Leased Retail Suite with
For Sale
$2,500,000
103-150 Se 2nd Ave, Miami, FL 33132
Retail suite leased to USPS with additional leased storage space in a downtown office building.
Property Size3,492 SF
Price / SF$715.92
Days on Market557
Property Features for 103-150 Se 2nd Ave
General Information
Standard status
Active
Size
3,492 SF
Taxes and HOA fees
Annual Taxes
$29,190
Building Details
Tenancy
Multi
Listing Agency:
Synergy Realty Advisors
(786) 202-3303
Listed By:
Giovanni Vasquez · License #3333058
(786) 202-3303
Source:
Exprealty
Added: Feb 1, 2025
Changed: Aug 8
Last Checked: Aug 12 at 1:39PM
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 Synergy Realty Advisors
Investment Insights
Based on property information with market context.
Located at 150 SE 2nd Ave, Suite 103, this leased retail suite offers income from USPS and additional storage leasing within the same building. The property is described as a 3,492 SF space, with USPS occupying 2,000 SF under a partial NNN lease. The USPS lease includes an 8% rent increase at each 5-year renewal, supporting long-term stability.
The remaining 1,492 SF is leased as storage to different tenants of the building, creating additional revenue beyond the USPS tenancy. The suite is identified as one of only four retail spaces on the first floor.
As presented, the building’s downtown setting and proximity to major transit hubs contribute to the suite’s high-visibility positioning and foot-traffic appeal.
The remaining 1,492 SF is leased as storage to different tenants of the building, creating additional revenue beyond the USPS tenancy. The suite is identified as one of only four retail spaces on the first floor.
As presented, the building’s downtown setting and proximity to major transit hubs contribute to the suite’s high-visibility positioning and foot-traffic appeal.
Key Highlights
- Retail suite at 150 SE 2nd Ave, Suite 103 in the Chase Building (3,492 SF).
- Leased to USPS (2,000 SF) under a partial NNN lease.
- USPS lease includes an 8% rent increase at each 5‑year renewal.
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
$113,929
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
4.56%
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%
$2,278,580
$2.3M
Cap Rate 7%
$1,627,557
$1.6M
Cap Rate 9%
$1,265,878
$1.3M
Market Conditions
NOI Build-Up for 3,492 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
$181.4K $51.96/SF
− Vacancy
−$18.7K −$5.35/SF
EGI
$162.8K $46.61/SF
− OpEx
−$48.8K −$13.98/SF
NOI
$113.9K $32.63/SF
Area
Miami, FL
Vacancy
10.30%
Lease Rate
$51.96 /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%
$2,278,580
Cap Rate 7%
$1,627,557
Cap Rate 9%
$1,265,878
Alternative Uses
Best Use
Retail
$1.63M
$1.42M – $1.90M
NOI $113,929 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.36M
$2.06M – $2.75M
NOI $164,999 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
13,542
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33132, FL
18,159
Population
12,725
Households
1.4
Avg Household Size
35
Median Age
61%
College-Educated
95%
High-School Grad
1.5 sq mi
ZIP Area
12,106
Density / Sq Mi
$109,505
Median Household Income
$71,509
Median Earnings
$2,534
Median Rent
$545,100
Median Home Value
Market
Vacancy Rate% for Retail in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail suite leased to USPS with additional leased storage space in a downtown office building.
Where is this storefront property located?
The property is located at 103-150 Se 2nd Ave Miami, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Retail suite at 150 SE 2nd Ave, Suite 103 in the Chase Building (3,492 SF).; Leased to USPS (2,000 SF) under a partial NNN lease.; USPS lease includes an 8% rent increase at each 5‑year renewal.
