Flex Space with Office
For Sale
$389,000
16723 SW 117th Ave 6f, Miami, FL 33177
Warehouse-style flex space includes office accommodations, restrooms, and access to major roads.
Property Size1,400 SF
Price / SF$277.86
Days on Market34
Property Features for 16723 SW 117th Ave 6f
General Information
Standard status
Active
Size
1,400 SF
Additional Details
Clear Height
20 ft
Building Details
Year Built
2006
Listing Agency:
Jasal Int'l Realty
(305) 773-3635
Listed By:
Vincenzo Gugliotta Cassia · License #A11944356
Source:
Chenoregroup
Added: Jul 28
Changed: Aug 29
Last Checked: Aug 25 at 4:17AM
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 Jasal Int'l Realty
Investment Insights
Based on property information with market context.
This 1,400-square-foot flex space combines warehouse functionality with dedicated office space and restrooms. Built in 2006, the property provides a 20 ft clear ceiling height for a range of commercial operations.
Access is available to important roads including Turpinke and 826, supporting connectivity from the property’s Miami location. The combination of warehouse, office, and restroom areas creates a practical layout for businesses requiring both work and administrative space.
Access is available to important roads including Turpinke and 826, supporting connectivity from the property’s Miami location. The combination of warehouse, office, and restroom areas creates a practical layout for businesses requiring both work and administrative space.
Key Highlights
- 1,400 square feet of flex space
- 20 ft clear ceiling height
- Warehouse area with office space and restrooms
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
$18,353
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
4.72%
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%
$367,060
$367.1K
Cap Rate 7%
$262,186
$262.2K
Cap Rate 9%
$203,922
$203.9K
Market Conditions
NOI Build-Up for 1,400 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
$22.8K $16.32/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$21.6K $15.42/SF
− OpEx
−$3.2K −$2.31/SF
NOI
$18.4K $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%
$367,060
Cap Rate 7%
$262,186
Cap Rate 9%
$203,922
Alternative Uses
Best Use
Office B
$530.1K
$463.8K – $618.5K
NOI $37,107 @ 7.0% cap · market cap 9.54%
Second Best
Warehouse
$262.2K
$229.4K – $305.9K
NOI $18,353 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$710.3K
$621.5K – $828.7K
NOI $49,720 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Location Intelligence
Trade Area within ½ mile
406
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 Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse-style flex space includes office accommodations, restrooms, and access to major roads.
Where is this flex space located?
The property is located at 16723 SW 117th Ave 6f Miami, FL.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: 1,400 square feet of flex space; 20 ft clear ceiling height; Warehouse area with office space and restrooms
