Cooler/Freezer Industrial Condo
For Sale
$2,550,000
3628-3638 NW 16th St #B1-B6, Lauderhill, FL 33311
Industrial condominium offers cooler/freezer warehouse space, street-level loading doors, and a renovated office with HVAC.
Property Size7,560 SF
Price / SF$337.30
Days on Market103
Property Features for 3628-3638 NW 16th St #B1-B6
General Information
Standard status
Active
Size
7,560 SF
Property subtype
Industrial Refrigerated/Freezer
Warehouse & Industrial
Clear Height
15 ft
Drive-In Doors
6
Building Details
Building Size
7,560 SF
Listing Agency:
Lee & Associates | Broward/Palm Beach
(561) 414-8567
Listed By:
C. Todd Everett, SIOR · License #SL3265231
(561) 414-8567
Source:
Lee-associates
Added: May 17
Changed: Aug 22
Last Checked: Aug 26 at 6:57AM
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 Lee & Associates | Broward/Palm Beach
Investment Insights
Based on property information with market context.
Lee & Associates presents a 7,560 SF industrial condominium opportunity within ComCen Condominium (Building B). The space is comprised of six contiguous units (B1–B6) designed for single or multi-tenant occupancy, with approximately 1,563 SF of office and approximately 70–80% of the warehouse built out for cooler/freezer use.
The units feature six street-level loading doors measuring 12' x 14' and 15' clear ceiling height in the warehouse. Electrical service is separately metered, and the layout includes four private restrooms. The office area has benefited from recent upgrades including HVAC, flooring, and finishes.
The property is part of a professionally managed industrial condominium with ample on-site parking and a stable operating environment suited for light industrial uses.
The units feature six street-level loading doors measuring 12' x 14' and 15' clear ceiling height in the warehouse. Electrical service is separately metered, and the layout includes four private restrooms. The office area has benefited from recent upgrades including HVAC, flooring, and finishes.
The property is part of a professionally managed industrial condominium with ample on-site parking and a stable operating environment suited for light industrial uses.
Key Highlights
- 7,560 SF industrial condominium in ComCen Condominium (Building B) with six contiguous units (B1–B6).
- Includes approx. 1,563 SF of office plus 70–80% cooler/freezer warehouse space for food distribution or cold storage.
- Warehouse has six street‑level loading doors, each measuring 12' h x 14' w.
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
$99,104
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
3.89%
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%
$1,982,080
$2.0M
Cap Rate 7%
$1,415,771
$1.4M
Cap Rate 9%
$1,101,156
$1.1M
Market Conditions
NOI Build-Up for 7,560 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
$123.4K $16.32/SF
− Vacancy
−$6.8K −$0.90/SF
EGI
$116.6K $15.42/SF
− OpEx
−$17.5K −$2.31/SF
NOI
$99.1K $13.11/SF
Area
Broward County, FL
Vacancy
5.50%
Lease Rate
$16.32 /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%
$1,982,080
Cap Rate 7%
$1,415,771
Cap Rate 9%
$1,101,156
Alternative Uses
Best Use
Warehouse
$1.42M
$1.24M – $1.65M
NOI $99,104 @ 7.0% cap · market cap 3.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.84M
$3.36M – $4.47M
NOI $268,485 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15 ft
Clear height
6
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,594
Businesses Nearby
Explore this area
Business Placement
Demographics for 33311, FL
69,413
Population
27,330
Households
2.5
Avg Household Size
37
Median Age
18%
College-Educated
81%
High-School Grad
10.4 sq mi
ZIP Area
6,674
Density / Sq Mi
$51,918
Median Household Income
$32,717
Median Earnings
$1,385
Median Rent
$276,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - Industrial condominium offers cooler/freezer warehouse space, street-level loading doors, and a renovated office with HVAC.
Where is this refrigerated & cold storage located?
The property is located at 3628-3638 NW 16th St #B1-B6 Lauderhill, FL.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 7,560 SF industrial condominium in ComCen Condominium (Building B) with six contiguous units (B1–B6).; Includes approx. 1,563 SF of office plus 70–80% cooler/freezer warehouse space for food distribution or cold storage.; Warehouse has six street‑level loading doors, each measuring 12' h x 14' w.
