Allapattah Warehouse Building For
For Sale
$5,150,000
1401 NW 23rd St, Miami, FL 33142
14,560 SF warehouse in Miami's Allapattah neighborhood.
Property Size14,560 SF
Price / SF$353.71
Days on Market171
Property Features for 1401 NW 23rd St
General Information
Standard status
Active
Size
14,560 SF
Property subtype
Industrial
Building Details
Building Size
14,560 SF
Year Built
1982
Listing Agency:
Central Commercial Real Estate
(786) 556-8998
Listed By:
Ari Dispenza
(786) 556-8998
Source:
Centralcommercial
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 23 at 3:17AM
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 Central Commercial Real Estate
Investment Insights
Based on property information with market context.
The property at 1401 NW 23 Street is a 14,560 square foot building located in Miami's Allapattah neighborhood. The building features 4 bays, 18' ceilings, 3 phase power, twin t construction, and 11'x14' roll-up doors. Each bay has separate meters for both power and water. The property is centrally located in Miami's Allapattah Industrial District, a vibrant produce and last mile industrial district experiencing adaptive reuse. It is located 2 blocks from the Rubell Museum & Hometown BBQ and 7 minutes from the Jackson/UM Health District.
Key Highlights
- 14,560 sq ft building in Miami's emerging Allapattah neighborhood.
- Features 4 bays, each separately metered for power and water.
- 18' ceilings and 11'x14' roll‑up doors.
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
$237,524
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
4.61%
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%
$4,750,480
$4.8M
Cap Rate 7%
$3,393,200
$3.4M
Cap Rate 9%
$2,639,156
$2.6M
Market Conditions
NOI Build-Up for 14,560 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
$293.5K $20.16/SF
− Vacancy
−$14.1K −$0.97/SF
EGI
$279.4K $19.19/SF
− OpEx
−$41.9K −$2.88/SF
NOI
$237.5K $16.31/SF
Area
Miami, FL
Vacancy
4.80%
Lease Rate
$20.16 /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%
$4,750,480
Cap Rate 7%
$3,393,200
Cap Rate 9%
$2,639,156
Alternative Uses
Best Use
Warehouse
$3.39M
$2.97M – $3.96M
NOI $237,524 @ 7.0% cap · market cap 4.61%
Second Best
Industrial
$2.79M
$2.45M – $3.26M
NOI $195,608 @ 7.0% cap · market cap 3.80%
Theoretical Best
Specialty Retail
$9.83M
$8.60M – $11.47M
NOI $687,967 @ 7.0% cap · market cap 13.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,176
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
Median Home Value
Market
Vacancy Rate% for Industrial in Miami, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - 14,560 SF warehouse in Miami's Allapattah neighborhood.
Where is this warehouse located?
The property is located at 1401 NW 23rd St Miami, FL.
What is the asking price?
The asking price for this property is $5,150,000.
What are key features of this property?
This property features: 14,560 sq ft building in Miami's emerging Allapattah neighborhood.; Features 4 bays, each separately metered for power and water.; 18' ceilings and 11'x14' roll‑up doors.
