Building Details

Building Size 14,560 SF

Year Built 1982

Listing Agency: Central Commercial Real Estate

Listed By: Ari Dispenza · License #3085357 Show Phone

Source: Centralcommercial

Added: Mar 5 Changed: Sep 9 Last Checked: Oct 7 at 10:56AM

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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 / Yr

$237,524

Cap Rate

4.61%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $237,524 @ 7.0% cap · market cap 4.61%

Second Best

Industrial

$2.79M

$2.45M – $3.26M (±1% cap)

NOI $195,608 @ 7.0% cap · market cap 3.80%

Theoretical Best

Specialty Retail

$9.83M

$8.60M – $11.47M (±1% cap)

NOI $687,967 @ 7.0% cap · market cap 13.36%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Total Cafeteria Restaurant CFLN Payroll Accounting Firm

Suggested Use

Top Pick Electrical Service Carpet & Flooring Store Veterinary Clinic (Bike/Boat/Book/etc) Store Pet Grooming Service Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4.1% 2019

4.6% 2020

2.2% 2021

1.6% 2022

2.4% 2023

5.7% 2024

6.5% 2025

Questions? Ask Rey

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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.