Mixed-Use Building with Retail
For Sale
$2,950,000
610 NE 124th St, North Miami, FL 33161
Flexible commercial layout pairs retail space with substantial storage and utility areas.
Property Size6,480 SF
Price / SF$455.25
Days on Market52
Property Features for 610 NE 124th St
General Information
Standard status
Active
Size
6,480 SF
Property subtype
Retail
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$17,039
Building Details
Building Size
6,480 SF
Year Built
1953
Buildings
1
Listing Agency:
The Keyes Company
Listed By:
Diana Fahmie · License #3176864
(954) 815-8213
Source:
Casacollectiongroup
Added: Jul 30
Changed: Sep 14
Last Checked: Sep 19 at 12:18PM
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 The Keyes Company
Investment Insights
Based on property information with market context.
This mixed-use commercial building contains 6,480± SF, including approximately 4,500 SF of retail area and 1,755 SF dedicated to storage and utility functions. The configuration combines customer-facing space with supporting back-of-house areas and was built in 1953.
The property is located at 610 NE 124th St in North Miami, near NE 125th Street and within an established commercial corridor. Access extends to Biscayne Boulevard and I-95, with Miami Shores, Aventura, Bal Harbour, and Downtown Miami identified in the surrounding regional context. WalkScore is 75, BikeScore is 56, and TransitScore is 44.
The property is located at 610 NE 124th St in North Miami, near NE 125th Street and within an established commercial corridor. Access extends to Biscayne Boulevard and I-95, with Miami Shores, Aventura, Bal Harbour, and Downtown Miami identified in the surrounding regional context. WalkScore is 75, BikeScore is 56, and TransitScore is 44.
Key Highlights
- 6,480± SF mixed‑use commercial building
- Approximately 4,500 SF of retail space
- 1,755 SF of storage and utility area
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
$171,752
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
5.82%
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%
$3,435,040
$3.4M
Cap Rate 7%
$2,453,600
$2.5M
Cap Rate 9%
$1,908,356
$1.9M
Market Conditions
NOI Build-Up for 6,480 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
$295.5K $45.60/SF
− Vacancy
−$66.5K −$10.26/SF
EGI
$229.0K $35.34/SF
− OpEx
−$57.3K −$8.84/SF
NOI
$171.8K $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%
$3,435,040
Cap Rate 7%
$2,453,600
Cap Rate 9%
$1,908,356
Alternative Uses
Best Use
Office B
$2.45M
$2.15M – $2.86M
NOI $171,752 @ 7.0% cap · market cap 5.82%
Second Best
Mixed Use
$1.60M
$1.40M – $1.86M
NOI $111,780 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$3.29M
$2.88M – $3.84M
NOI $230,130 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,165
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
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?
Mixed-use property - Flexible commercial layout pairs retail space with substantial storage and utility areas.
Where is this mixed-use property located?
The property is located at 610 NE 124th St North Miami, FL.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 6,480± SF mixed‑use commercial building; Approximately 4,500 SF of retail space; 1,755 SF of storage and utility area
