Duplex with Impact
For Sale
Contact for pricing
655 NE 122nd St, North Miami, FL 33161
Currently arranged as two month-to-month rental units with three separate entrances and potential for single-family conversion.
Property Size1,653 SF
Price / SF$468.78
Days on Market215
Property Features for 655 NE 122nd St
General Information
Standard status
Active
Size
1,653 SF
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
3700
Additional Details
Highway Access
Yes
Amenities
impact windows
privacy fence
mature fruit trees
outside dining area
Building Details
Year Built
1950
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Keller Williams Capital Realty
(305) 694-2166
Listed By:
Nancy Dowson · License #0566226
Source:
Crexi
Added: Jan 29
Changed: Aug 31
Last Checked: Aug 31 at 12:41AM
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 Keller Williams Capital Realty
Investment Insights
Based on property information with market context.
This 1,653-square-foot residential income property was built in 1950 and is currently divided into two units, each leased on a month-to-month basis. Three entrances support the existing arrangement, while the layout can also be adapted for single-family use. The property includes impact windows, a privacy fence, mature fruit trees, shaded outdoor areas, and an exterior dining space. Recent improvements include a new roof, refinished terrazzo, and new wood flooring.
Set on a quiet cul-de-sac at 655 NE 122nd St in North Miami, the home is one block from Biscayne Park Village and near restaurants, schools, and the NM museum of contemporary art. I-95 provides access to Aventura, Miami Beach, and downtown Miami, with two nearby airports and the UHealth medical center on Sole Mia Way also noted in the surrounding area.
Set on a quiet cul-de-sac at 655 NE 122nd St in North Miami, the home is one block from Biscayne Park Village and near restaurants, schools, and the NM museum of contemporary art. I-95 provides access to Aventura, Miami Beach, and downtown Miami, with two nearby airports and the UHealth medical center on Sole Mia Way also noted in the surrounding area.
Key Highlights
- 1,653‑square‑foot property built in 1950
- Currently divided into two units with month‑to‑month leases
- Three entrances support the existing duplex configuration
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
$27,555
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
3.56%
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%
$551,100
$551.1K
Cap Rate 7%
$393,643
$393.6K
Cap Rate 9%
$306,167
$306.2K
Market Conditions
NOI Build-Up for 1,653 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
$41.7K $25.20/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$39.4K $23.81/SF
− OpEx
−$11.8K −$7.14/SF
NOI
$27.6K $16.67/SF
Area
Miami-Dade County, FL
Vacancy
5.50%
Lease Rate
$25.20 /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%
$551,100
Cap Rate 7%
$393,643
Cap Rate 9%
$306,167
Alternative Uses
Best Use
Multifamily LT 5
$393.6K
$344.4K – $459.3K
NOI $27,555 @ 7.0% cap · market cap 3.56%
Second Best
Apartment 5plus
$363.2K
$317.8K – $423.7K
NOI $25,422 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$838.6K
$733.8K – $978.4K
NOI $58,705 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,165
Businesses Nearby
Explore this area
Business Placement
Demographics for 33161, FL
53,015
Population
18,912
Households
2.8
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
5.5 sq mi
ZIP Area
9,639
Density / Sq Mi
$55,265
Median Household Income
$34,311
Median Earnings
$1,494
Median Rent
$376,500
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?
Duplex - Currently arranged as two month-to-month rental units with three separate entrances and potential for single-family conversion.
Where is this duplex located?
The property is located at 655 NE 122nd St North Miami, FL.
What is the asking price?
The asking price for this property is $774,900.
What are key features of this property?
This property features: 1,653‑square‑foot property built in 1950; Currently divided into two units with month‑to‑month leases; Three entrances support the existing duplex configuration
