Remodeled Industrial Flex Condo with
For Sale
$650,000
10421 28th St, Doral, FL 33172
Completely remodeled flex condominium with polished concrete floors, climate-controlled interior, mezzanine, and street-level bay door.
Property Size1,393 SF
Price / SF$466.62
Days on Market48
Property Features for 10421 28th St
General Information
Standard status
Active
Size
1,393 SF
Total Parking Spaces
3
Property subtype
General Commercial
Additional Details
Drive-In Doors
1
Amenities
3
3 Parking Spaces.
Building Details
Year Built
1988
Listing Agency:
Fausto Commercial Realty Consultants Inc
(305) 961-1179
Listed By:
Armando Mercado Paredes
Source:
Xome
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 10 at 2:56AM
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 Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
This remodeled industrial/flex condominium includes a climate-controlled interior with polished concrete floors and modern finishes. The unit is configured with multiple private offices and flexible work areas. A mezzanine adds additional usable space for storage or expanded operations, supporting both administrative and hands-on uses.
The unit features a street-level bay door, a separate personnel entrance, and a rear door providing access to a grassy break area. Three assigned parking spaces are included, and the property is served by a secured perimeter.
Offered turnkey, the space is designed for businesses needing both office functionality and light industrial flexibility, including light shipping and other professional business uses.
The unit features a street-level bay door, a separate personnel entrance, and a rear door providing access to a grassy break area. Three assigned parking spaces are included, and the property is served by a secured perimeter.
Offered turnkey, the space is designed for businesses needing both office functionality and light industrial flexibility, including light shipping and other professional business uses.
Key Highlights
- 1,392 SF industrial/flex condominium unit (Unit D‑106) built in 1988 in an industrial/flex park
- Completely remodeled interior with polished concrete floors and modern finishes
- Fully climate‑controlled interior plus a mezzanine for additional usable space
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
$36,921
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
5.68%
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%
$738,420
$738.4K
Cap Rate 7%
$527,443
$527.4K
Cap Rate 9%
$410,233
$410.2K
Market Conditions
NOI Build-Up for 1,393 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
$63.5K $45.60/SF
− Vacancy
−$14.3K −$10.26/SF
EGI
$49.2K $35.34/SF
− OpEx
−$12.3K −$8.84/SF
NOI
$36.9K $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
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%
$738,420
Cap Rate 7%
$527,443
Cap Rate 9%
$410,233
Alternative Uses
Best Use
Office B
$527.4K
$461.5K – $615.4K
NOI $36,921 @ 7.0% cap · market cap 5.68%
Second Best
Flex RnD
$437.7K
$383.0K – $510.7K
NOI $30,640 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$706.7K
$618.4K – $824.5K
NOI $49,471 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
2,936
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33172, FL
43,911
Population
16,103
Households
2.7
Avg Household Size
42
Median Age
32%
College-Educated
75%
High-School Grad
6.4 sq mi
ZIP Area
6,861
Density / Sq Mi
$61,733
Median Household Income
$35,061
Median Earnings
$1,926
Median Rent
$260,200
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 - Completely remodeled flex condominium with polished concrete floors, climate-controlled interior, mezzanine, and street-level bay door.
Where is this flex space located?
The property is located at 10421 28th St Doral, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 1,392 SF industrial/flex condominium unit (Unit D‑106) built in 1988 in an industrial/flex park; Completely remodeled interior with polished concrete floors and modern finishes; Fully climate‑controlled interior plus a mezzanine for additional usable space
