Quadplex with Approved Use
New
For Sale
$1,175,000
555 NE 127th St, North Miami, FL 33161
Residential Income, North Miami, FL
Property Size2,018 SF
Price / SF$582.26
Days on Market1
Property Features for 555 NE 127th St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
0700
Parking
2
Subdivision
GRIFFING BISCAYNE PK EST
Lot features
< 1/4 Acre
Standard status
Active
APN
00-00-00-000-0300
Size
2,018 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
GRIFFING BISCAYNE PK EST PB 5-104 LOT 32 BLK 2 LOT SIZE 75.000 X 229 OR 21316-4081 04 2003 4
Tax Annual Amount
13988
Legal Description
GRIFFING BISCAYNE PK EST PB 5-104 LOT 32 BLK 2 LOT SIZE 75.000 X 229 OR 21316-4081 04 2003 4
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Central Air
Building Details
Year built
1948
Floors in Building
1
Flooring type
Tile - Ceramic
Building materials
Block
Roof type
Barrel
Architectural style
Other
Listing Agency:
Douglas Elliman
(305) 695-6300
Listed By:
Omar Garban · License #3046524
(305) 467-7556
Added: Sep 16
Last Checked: Sep 16 at 4:06AM
MLS# A11898183
Copyright © 2026 Miami REALTORS®. 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.
This North Miami quadplex includes 2,018 square feet of improvements built in 1948. The property features block construction, ceramic tile flooring, central air, a barrel roof, cable availability, and connection to public sewer.
A conditional change of use has been approved for a 3-story boutique residential building. The associated plans provide for up to 12 units and 25 parking spaces within the P3 redevelopment zone. The property is located at 555 NE 127th St near NE 125th Street and the future Northeast Corridor rapid transit line, with nearby multifamily development and infrastructure investment identified in the surrounding area.
A conditional change of use has been approved for a 3-story boutique residential building. The associated plans provide for up to 12 units and 25 parking spaces within the P3 redevelopment zone. The property is located at 555 NE 127th St near NE 125th Street and the future Northeast Corridor rapid transit line, with nearby multifamily development and infrastructure investment identified in the surrounding area.
Key Highlights
- 2,018‑square‑foot quadplex built in 1948
- Conditional change of use approved for a 3‑story boutique residential building
- Plans provide for up to 12 units and 25 parking spaces
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
$33,640
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
2.86%
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%
$672,800
$672.8K
Cap Rate 7%
$480,571
$480.6K
Cap Rate 9%
$373,778
$373.8K
Market Conditions
NOI Build-Up for 2,018 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
$50.9K $25.20/SF
− Vacancy
−$2.8K −$1.39/SF
EGI
$48.1K $23.81/SF
− OpEx
−$14.4K −$7.14/SF
NOI
$33.6K $16.67/SF
Area
Miami-Dade County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$672,800
Cap Rate 7%
$480,571
Cap Rate 9%
$373,778
Alternative Uses
Best Use
Multifamily LT 5
$480.6K
$420.5K – $560.7K
NOI $33,640 @ 7.0% cap · market cap 2.86%
Second Best
Apartment 5plus
$443.4K
$387.9K – $517.3K
NOI $31,035 @ 7.0% cap · market cap 2.64%
Theoretical Best
Office A
$1.02M
$895.8K – $1.19M
NOI $71,667 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,948
Businesses Nearby
Explore this area
Business Placement
Demographics for 33161, FL
53,015
Population
18,912
Households
2.8
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
5.5 sq mi
ZIP Area
9,639
Density / Sq Mi
$55,265
Median Household Income
$34,311
Median Earnings
$1,494
Median Rent
$376,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Existing improvements include block construction, ceramic tile flooring, central air, and public sewer.
Where is this quadplex located?
The property is located at 555 NE 127th St North Miami, FL.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: 2,018‑square‑foot quadplex built in 1948; Conditional change of use approved for a 3‑story boutique residential building; Plans provide for up to 12 units and 25 parking spaces
