Miami Warehouse Condo
For Sale
$2,159,500
10338 SW 187th St #5 10356 SW 187th St # 14, Cutler Bay, FL 33157
Two adjoining warehouse condo bays totaling 7,450 square feet.
Property Size7,450 SF
Price / SF$289.87
Days on Market278
Property Features for 10338 SW 187th St #5 10356 SW 187th St # 14
General Information
Standard status
Active
Size
7,450 SF
Property subtype
Industrial
Building Details
Building Size
7,450 SF
Year Built
1976
Listing Agency:
(305) 490-6526
Listed By:
Matthew Rotolante, SIOR, CCIM · License ##BK3531036
(305) 490-6526
Source:
Lee-associates
Added: Nov 26, 2025
Changed: Aug 26
Last Checked: Aug 30 at 1:24PM
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 Matthew Rotolante, SIOR, CCIM
Investment Insights
Based on property information with market context.
Located in Miami's Palms Industrial Park, this property features two adjoining warehouse condo bays totaling 7,450 square feet. Condo Bay #5 comprises 3,730 square feet, while Condo Bay #14 spans 3,720 square feet. The units offer flexible space suitable for industrial operations. The property has 18-foot clear height and reinforced concrete construction, with 10’ x 12’ drive-in doors. Equipped with 220-amp, 3-phase power, and a sprinkler system, the bays are suitable for warehousing, distribution, or light manufacturing. Unit #5 has 100% HVAC. The flexible configuration allows for multi-tenant use. The condos can be sold together or separately. The location provides easy connections to major highways, including the Palmetto Expressway (SR 826), I-95, and Miami International Airport, facilitating distribution and logistics operations. The Palms Industrial Park is well-positioned for easy access to public transportation and is close to local amenities, including schools, parks, and recreational facilities. This location also presents potential for future value appreciation, with its proximity to growing neighborhoods and Miami's vibrant business environment.
Key Highlights
- Prime location in Miami's Palms Industrial Park with unparalleled accessibility to major highways and Miami International Airport.
- Total of 7,450 square feet across two adjoining warehouse condo bays, offering flexible space.
- Benefit from the 18‑foot clear height and reinforced concrete construction.
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
$97,662
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
4.52%
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%
$1,953,240
$2.0M
Cap Rate 7%
$1,395,171
$1.4M
Cap Rate 9%
$1,085,133
$1.1M
Market Conditions
NOI Build-Up for 7,450 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
$121.6K $16.32/SF
− Vacancy
−$6.7K −$0.90/SF
EGI
$114.9K $15.42/SF
− OpEx
−$17.2K −$2.31/SF
NOI
$97.7K $13.11/SF
Area
ZIP 33157
Vacancy
5.50%
Lease Rate
$16.32 /SF/Yr
Expense Ratio
15.00%
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%
$1,953,240
Cap Rate 7%
$1,395,171
Cap Rate 9%
$1,085,133
Alternative Uses
Best Use
Warehouse
$1.40M
$1.22M – $1.63M
NOI $97,662 @ 7.0% cap · market cap 4.52%
Second Best
Industrial
$1.15M
$1.01M – $1.34M
NOI $80,428 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$3.78M
$3.31M – $4.41M
NOI $264,579 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,394
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33157, FL
68,069
Population
23,176
Households
2.9
Avg Household Size
42
Median Age
33%
College-Educated
86%
High-School Grad
14.9 sq mi
ZIP Area
4,568
Density / Sq Mi
$80,364
Median Household Income
$38,803
Median Earnings
$1,493
Median Rent
$478,300
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Warehouse - Two adjoining warehouse condo bays totaling 7,450 square feet.
Where is this warehouse located?
The property is located at 10338 SW 187th St #5 10356 SW 187th St # 14 Cutler Bay, FL.
What is the asking price?
The asking price for this property is $2,159,500.
What are key features of this property?
This property features: Prime location in Miami's Palms Industrial Park with unparalleled accessibility to major highways and Miami International Airport.; Total of 7,450 square feet across two adjoining warehouse condo bays, offering flexible space.; Benefit from the **18‑foot clear height** and reinforced concrete construction.
