Four-Unit Quadplex with Three
New
For Sale
$1,250,000
609 NW 58th Ave, Miami, FL 33126
The property combines four leased units with three separate building structures.
Property Size4,080 SF
Lot Size0.27 Acres
Price / SF$306.37
Days on Market3
Property Features for 609 NW 58th Ave
General Information
Standard status
Active
Size
4,080 SF
Lot size
0.27 Acres
Property subtype
Duplex
Property Condition
Severity
Repairs Needed
Evidence
Other units will need updating
Financials
Gross Income
$112,800
Opportunity Zone
Yes
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$15,584
Building Details
Building Size
4,080 SF
Year Built
1938
Buildings
3
Listing Agency:
Cespedes Realty LLC
Listed By:
David Cespedes · License #3253120
(786) 326-4574
Source:
Batrare
Added: Oct 1
Changed: Oct 3
Last Checked: Oct 2 at 10:26PM
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 Cespedes Realty LLC
Investment Insights
Based on property information with market context.
At 609 NW 58th Ave in Miami, this quadplex comprises four units across three structures on an 11,720-square-foot parcel. The property was built in 1938 and is currently leased as four units. The first unit is a two-bedroom, one-bathroom home with central AC, kitchen appliances and cabinets, and a remodeled bathroom. The other units require updating.
The parcel is located within an opportunity zone. Three FPL meters and two water meters serve the property.
The parcel is located within an opportunity zone. Three FPL meters and two water meters serve the property.
Key Highlights
- Four units currently leased across three structures
- 11,720‑square‑foot parcel in an opportunity zone
- Three FPL meters and two water meters
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
$81,827
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
6.55%
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%
$1,636,540
$1.6M
Cap Rate 7%
$1,168,957
$1.2M
Cap Rate 9%
$909,189
$909.2K
Market Conditions
NOI Build-Up for 4,080 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
$124.8K $30.60/SF
− Vacancy
−$8.0K −$1.95/SF
EGI
$116.9K $28.65/SF
− OpEx
−$35.1K −$8.60/SF
NOI
$81.8K $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%
$1,636,540
Cap Rate 7%
$1,168,957
Cap Rate 9%
$909,189
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.02M – $1.36M
NOI $81,827 @ 7.0% cap · market cap 6.55%
Second Best
Apartment 5plus
$1.08M
$942.1K – $1.26M
NOI $75,371 @ 7.0% cap · market cap 6.03%
Theoretical Best
Specialty Retail
$2.75M
$2.41M – $3.21M
NOI $192,782 @ 7.0% cap · market cap 15.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,475
Businesses Nearby
Explore this area
Business Placement
Demographics for 33126, FL
48,751
Population
19,725
Households
2.5
Avg Household Size
44
Median Age
28%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
9,028
Density / Sq Mi
$55,722
Median Household Income
$32,607
Median Earnings
$1,651
Median Rent
$299,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - The property combines four leased units with three separate building structures.
Where is this quadplex located?
The property is located at 609 NW 58th Ave 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: Four units currently leased across three structures; 11,720‑square‑foot parcel in an opportunity zone; Three FPL meters and two water meters
