Remodeled Warehouse
New
For Sale
$450,000
12361 SW 128th Court #204, Miami, FL 33186
Updated office and bathroom complement permitted central air conditioning in the warehouse area.
Property Size960 SF
Days on Market5
Property Features for 12361 SW 128th Court #204
General Information
Standard status
Active
Size
960 SF
Zoning
7700
Additional Details
Conditioned Warehouse
Yes
Building Details
Building Size
960 SF
Year Built
2006
Listing Agency:
GNH Realty, LLC
(786) 290-4942
Listed By:
Greg Herrera · License #3085829
(786) 290-4942
Source:
Laerrealty
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 26 at 5:19AM
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 GNH Realty, LLC
Investment Insights
Based on property information with market context.
This warehouse unit was built in 2006 and includes an office and bathroom that have been recently remodeled. A new central air-conditioning system serves the warehouse area, with installation completed under permits.
The property is located near Tamiami Airport at 12361 SW 128th Ct, Unit 204, in Miami. Storage racks may also be purchased separately from the property, subject to the owner’s terms.
The property is located near Tamiami Airport at 12361 SW 128th Ct, Unit 204, in Miami. Storage racks may also be purchased separately from the property, subject to the owner’s terms.
Key Highlights
- Warehouse unit built in 2006
- Recently remodeled office and bathroom
- New central A/C serving the warehouse area
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
$15,661
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
3.48%
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%
$313,220
$313.2K
Cap Rate 7%
$223,729
$223.7K
Cap Rate 9%
$174,011
$174.0K
Market Conditions
NOI Build-Up for 960 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
$19.4K $20.16/SF
− Vacancy
−$929 −$0.97/SF
EGI
$18.4K $19.19/SF
− OpEx
−$2.8K −$2.88/SF
NOI
$15.7K $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%
$313,220
Cap Rate 7%
$223,729
Cap Rate 9%
$174,011
Alternative Uses
Best Use
Warehouse
$223.7K
$195.8K – $261.0K
NOI $15,661 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$524.2K
$458.7K – $611.6K
NOI $36,696 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,609
Businesses Nearby
Well-served
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 Industrial in Miami, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- SOL CARGO MIAMI — 12915 SW 133rd Ct, Miami, FL 33186
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- Self Storage — 12300 SW 127th Ave, Miami, FL 33186
- Self Storage Near 33186, FL — 12300 SW 127th Ave, Miami, FL 33186, United States
- Armor Self Storage Unit — 12610 SW 120th St, Miami, FL 33186
Frequently Asked Questions
What type of property is this?
Warehouse - Updated office and bathroom complement permitted central air conditioning in the warehouse area.
Where is this warehouse located?
The property is located at 12361 SW 128th Court #204 Miami, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Warehouse unit built in 2006; Recently remodeled office and bathroom; New central A/C serving the warehouse area
