Office/Warehouse Flex
For Sale
$355,000
12100 SW 132nd Ct 108-a, Miami, FL 33186
Industrial condominium with office and warehouse areas, grade-level loading, and IU-C zoning.
Property Size1,059 SF
Price / SF$335.22
Days on Market32
Property Features for 12100 SW 132nd Ct 108-a
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
Listed By:
Jose Isaza · License #3380390
(305) 251-4044
Source:
Chenoregroup
Added: Aug 15
Changed: Sep 13
Last Checked: Sep 14 at 2:54PM
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 1,059-square-foot flex condominium combines office and warehouse areas within Tamiami Pineland Commercial Center. Constructed in 2005, the unit offers approximately 18-20 feet of clear ceiling height and a grade-level roll-up door. IU-C (Industrial, Conditional) zoning supports permitted industrial, warehouse, distribution, storage, office, showroom, and light manufacturing uses.
The property is located at 12100 SW 132nd Ct 108-a in Miami, Florida, within the Kendall area. Access to the Florida Turnpike and SR-874 (Don Shula Expressway) provides regional connectivity, while Miami Executive Airport is also nearby. The configuration is suited to both operational and administrative functions within one commercial condominium.
The property is located at 12100 SW 132nd Ct 108-a in Miami, Florida, within the Kendall area. Access to the Florida Turnpike and SR-874 (Don Shula Expressway) provides regional connectivity, while Miami Executive Airport is also nearby. The configuration is suited to both operational and administrative functions within one commercial condominium.
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
$17,276
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
4.87%
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%
$345,520
$345.5K
Cap Rate 7%
$246,800
$246.8K
Cap Rate 9%
$191,956
$192.0K
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
$21.3K $20.16/SF
− Vacancy
−$1.0K −$0.97/SF
EGI
$20.3K $19.19/SF
− OpEx
−$3.0K −$2.88/SF
NOI
$17.3K $16.31/SF
Area
ZIP 33186
Vacancy
4.80%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
15.00%
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%
$345,520
Cap Rate 7%
$246,800
Cap Rate 9%
$191,956
Alternative Uses
Best Use
Office B
$482.6K
$422.3K – $563.1K
NOI $33,783 @ 7.0% cap · market cap 9.52%
Second Best
Warehouse
$246.8K
$216.0K – $287.9K
NOI $17,276 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$578.3K
$506.0K – $674.7K
NOI $40,481 @ 7.0% cap · market cap 11.40%
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
3,641
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33186, FL
69,866
Population
24,397
Households
2.9
Avg Household Size
42
Median Age
36%
College-Educated
91%
High-School Grad
12.4 sq mi
ZIP Area
5,634
Density / Sq Mi
$86,481
Median Household Income
$46,755
Median Earnings
$2,021
Median Rent
$422,300
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 - Industrial condominium with office and warehouse areas, grade-level loading, and IU-C zoning.
Where is this flex space located?
The property is located at 12100 SW 132nd Ct 108-a 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
