Waterfront Residential Income
For Sale
$205,000
1650 NE 115th St, Miami, FL 33181
Residential, Miami, FL
Property Size710 SF
Price / SF$288.73
Days on Market49
Property Features for 1650 NE 115th St
General Information
Property type
Land
Property subtype
Other
Interior features
Elevator
Exterior features
Balcony
Accessibility
Accessible Elevator Installed
Appliances
Dishwasher, Microwave
Subdivision
CRICKET CLUBHOUSE CONDO
Elementary school
David Lawrence Jr K-8
Middle school
North Miami
Standard status
Active
APN
30-22-32-080-0490
Size
710 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
CRICKET CLUBHOUSE CONDO UNIT 609 UNDIV .15504% INT IN COMMON ELEMENTS OFF REC 13424-772 OR 13981-796 0189 1 COC 24752-0706 06 2006 4
Tax Annual Amount
3070
HOA Fee
$970 Monthly
Legal Description
CRICKET CLUBHOUSE CONDO UNIT 609 UNDIV .15504% INT IN COMMON ELEMENTS OFF REC 13424-772 OR 13981-796 0189 1 COC 24752-0706 06 2006 4
Utilities
Heating system
Central
Cooling system
Central Air
Water front
1
Building Details
Year built
1972
Building materials
Block
Listing Agency:
Dalton Wade Inc
(888) 668-8283
Listed By:
Carolina Mizraji · License #3236227
(305) 610-1905
Added: Jul 12
Changed: Aug 20
Last Checked: Aug 29 at 9:06AM
MLS# A12024277
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 710-square-foot waterfront residence offers one bedroom and two full bathrooms, along with a spacious primary suite. Interior improvements include new flooring, new appliances, a remodeled kitchen, and quartz countertops. A balcony extends the living area, while the building provides an elevator with accessibility features.
Located on a quiet street east of Biscayne, the property offers sunrise and sunset views. Construction is block, with central heating and central air conditioning. The residence was built in 1972 and includes a dishwasher and microwave.
Located on a quiet street east of Biscayne, the property offers sunrise and sunset views. Construction is block, with central heating and central air conditioning. The residence was built in 1972 and includes a dishwasher and microwave.
Key Highlights
- 710 SF waterfront residence with 1 bedroom and 2 full bathrooms
- Waterfront setting east of Biscayne with sunrise and sunset views
- Remodeled kitchen with quartz countertops and new appliances
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
$13,116
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
6.40%
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%
$262,320
$262.3K
Cap Rate 7%
$187,371
$187.4K
Cap Rate 9%
$145,733
$145.7K
Market Conditions
NOI Build-Up for 710 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
$25.6K $36.00/SF
− Vacancy
−$1.7K −$2.41/SF
EGI
$23.8K $33.59/SF
− OpEx
−$10.7K −$15.11/SF
NOI
$13.1K $18.47/SF
Area
Miami, FL
Vacancy
6.70%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
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%
$262,320
Cap Rate 7%
$187,371
Cap Rate 9%
$145,733
Alternative Uses
Best Use
Apartment 5plus
$187.4K
$164.0K – $218.6K
NOI $13,116 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$479.3K
$419.4K – $559.1K
NOI $33,548 @ 7.0% cap · market cap 16.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,985
Businesses Nearby
Explore this area
Business Placement
Demographics for 33181, FL
20,955
Population
9,401
Households
2.2
Avg Household Size
39
Median Age
41%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
6,985
Density / Sq Mi
$56,473
Median Household Income
$40,233
Median Earnings
$1,665
Median Rent
$315,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Waterfront residence with remodeled kitchen, balcony, elevator, and central air.
Where is this residential income property located?
The property is located at 1650 NE 115th St Miami, FL.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: 710 SF waterfront residence with 1 bedroom and 2 full bathrooms; Waterfront setting east of Biscayne with sunrise and sunset views; Remodeled kitchen with quartz countertops and new appliances
