Flex Space with Office
For Sale
$665,000
10890 NW 17th Street #138, Sweetwater, FL 33172
Built-out commercial unit combines private offices, a conference room, and warehouse functionality with roll-up loading access.
Property Size1,144 SF
Days on Market42
Property Features for 10890 NW 17th Street #138
General Information
Standard status
Active
Size
1,144 SF
Zoning
8900
Taxes and HOA fees
Annual Taxes
$7,174
Building Details
Building Size
1,144 SF
Year Built
2021
Listing Agency:
Jade State Realty LLC
(786) 794-2564
Listed By:
Javier Medina Perez · License #3626285
(786) 794-2564
Source:
Laerrealty
Added: Jul 20
Changed: Aug 30
Last Checked: Jul 7 at 6:10AM
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 Jade State Realty LLC
Investment Insights
Based on property information with market context.
This 1,144 SF flex condominium at Dolphin Commerce Center combines a finished office component with warehouse space. The interior includes a reception area, multiple private offices, and a conference room, while the warehouse offers high ceilings and a roll-up door for loading. Constructed in 2021, the unit is configured for businesses seeking both administrative and operational space within one property.
The property is located at 10890 Northwest 17th Street, Unit 138, in Miami, Florida. The business park provides 24/7 access and ample parking. Major highways and Miami International Airport are nearby, while Dolphin Mall is within walking distance. The layout supports owner-users and investors seeking a flexible commercial condominium setting.
The property is located at 10890 Northwest 17th Street, Unit 138, in Miami, Florida. The business park provides 24/7 access and ample parking. Major highways and Miami International Airport are nearby, while Dolphin Mall is within walking distance. The layout supports owner-users and investors seeking a flexible commercial condominium setting.
Key Highlights
- 1,144 SF office/warehouse condominium
- Built in 2021
- Reception area, multiple private offices, and conference room
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
$30,322
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
4.56%
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%
$606,440
$606.4K
Cap Rate 7%
$433,171
$433.2K
Cap Rate 9%
$336,911
$336.9K
Market Conditions
NOI Build-Up for 1,144 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
$52.2K $45.60/SF
− Vacancy
−$11.7K −$10.26/SF
EGI
$40.4K $35.34/SF
− OpEx
−$10.1K −$8.84/SF
NOI
$30.3K $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%
$606,440
Cap Rate 7%
$433,171
Cap Rate 9%
$336,911
Alternative Uses
Best Use
Office B
$433.2K
$379.0K – $505.4K
NOI $30,322 @ 7.0% cap · market cap 4.56%
Second Best
Flex RnD
$359.5K
$314.5K – $419.4K
NOI $25,163 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$580.4K
$507.9K – $677.1K
NOI $40,628 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,883
Businesses Nearby
Well-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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Built-out commercial unit combines private offices, a conference room, and warehouse functionality with roll-up loading access.
Where is this flex space located?
The property is located at 10890 NW 17th Street #138 Sweetwater, FL.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: 1,144 SF office/warehouse condominium; Built in 2021; Reception area, multiple private offices, and conference room
