Concrete Block 12-Unit
For Sale
$2,500,000
2151 Northeast 168th Street, North Miami Beach, FL 33162
Built in 1978, this 12-unit concrete block multifamily offers one- and two-bedroom layouts totaling approximately 10,284 square feet.
Property Size10,284 SF
Price / SF$243.10
Days on Market89
Property Features for 2151 Northeast 168th Street
General Information
Standard status
Active
Size
10,284 SF
Property subtype
Multi-Family Income / Multifamily
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
6.25%
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$28,600
Building Details
Year Built
1968
Construction
concrete block
Tenancy
Multi
Listing Agency:
Cube Realty
(786) 956-2068
Listed By:
Daisy Danna · License #3165032
(786) 956-2068
Source:
Compass
Added: May 28
Changed: Aug 23
Last Checked: Jul 23 at 4:14PM
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 Cube Realty
Investment Insights
Based on property information with market context.
Built in 1978, this stable 12-unit multifamily property is constructed with durable concrete block and stucco finishes under gable roofs. The building includes (10) 1-bedroom, 1-bath loft-style units and (2) 2-bedroom, 1-bath units, totaling approximately 10,284 square feet of space.
Conveniently positioned just minutes from Greynolds Park and Oleta River Park, the property is also about 1.5 miles northwest of the FIU Biscayne Bay Campus. It offers immediate access to Biscayne Boulevard and I-95, with Aventura Mall less than 9 minutes away.
The listed unit mix supports a projected 6.25% capitalization rate based on market-rate rent optimization, according to the current offering materials.
Conveniently positioned just minutes from Greynolds Park and Oleta River Park, the property is also about 1.5 miles northwest of the FIU Biscayne Bay Campus. It offers immediate access to Biscayne Boulevard and I-95, with Aventura Mall less than 9 minutes away.
The listed unit mix supports a projected 6.25% capitalization rate based on market-rate rent optimization, according to the current offering materials.
Key Highlights
- 12‑unit multifamily built in 1978 with concrete block construction, stucco finish, and gable roofs
- Approx. 10,284 total SF across (10) 1BD/1BA and (2) 2BD/1BA units
- (10) 1BD/1BA lofts averaging ±650 SF each (6,500 SF total rentable)
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
$158,161
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
6.33%
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%
$3,163,220
$3.2M
Cap Rate 7%
$2,259,443
$2.3M
Cap Rate 9%
$1,757,344
$1.8M
Market Conditions
NOI Build-Up for 10,284 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
$301.1K $29.28/SF
− Vacancy
−$13.6K −$1.32/SF
EGI
$287.6K $27.96/SF
− OpEx
−$129.4K −$12.58/SF
NOI
$158.2K $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%
$3,163,220
Cap Rate 7%
$2,259,443
Cap Rate 9%
$1,757,344
Alternative Uses
Best Use
Apartment 5plus
$2.26M
$1.98M – $2.64M
NOI $158,161 @ 7.0% cap · market cap 6.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.22M
$4.57M – $6.09M
NOI $365,225 @ 7.0% cap · market cap 14.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road 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 - Built in 1978, this 12-unit concrete block multifamily offers one- and two-bedroom layouts totaling approximately 10,284 square feet.
Where is this apartment building located?
The property is located at 2151 Northeast 168th Street North Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 12‑unit multifamily built in 1978 with concrete block construction, stucco finish, and gable roofs; Approx. 10,284 total SF across (10) 1BD/1BA and (2) 2BD/1BA units; (10) 1BD/1BA lofts averaging ±650 SF each (6,500 SF total rentable)
