North Miami Development
For Sale
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845 NE 121st St, North Miami, FL 33161
13,000 sq ft lot with redevelopment potential.
Property Size2,790 SF
Lot Size0.30 Acres
Price / SF$340.50
Days on Market165
Property Features for 845 NE 121st St
General Information
Standard status
Active
Size
2,790 SF
Total Parking Spaces
5
Lot size
0.30 Acres
Property subtype
Multifamily
Zoning
3700
Building Details
Year Built
1947
Listing Agency:
Torque Property Management
Listed By:
Wendy Lavana · License #3264480
Source:
Crexi
Added: Mar 7
Changed: Aug 8
Last Checked: Jul 16 at 3:06AM
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 Torque Property Management
Investment Insights
Based on property information with market context.
This property presents a development opportunity in North Miami, featuring an oversized 13,000 sq ft lot. The site currently includes an existing income-producing duplex that is currently leased. The city of North Miami has granted administrative approval for the construction of a 5-unit multifamily building on the property, offering redevelopment potential. Investors have the option to renovate and retain the existing duplex for rental income or proceed with the approved multifamily project. Alternatively, the property offers an opportunity to build a custom home on a large lot, located minutes from Miami Shores, schools, and neighborhood shops. The existing duplex is currently leased and requires renovations. The property size is 2,790 sq ft.
Key Highlights
- Approved for 5‑unit multifamily building development
- Oversized 13,000 sq ft lot provides ample space
- Existing income‑producing duplex
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
$46,509
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
4.90%
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%
$930,180
$930.2K
Cap Rate 7%
$664,414
$664.4K
Cap Rate 9%
$516,767
$516.8K
Market Conditions
NOI Build-Up for 2,790 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
$70.3K $25.20/SF
− Vacancy
−$3.9K −$1.39/SF
EGI
$66.4K $23.81/SF
− OpEx
−$19.9K −$7.14/SF
NOI
$46.5K $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%
$930,180
Cap Rate 7%
$664,414
Cap Rate 9%
$516,767
Alternative Uses
Best Use
Multifamily LT 5
$664.4K
$581.4K – $775.2K
NOI $46,509 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$613.0K
$536.4K – $715.1K
NOI $42,908 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,084 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,130
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - 13,000 sq ft lot with redevelopment potential.
Where is this residential land & home lot located?
The property is located at 845 NE 121st St North Miami, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Approved for 5‑unit multifamily building development; Oversized 13,000 sq ft lot provides ample space; Existing income‑producing duplex
