Little Havana Redevelopment
For Sale
Contact for pricing
124 NW 15th Ave, Miami, FL 33125
Four-story, 22,000 SF commercial building in Little Havana.
Property Size22,000 SF
Lot Size0.34 Acres
Price / SF$213.41
Days on Market163
Property Features for 124 NW 15th Ave
General Information
Standard status
Active
Size
22,000 SF
Class
C
Lot size
0.34 Acres
Property subtype
Multifamily, Office, Special Purpose
Zoning
T5-L
Building Details
Year Built
1926
Listing Agency:
CBRE - Miami
(786) 356-1021
Listed By:
Michael Betancourt · License #FL 3237101
Source:
Crexi
Added: Mar 3
Changed: Aug 8
Last Checked: Aug 8 at 2:45PM
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 CBRE - Miami
Investment Insights
Based on property information with market context.
Located in Miami’s Little Havana corridor, 124 NW 15th Avenue is a 22,000 square foot, four-story commercial structure on a 0.34-acre site. The property is 100 percent vacant, offering immediate full-building control. Zoned T5-L (Urban Core), the asset allows for residential, office, institutional, and mixed-use redevelopment. This provides multiple value-creation pathways. The property is strategically positioned between Downtown Miami, Wynwood, the Health District, and LoanDepot Park. It benefits from strong central connectivity and continued public and private investment throughout the surrounding submarkets. The property offers both short-term repositioning potential and long-term development optionality. This offering presents an opportunity to acquire covered land with an existing structure in place, allowing investors to pursue adaptive reuse into office or headquarters space, multifamily or workforce housing conversion, religious or institutional occupancy, and long-term mixed-use redevelopment.
Key Highlights
- 100% vacant 22,000 SF building offering immediate full‑building control.
- Zoned T5‑L (Urban Core) allowing for residential, office, institutional, and mixed‑use redevelopment.
- Located in rapidly evolving Little Havana, strategically positioned near Downtown Miami, Wynwood, the Health District, and LoanDepot Park.
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
$406,415
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
8.66%
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%
$8,128,300
$8.1M
Cap Rate 7%
$5,805,929
$5.8M
Cap Rate 9%
$4,515,722
$4.5M
Market Conditions
NOI Build-Up for 22,000 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
$792.0K $36.00/SF
− Vacancy
−$53.1K −$2.41/SF
EGI
$738.9K $33.59/SF
− OpEx
−$332.5K −$15.11/SF
NOI
$406.4K $18.47/SF
Area
Miami, FL
Vacancy
6.70%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
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%
$8,128,300
Cap Rate 7%
$5,805,929
Cap Rate 9%
$4,515,722
Alternative Uses
Best Use
Office B
$9.02M
$7.89M – $10.52M
NOI $631,125 @ 7.0% cap · market cap 13.44%
Second Best
Mixed Use
$7.42M
$6.50M – $8.66M
NOI $519,750 @ 7.0% cap · market cap 11.07%
Theoretical Best
Specialty Retail
$14.85M
$12.99M – $17.33M
NOI $1,039,510 @ 7.0% cap · market cap 22.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,802
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
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?
Mixed-use property - Four-story, 22,000 SF commercial building in Little Havana.
Where is this mixed-use property located?
The property is located at 124 NW 15th Ave Miami, FL.
What is the asking price?
The asking price for this property is $4,695,000.
What are key features of this property?
This property features: 100% vacant 22,000 SF building offering immediate full‑building control.; Zoned T5‑L (Urban Core) allowing for residential, office, institutional, and mixed‑use redevelopment.; Located in rapidly evolving Little Havana, strategically positioned near Downtown Miami, Wynwood, the Health District, and LoanDepot Park.
