22-Unit New Construction Apartment
For Sale
$9,000,000
171 Northwest 158th Street, Miami, FL 33169
Consistent three-bedroom residences offer two-and-a-half baths, supporting a uniform multifamily configuration.
Property Size30,272 SF
Price / SF$297.30
Days on Market767
Property Features for 171 Northwest 158th Street
General Information
Standard status
Active
Size
30,272 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Taxes and HOA fees
Annual Taxes
$100,105
Building Details
Year Built
2019
Listing Agency:
Global Investments Realty
Listed By:
Louis McMillian · License #3151122
(305) 635-3005
Source:
Compass
Added: Jul 31, 2024
Changed: Sep 2
Last Checked: Sep 4 at 5:03PM
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 Global Investments Realty
Investment Insights
Based on property information with market context.
Completed in 2019, this apartment property contains 22 units with a consistent residential layout. Each unit measures 1,250 SF and includes 3 bedrooms and 2.5 bathrooms, creating a uniform configuration across the building.
Eleven units are currently rented to a single tenant operating through Airbnb. The property is positioned a few blocks east of I-95 and the 826/Palmetto Expressway, providing access to major regional transportation routes.
Eleven units are currently rented to a single tenant operating through Airbnb. The property is positioned a few blocks east of I-95 and the 826/Palmetto Expressway, providing access to major regional transportation routes.
Key Highlights
- 22 apartment units completed in 2019
- Each unit contains 1,250 SF with 3 bedrooms and 2.5 bathrooms
- 11 units currently rented to one tenant operating through Airbnb
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
$559,227
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
6.21%
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%
$11,184,540
$11.2M
Cap Rate 7%
$7,988,957
$8.0M
Cap Rate 9%
$6,213,633
$6.2M
Market Conditions
NOI Build-Up for 30,272 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
$1.09M $36.00/SF
− Vacancy
−$73.0K −$2.41/SF
EGI
$1.02M $33.59/SF
− OpEx
−$457.5K −$15.11/SF
NOI
$559.2K $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%
$11,184,540
Cap Rate 7%
$7,988,957
Cap Rate 9%
$6,213,633
Alternative Uses
Best Use
Apartment 5plus
$7.99M
$6.99M – $9.32M
NOI $559,227 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$20.43M
$17.88M – $23.84M
NOI $1,430,366 @ 7.0% cap · market cap 15.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
665
Businesses Nearby
Explore this area
Business Placement
Demographics for 33169, FL
42,308
Population
14,815
Households
2.9
Avg Household Size
37
Median Age
22%
College-Educated
85%
High-School Grad
6.8 sq mi
ZIP Area
6,222
Density / Sq Mi
$59,686
Median Household Income
$34,327
Median Earnings
$1,536
Median Rent
$352,800
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 - Consistent three-bedroom residences offer two-and-a-half baths, supporting a uniform multifamily configuration.
Where is this apartment building located?
The property is located at 171 Northwest 158th Street Miami, FL.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: 22 apartment units completed in 2019; Each unit contains 1,250 SF with 3 bedrooms and 2.5 bathrooms; 11 units currently rented to one tenant operating through Airbnb
