First-Floor Retail
For Sale
$2,500,000
150 SE 2nd Ave # 103, Miami, FL 33131
First-floor retail space includes a USPS lease plus additional storage tenancy within the building.
Property Size3,492 SF
Price / SF$715.92
Days on Market551
Property Features for 150 SE 2nd Ave # 103
General Information
Standard status
Active
Size
3,492 SF
Property subtype
Retail
Additional Details
Floor
1
Taxes and HOA fees
Annual Taxes
$29,190
Building Details
Building Size
3,492 SF
Year Built
1967
Tenancy
Multi
Listing Agency:
Synergy Realty Advisors
(786) 536-7287
Listed By:
Giovanni Vasquez · License #3333058
Source:
Vanessafrankmiami
Added: Feb 1, 2025
Changed: Aug 3
Last Checked: Aug 6 at 4:10AM
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 Synergy Realty Advisors
Investment Insights
Based on property information with market context.
This 3,492-square-foot storefront occupies one of four retail spaces on the first floor of the Chase Building. USPS leases 2,000 square feet under a partial NNN structure, while the remaining 1,492 square feet is leased for storage to other building tenants. The lease includes an 8% rent increase at each five-year renewal.
The property is located at 150 SE 2nd Ave, Suite 103, in Downtown Miami. The surrounding setting includes dense commercial and residential development, and the storefront is positioned near major transit hubs. The building was constructed in 1967.
The property is located at 150 SE 2nd Ave, Suite 103, in Downtown Miami. The surrounding setting includes dense commercial and residential development, and the storefront is positioned near major transit hubs. The building was constructed in 1967.
Key Highlights
- 3,492 SF first‑floor retail storefront in the Chase Building
- USPS leases 2,000 SF as a federally backed tenant
- Partial NNN lease with an 8% increase at each 5‑year renewal
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
$113,929
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
4.56%
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%
$2,278,580
$2.3M
Cap Rate 7%
$1,627,557
$1.6M
Cap Rate 9%
$1,265,878
$1.3M
Market Conditions
NOI Build-Up for 3,492 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
$181.4K $51.96/SF
− Vacancy
−$18.7K −$5.35/SF
EGI
$162.8K $46.61/SF
− OpEx
−$48.8K −$13.98/SF
NOI
$113.9K $32.63/SF
Area
Miami, FL
Vacancy
10.30%
Lease Rate
$51.96 /SF/Yr
Expense Ratio
30.00%
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%
$2,278,580
Cap Rate 7%
$1,627,557
Cap Rate 9%
$1,265,878
Alternative Uses
Best Use
Retail
$1.63M
$1.42M – $1.90M
NOI $113,929 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.36M
$2.06M – $2.75M
NOI $164,999 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
15,904
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33131, FL
26,213
Population
18,872
Households
1.4
Avg Household Size
37
Median Age
77%
College-Educated
98%
High-School Grad
0.5 sq mi
ZIP Area
52,426
Density / Sq Mi
$143,114
Median Household Income
$86,331
Median Earnings
$2,847
Median Rent
$621,700
Median Home Value
Market
Vacancy Rate% for Retail 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?
Storefront property - First-floor retail space includes a USPS lease plus additional storage tenancy within the building.
Where is this storefront property located?
The property is located at 150 SE 2nd Ave # 103 Miami, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 3,492 SF first‑floor retail storefront in the Chase Building; USPS leases 2,000 SF as a federally backed tenant; Partial NNN lease with an 8% increase at each 5‑year renewal
