Flex Industrial Condo with
For Sale
$789,000
11383 NW 122nd St, Medley, FL 33178
Commercial Sale, Medley, FL
Property Size2,300 SF
Lot Size0.05 Acres
Price / SF$343.04
Days on Market34
Property Features for 11383 NW 122nd St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
7100
Parking
3
Parking features
Assigned
Security features
Security System
Subdivision
20
Standard status
Active
APN
22-20-30-018-0090
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LAKEVIEW CENTRE CONDO UNIT 9 UNDIV 4.2% INT IN COMMON ELEMENTS OFF REC 25284-1149 COC 25319-0433 01 2007 1
Tax Annual Amount
8900
Legal Description
LAKEVIEW CENTRE CONDO UNIT 9 UNDIV 4.2% INT IN COMMON ELEMENTS OFF REC 25284-1149 COC 25319-0433 01 2007 1
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
security alarm
grade-level overhead door
four private offices
kitchen
one restroom
Building Details
Year built
2007
Floors in Building
2
Number of units
1
Flooring type
Hardwood, Wood, Concrete, Carpet
Building materials
Block
Listing Agency:
Habitare International LLC
(305) 728-6466
Listed By:
Carolina Pappe · License #3131295
(305) 206-6876
Added: Aug 20
Changed: Sep 12
Last Checked: Sep 22 at 3:06PM
MLS# A12069697
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 2,300 SF flex condominium, built in 2007, combines warehouse space with four private offices, a kitchen, and one restroom. The unit includes approximately 20-foot clear ceilings, 250-amp electrical service, fire sprinklers, a security alarm, and a grade-level overhead door. Concrete, wood, hardwood, and carpet flooring are present, while central air conditioning was installed in 2023. Block construction and public water service complete the physical profile.
The property is located on NW 122nd Street in Medley, with access to the Palmetto Expressway (SR 826), Florida's Turnpike, and Okeechobee Road. Three assigned parking spaces are included. The configuration supports uses identified in the listing such as distribution, warehousing, light manufacturing, contracting, and e-commerce. A one-year leaseback to the owner is also available for an investment purchase.
The property is located on NW 122nd Street in Medley, with access to the Palmetto Expressway (SR 826), Florida's Turnpike, and Okeechobee Road. Three assigned parking spaces are included. The configuration supports uses identified in the listing such as distribution, warehousing, light manufacturing, contracting, and e-commerce. A one-year leaseback to the owner is also available for an investment purchase.
Key Highlights
- Approximately +/-2,300 SF flex warehouse condominium
- Approximately 20‑foot clear ceilings with a grade‑level overhead door
- 250‑amp electrical service, fire sprinklers, and security alarm
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
$50,591
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
6.41%
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%
$1,011,820
$1.0M
Cap Rate 7%
$722,729
$722.7K
Cap Rate 9%
$562,122
$562.1K
Market Conditions
NOI Build-Up for 2,300 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
$82.8K $36.00/SF
− Vacancy
−$5.0K −$2.16/SF
EGI
$77.8K $33.84/SF
− OpEx
−$27.2K −$11.84/SF
NOI
$50.6K $22.00/SF
Area
ZIP 33178
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%
$1,011,820
Cap Rate 7%
$722,729
Cap Rate 9%
$562,122
Alternative Uses
Best Use
Flex RnD
$722.7K
$632.4K – $843.2K
NOI $50,591 @ 7.0% cap · market cap 6.41%
Second Best
Office B
$714.4K
$625.1K – $833.5K
NOI $50,011 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,682 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20 ft
Clear height
1
Drive-in doors
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
Business Placement
Demographics for 33178, FL
65,487
Population
21,931
Households
3
Avg Household Size
37
Median Age
55%
College-Educated
86%
High-School Grad
61.1 sq mi
ZIP Area
1,072
Density / Sq Mi
$91,338
Median Household Income
$41,710
Median Earnings
$2,609
Median Rent
$499,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse and office configuration with a grade-level loading door and assigned parking.
Where is this flex space located?
The property is located at 11383 NW 122nd St Medley, FL.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: Approximately +/-2,300 SF flex warehouse condominium; Approximately 20‑foot clear ceilings with a grade‑level overhead door; 250‑amp electrical service, fire sprinklers, and security alarm
