Contiguous Flex Office/Warehouse
For Sale
$1,697,250
16155 SW 117th Avenue #B1 and B2, Miami, FL 33177
Two contiguous flex office/warehouse condominiums totaling 4,650 SF with rear grade-level loading doors and two-story office space.
Property Size4,650 SF
Days on Market39
Property Features for 16155 SW 117th Avenue #B1 and B2
General Information
Standard status
Active
Size
4,650 SF
Zoning
7700
Building Details
Building Size
4,650 SF
Year Built
1989
Listing Agency:
The Katsikos Group, Inc.
(305) 323-6373
Listed By:
Martha E Rodriguez · License #0678410
(305) 323-6373
Source:
Laerrealty
Added: Jul 23
Changed: Aug 16
Last Checked: Aug 29 at 6:14AM
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.
This offering includes two contiguous flex office/warehouse condominium units totaling 4,650 square feet, configured to combine office presence with functional warehouse space. The layout features approximately 3,200 square feet of finished two-story office build-outs and approximately 1,450 square feet dedicated to warehouse and storage. Warehouse operations are supported by two grade-level rear loading doors (10' x 12') and a 16' clear ceiling height.
The property is constructed with CBS and includes impact glass windows and doors, four restrooms, and an integrated fire alarm system. Warehouse floors are finished polished concrete. Both units are individually metered for electricity and water/sewer.
Zoned I-UC (Industrial District Conditional), the space is suited for a range of office and light industrial uses consistent with the provided zoning designation.
The property is constructed with CBS and includes impact glass windows and doors, four restrooms, and an integrated fire alarm system. Warehouse floors are finished polished concrete. Both units are individually metered for electricity and water/sewer.
Zoned I-UC (Industrial District Conditional), the space is suited for a range of office and light industrial uses consistent with the provided zoning designation.
Key Highlights
- Two contiguous Class B flex office/warehouse condominiums totaling 4,650 SF
- ~3,200 SF finished two‑story office plus ~1,450 SF warehouse/storage
- Two rear grade‑level loading doors (10’ x 12’) and 16’ clear ceiling height
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
$60,957
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
3.59%
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%
$1,219,140
$1.2M
Cap Rate 7%
$870,814
$870.8K
Cap Rate 9%
$677,300
$677.3K
Market Conditions
NOI Build-Up for 4,650 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
$75.9K $16.32/SF
− Vacancy
−$4.2K −$0.90/SF
EGI
$71.7K $15.42/SF
− OpEx
−$10.8K −$2.31/SF
NOI
$61.0K $13.11/SF
Area
ZIP 33177
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%
$1,219,140
Cap Rate 7%
$870,814
Cap Rate 9%
$677,300
Alternative Uses
Best Use
Warehouse
$870.8K
$762.0K – $1.02M
NOI $60,957 @ 7.0% cap · market cap 3.59%
Second Best
Flex RnD
$779.3K
$681.9K – $909.2K
NOI $54,550 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,140 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
157
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 Industrial in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two contiguous flex office/warehouse condominiums totaling 4,650 SF with rear grade-level loading doors and two-story office space.
Where is this flex space located?
The property is located at 16155 SW 117th Avenue #B1 and B2 Miami, FL.
What is the asking price?
The asking price for this property is $1,697,250.
What are key features of this property?
This property features: Two contiguous Class B flex office/warehouse condominiums totaling 4,650 SF; ~3,200 SF finished two‑story office plus ~1,450 SF warehouse/storage; Two rear grade‑level loading doors (10’ x 12’) and 16’ clear ceiling height
