Flexible-Layout Retail
For Sale
$2,950,000
610 NE 124th St, North Miami, FL 33161
Commercial Sale, North Miami, FL
Property Size6,480 SF
Lot Size0.17 Acres
Price / SF$455.25
Days on Market48
Property Features for 610 NE 124th St
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
6000
Directions
From NW 125th Street / NE 125th Street. Travel east on NE 125th Street toward Biscayne Boulevard. Turn right (south) onto NE 6th Avenue. Continue approximately one block. The property is on the east (left) side at 610 NE 124th Street.
Subdivision
22
Standard status
Active
APN
06-22-30-032-0220
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
GRIFFING BIS PK EST BLK 12 PB 6-170 LOT 26 & W1/2 OF LOT 27 BLK 12 LOT SIZE 75.000 X 100 OR 16434-0834 0793 5
Tax Annual Amount
17039
Legal Description
GRIFFING BIS PK EST BLK 12 PB 6-170 LOT 26 & W1/2 OF LOT 27 BLK 12 LOT SIZE 75.000 X 100 OR 16434-0834 0793 5
Building Details
Year built
1953
Listing Agency:
The Keyes Company
(954) 389-3459
Listed By:
Diana Fahmie PA · License #3176864
(954) 815-8213
Added: Jul 31
Changed: Sep 10
Last Checked: Sep 16 at 2:06AM
MLS# A12062618
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 retail property is a 6,480+/- SF commercial building constructed in 1953, with a layout that combines customer-facing retail space and dedicated storage and utility areas. The configuration accommodates both front-of-house operations and back-of-house functions within one building.
The property occupies 0.1722 acres at 610 NE 124th St in North Miami. It is located near NE 125th Street, with access to Biscayne Boulevard and I-95, as well as Miami Shores, Aventura, Bal Harbour, and Downtown Miami. The surrounding area includes established neighborhoods, local businesses, schools, shopping, and daily services.
The property occupies 0.1722 acres at 610 NE 124th St in North Miami. It is located near NE 125th Street, with access to Biscayne Boulevard and I-95, as well as Miami Shores, Aventura, Bal Harbour, and Downtown Miami. The surrounding area includes established neighborhoods, local businesses, schools, shopping, and daily services.
Key Highlights
- 6,480+/- SF commercial building constructed in 1953
- 0.1722‑acre site at 610 NE 124th St, North Miami, FL 33161
- Retail area paired with storage and utility space
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
$171,752
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
5.82%
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%
$3,435,040
$3.4M
Cap Rate 7%
$2,453,600
$2.5M
Cap Rate 9%
$1,908,356
$1.9M
Market Conditions
NOI Build-Up for 6,480 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
$295.5K $45.60/SF
− Vacancy
−$66.5K −$10.26/SF
EGI
$229.0K $35.34/SF
− OpEx
−$57.3K −$8.84/SF
NOI
$171.8K $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
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%
$3,435,040
Cap Rate 7%
$2,453,600
Cap Rate 9%
$1,908,356
Alternative Uses
Best Use
Office B
$2.45M
$2.15M – $2.86M
NOI $171,752 @ 7.0% cap · market cap 5.82%
Second Best
Retail
$1.57M
$1.37M – $1.83M
NOI $109,572 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$3.29M
$2.88M – $3.84M
NOI $230,130 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,165
Businesses Nearby
Explore this area
Business Placement
Demographics for 33161, FL
53,015
Population
18,912
Households
2.8
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
5.5 sq mi
ZIP Area
9,639
Density / Sq Mi
$55,265
Median Household Income
$34,311
Median Earnings
$1,494
Median Rent
$376,500
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Commercial building with customer-facing retail space and dedicated storage and utility areas near NE 125th Street.
Where is this retail space located?
The property is located at 610 NE 124th St North Miami, FL.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 6,480+/- SF commercial building constructed in 1953; 0.1722‑acre site at 610 NE 124th St, North Miami, FL 33161; Retail area paired with storage and utility space
