Flex Warehouse with Office
For Sale
$975,000
11381 NW 122nd St # 10, Medley, FL 33178
Industrial warehouse condo includes street-level loading, 19' ceilings, sprinkler protection, and dedicated office space.
Property Size2,700 SF
Price / SF$360.44
Days on Market90
Property Features for 11381 NW 122nd St # 10
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Industrial
Warehouse & Industrial
Clear Height
19 ft
Drive-In Doors
1
Heavy Power
Yes
Sprinkler System
Yes
Additional Details
Highway Access
Yes
Building Details
Building Size
2,700 SF
Year Built
2007
Listing Agency:
Industrial Advisors
(305) 975-3209
Listed By:
Tommy Gil · License #3041739
Source:
Relinkre
Added: May 27
Changed: Aug 23
Last Checked: Aug 24 at 2:48PM
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 Industrial Advisors
Investment Insights
Based on property information with market context.
This ±2,705 SF industrial warehouse condo offers a functional combination of warehouse and office improvements, including ±600 SF of office space and a ±400 SF mezzanine office. The facility features approximately 19' ceiling height, one street-level loading door, 3-Phase Power at 208 V/250 Amps, and is fully fire sprinklered. Assigned parking spaces are included with the unit.
Located at 11381 NW 122nd Street #10 in Medley, the property provides access to major roadways including Okeechobee Road (US 27), Gratigny Parkway, Palmetto Expressway (826), I-75, and Florida’s Turnpike.
The layout supports on-site administration alongside warehouse operations, with both main-level and mezzanine office space contained within the condo unit.
Located at 11381 NW 122nd Street #10 in Medley, the property provides access to major roadways including Okeechobee Road (US 27), Gratigny Parkway, Palmetto Expressway (826), I-75, and Florida’s Turnpike.
The layout supports on-site administration alongside warehouse operations, with both main-level and mezzanine office space contained within the condo unit.
Key Highlights
- 2007‑built industrial warehouse condo with approx. 2,705 SF total space and dedicated office components
- Includes approx. 600 SF office and approx. 400 SF mezzanine office for additional work/administrative space
- 19' ceiling height plus 1 street‑level loading door for loading and warehouse operations
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
$59,499
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
6.10%
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%
$1,189,980
$1.2M
Cap Rate 7%
$849,986
$850.0K
Cap Rate 9%
$661,100
$661.1K
Market Conditions
NOI Build-Up for 2,705 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
$97.4K $36.00/SF
− Vacancy
−$5.8K −$2.16/SF
EGI
$91.5K $33.84/SF
− OpEx
−$32.0K −$11.84/SF
NOI
$59.5K $22.00/SF
Area
ZIP 33178
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%
$1,189,980
Cap Rate 7%
$849,986
Cap Rate 9%
$661,100
Alternative Uses
Best Use
Flex RnD
$850.0K
$743.7K – $991.7K
NOI $59,499 @ 7.0% cap · market cap 6.10%
Second Best
Warehouse
$639.9K
$559.9K – $746.6K
NOI $44,794 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $96,065 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
19 ft
Clear height
1
Drive-in doors
Yes
Heavy power
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
Business Placement
Demographics for 33178, FL
65,487
Population
21,931
Households
3
Avg Household Size
37
Median Age
55%
College-Educated
86%
High-School Grad
61.1 sq mi
ZIP Area
1,072
Density / Sq Mi
$91,338
Median Household Income
$41,710
Median Earnings
$2,609
Median Rent
$499,300
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 - Industrial warehouse condo includes street-level loading, 19' ceilings, sprinkler protection, and dedicated office space.
Where is this flex space located?
The property is located at 11381 NW 122nd St # 10 Medley, FL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 2007‑built industrial warehouse condo with approx. 2,705 SF total space and dedicated office components; Includes approx. 600 SF office and approx. 400 SF mezzanine office for additional work/administrative space; 19' ceiling height plus 1 street‑level loading door for loading and warehouse operations
