Kendall Industrial Condo
For Sale
Contact for pricing
12434 SW 128th St # 3, Miami, FL 33186
Industrial condo warehouse suitable for warehouse storage or automotive services.
Property Size3,440 SF
Price / SF$300
Days on Market515
Property Features for 12434 SW 128th St # 3
General Information
Standard status
Active
Size
3,440 SF
Total Parking Spaces
2
Property subtype
Industrial
Building Details
Year Built
1984
Buildings
1
Listing Agency:
First Premier Real Estate Serv
(305) 233-0447
Listed By:
John Duran · License #0512688
Source:
Crexi
Added: Mar 27, 2025
Changed: Aug 8
Last Checked: Aug 22 at 4:54PM
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 First Premier Real Estate Serv
Investment Insights
Based on property information with market context.
This industrial condo warehouse offers a versatile space suitable for businesses needing warehouse storage, industrial workspaces, or automotive-related services. Located in the Kendall area, near the Turnpike, the property provides access to major roads. The property consists of two attached units, totaling 3,440 square feet. The units feature high ceilings and a large open space with customizable areas. There are a total of 5 parking spaces available. The property is suitable for an auto body shop, warehouse storage, or industrial use.
Key Highlights
- Prime industrial condo warehouse in the sought‑after Kendall area.
- Suitable for auto‑related services, warehouse storage, or industrial use.
- Excellent location near the Turnpike, providing easy access to major roads.
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
$82,815
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
8.02%
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%
$1,656,300
$1.7M
Cap Rate 7%
$1,183,071
$1.2M
Cap Rate 9%
$920,167
$920.2K
Market Conditions
NOI Build-Up for 3,440 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
$141.2K $41.04/SF
− Vacancy
−$22.9K −$6.65/SF
EGI
$118.3K $34.39/SF
− OpEx
−$35.5K −$10.32/SF
NOI
$82.8K $24.07/SF
Area
ZIP 33186
Vacancy
16.20%
Lease Rate
$41.04 /SF/Yr
Expense Ratio
30.00%
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%
$1,656,300
Cap Rate 7%
$1,183,071
Cap Rate 9%
$920,167
Alternative Uses
Best Use
Retail
$1.18M
$1.04M – $1.38M
NOI $82,815 @ 7.0% cap · market cap 8.02%
Second Best
Warehouse
$801.7K
$701.5K – $935.3K
NOI $56,118 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,495 @ 7.0% cap · market cap 12.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial condo warehouse suitable for warehouse storage or automotive services.
Where is this warehouse located?
The property is located at 12434 SW 128th St # 3 Miami, FL.
What is the asking price?
The asking price for this property is $1,032,000.
What are key features of this property?
This property features: Prime industrial condo warehouse in the sought‑after Kendall area.; Suitable for auto‑related services, warehouse storage, or industrial use.; Excellent location near the Turnpike, providing easy access to major roads.
