Medical Office Space with Long-Term
For Sale
$3,200,000
1119 SW 1st Street, Miami, FL 33130
Established medical office property occupied under a long-term lease arrangement.
Property Size7,140 SF
Days on Market8
Property Features for 1119 SW 1st Street
General Information
Standard status
Active
Size
7,140 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$42,000
Building Details
Building Size
7,140 SF
Year Built
1946
Tenancy
Single
Listing Agency:
Big Box Broker LLC
(561) 376-0104
Listed By:
Charles D Silver · License #674584
Source:
Miamibrokersgroup
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 28 at 6:43PM
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 Big Box Broker LLC
Investment Insights
Based on property information with market context.
This medical office property was built in 1946 and is currently occupied by a medical tenant under a long-term lease. The asset is located at 1119 SW 1st Street in Miami, Florida and carries zoning designation 6110.
Key Highlights
- Medical office space occupied by a medical tenant
- Long‑term lease in place
- Built in 1946
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
$204,829
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
6.40%
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%
$4,096,580
$4.1M
Cap Rate 7%
$2,926,129
$2.9M
Cap Rate 9%
$2,275,878
$2.3M
Market Conditions
NOI Build-Up for 7,140 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
$321.3K $45.00/SF
− Vacancy
−$48.2K −$6.75/SF
EGI
$273.1K $38.25/SF
− OpEx
−$68.3K −$9.56/SF
NOI
$204.8K $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%
$4,096,580
Cap Rate 7%
$2,926,129
Cap Rate 9%
$2,275,878
Alternative Uses
Best Use
Office B
$2.93M
$2.56M – $3.41M
NOI $204,829 @ 7.0% cap · market cap 6.40%
Second Best
Healthcare Medical
$1.69M
$1.48M – $1.97M
NOI $118,238 @ 7.0% cap · market cap 3.69%
Theoretical Best
Specialty Retail
$4.82M
$4.22M – $5.62M
NOI $337,368 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,098
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33130, FL
35,609
Population
20,377
Households
1.7
Avg Household Size
36
Median Age
42%
College-Educated
81%
High-School Grad
1.1 sq mi
ZIP Area
32,372
Density / Sq Mi
$57,933
Median Household Income
$36,888
Median Earnings
$1,656
Median Rent
$479,800
Median Home Value
Market
Vacancy Rate% for Office in Miami, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Established medical office property occupied under a long-term lease arrangement.
Where is this medical office space located?
The property is located at 1119 SW 1st Street Miami, FL.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Medical office space occupied by a medical tenant; Long‑term lease in place; Built in 1946
