Two-Unit
For Sale
$850,000
670 NE 87th Street, Miami, FL 33138
Side-by-side residences provide outdoor space and tenant parking near Biscayne Boulevard.
Property Size1,584 SF
Lot Size0.16 Acres
Price / SF$536.62
Days on Market19
Property Features for 670 NE 87th Street
General Information
Standard status
Active
Size
1,584 SF
Lot size
0.16 Acres
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1947
Listing Agency:
EA Realty & Investments
(561) 336-0340
Listed By:
Sherlyne Monsanto · License #3626328
(404) 997-9162
Source:
Lehmannflorida
Added: Aug 20
Changed: Sep 6
Last Checked: Sep 7 at 7:34AM
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 EA Realty & Investments
Investment Insights
Based on property information with market context.
This duplex contains two side-by-side residences, each with 2 bedrooms and 1 bathroom. The property sits on a 7,000-square-foot lot with outdoor space and parking for tenants. One unit is currently occupied, while the second unit is part of the two-residence configuration. Built in 1947, the property offers a straightforward multifamily layout in an established residential setting.
The address is east of Biscayne Boulevard in Miami, with nearby dining, shopping, and major transportation connections. Its location places the property within a short distance of the boulevard and surrounding neighborhood services.
The address is east of Biscayne Boulevard in Miami, with nearby dining, shopping, and major transportation connections. Its location places the property within a short distance of the boulevard and surrounding neighborhood services.
Key Highlights
- Two side‑by‑side units, each with 2 bedrooms and 1 bathroom
- 7,000‑square‑foot lot with outdoor space
- Tenant parking on the property
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
$31,768
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
3.74%
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%
$635,360
$635.4K
Cap Rate 7%
$453,829
$453.8K
Cap Rate 9%
$352,978
$353.0K
Market Conditions
NOI Build-Up for 1,584 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
$48.5K $30.60/SF
− Vacancy
−$3.1K −$1.95/SF
EGI
$45.4K $28.65/SF
− OpEx
−$13.6K −$8.60/SF
NOI
$31.8K $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%
$635,360
Cap Rate 7%
$453,829
Cap Rate 9%
$352,978
Alternative Uses
Best Use
Multifamily LT 5
$453.8K
$397.1K – $529.5K
NOI $31,768 @ 7.0% cap · market cap 3.74%
Second Best
Apartment 5plus
$418.0K
$365.8K – $487.7K
NOI $29,262 @ 7.0% cap · market cap 3.44%
Theoretical Best
Specialty Retail
$1.07M
$935.6K – $1.25M
NOI $74,845 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,224
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
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Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side residences provide outdoor space and tenant parking near Biscayne Boulevard.
Where is this duplex located?
The property is located at 670 NE 87th Street Miami, FL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two side‑by‑side units, each with 2 bedrooms and 1 bathroom; 7,000‑square‑foot lot with outdoor space; Tenant parking on the property
