Remodeled Duplex with Rental RV
For Sale
$775,000
6324 Northwest 1st Place, Miami, FL 33150
Updated residential property with multiple rental configurations and recent building-system improvements.
Property Size2,164 SF
Price / SF$358.13
Days on Market173
Property Features for 6324 Northwest 1st Place
General Information
Standard status
Active
Size
2,164 SF
Property subtype
Multi-Family Income / Duplex
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$78,600
Taxes and HOA fees
Annual Taxes
$9,294
Amenities
washer/dryer in unit
Building Details
Year Built
1927
Year Renovated
2022
Listing Agency:
United Realty Group Inc
(954) 450-2000
Listed By:
Ober Delgado Quiroz · License #3576834
(954) 450-2000
Source:
Compass
Added: Mar 12
Changed: Aug 29
Last Checked: Aug 31 at 1:56AM
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 United Realty Group Inc
Investment Insights
Based on property information with market context.
This 2,164-square-foot residential property was built in 1927 and is legally classified as a duplex in public records. Its current setup includes three two-bedroom, one-bath units along with one rental RV unit. One of the units was converted from a garage, and the current configuration may require permit or zoning verification. Buyers should independently confirm legal use, permits, and zoning.
The three conventional units received remodeling work in 2022, including kitchen and bathroom updates, stainless steel appliances, plumbing and electrical improvements, new water heaters, impact windows, AC systems, structural reinforcement, insulation, flooring, and in-unit washer and dryer installations. A GAF roof was installed in 2024 with hurricane straps and a secondary water barrier. The property is located at 6324 Northwest 1st Place in Miami, Florida 33150.
The three conventional units received remodeling work in 2022, including kitchen and bathroom updates, stainless steel appliances, plumbing and electrical improvements, new water heaters, impact windows, AC systems, structural reinforcement, insulation, flooring, and in-unit washer and dryer installations. A GAF roof was installed in 2024 with hurricane straps and a secondary water barrier. The property is located at 6324 Northwest 1st Place in Miami, Florida 33150.
Key Highlights
- 2,164‑square‑foot property built in 1927
- Current configuration includes three 2‑bedroom, 1‑bath units plus 1 rental RV unit
- Legally classified as a duplex per public records
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
$43,400
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
5.60%
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%
$868,000
$868.0K
Cap Rate 7%
$620,000
$620.0K
Cap Rate 9%
$482,222
$482.2K
Market Conditions
NOI Build-Up for 2,164 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
$66.2K $30.60/SF
− Vacancy
−$4.2K −$1.95/SF
EGI
$62.0K $28.65/SF
− OpEx
−$18.6K −$8.60/SF
NOI
$43.4K $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%
$868,000
Cap Rate 7%
$620,000
Cap Rate 9%
$482,222
Alternative Uses
Best Use
Multifamily LT 5
$620.0K
$542.5K – $723.3K
NOI $43,400 @ 7.0% cap · market cap 5.60%
Second Best
Apartment 5plus
$571.1K
$499.7K – $666.3K
NOI $39,976 @ 7.0% cap · market cap 5.16%
Theoretical Best
Specialty Retail
$1.46M
$1.28M – $1.70M
NOI $102,250 @ 7.0% cap · market cap 13.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,201
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Updated residential property with multiple rental configurations and recent building-system improvements.
Where is this duplex located?
The property is located at 6324 Northwest 1st Place Miami, FL.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 2,164‑square‑foot property built in 1927; Current configuration includes three 2‑bedroom, 1‑bath units plus 1 rental RV unit; Legally classified as a duplex per public records
