Renovated Multifamily Building For
For Sale
Contact for pricing
121 NE 55th St, Miami, FL 33137
Fully rented 8-unit building with income potential in developing area.
Property Size4,176 SF
Price / SF$419.06
Days on Market654
Property Features for 121 NE 55th St
General Information
Standard status
Active
Size
4,176 SF
Property subtype
Multifamily
Building Details
Year Built
1924
Listing Agency:
City Group Consulting, LLC
(954) 274-2274
Listed By:
ouri Kahn · License #0684120
Source:
Crexi
Added: Oct 22, 2024
Changed: Jul 6
Last Checked: Aug 6 at 5:51AM
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 City Group Consulting, LLC
Investment Insights
Based on property information with market context.
This fully rented 8-unit building presents an investment opportunity. The property has been recently renovated and offers potential for rent increases. Currently, the building generates $12,700 in gross income with a projected gross income between $14,000 and $15,000. The property is located in a rapidly developing area experiencing major changes and new multifamily construction.
Key Highlights
- Potential for $1M interest‑only loan for 3 years at market rate.
- Fully rented 8‑unit building generating $12,700 in gross monthly income.
- Projected gross monthly income of $14,000 - $15,000.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $150.3k | $36.00 |
| − Vacancy | −$10.1k | −$2.41 |
| EGI | $140.3k | $33.59 |
| − OpEx | −$63.1k | −$15.11 |
| NOI | $77.1k | $18.47 |
4,176 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$964.3K – $1.29M
NOI $77,145 @ 7.0% cap · market cap 4.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.82M
$2.47M – $3.29M
NOI $197,318 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,248
Businesses Nearby
Explore this area
Business Placement
Demographics for 33137, FL
25,763
Population
15,237
Households
1.7
Avg Household Size
37
Median Age
51%
College-Educated
90%
High-School Grad
2.0 sq mi
ZIP Area
12,882
Density / Sq Mi
$82,798
Median Household Income
$53,519
Median Earnings
$2,338
Median Rent
$532,900
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 - Fully rented 8-unit building with income potential in developing area.
Where is this apartment building located?
The property is located at 121 NE 55th St Miami, FL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Potential for $1M interest‑only loan for 3 years at market rate.; Fully rented 8‑unit building generating $12,700 in gross monthly income.; Projected gross monthly income of $14,000 - $15,000.
