Penthouse Office
New
For Sale
$1,239,000
12940 SW 128th St 202, Miami, FL 33186
Six enclosed offices, a conference room, two bathrooms, and lake-facing windows create a polished professional setting.
Property Size2,147 SF
Price / SF$577.08
Days on Market2
Property Features for 12940 SW 128th St 202
General Information
Standard status
Active
Size
2,147 SF
Total Parking Spaces
7
Elevators
Yes
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Floor
Penthouse
Amenities
lake view
balcony
smart Crestron automation system
Building Details
Year Built
2003
Listing Agency:
EquiEstate, Corp.
Listed By:
Christopher Blanc
(305) 878-2936
Source:
Chenoregroup
Added: Sep 5
Last Checked: Sep 6 at 10:48AM
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 EquiEstate, Corp.
Investment Insights
Based on property information with market context.
This penthouse office unit offers a carefully finished professional environment with six glass-enclosed offices, a large conference room with balcony access, a reception area, kitchen with sink and refrigerator, and two bathrooms. Marble flooring, custom lighting, 11–17-foot ceilings, hurricane-impact windows and doors, and a Crestron-controlled system for security, lighting, HVAC, and sound add substantial interior upgrades.
The property is positioned near the main connector serving 874, the Turnpike, and Miami Executive Airport. An open approach leads to the office entrance by elevator or staircase, with lake views along the walkway and from the office areas. Seven deeded parking spaces are included, two of them covered. The building was constructed in 2003, and the roof was replaced in 2024.
The property is positioned near the main connector serving 874, the Turnpike, and Miami Executive Airport. An open approach leads to the office entrance by elevator or staircase, with lake views along the walkway and from the office areas. Seven deeded parking spaces are included, two of them covered. The building was constructed in 2003, and the roof was replaced in 2024.
Key Highlights
- Six glass‑enclosed offices plus a large conference room with balcony access
- Lake views from the approach and office areas
- 11–17‑foot volume ceilings with marble flooring and custom lighting
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
$68,490
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
5.53%
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%
$1,369,800
$1.4M
Cap Rate 7%
$978,429
$978.4K
Cap Rate 9%
$761,000
$761.0K
Market Conditions
NOI Build-Up for 2,147 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
$107.4K $50.04/SF
− Vacancy
−$16.1K −$7.51/SF
EGI
$91.3K $42.53/SF
− OpEx
−$22.8K −$10.63/SF
NOI
$68.5K $31.90/SF
Area
ZIP 33186
Vacancy
15.00%
Lease Rate
$50.04 /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%
$1,369,800
Cap Rate 7%
$978,429
Cap Rate 9%
$761,000
Alternative Uses
Best Use
Office B
$978.4K
$856.1K – $1.14M
NOI $68,490 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,070 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,422
Businesses Nearby
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 Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Six enclosed offices, a conference room, two bathrooms, and lake-facing windows create a polished professional setting.
Where is this office units located?
The property is located at 12940 SW 128th St 202 Miami, FL.
What is the asking price?
The asking price for this property is $1,239,000.
What are key features of this property?
This property features: Six glass‑enclosed offices plus a large conference room with balcony access; Lake views from the approach and office areas; 11–17‑foot volume ceilings with marble flooring and custom lighting
