Multifamily Property with
For Sale
$2,450,000
Pending
565 NE 121st St, North Miami, FL 33161
Multifamily property with on-site parking and Airbnb use permitted.
Property Size12,732 SF
Days on Market2528
Property Features for 565 NE 121st St
General Information
Standard status
Pending
Size
12,732 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$15,000
Amenities
3
16 Parking Spaces.
Building Details
Year Built
1965
Listing Agency:
Charles Rutenberg Realty Fort
(954) 396-3001
Listed By:
Rosealene Sayre · License #0571220
(786) 251-9233
Source:
Xome
Added: Oct 3, 2019
Changed: Aug 29
Last Checked: Aug 29 at 2:24PM
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 Charles Rutenberg Realty Fort
Investment Insights
Based on property information with market context.
This 12,732-square-foot multifamily property in North Miami was built in 1965 and includes 16 parking spaces. Airbnb use is permitted, providing an additional operating option for the property.
The property is adjacent to Biscayne Park on a tree-lined, low-traffic street. Miami Shores and Barry University are nearby, with downtown approximately 20 minutes away and Surfside beaches about 12 minutes away.
The property is adjacent to Biscayne Park on a tree-lined, low-traffic street. Miami Shores and Barry University are nearby, with downtown approximately 20 minutes away and Surfside beaches about 12 minutes away.
Key Highlights
- 12,732‑square‑foot multifamily property in North Miami
- 16 parking spaces included
- Airbnb use permitted
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
$195,810
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
7.99%
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%
$3,916,200
$3.9M
Cap Rate 7%
$2,797,286
$2.8M
Cap Rate 9%
$2,175,667
$2.2M
Market Conditions
NOI Build-Up for 12,732 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
$372.8K $29.28/SF
− Vacancy
−$16.8K −$1.32/SF
EGI
$356.0K $27.96/SF
− OpEx
−$160.2K −$12.58/SF
NOI
$195.8K $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%
$3,916,200
Cap Rate 7%
$2,797,286
Cap Rate 9%
$2,175,667
Alternative Uses
Best Use
Apartment 5plus
$2.80M
$2.45M – $3.26M
NOI $195,810 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.46M
$5.65M – $7.54M
NOI $452,164 @ 7.0% cap · market cap 18.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,429
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?
Multifamily property - Multifamily property with on-site parking and Airbnb use permitted.
Where is this multifamily property located?
The property is located at 565 NE 121st St North Miami, FL.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 12,732‑square‑foot multifamily property in North Miami; 16 parking spaces included; Airbnb use permitted
