Allapattah Warehouse Redevelopment
For Sale
$4,850,000
1031 NW 21st St, Miami, FL 33127
Warehouse in Allapattah amid investment surge, ideal for redevelopment.
Property Size8,173 SF
Days on Market358
Property Features for 1031 NW 21st St
General Information
Standard status
Active
Size
8,173 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$48,400
Building Details
Building Size
8,173 SF
Year Built
1947
Listing Agency:
Florida Realty of Miami Corp
(305) 573-3847
Listed By:
David Ballard · License #0639466
Source:
Relinkre
Added: Sep 1, 2025
Changed: Aug 23
Last Checked: Aug 22 at 10:48AM
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 Florida Realty of Miami Corp
Investment Insights
Based on property information with market context.
Located at 1031 NW 21st St in Miami's Allapattah neighborhood, this warehouse presents a redevelopment opportunity. The area is experiencing increased institutional and private investment, with mixed-use and workforce housing activity driven by the Live Local Act. Recent multistory residential and mixed-use entitlements and large refinancing transactions indicate strong demand in the area. This property is suitable for an owner-user, conversion to residential use, a higher-density Live Local redevelopment, or a value-add repositioning. The location is near transit corridors and major development nodes. Recent activity, including Live Local entitlements, refinancing, and institutional interest for workforce sites, is contributing to rising land values and expanding exit options.
Key Highlights
- Prime redevelopment opportunity in Allapattah, a rapidly developing area.
- Strategically located warehouse suitable for owner‑user, residential conversion, or redevelopment.
- Benefiting from the Live Local Act, driving mixed‑use and workforce housing activity.
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
$193,087
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
3.98%
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%
$3,861,740
$3.9M
Cap Rate 7%
$2,758,386
$2.8M
Cap Rate 9%
$2,145,411
$2.1M
Market Conditions
NOI Build-Up for 8,173 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
$343.3K $42.00/SF
− Vacancy
−$34.3K −$4.20/SF
EGI
$308.9K $37.80/SF
− OpEx
−$115.9K −$14.18/SF
NOI
$193.1K $23.63/SF
Area
Miami, FL
Vacancy
10.00%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,861,740
Cap Rate 7%
$2,758,386
Cap Rate 9%
$2,145,411
Alternative Uses
Best Use
Mixed Use
$2.76M
$2.41M – $3.22M
NOI $193,087 @ 7.0% cap · market cap 3.98%
Second Best
Warehouse
$1.90M
$1.67M – $2.22M
NOI $133,330 @ 7.0% cap · market cap 2.75%
Theoretical Best
Specialty Retail
$5.52M
$4.83M – $6.44M
NOI $386,178 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,584
Businesses Nearby
Explore this area
Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
Median Home Value
Market
Vacancy Rate% for Industrial in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Warehouse in Allapattah amid investment surge, ideal for redevelopment.
Where is this commercial land located?
The property is located at 1031 NW 21st St Miami, FL.
What is the asking price?
The asking price for this property is $4,850,000.
What are key features of this property?
This property features: Prime redevelopment opportunity in Allapattah, a rapidly developing area.; Strategically located warehouse suitable for owner‑user, residential conversion, or redevelopment.; Benefiting from the Live Local Act, driving mixed‑use and workforce housing activity.
