12-Unit Apartment
New
For Sale
$2,520,000
2121 NE 168th St, North Miami Beach, FL 33162
Two concrete-block structures offer laundry facilities, central air conditioning, and a balanced one- and two-bedroom unit mix.
Property Size8,963 SF
Lot Size0.26 Acres
Price / SF$281.16
Days on Market2
Property Features for 2121 NE 168th St
General Information
Standard status
Active
Size
8,963 SF
Lot size
0.26 Acres
Property subtype
Multifamily
Zoning
RM-23
Financials
Asking Price
$2,520,000
Cap Rate
5.7%
Units
Unit Mix
8 x 1BR/1BA, 4 x 2BR/2BA
Multifamily Units
12
Additional Details
Highway Access
Yes
Amenities
on-site laundry
central air conditioning
Twelve-Unit Value-Add Multifamily Opportunity Located in North Miami Beach
(3) One-Bed | One-Bath Units, (5) One-Bed | One-Bath Units w/Den & (4) Two-Bed | Two-Bath Units
Property Features a Gated Courtyard, On-Site Laundry, and Ample Street Parking
Proximate to Aventura Mall, Biscayne Blvd, Dixie Hwy and Northeast 163rd Street
Building Details
Building Size
8,963 SF
Year Built
1967
Buildings
2
Stories
2
Units
12
Construction
concrete block
Listing Agency:
Fort Lauderdale Office
(954) 245-3492
Listed By:
Joe Thomas · License #License(s): FL: SL3174354
(954) 245-3492
Source:
Marcusmillichap
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 3:41AM
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 Fort Lauderdale Office
Investment Insights
Based on property information with market context.
Bela Vista is a 12-unit multifamily property comprising two two-story concrete-block buildings with stucco exteriors and shingle roofs. The buildings contain 8,963 square feet on an 11,500-square-foot lot, or 0.26 acres. The unit mix consists of eight one-bedroom, one-bath residences and four two-bedroom, two-bath residences. On-site laundry, central air conditioning, smoke detectors, and fire extinguishers are included. The property is zoned RM-23 and was constructed in 1967.
The property is in North Miami Beach with access to Biscayne Boulevard (US-1) and Dixie Highway. Victory Park & Pool and the Julius Littman Performing Arts Theater are within walking distance, while Aventura Mall, Sunny Isles Beach, Haulover Beach, and surrounding retail and dining are a short drive away. Brightline Station in Aventura is 2.3 miles from the property, and Fort Lauderdale-Hollywood International Airport is 14.4 miles away.
The property is in North Miami Beach with access to Biscayne Boulevard (US-1) and Dixie Highway. Victory Park & Pool and the Julius Littman Performing Arts Theater are within walking distance, while Aventura Mall, Sunny Isles Beach, Haulover Beach, and surrounding retail and dining are a short drive away. Brightline Station in Aventura is 2.3 miles from the property, and Fort Lauderdale-Hollywood International Airport is 14.4 miles away.
Key Highlights
- 12‑unit apartment property with 8,963 square feet of building area
- Unit mix includes 8 one‑bedroom/one‑bath units and 4 two‑bedroom/two‑bath units
- Two two‑story concrete‑block buildings constructed in 1967
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
$137,845
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
5.47%
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%
$2,756,900
$2.8M
Cap Rate 7%
$1,969,214
$2.0M
Cap Rate 9%
$1,531,611
$1.5M
Market Conditions
NOI Build-Up for 8,963 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
$262.4K $29.28/SF
− Vacancy
−$11.8K −$1.32/SF
EGI
$250.6K $27.96/SF
− OpEx
−$112.8K −$12.58/SF
NOI
$137.8K $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%
$2,756,900
Cap Rate 7%
$1,969,214
Cap Rate 9%
$1,531,611
Alternative Uses
Best Use
Apartment 5plus
$1.97M
$1.72M – $2.30M
NOI $137,845 @ 7.0% cap · market cap 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.55M
$3.98M – $5.31M
NOI $318,312 @ 7.0% cap · market cap 12.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Yes
Highway access
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?
Apartment building - Two concrete-block structures offer laundry facilities, central air conditioning, and a balanced one- and two-bedroom unit mix.
Where is this apartment building located?
The property is located at 2121 NE 168th St North Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,520,000.
What are key features of this property?
This property features: 12‑unit apartment property with 8,963 square feet of building area; Unit mix includes 8 one‑bedroom/one‑bath units and 4 two‑bedroom/two‑bath units; Two two‑story concrete‑block buildings constructed in 1967
