Remodeled Duplex with Guest
New
For Sale
$1,265,000
718 NE 87th Street, Miami, FL 33138
Two separate residences provide a main home and a guest house with a kitchen and dedicated office.
Property Size1,790 SF
Lot Size0.16 Acres
Days on Market5
Property Features for 718 NE 87th Street
General Information
Standard status
Active
Size
1,790 SF
Lot size
0.16 Acres
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$13,188
Building Details
Building Size
1,790 SF
Year Built
1937
Buildings
2
Listing Agency:
Best of Luxury Realty Corp.
Listed By:
Iuliia Zohar · License #3313358
(305) 684-4964
Source:
Silverleafrealtygroup
Added: Oct 9
Changed: Oct 11
Last Checked: Oct 11 at 2:33PM
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 Best of Luxury Realty Corp.
Investment Insights
Based on property information with market context.
Built in 1937, this remodeled duplex pairs a two-bedroom, one-bathroom main residence with a separate guest house offering one bedroom, one bathroom, a full kitchen, and a dedicated office. The property occupies a 7,000-square-foot lot. The backyard has synthetic grass and a new fence, creating a defined outdoor area.
The property is minutes from Downtown and the beaches.
The property is minutes from Downtown and the beaches.
Key Highlights
- Main residence has 2 bedrooms and 1 bathroom
- Separate guest house includes 1 bedroom, 1 bathroom, a full kitchen, and a dedicated office
- 7,000‑square‑foot lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,899
Cap Rate
2.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$717,980
$718.0K
Cap Rate 7%
$512,843
$512.8K
Cap Rate 9%
$398,878
$398.9K
Market Conditions
NOI Build-Up for 1,790 SF
Gross rent
$54.8K $30.60/SF
− Vacancy
−$3.5K −$1.95/SF
EGI
$51.3K $28.65/SF
− OpEx
−$15.4K −$8.60/SF
NOI
$35.9K $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 Rate 5%
$717,980
Cap Rate 7%
$512,843
Cap Rate 9%
$398,878
Alternative Uses
Best Use
Multifamily LT 5
$512.8K
$448.7K – $598.3K
NOI $35,899 @ 7.0% cap · market cap 2.84%
Second Best
Apartment 5plus
$472.4K
$413.3K – $551.1K
NOI $33,067 @ 7.0% cap · market cap 2.61%
Theoretical Best
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,578 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,625
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
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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?
Duplex - Two separate residences provide a main home and a guest house with a kitchen and dedicated office.
Where is this duplex located?
The property is located at 718 NE 87th Street Miami, FL.
What is the asking price?
The asking price for this property is $1,265,000.
What are key features of this property?
This property features: Main residence has 2 bedrooms and 1 bathroom; Separate guest house includes 1 bedroom, 1 bathroom, a full kitchen, and a dedicated office; 7,000‑square‑foot lot
