Freestanding Flex Space with Fenced
For Sale
$2,400,000
651 NW 106th Street, Miami, FL 33150
Commercial Sale, Miami, FL
Property Size4,861 SF
Lot Size0.23 Acres
Price / SF$493.73
Days on Market46
Property Features for 651 NW 106th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
6400
Subdivision
21
Standard status
Active
APN
30-21-36-019-0110
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
SUNCREST PB 43-70 LOT 1 & LOT 11 LESS ELY PORTION LYG IN N-S EXPRESSWAY PER UNITY OF TITLE BLK 4 LOT SIZE 10053 SQUARE FEET OR 14792-391 119
Legal Description
SUNCREST PB 43-70 LOT 1 & LOT 11 LESS ELY PORTION LYG IN N-S EXPRESSWAY PER UNITY OF TITLE BLK 4 LOT SIZE 10053 SQUARE FEET OR 14792-391 119
Building Details
Year built
1964
Listing Agency:
Keller Williams Capital Realty · Keller Williams Realty
(305) 662-7325
Listed By:
Janelle Fernandez · License #3375339
(305) 812-2169
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 24 at 6:06PM
MLS# A12043190
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 freestanding flex property includes a building on a 10,053-square-foot infill site, along with a fenced yard and on-site parking. The owner-occupant plans to vacate at closing, allowing the next owner to take possession without an existing occupancy commitment. Built in 1964, the property has served the same local business for approximately 50 years, and that business may be acquired separately.
The Miami-Dade property provides access to I-95, SR-112, Miami International Airport, and Miami’s urban core. Its configuration supports continued owner occupancy or a future lease-up strategy, subject to the buyer’s intended use and applicable requirements.
The Miami-Dade property provides access to I-95, SR-112, Miami International Airport, and Miami’s urban core. Its configuration supports continued owner occupancy or a future lease-up strategy, subject to the buyer’s intended use and applicable requirements.
Key Highlights
- 10,053‑square‑foot infill site with a freestanding flex building
- Fenced yard and on‑site parking included
- Owner‑occupant expected to vacate at closing
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
$71,282
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
2.97%
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%
$1,425,640
$1.4M
Cap Rate 7%
$1,018,314
$1.0M
Cap Rate 9%
$792,022
$792.0K
Market Conditions
NOI Build-Up for 4,861 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
$116.7K $24.00/SF
− Vacancy
−$7.0K −$1.44/SF
EGI
$109.7K $22.56/SF
− OpEx
−$38.4K −$7.90/SF
NOI
$71.3K $14.66/SF
Area
Miami, FL
Vacancy
6.00%
Lease Rate
$24.00 /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%
$1,425,640
Cap Rate 7%
$1,018,314
Cap Rate 9%
$792,022
Alternative Uses
Best Use
Flex RnD
$1.02M
$891.0K – $1.19M
NOI $71,282 @ 7.0% cap · market cap 2.97%
Second Best
Industrial
$932.9K
$816.3K – $1.09M
NOI $65,306 @ 7.0% cap · market cap 2.72%
Theoretical Best
Specialty Retail
$3.28M
$2.87M – $3.83M
NOI $229,684 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
721
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33150, FL
28,703
Population
12,403
Households
2.3
Avg Household Size
37
Median Age
14%
College-Educated
75%
High-School Grad
3.5 sq mi
ZIP Area
8,201
Density / Sq Mi
$40,802
Median Household Income
$32,359
Median Earnings
$1,179
Median Rent
$377,700
Median Home Value
Market
Vacancy Rate% for Industrial in Miami, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Vacant-at-closing flex property offering a fenced yard, on-site parking, and owner-user or leasing potential.
Where is this flex space located?
The property is located at 651 NW 106th Street Miami, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 10,053‑square‑foot infill site with a freestanding flex building; Fenced yard and on‑site parking included; Owner‑occupant expected to vacate at closing
