Tenant-Occupied Four-Unit
For Sale
$1,799,999
661 Northeast 61st Street, Miami, FL 33137
Four residential units are currently occupied by tenants, supporting an established multifamily configuration.
Property Size3,868 SF
Price / SF$465.36
Days on Market188
Property Features for 661 Northeast 61st Street
General Information
Standard status
Active
Size
3,868 SF
Property subtype
Multi-Family Income / Fourplex
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$20,750
Building Details
Year Built
1972
Listing Agency:
Mari Real Estate & Management Group, Inc
(305) 381-5006
Listed By:
Daniel Lopez · License #3594167
(305) 381-5006
Source:
Compass
Added: Feb 23
Changed: Aug 29
Last Checked: Aug 29 at 7:59PM
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 Mari Real Estate & Management Group, Inc
Investment Insights
Based on property information with market context.
This 3,868-square-foot quadplex was built in 1972 and contains four residential units, each currently occupied by a tenant. The four-unit configuration provides an existing multifamily property profile in a South Florida setting.
The property is near US-1, with restaurants, shops, and daily conveniences in the surrounding area. The street reaches the bay approximately 1,000 feet away, while the ocean and Downtown Miami are described as roughly 15 minutes from the property.
The property is near US-1, with restaurants, shops, and daily conveniences in the surrounding area. The street reaches the bay approximately 1,000 feet away, while the ocean and Downtown Miami are described as roughly 15 minutes from the property.
Key Highlights
- Four‑unit quadplex with all units currently tenant‑occupied
- 3,868‑square‑foot multifamily property
- Built in 1972
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
$77,575
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
4.31%
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%
$1,551,500
$1.6M
Cap Rate 7%
$1,108,214
$1.1M
Cap Rate 9%
$861,944
$861.9K
Market Conditions
NOI Build-Up for 3,868 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
$118.4K $30.60/SF
− Vacancy
−$7.5K −$1.95/SF
EGI
$110.8K $28.65/SF
− OpEx
−$33.2K −$8.60/SF
NOI
$77.6K $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%
$1,551,500
Cap Rate 7%
$1,108,214
Cap Rate 9%
$861,944
Alternative Uses
Best Use
Multifamily LT 5
$1.11M
$969.7K – $1.29M
NOI $77,575 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$1.02M
$893.2K – $1.19M
NOI $71,455 @ 7.0% cap · market cap 3.97%
Theoretical Best
Specialty Retail
$2.61M
$2.28M – $3.05M
NOI $182,765 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,812
Businesses Nearby
Explore this area
Business Placement
Demographics for 33137, FL
25,763
Population
15,237
Households
1.7
Avg Household Size
37
Median Age
51%
College-Educated
90%
High-School Grad
2.0 sq mi
ZIP Area
12,882
Density / Sq Mi
$82,798
Median Household Income
$53,519
Median Earnings
$2,338
Median Rent
$532,900
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?
Quadplex - Four residential units are currently occupied by tenants, supporting an established multifamily configuration.
Where is this quadplex located?
The property is located at 661 Northeast 61st Street Miami, FL.
What is the asking price?
The asking price for this property is $1,799,999.
What are key features of this property?
This property features: Four‑unit quadplex with all units currently tenant‑occupied; 3,868‑square‑foot multifamily property; Built in 1972
