Industrial Flex Office/Warehouse
For Sale
$1,022,000
16155 SW 117th Ave B2, Miami, FL 33177
Two-story flex condo unit with built-in fire alarm, 10x12 rear loading door, and 16' clear ceiling height.
Property Size2,800 SF
Price / SF$365
Days on Market124
Property Features for 16155 SW 117th Ave B2
General Information
Standard status
Active
Size
2,800 SF
Class
B
Property subtype
Industrial
Zoning
I-UC
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$10,391
Amenities
integrated fire alarm system
impact glass windows
impact glass doors
Building Details
Building Size
2,800 SF
Year Built
1989
Stories
2
Construction
CBS
Listing Agency:
The Katsikos Group, Inc.
(305) 776-2166
Listed By:
Jorge Davila · License #0678410
(305) 776-2166
Source:
Elliman
Added: Apr 29
Changed: Aug 16
Last Checked: Aug 29 at 1:28PM
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 The Katsikos Group, Inc.
Investment Insights
Based on property information with market context.
Industrial “Class B” flex office/warehouse condo unit B2 is presented in great condition. The two-story CBS construction includes built-up roofing over concrete slab panels and an integrated fire alarm system. Interior configuration provides office space on the first and second floors, with an additional warehouse/storage area. The office features ceramic tile with wood trimmings, while the warehouse area has polished concrete floors.
Unit B2 includes a single 10 x 12 rear loading street-level door and impact glass windows and doors. The facility provides 16' clear ceiling height.
This unit is located within the South Dade Business Centre condo. Zoning is listed as I-UC, Industrial District Conditional (Miami-Dade County).
Unit B2 includes a single 10 x 12 rear loading street-level door and impact glass windows and doors. The facility provides 16' clear ceiling height.
This unit is located within the South Dade Business Centre condo. Zoning is listed as I-UC, Industrial District Conditional (Miami-Dade County).
Key Highlights
- Class B flex office/warehouse condo unit built in 1989 within South Dade Business Centre Condo
- 2,800 total SF: 1,800 SF office over two floors plus 1,000 SF warehouse/storage
- Rear loading street‑level door (10' x 12') for warehouse access
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
$74,214
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
7.26%
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%
$1,484,280
$1.5M
Cap Rate 7%
$1,060,200
$1.1M
Cap Rate 9%
$824,600
$824.6K
Market Conditions
NOI Build-Up for 2,800 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
$127.7K $45.60/SF
− Vacancy
−$28.7K −$10.26/SF
EGI
$99.0K $35.34/SF
− OpEx
−$24.7K −$8.84/SF
NOI
$74.2K $26.51/SF
Area
ZIP 33177
Vacancy
22.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,484,280
Cap Rate 7%
$1,060,200
Cap Rate 9%
$824,600
Alternative Uses
Best Use
Office B
$1.06M
$927.7K – $1.24M
NOI $74,214 @ 7.0% cap · market cap 7.26%
Second Best
Warehouse
$524.4K
$458.8K – $611.8K
NOI $36,705 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,439 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
530
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33177, FL
56,331
Population
17,124
Households
3.3
Avg Household Size
41
Median Age
23%
College-Educated
84%
High-School Grad
12.6 sq mi
ZIP Area
4,471
Density / Sq Mi
$77,297
Median Household Income
$36,347
Median Earnings
$2,080
Median Rent
$399,000
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 - Two-story flex condo unit with built-in fire alarm, 10x12 rear loading door, and 16' clear ceiling height.
Where is this flex space located?
The property is located at 16155 SW 117th Ave B2 Miami, FL.
What is the asking price?
The asking price for this property is $1,022,000.
What are key features of this property?
This property features: Class B flex office/warehouse condo unit built in 1989 within South Dade Business Centre Condo; 2,800 total SF: 1,800 SF office over two floors plus 1,000 SF warehouse/storage; Rear loading street‑level door (10' x 12') for warehouse access
