Remodeled Apartment in North
For Sale
$190,000
17051 NE 23rd Ave 1J, North Miami Beach, FL 33160
Remodeled 2 bed, 1 bath apartment in North Miami Beach.
Property Size750 SF
Days on Market280
Property Features for 17051 NE 23rd Ave 1J
General Information
Standard status
Active
Size
750 SF
Property subtype
Residential
Taxes and HOA fees
Annual Taxes
$2,082
Building Details
Building Size
750 SF
Year Built
1960
Stories
2
Listed By:
Myriam Fridman · License #0702957
(786) 344-3152
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 21
Last Checked: Sep 1 at 9:34PM
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 Myriam Fridman
Investment Insights
Based on property information with market context.
This remodeled apartment is located in North Miami Beach. The unit features 2 bedrooms and 1 bathroom. Local transportation is available. The property is situated steps from Biscayne Boulevard and 172nd Street. It is located in a fenced community with laundry facilities on-site. The building has passed the 40 years certification. Assigned parking is provided. The Homeowner Association fees are low, and there are no assessments. Investors can rent the unit immediately. The building is described as quiet. The unit is bigger than 750 square feet.
Key Highlights
- Remodeled 2 bed, 1 bath in North Miami Beach.
- Low HOA, no assessments, can rent right away making it an investor opportunity.
- Fenced community with assigned parking.
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
$11,534
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
6.07%
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%
$230,680
$230.7K
Cap Rate 7%
$164,771
$164.8K
Cap Rate 9%
$128,156
$128.2K
Market Conditions
NOI Build-Up for 750 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
$22.0K $29.28/SF
− Vacancy
−$988 −$1.32/SF
EGI
$21.0K $27.96/SF
− OpEx
−$9.4K −$12.58/SF
NOI
$11.5K $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%
$230,680
Cap Rate 7%
$164,771
Cap Rate 9%
$128,156
Alternative Uses
Best Use
Apartment 5plus
$164.8K
$144.2K – $192.2K
NOI $11,534 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$380.5K
$332.9K – $443.9K
NOI $26,635 @ 7.0% cap · market cap 14.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,721
Businesses Nearby
Explore this area
Business Placement
Demographics for 33160, FL
44,085
Population
33,749
Households
1.3
Avg Household Size
48
Median Age
49%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
10,019
Density / Sq Mi
$62,413
Median Household Income
$43,035
Median Earnings
$1,990
Median Rent
$360,200
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?
Apartment building - Remodeled 2 bed, 1 bath apartment in North Miami Beach.
Where is this apartment building located?
The property is located at 17051 NE 23rd Ave 1J North Miami Beach, FL.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Remodeled 2 bed, 1 bath in North Miami Beach.; Low HOA, no assessments, can rent right away making it an investor opportunity.; Fenced community with assigned parking.
