Flex Space Condo Warehouse with
For Sale
$205,000
Pending
2980 W 84th St Unit 140, Hialeah, FL 33018
Condo warehouse unit with office-ready reception, multiple private offices, and a/c, plus three on-site parking spaces.
Property Size1,200 SF
Days on Market2678
Property Features for 2980 W 84th St Unit 140
General Information
Standard status
Pending
Size
1,200 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$2,338
Amenities
3
3 Parking Spaces.
Building Details
Year Built
2002
Listing Agency:
United Realty Group Inc
(305) 778-5568
Listed By:
Ricardo Manzo · License #3110615
(305) 778-5568
Source:
Xome
Added: Apr 13, 2019
Changed: Aug 8
Last Checked: Jul 30 at 10:01AM
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 United Realty Group Inc
Investment Insights
Based on property information with market context.
This flex space condo warehouse unit includes an office space compound with a reception area, two private offices, and a large open space that can support a modular-style office layout. The office area also features a full bath with a shower and a coffee/breakfast area with a sink. The floors are concrete, with office areas finished in carpet, and the warehouse includes A/C. Guest facilities are listed as three, and the property was built in 2002.
The unit is located at 2980 W 84th St Unit 140 in Hialeah, FL 33018, and offers three on-site parking spaces for day-to-day access.
The combination of warehouse A/C with office build-out elements makes the space well suited for tenants needing both light warehouse capability and dedicated office functions within the same condo unit.
The unit is located at 2980 W 84th St Unit 140 in Hialeah, FL 33018, and offers three on-site parking spaces for day-to-day access.
The combination of warehouse A/C with office build-out elements makes the space well suited for tenants needing both light warehouse capability and dedicated office functions within the same condo unit.
Key Highlights
- 2002 construction
- 1200 SF condo warehouse unit
- Office compound: reception, two private offices, and large open space
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
$18,084
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
8.82%
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%
$361,680
$361.7K
Cap Rate 7%
$258,343
$258.3K
Cap Rate 9%
$200,933
$200.9K
Market Conditions
NOI Build-Up for 1,200 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
$30.2K $25.20/SF
− Vacancy
−$2.4K −$2.02/SF
EGI
$27.8K $23.18/SF
− OpEx
−$9.7K −$8.11/SF
NOI
$18.1K $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%
$361,680
Cap Rate 7%
$258,343
Cap Rate 9%
$200,933
Alternative Uses
Best Use
Office B
$330.9K
$289.6K – $386.1K
NOI $23,166 @ 7.0% cap · market cap 11.30%
Second Best
Flex RnD
$258.3K
$226.1K – $301.4K
NOI $18,084 @ 7.0% cap · market cap 8.82%
Theoretical Best
Office A
$472.3K
$413.3K – $551.0K
NOI $33,062 @ 7.0% cap · market cap 16.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,159
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33018, FL
54,273
Population
17,871
Households
3
Avg Household Size
41
Median Age
29%
College-Educated
85%
High-School Grad
28.1 sq mi
ZIP Area
1,931
Density / Sq Mi
$90,805
Median Household Income
$42,911
Median Earnings
$2,066
Median Rent
$436,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Condo warehouse unit with office-ready reception, multiple private offices, and a/c, plus three on-site parking spaces.
Where is this flex space located?
The property is located at 2980 W 84th St Unit 140 Hialeah, FL.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: 2002 construction; 1200 SF condo warehouse unit; Office compound: reception, two private offices, and large open space
