Duplex With Expansion
For Sale
$700,000
941 NW 102nd Street, Miami, FL 33150
Two-unit rental property with a separate area that may support future efficiency conversion, subject to zoning and permitting verification.
Property Size2,212 SF
Price / SF$316.46
Days on Market11
Property Features for 941 NW 102nd Street
General Information
Standard status
Active
Size
2,212 SF
Property subtype
Duplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2/1, 1 x 3/2
Multifamily Units
2
Building Details
Year Built
1969
Listing Agency:
The Pearl Realty Group
(844) 484-3774
Listed By:
William K Jones · License #3272080
(954) 494-4139
Source:
Lehmannflorida
Added: Sep 1
Changed: Sep 10
Last Checked: Sep 10 at 6:02AM
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 The Pearl Realty Group
Investment Insights
Based on property information with market context.
This 1969 duplex contains 2,212 square feet and is arranged as two residential units: a two-bedroom, one-bath unit that is currently occupied and a three-bedroom, two-bath unit that is vacant. A separate area outside the primary units may provide an opportunity to create an efficiency or pursue a three-unit configuration, subject to buyer verification of zoning and required permits.
The property is located at 941 NW 102nd Street in Miami’s Pinewood/West Little River corridor, near Miami Shores and within convenient reach of I-95, Wynwood, the Design District, and Downtown Miami. Shopping, supermarkets, parks, and public transit are also nearby. School assignments include Van E. Blanton Elementary, Madison Middle, and Miami Central Senior High.
The property is located at 941 NW 102nd Street in Miami’s Pinewood/West Little River corridor, near Miami Shores and within convenient reach of I-95, Wynwood, the Design District, and Downtown Miami. Shopping, supermarkets, parks, and public transit are also nearby. School assignments include Van E. Blanton Elementary, Madison Middle, and Miami Central Senior High.
Key Highlights
- 2,212‑square‑foot duplex built in 1969
- Two‑unit layout with 2/1 and 3/2 residences
- Separate area may support an efficiency or triplex conversion, subject to zoning and permitting
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
$44,363
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
6.34%
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%
$887,260
$887.3K
Cap Rate 7%
$633,757
$633.8K
Cap Rate 9%
$492,922
$492.9K
Market Conditions
NOI Build-Up for 2,212 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
$67.7K $30.60/SF
− Vacancy
−$4.3K −$1.95/SF
EGI
$63.4K $28.65/SF
− OpEx
−$19.0K −$8.60/SF
NOI
$44.4K $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%
$887,260
Cap Rate 7%
$633,757
Cap Rate 9%
$492,922
Alternative Uses
Best Use
Multifamily LT 5
$633.8K
$554.5K – $739.4K
NOI $44,363 @ 7.0% cap · market cap 6.34%
Second Best
Apartment 5plus
$583.8K
$510.8K – $681.1K
NOI $40,863 @ 7.0% cap · market cap 5.84%
Theoretical Best
Specialty Retail
$1.49M
$1.31M – $1.74M
NOI $104,518 @ 7.0% cap · market cap 14.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
805
Businesses Nearby
Explore this area
Business Placement
Demographics for 33150, FL
28,703
Population
12,403
Households
2.3
Avg Household Size
37
Median Age
14%
College-Educated
75%
High-School Grad
3.5 sq mi
ZIP Area
8,201
Density / Sq Mi
$40,802
Median Household Income
$32,359
Median Earnings
$1,179
Median Rent
$377,700
Median Home Value
Check the figures for this property
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-unit rental property with a separate area that may support future efficiency conversion, subject to zoning and permitting verification.
Where is this duplex located?
The property is located at 941 NW 102nd Street Miami, FL.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 2,212‑square‑foot duplex built in 1969; Two‑unit layout with 2/1 and 3/2 residences; Separate area may support an efficiency or triplex conversion, subject to zoning and permitting
