Retail Condo in Jade at
For Sale
$3,000,000
Pending
1331 Brickell Bay Dr 2, Miami, FL 33131
Retail condominium in luxury building with long-term tenant.
Property Size3,500 SF
Lot Size0.08 Acres
Days on Market269
Property Features for 1331 Brickell Bay Dr 2
General Information
Standard status
Pending
Size
3,500 SF
Lot size
0.08 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$48,304
Building Details
Building Size
3,500 SF
Year Built
2004
Listing Agency:
REAL CAPITAL PARTNERS FLORIDA LLC
(305) 785-7325
Listed By:
Otto Travieso · License #A11913577
(305) 785-7325
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 16
Last Checked: Aug 24 at 8:39AM
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 REAL CAPITAL PARTNERS FLORIDA LLC
Investment Insights
Based on property information with market context.
This retail condominium is located on the lobby level of The Jade at Brickell, a luxury residential tower consisting of 342 units constructed in 2004. As one of two retail spaces in the building, it features dual access from both the lobby and street level. The unit includes six dedicated parking spaces. It has been fully updated and is currently leased to a credit tenant with nine years remaining on a ten-year term, which includes two additional renewal options. This property is situated in Brickell, Miami's Financial District, presenting an investment opportunity that combines stable income with a prime location.
Key Highlights
- Prime location in the heart of Brickell, Miami's Financial District
- Stable income stream with a strong credit tenant already in place
- Long‑term lease in place with nine years remaining, plus two renewal options
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
$114,190
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
3.81%
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%
$2,283,800
$2.3M
Cap Rate 7%
$1,631,286
$1.6M
Cap Rate 9%
$1,268,778
$1.3M
Market Conditions
NOI Build-Up for 3,500 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
$181.9K $51.96/SF
− Vacancy
−$18.7K −$5.35/SF
EGI
$163.1K $46.61/SF
− OpEx
−$48.9K −$13.98/SF
NOI
$114.2K $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%
$2,283,800
Cap Rate 7%
$1,631,286
Cap Rate 9%
$1,268,778
Alternative Uses
Best Use
Retail
$1.63M
$1.43M – $1.90M
NOI $114,190 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.36M
$2.07M – $2.76M
NOI $165,377 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11,621
Businesses Nearby
Explore this area
Business Placement
Demographics for 33131, FL
26,213
Population
18,872
Households
1.4
Avg Household Size
37
Median Age
77%
College-Educated
98%
High-School Grad
0.5 sq mi
ZIP Area
52,426
Density / Sq Mi
$143,114
Median Household Income
$86,331
Median Earnings
$2,847
Median Rent
$621,700
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?
Retail space - Retail condominium in luxury building with long-term tenant.
Where is this retail space located?
The property is located at 1331 Brickell Bay Dr 2 Miami, FL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Prime location in the heart of Brickell, Miami's Financial District; Stable income stream with a strong credit tenant already in place; Long‑term lease in place with nine years remaining, plus two renewal options
