Flex Condominium with Roll-Up
For Sale
$355,000
108-a-12100 Sw 132nd Ct, Miami, FL 33184
Office and warehouse configuration accommodates permitted industrial, storage, distribution, showroom, and light manufacturing uses.
Property Size1,059 SF
Price / SF$335.22
Days on Market20
Property Features for 108-a-12100 Sw 132nd Ct
General Information
Standard status
Active
Size
1,059 SF
Zoning
IU-C
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
1
Additional Details
Highway Access
Yes
Building Details
Year Built
2005
Listing Agency:
IRG Corporation
(786) 342-4897
Listed By:
Jose Isaza · License #3380390
(786) 342-4897
Source:
Exprealty
Added: Jul 31
Changed: Aug 18
Last Checked: Aug 19 at 12:20PM
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 IRG Corporation
Investment Insights
Based on property information with market context.
This flex condominium provides 1,059 SF of combined office and warehouse area within Tamiami Pineland Commercial Center. Constructed in 2005, the unit includes approximately 18-20' of clear ceiling height and a grade-level roll-up door. IU-C zoning supports permitted industrial, warehouse, distribution, storage, office, showroom, and light manufacturing uses.
The property is in Kendall with access to the Florida Turnpike and SR-874, also known as the Don Shula Expressway. Miami Executive Airport is also nearby. The office/warehouse format offers a practical setting for an owner-user or investor seeking a condominium industrial property.
The property is in Kendall with access to the Florida Turnpike and SR-874, also known as the Don Shula Expressway. Miami Executive Airport is also nearby. The office/warehouse format offers a practical setting for an owner-user or investor seeking a condominium industrial property.
Key Highlights
- 1,059 SF office/warehouse condominium
- Approximately 18‑20' clear ceiling height
- Grade‑level roll‑up door
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
$30,380
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
8.56%
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%
$607,600
$607.6K
Cap Rate 7%
$434,000
$434.0K
Cap Rate 9%
$337,556
$337.6K
Market Conditions
NOI Build-Up for 1,059 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
$47.7K $45.00/SF
− Vacancy
−$7.1K −$6.75/SF
EGI
$40.5K $38.25/SF
− OpEx
−$10.1K −$9.56/SF
NOI
$30.4K $28.69/SF
Area
Miami, FL
Vacancy
15.00%
Lease Rate
$45.00 /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%
$607,600
Cap Rate 7%
$434,000
Cap Rate 9%
$337,556
Alternative Uses
Best Use
Office B
$434.0K
$379.8K – $506.3K
NOI $30,380 @ 7.0% cap · market cap 8.56%
Second Best
Warehouse
$246.8K
$216.0K – $287.9K
NOI $17,276 @ 7.0% cap · market cap 4.87%
Theoretical Best
Specialty Retail
$714.8K
$625.5K – $834.0K
NOI $50,038 @ 7.0% cap · market cap 14.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20 ft
Clear height
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33184, FL
20,913
Population
6,773
Households
3.1
Avg Household Size
47
Median Age
33%
College-Educated
75%
High-School Grad
2.5 sq mi
ZIP Area
8,365
Density / Sq Mi
$77,443
Median Household Income
$36,361
Median Earnings
$1,926
Median Rent
$418,200
Median Home Value
Market
Vacancy Rate% for Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse configuration accommodates permitted industrial, storage, distribution, showroom, and light manufacturing uses.
Where is this flex space located?
The property is located at 108-a-12100 Sw 132nd Ct Miami, FL.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: 1,059 SF office/warehouse condominium; Approximately 18‑20' clear ceiling height; Grade‑level roll‑up door
