Flex Space Warehouse
New
For Sale
$789,000
11383 NW 122nd St 9, Medley, FL 33178
Warehouse and office configuration with a grade-level overhead door, private offices, and dedicated parking in Medley’s industrial corridor.
Property Size2,192 SF
Price / SF$343.04
Days on Market2
Property Features for 11383 NW 122nd St 9
General Information
Standard status
Active
Size
2,192 SF
Total Parking Spaces
3
Property subtype
Industrial
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
1
Power
250 amps
Sprinkler System
Yes
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,900
Building Details
Building Size
2,192 SF
Year Built
2007
Stories
2
Listing Agency:
Habitare International Realty
(305) 206-6876
Listed By:
Carolina Pappe · License #3131295
(305) 206-6876
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 7:41AM
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 Habitare International Realty
Investment Insights
Based on property information with market context.
Located at 11383 NW 122nd St 9 in Medley, this warehouse condominium combines industrial functionality with built-out office space. The approximately 2,300 SF unit includes warehouse area, four private offices, a kitchen, and one restroom. Approximately 20-foot clear ceilings, a grade-level overhead door, fire sprinklers, a security alarm, and 250-amp electrical service support a range of commercial operations. An A/C system installed in 2023 serves the office environment, and three assigned parking spaces are included.
The property sits near the Palmetto Expressway (SR 826), Florida’s Turnpike, and Okeechobee Road, providing access to established South Florida logistics routes. The source information identifies potential applications including distribution, warehousing, light manufacturing, contractor operations, e-commerce, and other commercial uses. Built in 2007, the unit is offered for sale and can be leased back to the owner for a full year if purchased as an investment.
The property sits near the Palmetto Expressway (SR 826), Florida’s Turnpike, and Okeechobee Road, providing access to established South Florida logistics routes. The source information identifies potential applications including distribution, warehousing, light manufacturing, contractor operations, e-commerce, and other commercial uses. Built in 2007, the unit is offered for sale and can be leased back to the owner for a full year if purchased as an investment.
Key Highlights
- Approximately 2,300 SF warehouse condominium with office space
- Approximately 20‑foot clear ceilings and grade‑level overhead door
- 250‑amp electrical service, fire sprinklers, and security alarm
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
$50,591
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
6.41%
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%
$1,011,820
$1.0M
Cap Rate 7%
$722,729
$722.7K
Cap Rate 9%
$562,122
$562.1K
Market Conditions
NOI Build-Up for 2,300 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
$82.8K $36.00/SF
− Vacancy
−$5.0K −$2.16/SF
EGI
$77.8K $33.84/SF
− OpEx
−$27.2K −$11.84/SF
NOI
$50.6K $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%
$1,011,820
Cap Rate 7%
$722,729
Cap Rate 9%
$562,122
Alternative Uses
Best Use
Flex RnD
$722.7K
$632.4K – $843.2K
NOI $50,591 @ 7.0% cap · market cap 6.41%
Second Best
Office B
$714.4K
$625.1K – $833.5K
NOI $50,011 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,682 @ 7.0% cap · market cap 10.35%
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
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- La Cocina de Cesar — 6141 NW 115th Pl APT 358, Doral, FL 33178
Frequently Asked Questions
What type of property is this?
Flex space - Warehouse and office configuration with a grade-level overhead door, private offices, and dedicated parking in Medley’s industrial corridor.
Where is this flex space located?
The property is located at 11383 NW 122nd St 9 Medley, FL.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: Approximately 2,300 SF warehouse condominium with office space; Approximately 20‑foot clear ceilings and grade‑level overhead door; 250‑amp electrical service, fire sprinklers, and security alarm
