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 Market403
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
Listed By:
David Ballard · License #0639466
(305) 710-8411
Source:
Relinkre
Added: Sep 1, 2025
Changed: Oct 7
Last Checked: Oct 7 at 5:45PM
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 / Yr
$193,087
Cap Rate
3.98%
Suggested Prices Based on Cap Rates
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
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 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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Miami, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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.
