Renovated Flex Property in
For Sale
Contact for pricing
101 NE 79th Street, Miami, FL 33138
Turn-key office/flex property with redevelopment potential in Miami.
Property Size6,012 SF
Price / SF$578.01
Days on Market154
Property Features for 101 NE 79th Street
General Information
Standard status
Active
Size
6,012 SF
Property subtype
Office, Retail
Listing Agency:
Gridline Properties
(305) 507-7098
Listed By:
Mateo Romero · License #FL SL3371935
Source:
Crexi
Added: Mar 12
Changed: Aug 11
Last Checked: Aug 12 at 5:48AM
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 Gridline Properties
Investment Insights
Based on property information with market context.
This turn-key private office/flex property underwent a full renovation in 2016, which included upgrades to mechanical systems, electrical service, plumbing, ADA-compliant bathrooms, multi-zone HVAC, and impact glass. A new roof was installed in 2025. Currently owned by a digital media advertising firm, the property presents potential for multi-tenant or co-working arrangements. Previously, it functioned as a private collector car gallery and dealership, and retains a special warrant for an automotive dealership license. Situated in the 79th Street corridor and Little River Business District, the property benefits from significant improvements and large capital investments, establishing it as a commercial destination for dining, shopping, furniture showrooms, and professional offices. The property is located in a qualified opportunity zone and a FEMA flood X zone. Its T6-8-0 zoning and location within the City of Miami boundary enhance its redevelopment potential with available bonuses. The property size is 6012 square feet.
Key Highlights
- Fully renovated in 2016 with updated mechanical, electrical, plumbing, ADA‑compliant bathrooms, multi‑zone HVAC, and impact glass.
- New roof installed in 2025.
- Located in a qualified opportunity zone and FEMA flood X zone.
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
$196,146
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
5.64%
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%
$3,922,920
$3.9M
Cap Rate 7%
$2,802,086
$2.8M
Cap Rate 9%
$2,179,400
$2.2M
Market Conditions
NOI Build-Up for 6,012 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
$312.4K $51.96/SF
− Vacancy
−$32.2K −$5.35/SF
EGI
$280.2K $46.61/SF
− OpEx
−$84.1K −$13.98/SF
NOI
$196.1K $32.63/SF
Area
Miami, FL
Vacancy
10.30%
Lease Rate
$51.96 /SF/Yr
Expense Ratio
30.00%
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%
$3,922,920
Cap Rate 7%
$2,802,086
Cap Rate 9%
$2,179,400
Alternative Uses
Best Use
Retail
$2.80M
$2.45M – $3.27M
NOI $196,146 @ 7.0% cap · market cap 5.64%
Second Best
Office B
$2.46M
$2.16M – $2.87M
NOI $172,469 @ 7.0% cap · market cap 4.96%
Theoretical Best
Specialty Retail
$4.06M
$3.55M – $4.73M
NOI $284,070 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,744
Businesses Nearby
Explore this area
Business Placement
Demographics for 33138, FL
27,601
Population
14,310
Households
1.9
Avg Household Size
43
Median Age
47%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
6,572
Density / Sq Mi
$71,518
Median Household Income
$52,853
Median Earnings
$1,647
Median Rent
$686,300
Median Home Value
Market
Vacancy Rate% for Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Turn-key office/flex property with redevelopment potential in Miami.
Where is this office building located?
The property is located at 101 NE 79th Street Miami, FL.
What is the asking price?
The asking price for this property is $3,475,000.
What are key features of this property?
This property features: Fully renovated in 2016 with updated mechanical, electrical, plumbing, ADA‑compliant bathrooms, multi‑zone HVAC, and impact glass.; New roof installed in 2025.; Located in a qualified opportunity zone and FEMA flood X zone.
