Renovated 32-Unit Apartment
For Sale
$7,120,000
1969-1999 North Glades Drive, North Miami Beach, FL 33162
Four low-rise buildings offer updated interiors, refreshed exteriors, resident laundry, and parking in a North Miami Beach location.
Property Size26,280 SF
Lot Size0.82 Acres
Price / SF$270.93
Days on Market22
Property Features for 1969-1999 North Glades Drive
General Information
Standard status
Active
Size
26,280 SF
Lot size
0.82 Acres
Property subtype
Multifamily
Units
Unit Mix
24 x 1BR/1BA, 8 x 2BR/1BA
Multifamily Units
32
Additional Details
Asking Price
$7,120,000
Amenities
parking
on-site laundry
Four Adjacent Buildings Totaling 32 Units Extensively Renovated by Current Ownership
(24) One-Bedroom | One-Bathrooms and (8) Two-Bedroom | One-Bathroom Apartments
Most Units Fully Renovated with Updated Kitchens and Bathrooms, Flooring, Lighting
Exterior Renovations Include Hurricane Impact Windows, Railings, Paint, Landscaping
Close to Aventura Mall, Biscayne Boulevard (US-1), Dixie Highway and NE 163rd Street
Building Details
Building Size
26,280 SF
Buildings
4
Stories
2
Units
32
Construction
concrete block and stucco
Listing Agency:
Marcus & Millichap - Fort Lauderdale
(954) 245-3492
Listed By:
Joe Thomas · License #License(s): FL: SL3174354
(954) 245-3492
Source:
Marcusmillichap
Added: Aug 3
Changed: Aug 23
Last Checked: Aug 19 at 1:40PM
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 Marcus & Millichap - Fort Lauderdale
Investment Insights
Based on property information with market context.
Edgewater Apartments comprises four two-story concrete-block buildings with painted stucco exteriors and flat roofs. The community contains 26,280 square feet of living area on a 35,571-square-foot lot, with 24 one-bedroom/one-bathroom units and 8 two-bedroom/one-bathroom units. Recent work includes replacement of 3/4 of the roofs, stucco repairs, exterior painting, new railings, impact windows, sliding glass balcony doors, and landscape improvements. Apartment upgrades include renovated kitchens and bathrooms, stainless steel electric appliances, mini-split air conditioning, improved lighting, and tile or vinyl flooring. On-site laundry and parking in the front and rear alley add resident amenities.
The property is located at 1969-1999 North Glades Drive, west of Biscayne Boulevard (US-1) in North Miami Beach. Victory Park, Victory Pool, and the Julius Littman Performing Arts Theater are within walking distance. Aventura Mall and the Brightline Aventura Station are 2.8 miles and 2.7 miles away, respectively. The property is zoned MU/TC.
The property is located at 1969-1999 North Glades Drive, west of Biscayne Boulevard (US-1) in North Miami Beach. Victory Park, Victory Pool, and the Julius Littman Performing Arts Theater are within walking distance. Aventura Mall and the Brightline Aventura Station are 2.8 miles and 2.7 miles away, respectively. The property is zoned MU/TC.
Key Highlights
- 32‑unit apartment property with 24 one‑bedroom/one‑bathroom units and 8 two‑bedroom/one‑bathroom units
- 26,280 square feet of living area on a 35,571‑square‑foot lot
- Four two‑story concrete‑block buildings constructed between 1958 and 1960
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
$404,169
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
5.68%
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%
$8,083,380
$8.1M
Cap Rate 7%
$5,773,843
$5.8M
Cap Rate 9%
$4,490,767
$4.5M
Market Conditions
NOI Build-Up for 26,280 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
$769.5K $29.28/SF
− Vacancy
−$34.6K −$1.32/SF
EGI
$734.9K $27.96/SF
− OpEx
−$330.7K −$12.58/SF
NOI
$404.2K $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%
$8,083,380
Cap Rate 7%
$5,773,843
Cap Rate 9%
$4,490,767
Alternative Uses
Best Use
Apartment 5plus
$5.77M
$5.05M – $6.74M
NOI $404,169 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.33M
$11.67M – $15.56M
NOI $933,307 @ 7.0% cap · market cap 13.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
2,995
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?
Apartment building - Four low-rise buildings offer updated interiors, refreshed exteriors, resident laundry, and parking in a North Miami Beach location.
Where is this apartment building located?
The property is located at 1969-1999 North Glades Drive North Miami Beach, FL.
What is the asking price?
The asking price for this property is $7,120,000.
What are key features of this property?
This property features: 32‑unit apartment property with 24 one‑bedroom/one‑bathroom units and 8 two‑bedroom/one‑bathroom units; 26,280 square feet of living area on a 35,571‑square‑foot lot; Four two‑story concrete‑block buildings constructed between 1958 and 1960
