Flex Space with Street-Level Loading
For Sale
Contact for pricing
1671 W 38th Pl, Hialeah, FL 33012
Flex condo warehouse with a front street-level loading door and two assigned parking spaces for industrial operations.
Property Size1,305 SF
Price / SF$325
Days on Market541
Property Features for 1671 W 38th Pl
General Information
Standard status
Active
Size
1,305 SF
Total Parking Spaces
2
Property subtype
INDUSTRIAL
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
1
Listing Agency:
Kaizen Realty Partners, LLC
(786) 271-7712
Listed By:
Ivelisse Meneses · License #3231468
(786) 271-7712
Source:
Moodyscre
Added: Feb 18, 2025
Changed: Jul 30
Last Checked: Aug 12 at 8:06AM
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 Kaizen Realty Partners, LLC
Investment Insights
Based on property information with market context.
Prime flex condo warehouse in Hialeah, FL, offering 1,305 square feet of versatile space suited for industrial uses such as distribution, manufacturing, and storage.
The unit includes a front street-level loading door for direct access, a 20-foot ceiling height, and a durable twin-tee roof. Two assigned parking spaces are included to support daily operations and employee access at the property located at 1671 W 38th Pl.
This is a flexible option for businesses that need functional warehouse space with straightforward loading access and meaningful vertical clearance for common light industrial activities.
The unit includes a front street-level loading door for direct access, a 20-foot ceiling height, and a durable twin-tee roof. Two assigned parking spaces are included to support daily operations and employee access at the property located at 1671 W 38th Pl.
This is a flexible option for businesses that need functional warehouse space with straightforward loading access and meaningful vertical clearance for common light industrial activities.
Key Highlights
- 1,305 SF flex condo warehouse
- Front street‑level loading door
- 20‑foot 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
$19,666
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
4.64%
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%
$393,320
$393.3K
Cap Rate 7%
$280,943
$280.9K
Cap Rate 9%
$218,511
$218.5K
Market Conditions
NOI Build-Up for 1,305 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
$32.9K $25.20/SF
− Vacancy
−$2.6K −$2.02/SF
EGI
$30.3K $23.18/SF
− OpEx
−$10.6K −$8.11/SF
NOI
$19.7K $15.07/SF
Area
Hialeah, FL
Vacancy
8.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
35.00%
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%
$393,320
Cap Rate 7%
$280,943
Cap Rate 9%
$218,511
Alternative Uses
Best Use
Flex RnD
$280.9K
$245.8K – $327.8K
NOI $19,666 @ 7.0% cap · market cap 4.64%
Second Best
Warehouse
$257.0K
$224.9K – $299.8K
NOI $17,988 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$513.6K
$449.4K – $599.3K
NOI $35,955 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
3,693
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33012, FL
70,260
Population
25,923
Households
2.7
Avg Household Size
48
Median Age
18%
College-Educated
72%
High-School Grad
5.9 sq mi
ZIP Area
11,908
Density / Sq Mi
$45,818
Median Household Income
$32,039
Median Earnings
$1,562
Median Rent
$355,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex condo warehouse with a front street-level loading door and two assigned parking spaces for industrial operations.
Where is this flex space located?
The property is located at 1671 W 38th Pl Hialeah, FL.
What is the asking price?
The asking price for this property is $424,125.
What are key features of this property?
This property features: 1,305 SF flex condo warehouse; Front street‑level loading door; 20‑foot ceiling height
