Remodeled Flex Condo With
For Sale
Contact for pricing
10421 NW 28 St D-106, Doral, FL 33172
Climate-controlled space includes a street-level bay door and separate personnel entrance.
Property Size1,393 SF
Price / SF$466.62
Days on Market17
Property Features for 10421 NW 28 St D-106
General Information
Standard status
Active
Size
1,393 SF
Total Parking Spaces
3
Property subtype
Industrial
Zoning
Industrial
Investment Type
Owner/User
Warehouse & Industrial
Drive-In Doors
1
Conditioned Warehouse
Yes
Additional Details
Highway Access
Yes
Building Details
Year Built
1988
Listing Agency:
Fausto Commercial
(305) 961-1179
Listed By:
Halain Suarez · License #SL3637046
Source:
Crexi
Added: Jul 27
Changed: Aug 8
Last Checked: Aug 12 at 3:48AM
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 Fausto Commercial
Investment Insights
Based on property information with market context.
This 1,393 SF flex condominium at 10421 NW 28 St, D-106, combines a remodeled interior with practical industrial features. Polished concrete flooring, climate control, and a mezzanine support a range of commercial operations, including media production, light distribution, and professional workspace. The property also includes a street-level bay door, a separate personnel entry, and three assigned parking spaces.
The property is located in Doral, Florida, within minutes of the Palmetto Expressway and Miami International Airport. Built in 1988 and zoned Industrial, the condominium offers a compact configuration suited to businesses seeking a dedicated flex or light-industrial setting.
The property is located in Doral, Florida, within minutes of the Palmetto Expressway and Miami International Airport. Built in 1988 and zoned Industrial, the condominium offers a compact configuration suited to businesses seeking a dedicated flex or light-industrial setting.
Key Highlights
- 1,393 SF remodeled flex condominium
- Industrial zoning in Doral, Florida
- Polished concrete floors, climate‑controlled interior, and mezzanine
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
$30,640
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
4.71%
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%
$612,800
$612.8K
Cap Rate 7%
$437,714
$437.7K
Cap Rate 9%
$340,444
$340.4K
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
$50.1K $36.00/SF
− Vacancy
−$3.0K −$2.16/SF
EGI
$47.1K $33.84/SF
− OpEx
−$16.5K −$11.84/SF
NOI
$30.6K $22.00/SF
Area
Miami-Dade County, FL
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%
$612,800
Cap Rate 7%
$437,714
Cap Rate 9%
$340,444
Alternative Uses
Best Use
Flex RnD
$437.7K
$383.0K – $510.7K
NOI $30,640 @ 7.0% cap · market cap 4.71%
Second Best
Industrial
$214.8K
$188.0K – $250.6K
NOI $15,038 @ 7.0% cap · market cap 2.31%
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
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
796
Businesses Nearby
Under-served
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Climate-controlled space includes a street-level bay door and separate personnel entrance.
Where is this flex space located?
The property is located at 10421 NW 28 St D-106 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: 1,393 SF remodeled flex condominium; Industrial zoning in Doral, Florida; Polished concrete floors, climate‑controlled interior, and mezzanine
