Renovated Office Condo in
For Sale
$510,000
1385 SW 22nd St 201, Miami, FL 33145
Turnkey 1,214 SF office condo in Coral Ways.
Property Size1,214 SF
Days on Market270
Property Features for 1385 SW 22nd St 201
General Information
Standard status
Active
Size
1,214 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,202
Building Details
Building Size
1,214 SF
Year Built
1982
Listing Agency:
COMPASS FLORIDA, LLC
(305) 776-0686
Listed By:
Jacqueline Joseph · License #A11868671
(305) 776-0686
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 21
Last Checked: Aug 25 at 8:38AM
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 COMPASS FLORIDA, LLC
Investment Insights
Based on property information with market context.
This is a 1,214 square foot, fully renovated office condo located in Coral Ways vibrant business corridor. The property is situated minutes from Coral Gables, Brickell, and Coconut Grove. It features a new A/C unit and a private bathroom. The floor plan is flexible, with retractable walls that allow for open layouts or private offices. Currently used as a wellness center, the property is suitable for professional services such as accounting, legal, consulting, medical, or creative firms. The property includes two full-size assigned garage spaces and one motorcycle/scooter spot. Convenient street parking is available, which is a notable feature for this central Miami location. This presents an opportunity for a local business owner seeking an office in one of Miami's desirable neighborhoods.
Key Highlights
- Fully renovated, turnkey 1,214 SF office condo.
- Prime location in Coral Ways business corridor, near Coral Gables, Brickell, and Coconut Grove.
- Flexible floor plan with retractable walls for open or private office configurations.
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
$34,827
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
6.83%
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%
$696,540
$696.5K
Cap Rate 7%
$497,529
$497.5K
Cap Rate 9%
$386,967
$387.0K
Market Conditions
NOI Build-Up for 1,214 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
$54.6K $45.00/SF
− Vacancy
−$8.2K −$6.75/SF
EGI
$46.4K $38.25/SF
− OpEx
−$11.6K −$9.56/SF
NOI
$34.8K $28.69/SF
Area
Miami, FL
Vacancy
15.00%
Lease Rate
$45.00 /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%
$696,540
Cap Rate 7%
$497,529
Cap Rate 9%
$386,967
Alternative Uses
Best Use
Office B
$497.5K
$435.3K – $580.5K
NOI $34,827 @ 7.0% cap · market cap 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$819.5K
$717.0K – $956.0K
NOI $57,362 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,320
Businesses Nearby
Explore this area
Business Placement
Demographics for 33145, FL
29,737
Population
12,773
Households
2.3
Avg Household Size
44
Median Age
42%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$70,592
Median Household Income
$43,039
Median Earnings
$1,769
Median Rent
$560,300
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?
Office units - Turnkey 1,214 SF office condo in Coral Ways.
Where is this office units located?
The property is located at 1385 SW 22nd St 201 Miami, FL.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Fully renovated, turnkey 1,214 SF office condo.; Prime location in Coral Ways business corridor, near Coral Gables, Brickell, and Coconut Grove.; Flexible floor plan with retractable walls for open or private office configurations.
