Waterfront Residential Income
For Sale
$205,000
1650 NE 115th St # 609, Miami, FL 33181
One-bedroom residence with two full baths, updated finishes, and waterfront views.
Property Size710 SF
Price / SF$288.73
Days on Market100
Property Features for 1650 NE 115th St # 609
General Information
Standard status
Active
Size
710 SF
Property subtype
Dockominium
Taxes and HOA fees
Annual Taxes
$3,070
Building Details
Building Size
710 SF
Year Built
1972
Listing Agency:
Dalton Wade Inc
(305) 610-1905
Listed By:
Carolina Mizraji · License #3236227
Source:
Casacollectiongroup
Added: May 22
Changed: Aug 22
Last Checked: Aug 28 at 4:32PM
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 Dalton Wade Inc
Investment Insights
Based on property information with market context.
This waterfront residential income property offers 710 square feet with one bedroom and two full bathrooms. The residence includes a spacious primary suite, refreshed flooring, new appliances, and a remodeled kitchen finished with quartz countertops. Built in 1972, the unit also features views of both sunrise and sunset.
The property is located on a quiet street east of Biscayne in Miami, Florida. Its waterfront setting and residential layout provide a clear profile for buyers seeking a one-bedroom unit with two full baths and updated interior features.
The property is located on a quiet street east of Biscayne in Miami, Florida. Its waterfront setting and residential layout provide a clear profile for buyers seeking a one-bedroom unit with two full baths and updated interior features.
Key Highlights
- Waterfront residence with sunrise and sunset views
- 710 square feet with 1 bedroom and 2 full bathrooms
- Remodeled kitchen with quartz countertops
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
$13,116
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
6.40%
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%
$262,320
$262.3K
Cap Rate 7%
$187,371
$187.4K
Cap Rate 9%
$145,733
$145.7K
Market Conditions
NOI Build-Up for 710 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
$25.6K $36.00/SF
− Vacancy
−$1.7K −$2.41/SF
EGI
$23.8K $33.59/SF
− OpEx
−$10.7K −$15.11/SF
NOI
$13.1K $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%
$262,320
Cap Rate 7%
$187,371
Cap Rate 9%
$145,733
Alternative Uses
Best Use
Apartment 5plus
$187.4K
$164.0K – $218.6K
NOI $13,116 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$479.3K
$419.4K – $559.1K
NOI $33,548 @ 7.0% cap · market cap 16.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,985
Businesses Nearby
Explore this area
Business Placement
Demographics for 33181, FL
20,955
Population
9,401
Households
2.2
Avg Household Size
39
Median Age
41%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
6,985
Density / Sq Mi
$56,473
Median Household Income
$40,233
Median Earnings
$1,665
Median Rent
$315,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom residence with two full baths, updated finishes, and waterfront views.
Where is this residential income property located?
The property is located at 1650 NE 115th St # 609 Miami, FL.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: Waterfront residence with sunrise and sunset views; 710 square feet with 1 bedroom and 2 full bathrooms; Remodeled kitchen with quartz countertops
