11-Unit Garden Apartment
New
For Sale
$2,475,000
1239 NE 110th St, Miami, FL 33161
Single-story reinforced-concrete construction with separately metered electric service and renovations completed in 1997 and 2019.
Property Size4,995 SF
Days on Market4
Property Features for 1239 NE 110th St
General Information
Standard status
Active
Size
4,995 SF
Property subtype
Commercial
Building Details
Building Size
4,995 SF
Year Built
1947
Stories
1
Listing Agency:
Keller Williams Legacy
(954) 801-1039
Listed By:
Jerome Smith · License #3381353
(954) 801-1039
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 18 at 8:01AM
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 Keller Williams Legacy
Investment Insights
Based on property information with market context.
This 11-unit apartment property is a single-story reinforced-concrete building constructed in 1947 and renovated in 1997 and 2019. The unit mix includes seven studios and four one-bedroom apartments, with each unit separately metered for electric service. The site is arranged around a central lawn and provides 11 surface parking spaces. Ten apartments are occupied, while the remaining unit is prepared for lease.
The property is located at 1239 NE 110th St in unincorporated Miami-Dade County, one block west of Biscayne Boulevard between Miami Shores and North Miami. Transit, walking, and bicycling access are reflected in scores of 45, 54, and 51, respectively. Roofing, windows, and mechanical systems are accessible for inspection without opening walls, supporting direct evaluation of those components.
The property is located at 1239 NE 110th St in unincorporated Miami-Dade County, one block west of Biscayne Boulevard between Miami Shores and North Miami. Transit, walking, and bicycling access are reflected in scores of 45, 54, and 51, respectively. Roofing, windows, and mechanical systems are accessible for inspection without opening walls, supporting direct evaluation of those components.
Key Highlights
- 11‑unit apartment property with seven studios and four one‑bedroom units
- Ten units occupied; one additional apartment ready for immediate lease
- Single‑story reinforced‑concrete construction completed in 1947
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
$92,275
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
3.73%
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%
$1,845,500
$1.8M
Cap Rate 7%
$1,318,214
$1.3M
Cap Rate 9%
$1,025,278
$1.0M
Market Conditions
NOI Build-Up for 4,995 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
$179.8K $36.00/SF
− Vacancy
−$12.0K −$2.41/SF
EGI
$167.8K $33.59/SF
− OpEx
−$75.5K −$15.11/SF
NOI
$92.3K $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%
$1,845,500
Cap Rate 7%
$1,318,214
Cap Rate 9%
$1,025,278
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,275 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.37M
$2.95M – $3.93M
NOI $236,016 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,090
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 - Single-story reinforced-concrete construction with separately metered electric service and renovations completed in 1997 and 2019.
Where is this apartment building located?
The property is located at 1239 NE 110th St Miami, FL.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: 11‑unit apartment property with seven studios and four one‑bedroom units; Ten units occupied; one additional apartment ready for immediate lease; Single‑story reinforced‑concrete construction completed in 1947
