Remodeled Duplex with Detached
For Sale
$770,000
7239 NW Third St, Miami, FL 33126
Two separate residences combine updated interiors with a three-bedroom primary home and a one-bedroom detached unit.
Property Size1,480 SF
Price / SF$520.27
Days on Market10
Property Features for 7239 NW Third St
General Information
Standard status
Active
Size
1,480 SF
Property subtype
Duplex
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$7,403
Building Details
Building Size
1,480 SF
Year Built
1955
Buildings
2
Listing Agency:
Rejoice Realty Group, Inc.
(305) 207-5777
Listed By:
Danny Crespo · License #3098053
Source:
Miamibrokersgroup
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 29 at 4:55PM
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 Rejoice Realty Group, Inc.
Investment Insights
Based on property information with market context.
This 1,480-square-foot duplex property includes two separate structures. The main residence provides three bedrooms and two bathrooms, while the detached unit contains one bedroom and one bathroom. The layout supports separate living arrangements within a single residential income property.
Both structures have new roofs, new A/C systems, and new water heaters. Additional updates include PVC plumbing, a new electrical system, and modern interior finishes. The lot also provides room for parking and outdoor use. The property is in Miami with access to major highways, Miami International Airport, shopping, dining, schools, and entertainment.
Both structures have new roofs, new A/C systems, and new water heaters. Additional updates include PVC plumbing, a new electrical system, and modern interior finishes. The lot also provides room for parking and outdoor use. The property is in Miami with access to major highways, Miami International Airport, shopping, dining, schools, and entertainment.
Key Highlights
- 1,480 SF living area across two separate structures
- Main residence includes 3 bedrooms and 2 bathrooms
- Detached unit offers 1 bedroom and 1 bathroom
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
$29,682
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
3.85%
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%
$593,640
$593.6K
Cap Rate 7%
$424,029
$424.0K
Cap Rate 9%
$329,800
$329.8K
Market Conditions
NOI Build-Up for 1,480 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
$45.3K $30.60/SF
− Vacancy
−$2.9K −$1.95/SF
EGI
$42.4K $28.65/SF
− OpEx
−$12.7K −$8.60/SF
NOI
$29.7K $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%
$593,640
Cap Rate 7%
$424,029
Cap Rate 9%
$329,800
Alternative Uses
Best Use
Multifamily LT 5
$424.0K
$371.0K – $494.7K
NOI $29,682 @ 7.0% cap · market cap 3.85%
Second Best
Apartment 5plus
$390.6K
$341.8K – $455.7K
NOI $27,341 @ 7.0% cap · market cap 3.55%
Theoretical Best
Specialty Retail
$999.0K
$874.1K – $1.17M
NOI $69,931 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,332
Businesses Nearby
Explore this area
Business Placement
Demographics for 33126, FL
48,751
Population
19,725
Households
2.5
Avg Household Size
44
Median Age
28%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
9,028
Density / Sq Mi
$55,722
Median Household Income
$32,607
Median Earnings
$1,651
Median Rent
$299,800
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 - Two separate residences combine updated interiors with a three-bedroom primary home and a one-bedroom detached unit.
Where is this duplex located?
The property is located at 7239 NW Third St Miami, FL.
What is the asking price?
The asking price for this property is $770,000.
What are key features of this property?
This property features: 1,480 SF living area across two separate structures; Main residence includes 3 bedrooms and 2 bathrooms; Detached unit offers 1 bedroom and 1 bathroom
