Flex Space with
For Sale
$1,350,000
660 Miller Dr, Miami Springs, FL 33166
Commercial Sale, Miami Springs, FL
Property Size2,849 SF
Lot Size0.22 Acres
Price / SF$473.85
Days on Market179
Property Features for 660 Miller Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
6100
Subdivision
31
Standard status
Active
APN
05-31-20-030-0090
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
FOUST SUB PB 46-31 LOT 9 BLK 1 LOT SIZE 75.000 X 126 OR 18701-4925 0799 1
Tax Annual Amount
14535
Legal Description
FOUST SUB PB 46-31 LOT 9 BLK 1 LOT SIZE 75.000 X 126 OR 18701-4925 0799 1
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
3 offices
3 bathrooms
kitchen area
ADA compliant
full CCTV
access control
Building Details
Year built
1950
Floors in Building
2
Listing Agency:
The Keyes Company
(305) 371-3592
Listed By:
Sonia Diaz · License #3245875
(305) 785-2687
Added: Mar 3
Changed: Aug 19
Last Checked: Aug 29 at 4:06PM
MLS# A11905480
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 flex property combines office and warehouse functions within a 2,849 Adjusted SF building on a 9,450 SF interior lot. The layout includes 1,750 SF of warehouse area and 1,100 SF of office area, along with three offices, three bathrooms, and a kitchen area. The building is ADA compliant and equipped with full CCTV, access control, central heating, and central air conditioning. Street and rear loading support warehouse operations, while front and rear parking serve the property. Public water and public sewer are provided.
Located at 660 Miller Dr in Miami Springs, the property is across from the airport and near the SR 112 ramp. The building dates to 1950 and is described as being in good condition for the area.
Located at 660 Miller Dr in Miami Springs, the property is across from the airport and near the SR 112 ramp. The building dates to 1950 and is described as being in good condition for the area.
Key Highlights
- 2,849 Adjusted SF building on a 9,450 SF interior lot
- 1,750 SF warehouse area and 1,100 SF office area
- Three offices, three bathrooms, and a kitchen area
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
$75,513
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
5.59%
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%
$1,510,260
$1.5M
Cap Rate 7%
$1,078,757
$1.1M
Cap Rate 9%
$839,033
$839.0K
Market Conditions
NOI Build-Up for 2,849 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
$129.9K $45.60/SF
− Vacancy
−$29.2K −$10.26/SF
EGI
$100.7K $35.34/SF
− OpEx
−$25.2K −$8.84/SF
NOI
$75.5K $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,510,260
Cap Rate 7%
$1,078,757
Cap Rate 9%
$839,033
Alternative Uses
Best Use
Office B
$1.08M
$943.9K – $1.26M
NOI $75,513 @ 7.0% cap · market cap 5.59%
Second Best
Flex RnD
$895.2K
$783.3K – $1.04M
NOI $62,667 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$1.45M
$1.26M – $1.69M
NOI $101,179 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
867
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33166, FL
26,106
Population
10,838
Households
2.4
Avg Household Size
41
Median Age
42%
College-Educated
83%
High-School Grad
7.9 sq mi
ZIP Area
3,305
Density / Sq Mi
$78,166
Median Household Income
$39,744
Median Earnings
$1,766
Median Rent
$489,200
Median Home Value
Market
Vacancy Rate% for Office in South region
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 - Office and warehouse areas include three offices, three bathrooms, a kitchen, security systems, and parking.
Where is this flex space located?
The property is located at 660 Miller Dr Miami Springs, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 2,849 Adjusted SF building on a 9,450 SF interior lot; 1,750 SF warehouse area and 1,100 SF office area; Three offices, three bathrooms, and a kitchen area
