Four-Unit Multifamily
For Sale
$999,000
2072 169th St, North Miami Beach, FL 33162
Four two-bedroom, two-bath condo units are offered together within a 12-unit building.
Property Size3,310 SF
Price / SF$301.81
Days on Market725
Property Features for 2072 169th St
General Information
Standard status
Active
Size
3,310 SF
Property subtype
General Commercial
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Additional Details
Asking Price
$999,000
Highway Access
Yes
Amenities
3
Building Details
Year Built
1963
Buildings
1
Listing Agency:
(305) 926-3106
Listed By:
The Keyes Company
(305) 926-3106
Source:
Xome
Added: Aug 25, 2024
Changed: Aug 13
Last Checked: Aug 19 at 5:37AM
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 The Keyes Company
Investment Insights
Based on property information with market context.
This multifamily offering comprises four condominium apartments, each configured with two bedrooms and two bathrooms. The units total 3,310 SF and include Apt. #5 at 750 SF, Apt. #9 at 1,025 SF, Apt. #11 at 750 SF, and Apt. #12 at 785 SF. Built in 1963, the building contains 12 units and is described as well maintained. Each apartment has its own electric meter, with electricity paid separately by the occupants.
The property is located at 2072 169th St in North Miami Beach, Florida. The units are being offered together as a portfolio rather than individually. Current rents are below market, and the source information notes no rental restrictions. HOA services include water and garbage.
The property is located at 2072 169th St in North Miami Beach, Florida. The units are being offered together as a portfolio rather than individually. Current rents are below market, and the source information notes no rental restrictions. HOA services include water and garbage.
Key Highlights
- Four 2BR/2BA condo units offered as one portfolio
- 3,310 SF total across Apt. #5, #9, #11, and #12
- Individual unit sizes: 750 SF, 1,025 SF, 750 SF, and 785 SF
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
$50,906
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
5.10%
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%
$1,018,120
$1.0M
Cap Rate 7%
$727,229
$727.2K
Cap Rate 9%
$565,622
$565.6K
Market Conditions
NOI Build-Up for 3,310 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
$96.9K $29.28/SF
− Vacancy
−$4.4K −$1.32/SF
EGI
$92.6K $27.96/SF
− OpEx
−$41.6K −$12.58/SF
NOI
$50.9K $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%
$1,018,120
Cap Rate 7%
$727,229
Cap Rate 9%
$565,622
Alternative Uses
Best Use
Apartment 5plus
$727.2K
$636.3K – $848.4K
NOI $50,906 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,551 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,074
Businesses Nearby
Explore this area
Business Placement
Demographics for 33162, FL
45,277
Population
16,719
Households
2.7
Avg Household Size
39
Median Age
21%
College-Educated
81%
High-School Grad
5.3 sq mi
ZIP Area
8,543
Density / Sq Mi
$55,993
Median Household Income
$31,848
Median Earnings
$1,535
Median Rent
$345,000
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?
Multifamily property - Four two-bedroom, two-bath condo units are offered together within a 12-unit building.
Where is this multifamily property located?
The property is located at 2072 169th St North Miami Beach, FL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Four 2BR/2BA condo units offered as one portfolio; 3,310 SF total across Apt. #5, #9, #11, and #12; Individual unit sizes: 750 SF, 1,025 SF, 750 SF, and 785 SF
