Zoned C-2BW Office
For Sale
$2,075,000
1747 NE 124th Street, North Miami, FL 33181
Office building with 18 on-site parking spaces and C-2BW zoning allowing retail, office, restaurant, medical, and multifamily uses.
Property Size3,406 SF
Lot Size0.31 Acres
Price / SF$609.22
Days on Market61
Property Features for 1747 NE 124th Street
General Information
Standard status
Active
Size
3,406 SF
Total Parking Spaces
18
Lot size
0.31 Acres
Zoning
6201
Building Details
Building Size
3,406 SF
Year Built
1956
Listing Agency:
Gridline Properties
Listed By:
Alfredo Riascos · License #3210686
(786) 325-5647
Source:
Laerrealty
Added: Jul 7
Changed: Aug 26
Last Checked: Sep 4 at 2:44AM
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 Gridline Properties
Investment Insights
Based on property information with market context.
1747 NE 124th Street is a 3,406 SF office building situated on an oversized 13,680 SF lot. The property includes 18 on-site parking spaces, supporting immediate functionality for an owner-user. Zoned C-2BW, the site allows a broad range of uses, including retail, office, restaurant, medical, and multifamily.
The location is one parcel off US-1/Biscayne Boulevard in North Miami, providing access and visibility along a major commercial corridor.
For development-minded buyers, the zoning permits up to 200 feet in height and approximately 150 units per acre, while the existing improvements can support interim use and help preserve redevelopment optionality.
The location is one parcel off US-1/Biscayne Boulevard in North Miami, providing access and visibility along a major commercial corridor.
For development-minded buyers, the zoning permits up to 200 feet in height and approximately 150 units per acre, while the existing improvements can support interim use and help preserve redevelopment optionality.
Key Highlights
- 3,406 SF office building built in 1956 on a 13,680 SF lot
- C‑2BW zoning allows retail, office, restaurant, medical, and multifamily uses
- 18 on‑site parking spaces included
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
$90,276
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
4.35%
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%
$1,805,520
$1.8M
Cap Rate 7%
$1,289,657
$1.3M
Cap Rate 9%
$1,003,067
$1.0M
Market Conditions
NOI Build-Up for 3,406 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
$155.3K $45.60/SF
− Vacancy
−$34.9K −$10.26/SF
EGI
$120.4K $35.34/SF
− OpEx
−$30.1K −$8.84/SF
NOI
$90.3K $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,805,520
Cap Rate 7%
$1,289,657
Cap Rate 9%
$1,003,067
Alternative Uses
Best Use
Office B
$1.29M
$1.13M – $1.50M
NOI $90,276 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $120,961 @ 7.0% cap · market cap 5.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,391
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building with 18 on-site parking spaces and C-2BW zoning allowing retail, office, restaurant, medical, and multifamily uses.
Where is this office building located?
The property is located at 1747 NE 124th Street North Miami, FL.
What is the asking price?
The asking price for this property is $2,075,000.
What are key features of this property?
This property features: 3,406 SF office building built in 1956 on a 13,680 SF lot; C‑2BW zoning allows retail, office, restaurant, medical, and multifamily uses; 18 on‑site parking spaces included
