Renovated Office Building with
For Sale
$1,790,000
14 NE 1st Ave 600a, Miami, FL 33132
Fully renovated office building offers 24-hour security, conference rooms, and shared lounge space.
Property Size4,809 SF
Price / SF$372.22
Days on Market48
Property Features for 14 NE 1st Ave 600a
General Information
Standard status
Active
Size
4,809 SF
Building Details
Year Built
1952
Listing Agency:
Fortune Christie's International Real Estate
Listed By:
Eduardo Citcioglu · License #A11990787
(954) 258-9493
Source:
Mymiahomes
Added: Jul 20
Changed: Aug 13
Last Checked: Sep 4 at 8:31AM
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 Fortune Christie's International Real Estate
Investment Insights
Based on property information with market context.
This fully renovated office building is associated with renowned architect Morris Lapidus and includes amenities such as 24-hour security, valet parking, conference rooms, and lounge space with a juice bar. The property has been awarded silver LEED certification and is designated to the National Registry of Historic Buildings.
The building is located one block from the courthouse and within walking distance of Bayside, Whole Foods, and two Metro Mover stations. It is also positioned about five blocks from the Brickell Financial District and a few minutes from MIA International Airport.
The asset is offered for sale as an office-focused property with shared features intended to support day-to-day work needs and building operations.
The building is located one block from the courthouse and within walking distance of Bayside, Whole Foods, and two Metro Mover stations. It is also positioned about five blocks from the Brickell Financial District and a few minutes from MIA International Airport.
The asset is offered for sale as an office-focused property with shared features intended to support day-to-day work needs and building operations.
Key Highlights
- Office building originally built in 1952, fully renovated.
- Designed by Morris Lapidus, located one block from the courthouse.
- Walking distance to Bayside, Whole Foods, and 2 Metro Mover stations.
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
$137,958
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
7.71%
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%
$2,759,160
$2.8M
Cap Rate 7%
$1,970,829
$2.0M
Cap Rate 9%
$1,532,867
$1.5M
Market Conditions
NOI Build-Up for 4,809 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
$216.4K $45.00/SF
− Vacancy
−$32.5K −$6.75/SF
EGI
$183.9K $38.25/SF
− OpEx
−$46.0K −$9.56/SF
NOI
$138.0K $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%
$2,759,160
Cap Rate 7%
$1,970,829
Cap Rate 9%
$1,532,867
Alternative Uses
Best Use
Office B
$1.97M
$1.72M – $2.30M
NOI $137,958 @ 7.0% cap · market cap 7.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.25M
$2.84M – $3.79M
NOI $227,227 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
13,542
Businesses Nearby
Explore this area
Business Placement
Demographics for 33132, FL
18,159
Population
12,725
Households
1.4
Avg Household Size
35
Median Age
61%
College-Educated
95%
High-School Grad
1.5 sq mi
ZIP Area
12,106
Density / Sq Mi
$109,505
Median Household Income
$71,509
Median Earnings
$2,534
Median Rent
$545,100
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 - Fully renovated office building offers 24-hour security, conference rooms, and shared lounge space.
Where is this office units located?
The property is located at 14 NE 1st Ave 600a Miami, FL.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: Office building originally built in 1952, fully renovated.; Designed by Morris Lapidus, located one block from the courthouse.; Walking distance to Bayside, Whole Foods, and 2 Metro Mover stations.
