Turnkey 4-Unit Multifamily
For Sale
$1,079,000
1958 Northeast 172nd Street, North Miami Beach, FL 33162
Fully renovated quadplex with three 1-bedroom units and one 2-bedroom unit, all long-term leased.
Property Size2,142 SF
Price / SF$503.73
Days on Market480
Property Features for 1958 Northeast 172nd Street
General Information
Standard status
Active
Size
2,142 SF
Property subtype
Multi-Family Income / Fourplex
Taxes and HOA fees
Annual Taxes
$12,022
Building Details
Year Built
1958
Listing Agency:
JDM Realty Group, Inc
Listed By:
David Egozi · License #3207504
(786) 301-1050
Source:
Compass
Added: May 18, 2025
Changed: Aug 8
Last Checked: Jul 22 at 12:41PM
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 JDM Realty Group, Inc
Investment Insights
Based on property information with market context.
This fully renovated 4-unit multifamily property features three 1-bedroom units and one 2-bedroom unit. All units are leased long-term, and the current rental mix supports gross scheduled income of over $88,140 annually. Upgrades include new kitchens and bathrooms, new flooring, plumbing improvements, mini-split A/C systems, and hurricane impact windows.
Located in North Miami Beach, the property is minutes from Aventura Mall and Greynolds Park, offering convenient access to major shopping and recreation.
From a unit configuration standpoint, it presents a straightforward, stabilized layout for tenants seeking 1-bedroom living with an additional larger 2-bedroom option on site.
Located in North Miami Beach, the property is minutes from Aventura Mall and Greynolds Park, offering convenient access to major shopping and recreation.
From a unit configuration standpoint, it presents a straightforward, stabilized layout for tenants seeking 1-bedroom living with an additional larger 2-bedroom option on site.
Key Highlights
- Fully renovated 4‑unit multifamily built in 1958 with 3× 1‑bedroom units and 1× 2‑bedroom unit
- All 4 units are leased long‑term at $1,650–$2,350 per month
- Over $88,140 in gross scheduled annual income
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
$35,707
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
3.31%
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%
$714,140
$714.1K
Cap Rate 7%
$510,100
$510.1K
Cap Rate 9%
$396,744
$396.7K
Market Conditions
NOI Build-Up for 2,142 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
$54.0K $25.20/SF
− Vacancy
−$3.0K −$1.39/SF
EGI
$51.0K $23.81/SF
− OpEx
−$15.3K −$7.14/SF
NOI
$35.7K $16.67/SF
Area
Miami-Dade County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$714,140
Cap Rate 7%
$510,100
Cap Rate 9%
$396,744
Alternative Uses
Best Use
Multifamily LT 5
$510.1K
$446.3K – $595.1K
NOI $35,707 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$470.6K
$411.8K – $549.1K
NOI $32,943 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$1.09M
$950.9K – $1.27M
NOI $76,071 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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?
Quadplex - Fully renovated quadplex with three 1-bedroom units and one 2-bedroom unit, all long-term leased.
Where is this quadplex located?
The property is located at 1958 Northeast 172nd Street North Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,079,000.
What are key features of this property?
This property features: Fully renovated 4‑unit multifamily built in 1958 with 3× 1‑bedroom units and 1× 2‑bedroom unit; All 4 units are leased long‑term at $1,650–$2,350 per month; Over $88,140 in gross scheduled annual income
