North Miami Multifamily Investment
For Sale
$1,399,000
Pending
595 NE 129th St, North Miami, FL 33161
Eight-unit multifamily property in North Miami with significant remodel underway.
Property Size6,298 SF
Lot Size0.30 Acres
Days on Market275
Property Features for 595 NE 129th St
General Information
Standard status
Pending
Size
6,298 SF
Lot size
0.30 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$21,176
Building Details
Building Size
6,298 SF
Year Built
1946
Listing Agency:
Cisca Real Estate
(305) 546-9657
Listed By:
Bryan Levy · License #3219866
(305) 546-9657
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 27
Last Checked: Aug 29 at 11:57AM
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 Cisca Real Estate
Investment Insights
Based on property information with market context.
This is an eight-unit multifamily property located on NE 6th Avenue in North Miami. Each unit features one bedroom and one bathroom. The seller has completed approximately 60% of the building's total remodel. Completed renovations include new interior structural components, new rough plumbing throughout, and new impact windows. The ongoing remodel includes new electrical systems throughout, new drywall, bathrooms and kitchens, flooring, and finishes. The remaining construction is estimated to take four to six months. Rental estimates range between $2,000 and $2,500 per unit, with long-term development potential.
Key Highlights
- High ROI potential with estimated rental income of $2,000-$2,500 per unit.
- Substantial remodel already completed (approximately 60%), including structural, plumbing, impact windows, and electrical.
- Eight‑unit building provides significant investment scale.
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
$96,859
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
6.92%
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%
$1,937,180
$1.9M
Cap Rate 7%
$1,383,700
$1.4M
Cap Rate 9%
$1,076,211
$1.1M
Market Conditions
NOI Build-Up for 6,298 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
$184.4K $29.28/SF
− Vacancy
−$8.3K −$1.32/SF
EGI
$176.1K $27.96/SF
− OpEx
−$79.2K −$12.58/SF
NOI
$96.9K $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%
$1,937,180
Cap Rate 7%
$1,383,700
Cap Rate 9%
$1,076,211
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.21M – $1.61M
NOI $96,859 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.20M
$2.80M – $3.73M
NOI $223,667 @ 7.0% cap · market cap 15.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - Eight-unit multifamily property in North Miami with significant remodel underway.
Where is this apartment building located?
The property is located at 595 NE 129th St North Miami, FL.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: High ROI potential with estimated rental income of $2,000-$2,500 per unit.; Substantial remodel already completed (approximately 60%), including structural, plumbing, impact windows, and electrical.; Eight‑unit building provides significant investment scale.
