Flex Space with Dock-Height
For Sale
$4,650,000
Pending
10405 NW 37th Ter, Doral, FL 33178
COMMERCIAL - Doral, FL
Property Size11,530 SF
Lot Size0.63 Acres
Days on Market52
Property Features for 10405 NW 37th Ter
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
7600
Parking
24
Parking features
On Street, Assigned, Guest
Subdivision
30
Standard status
Pending
APN
35-30-29-104-0033
Lot size
0.63 Acres
Taxes and HOA fees
Tax Description
CANTEL WEST SUB PB 153-41 PORT OF TR A DESC COMM NW COR OF NW1/4 OF SEC 29 TH S 01 DEG E 1320.64FT N 89 DEG E 1287.35FT N 01 DEG W 194.78FT
Legal Description
CANTEL WEST SUB PB 153-41 PORT OF TR A DESC COMM NW COR OF NW1/4 OF SEC 29 TH S 01 DEG E 1320.64FT N 89 DEG E 1287.35FT N 01 DEG W 194.78FT
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2004
Floors in Building
1
Flooring type
Tile - Ceramic, Concrete
Building materials
Block
Roof type
Composition
Listing Agency:
Keller Williams Realty Premier Properties
(305) 595-2844
Listed By:
Oscar Valdes · License #3286179
(786) 587-8618
Added: Jun 23
Changed: Aug 4
Last Checked: Aug 13 at 9:06AM
MLS# A11971237
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.
Flex space in Doral on a 0.6262-acre lot, built in 2004 with block construction. The property includes 11,530 SF total, with approximately 6,000 SF of finished office space and approximately 5,530 SF of warehouse space. The warehouse offers 20' clear ceilings, dock-height loading, and a ramp, along with a private warehouse office.
The finished office area features four private offices, two conference rooms, three open areas supporting 35 workstations, a tech room, kitchen, break room, and a reception area. Dedicated restrooms and parking for 24 vehicles are included. Furniture and pallet racks are noted as included, and the property is available for immediate occupancy.
Access is highlighted via direct connectivity to the Florida Turnpike and 836 expressway, with convenient proximity to Miami International Airport. Utilities include public water, with electric heating and central air conditioning. The roof is composition.
The finished office area features four private offices, two conference rooms, three open areas supporting 35 workstations, a tech room, kitchen, break room, and a reception area. Dedicated restrooms and parking for 24 vehicles are included. Furniture and pallet racks are noted as included, and the property is available for immediate occupancy.
Access is highlighted via direct connectivity to the Florida Turnpike and 836 expressway, with convenient proximity to Miami International Airport. Utilities include public water, with electric heating and central air conditioning. The roof is composition.
Key Highlights
- 11,530 SF flex space with approximately 6,000 SF office and 5,530 SF warehouse
- Warehouse has 20' clear ceilings plus dock‑height dock and ramp
- Finished office includes four private offices, two conference rooms, and 35 workstation open areas
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
$253,614
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
5.45%
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%
$5,072,280
$5.1M
Cap Rate 7%
$3,623,057
$3.6M
Cap Rate 9%
$2,817,933
$2.8M
Market Conditions
NOI Build-Up for 11,530 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
$415.1K $36.00/SF
− Vacancy
−$24.9K −$2.16/SF
EGI
$390.2K $33.84/SF
− OpEx
−$136.6K −$11.84/SF
NOI
$253.6K $22.00/SF
Area
ZIP 33178
Vacancy
6.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
35.00%
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%
$5,072,280
Cap Rate 7%
$3,623,057
Cap Rate 9%
$2,817,933
Alternative Uses
Best Use
Flex RnD
$3.62M
$3.17M – $4.23M
NOI $253,614 @ 7.0% cap · market cap 5.45%
Second Best
Office B
$3.58M
$3.13M – $4.18M
NOI $250,708 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$5.85M
$5.12M – $6.82M
NOI $409,476 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
1
Dock-high doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,886
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33178, FL
65,487
Population
21,931
Households
3
Avg Household Size
37
Median Age
55%
College-Educated
86%
High-School Grad
61.1 sq mi
ZIP Area
1,072
Density / Sq Mi
$91,338
Median Household Income
$41,710
Median Earnings
$2,609
Median Rent
$499,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Doral flex space with finished office, warehouse area, 20' clear ceiling height, and dock-height loading.
Where is this flex space located?
The property is located at 10405 NW 37th Ter Doral, FL.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: 11,530 SF flex space with approximately 6,000 SF office and 5,530 SF warehouse; Warehouse has 20' clear ceilings plus dock‑height dock and ramp; Finished office includes four private offices, two conference rooms, and 35 workstation open areas
