug 23
Last Checked: Aug 24 at 3:14AM
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.
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 = 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
$45,366
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
2.93%
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%
$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
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
$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 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%
$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
NOI $45,366 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$597.0K
$522.3K – $696.5K
NOI $41,787 @ 7.0% cap · market cap 2.70%
Theoretical Best
Specialty Retail
$1.53M
$1.34M – $1.78M
NOI $106,881 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
