Church with Redevelopment
For Sale
$1,199,000
21 168th Street, North Miami Beach, FL
Existing house of worship at a corner location in the Residential Office District under RO zoning.
Property Size3,500 SF
Price / SF$342.57
Days on Market213
Property Features for 21 168th Street
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Office
Zoning
RO
Additional Details
Highway Access
Yes
Amenities
None, Central Air, Electric
3
RO District
Corner Lot.
20 Parking Spaces.
Corner.
Building Details
Year Built
1977
Listing Agency:
EXP Realty, LLC.
(954) 471-8120
Listed By:
Kevin Berman · License #694673
(954) 471-8120
Source:
Xome
Added: Jan 11
Changed: Aug 8
Last Checked: Aug 11 at 5:49AM
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 EXP Realty, LLC.
Investment Insights
Based on property information with market context.
This property is an existing house of worship located on a corner site at NE 168th Street and N. Miami Ave. It sits within the Residential Office District with RO zoning, offering the opportunity for continued religious use or adaptive reuse for other professional purposes as described in the listing.
The property is positioned minutes from major thoroughfares including Biscayne Blvd and I-95, and it is near the 163rd Street commercial district. The listing also notes proximity to Jackson North and Jackson Memorial Hospital, approximately two blocks to 1/3 mile away.
The property is positioned minutes from major thoroughfares including Biscayne Blvd and I-95, and it is near the 163rd Street commercial district. The listing also notes proximity to Jackson North and Jackson Memorial Hospital, approximately two blocks to 1/3 mile away.
Key Highlights
- Existing house of worship on a corner lot in the Residential Office District (RO zoning)
- Corner location at NE 168th St & N Miami Ave
- 20 parking spaces available on‑site
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
$92,768
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
7.74%
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%
$1,855,360
$1.9M
Cap Rate 7%
$1,325,257
$1.3M
Cap Rate 9%
$1,030,756
$1.0M
Market Conditions
NOI Build-Up for 3,500 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
$159.6K $45.60/SF
− Vacancy
−$35.9K −$10.26/SF
EGI
$123.7K $35.34/SF
− OpEx
−$30.9K −$8.84/SF
NOI
$92.8K $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%
$1,855,360
Cap Rate 7%
$1,325,257
Cap Rate 9%
$1,030,756
Alternative Uses
Best Use
Office B
$1.33M
$1.16M – $1.55M
NOI $92,768 @ 7.0% cap · market cap 7.74%
Second Best
Healthcare Medical
$658.8K
$576.5K – $768.6K
NOI $46,116 @ 7.0% cap · market cap 3.85%
Theoretical Best
Office A
$1.78M
$1.55M – $2.07M
NOI $124,299 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,007
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Existing house of worship at a corner location in the Residential Office District under RO zoning.
Where is this church & religious facility located?
The property is located at 21 168th Street North Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Existing house of worship on a corner lot in the Residential Office District (RO zoning); Corner location at NE 168th St & N Miami Ave; 20 parking spaces available on‑site
