10-Unit Apartment
For Sale
$3,700,000
11970 NE 19th Dr, North Miami, FL 33181
Commercial Sale, North Miami, FL
Property Size11,094 SF
Lot Size0.32 Acres
Price / SF$333.51
Days on Market59
Property Features for 11970 NE 19th Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
3700
Subdivision
22
Standard status
Active
APN
06-22-28-011-0350
Lot size
0.32 Acres
Taxes and HOA fees
Tax Description
28 52 42 SANS SOUCI ESTS PB 50-86 LOT 7 BLK 3 LOT SIZE 13750 SQUARE FEET OR 20454-2908 1101 4
Legal Description
28 52 42 SANS SOUCI ESTS PB 50-86 LOT 7 BLK 3 LOT SIZE 13750 SQUARE FEET OR 20454-2908 1101 4
Amenities
on-site surface parking
Building Details
Year built
1964
Number of units
10
Listing Agency:
Beachfront Realty Inc
(305) 405-0615
Listed By:
Marilina Apfelbaum · License #0662372
(786) 287-3633
Added: Jul 16
Changed: Sep 2
Last Checked: Sep 12 at 12:06PM
MLS# A12033106
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 two-story apartment property contains 10 units and approximately 11,094 SF of building area, per tax roll. The improvements date to 1964 and include exterior unit access and on-site surface parking. The site encompasses 13,750 SF, or 0.3157 acres, and carries R-5 multifamily residential zoning.
The property is within the Sans Souci Estates subdivision near Biscayne Blvd, Keystone Islands, shopping, dining, public transportation, and major roadways. Its configuration, unit count, and established construction provide a clear basis for evaluating the asset as a multifamily property in North Miami.
The property is within the Sans Souci Estates subdivision near Biscayne Blvd, Keystone Islands, shopping, dining, public transportation, and major roadways. Its configuration, unit count, and established construction provide a clear basis for evaluating the asset as a multifamily property in North Miami.
Key Highlights
- 10‑unit apartment building
- Approximately 11,094 SF of building area per tax roll
- 13,750 SF lot measuring 0.3157 acres
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
$170,618
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
4.61%
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%
$3,412,360
$3.4M
Cap Rate 7%
$2,437,400
$2.4M
Cap Rate 9%
$1,895,756
$1.9M
Market Conditions
NOI Build-Up for 11,094 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
$324.8K $29.28/SF
− Vacancy
−$14.6K −$1.32/SF
EGI
$310.2K $27.96/SF
− OpEx
−$139.6K −$12.58/SF
NOI
$170.6K $15.38/SF
Area
Miami-Dade County, FL
Vacancy
4.50%
Lease Rate
$29.28 /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%
$3,412,360
Cap Rate 7%
$2,437,400
Cap Rate 9%
$1,895,756
Alternative Uses
Best Use
Apartment 5plus
$2.44M
$2.13M – $2.84M
NOI $170,618 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.63M
$4.92M – $6.57M
NOI $393,992 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
2,649
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story multifamily property with exterior access and on-site surface parking.
Where is this apartment building located?
The property is located at 11970 NE 19th Dr North Miami, FL.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: 10‑unit apartment building; Approximately 11,094 SF of building area per tax roll; 13,750 SF lot measuring 0.3157 acres
