Three-Story Flex Building with Service
For Sale
$2,750,000
Pending
2590 Palm Ave, Hialeah, FL 33010
Multi-level commercial building combines automotive service improvements, office-ready rooms, restaurant space, and open adaptable areas.
Property Size10,122 SF
Days on Market2310
Property Features for 2590 Palm Ave
General Information
Standard status
Pending
Size
10,122 SF
Property subtype
General Commercial
Additional Details
Drive-In Doors
3
Taxes and HOA fees
Annual Taxes
$13,259
Amenities
3
12 Parking Spaces.
Building Details
Year Built
1959
Buildings
1
Stories
3
Listing Agency:
Florida Realty of Miami Corp
(305) 965-9636
Listed By:
Nelson Avila
(305) 965-9636
Source:
Xome
Added: May 3, 2020
Changed: Aug 29
Last Checked: Aug 29 at 7:29PM
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 Florida Realty of Miami Corp
Investment Insights
Based on property information with market context.
This three-story flex property includes an automotive service area on the ground level with seven car lifts, two truck lifts, three bay doors, reception space, and an office. A restaurant is also located on the first floor. The second level contains existing rooms that can be converted for office use, while the third floor provides a large open area with a floor plate matching the first level. An open elevator lift connects the first and third floors, supporting movement between the service and upper-level areas.
The building is positioned on Palm Ave in Hialeah, directly across from the Hialeah Casino. Additional site features include 12 parking spaces. Built in 1959, the property offers a combination of automotive service infrastructure, enclosed rooms, restaurant space, and open floor area within one commercial building.
The building is positioned on Palm Ave in Hialeah, directly across from the Hialeah Casino. Additional site features include 12 parking spaces. Built in 1959, the property offers a combination of automotive service infrastructure, enclosed rooms, restaurant space, and open floor area within one commercial building.
Key Highlights
- Three‑story flex building with a 10,122 property size
- Vehicle service area includes 7 car lifts and 2 truck lifts
- 3 bay doors plus reception and office areas
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
$203,331
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
7.39%
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%
$4,066,620
$4.1M
Cap Rate 7%
$2,904,729
$2.9M
Cap Rate 9%
$2,259,233
$2.3M
Market Conditions
NOI Build-Up for 10,122 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
$291.5K $28.80/SF
− Vacancy
−$20.4K −$2.02/SF
EGI
$271.1K $26.78/SF
− OpEx
−$67.8K −$6.70/SF
NOI
$203.3K $20.09/SF
Area
Hialeah, FL
Vacancy
7.00%
Lease Rate
$28.80 /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%
$4,066,620
Cap Rate 7%
$2,904,729
Cap Rate 9%
$2,259,233
Alternative Uses
Best Use
Specialty Retail
$2.90M
$2.54M – $3.39M
NOI $203,331 @ 7.0% cap · market cap 7.39%
Second Best
Office B
$2.79M
$2.44M – $3.26M
NOI $195,405 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$3.98M
$3.49M – $4.65M
NOI $278,881 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,711
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33010, FL
43,902
Population
16,456
Households
2.7
Avg Household Size
48
Median Age
20%
College-Educated
71%
High-School Grad
4.3 sq mi
ZIP Area
10,210
Density / Sq Mi
$45,449
Median Household Income
$30,466
Median Earnings
$1,318
Median Rent
$346,500
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 - Multi-level commercial building combines automotive service improvements, office-ready rooms, restaurant space, and open adaptable areas.
Where is this flex space located?
The property is located at 2590 Palm Ave Hialeah, FL.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Three‑story flex building with a 10,122 property size; Vehicle service area includes 7 car lifts and 2 truck lifts; 3 bay doors plus reception and office areas
