Penthouse Office
New
For Sale
$1,239,000
12940 SW 128th St Unit 202, Miami, FL 33186
Upper-level office suite with lake views, six enclosed offices, conference space, and dedicated parking.
Property Size2,147 SF
Price / SF$577.08
Days on Market2
Property Features for 12940 SW 128th St Unit 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
Office Units
1
Amenities
conference room
balcony
kitchen area
Crestron automation system
Building Details
Year Built
2003
Listing Agency:
EquiEstate, Corp.
Listed By:
Christopher Blanc · License #3476061
(305) 878-2936
Source:
Thepennteam
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 16 at 10:38PM
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 upper-level office unit is arranged around a reception area, secured interior entry, six glass-enclosed offices, and a large conference room with balcony access. Marble flooring, volume ceilings ranging from 11 to 17 feet, custom lighting, a kitchen with sink and refrigerator, and two restrooms—including a full bath with a jetted shower—support a polished professional setting. Smart Crestron controls integrate security, lighting, HVAC, and the sound system, while hurricane-impact windows and doors add building improvements.
The property includes 7 deeded parking spaces, with 2 covered spaces. An open approach provides lake views, and the office connects to 874, the Turnpike, and Miami Executive Airport. The building was constructed in 2003, and the roof was replaced in 2024.
The property includes 7 deeded parking spaces, with 2 covered spaces. An open approach provides lake views, and the office connects to 874, the Turnpike, and Miami Executive Airport. The building was constructed in 2003, and the roof was replaced in 2024.
Key Highlights
- 6 glass‑enclosed offices plus a large conference room with balcony access
- 11‑17' volume ceilings throughout the office
- 7 deeded parking spaces, including 2 covered
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
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Current Use
Lease Details
1
Office units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Miami, FL
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Frequently Asked Questions
What type of property is this?
Office units - Upper-level office suite with lake views, six enclosed offices, conference space, and dedicated parking.
Where is this office units located?
The property is located at 12940 SW 128th St Unit 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: 6 glass‑enclosed offices plus a large conference room with balcony access; 11‑17' volume ceilings throughout the office; 7 deeded parking spaces, including 2 covered
