Flex Space with
For Sale
$450,000
10780 NW 138th St, Hialeah Gardens, FL 33018
Commercial Sale, Hialeah Gardens, FL
Property Size1,146 SF
Lot Size0.03 Acres
Price / SF$392.67
Days on Market44
Property Features for 10780 NW 138th St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
7100
Parking features
Assigned
Subdivision
20
Standard status
Active
APN
27-20-30-025-0190
Lot size
0.03 Acres
Taxes and HOA fees
Tax Description
ALEXANDRA WAREHOUSE INDTL CONDO BLDG C UNIT 5 UNDIV 4.40% INT IN COMMON ELEMENTS OFF REC 25990-1887
Tax Annual Amount
4121
Legal Description
ALEXANDRA WAREHOUSE INDTL CONDO BLDG C UNIT 5 UNDIV 4.40% INT IN COMMON ELEMENTS OFF REC 25990-1887
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2008
Building materials
Block
Listing Agency:
Miami New Realty
(305) 485-3100
Listed By:
Lourdes De Sousa · License #3151944
(786) 395-7176
Added: Jul 30
Changed: Sep 4
Last Checked: Sep 11 at 11:06PM
MLS# A12061840
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 1,146-square-foot flex property combines warehouse space with a small office and a second-floor mezzanine. The warehouse area has a 19 Ft. ceiling and one street-level door, while the property includes one handicap restroom and 3 assigned parking spaces. Built in 2008, the building features block construction, central air, and public water and sewer service.
The property is near I-75, Okeechobee Road, the Florida Turnpike, and the Palmetto Expressway, with Home Depot within walking distance. Light Industrial Zoning applies. Permitted operations exclude mechanics, car storage, and granite or stone work.
The property is near I-75, Okeechobee Road, the Florida Turnpike, and the Palmetto Expressway, with Home Depot within walking distance. Light Industrial Zoning applies. Permitted operations exclude mechanics, car storage, and granite or stone work.
Key Highlights
- 1,146 Total SqFt with second floor mezzanine
- 19 Ft. Ceiling Height in warehouse area
- One Street Level Door
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
$25,207
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
5.60%
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%
$504,140
$504.1K
Cap Rate 7%
$360,100
$360.1K
Cap Rate 9%
$280,078
$280.1K
Market Conditions
NOI Build-Up for 1,146 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
$41.3K $36.00/SF
− Vacancy
−$2.5K −$2.16/SF
EGI
$38.8K $33.84/SF
− OpEx
−$13.6K −$11.84/SF
NOI
$25.2K $22.00/SF
Area
Miami-Dade County, FL
Vacancy
6.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
35.00%
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%
$504,140
Cap Rate 7%
$360,100
Cap Rate 9%
$280,078
Alternative Uses
Best Use
Flex RnD
$360.1K
$315.1K – $420.1K
NOI $25,207 @ 7.0% cap · market cap 5.60%
Second Best
Warehouse
$214.6K
$187.8K – $250.4K
NOI $15,023 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$581.4K
$508.7K – $678.3K
NOI $40,699 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
19 ft
Clear height
1
Drive-in doors
1
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
242
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33018, FL
54,273
Population
17,871
Households
3
Avg Household Size
41
Median Age
29%
College-Educated
85%
High-School Grad
28.1 sq mi
ZIP Area
1,931
Density / Sq Mi
$90,805
Median Household Income
$42,911
Median Earnings
$2,066
Median Rent
$436,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Light industrial zoning supports a warehouse-office configuration with street-level loading access.
Where is this flex space located?
The property is located at 10780 NW 138th St Hialeah Gardens, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,146 Total SqFt with second floor mezzanine; 19 Ft. Ceiling Height in warehouse area; One Street Level Door
