House of Worship in RO
For Sale
$1,199,000
21 NE 168th Street, North Miami Beach, FL
SINGLE_FAMILY - North Miami Beach, FL
Property Size3,500 SF
Lot Size0.31 Acres
Price / SF$342.57
Days on Market148
Property Features for 21 NE 168th Street
General Information
Property type
Residential
Property subtype
Office
Zoning
RO District
Parking
20
Lot features
Corner Lot
Directions
Corner of N Miami Ave & NE 168th St
Subdivision
2220
Standard status
Active
APN
0721130070900
Size
3,500 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OLETA TERRACE-A SUB PB 8-117 LOTS 45 TO 48 INC BLK 7 LOT SIZE 100.000 X 135 OR 18135-1723 0498 4
Legal Description
OLETA TERRACE-A SUB PB 8-117 LOTS 45 TO 48 INC BLK 7 LOT SIZE 100.000 X 135 OR 18135-1723 0498 4
Utilities
Sewer type
Public Sewer
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1977
Floors in Building
1
Number of units
1
Building materials
Brick Veneer, CBS
Roof type
Shingle
Listing Agency:
EXP Realty, LLC.
(954) 368-3416
Listed By:
Kevin Berman · License #694673
(954) 471-8120
Added: Mar 28
Changed: Jul 30
Last Checked: Aug 22 at 8:06AM
MLS# B26009599
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Existing house of worship property on a 0.31-acre corner lot at 21 NE 168th Street, North Miami Beach, FL, at the intersection of NE 168th Street and N. Miami Ave. The building totals 3,500 SF and was built in 1977.
Construction includes brick veneer and CBS, with a shingle roof. Cooling is electric central air. Public water and public sewer are available.
The site is described as being minutes from major thoroughfares including Biscayne Blvd and I-95 and near the 163rd Street commercial district. It is also noted as being about 2 blocks to 1/3 mile from the Jackson North location of Jackson Memorial Hospital. The property is in the Residential Office District with RO zoning.
Construction includes brick veneer and CBS, with a shingle roof. Cooling is electric central air. Public water and public sewer are available.
The site is described as being minutes from major thoroughfares including Biscayne Blvd and I-95 and near the 163rd Street commercial district. It is also noted as being about 2 blocks to 1/3 mile from the Jackson North location of Jackson Memorial Hospital. The property is in the Residential Office District with RO zoning.
Key Highlights
- 0.31‑acre corner lot at NE 168th Street & N. Miami Ave
- 3,500 SF house of worship built in 1977
- RO District zoning (Residential Office District)
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
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Church & religious facility - Existing house of worship with central air and public utilities, located on a corner site zoned RO District.
Where is this church & religious facility located?
The property is located at 21 NE 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: 0.31‑acre corner lot at NE 168th Street & N. Miami Ave; 3,500 SF house of worship built in 1977; RO District zoning (Residential Office District)
