Medical Office Condominium
For Sale
Contact for pricing
151 NW 11TH ST Unit E102 & W103, Homestead, FL 33030
Two medical office condominium units are fully leased under an absolute net structure through May 2035.
Property Size5,762 SF
Price / SF$514.54
Days on Market36
Property Features for 151 NW 11TH ST Unit E102 & W103
General Information
Standard status
Active
Size
5,762 SF
Class
B
Property subtype
Office
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$200,124
Financials
Asking Price
$2,964,800
Cap Rate
6.75%
Additional Details
Highway Access
Yes
Office Units
2
Building Details
Year Built
1985
Units
2
Tenancy
Single
Listing Agency:
Zeustra Inc
Listed By:
Nick Myers · License #PA RS322215
Source:
Crexi
Added: Jul 29
Changed: Aug 29
Last Checked: Sep 1 at 11:39AM
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 Zeustra Inc
Investment Insights
Based on property information with market context.
This medical office condominium offering includes Units E102 and W103 at 151 NW 11th Street, totaling 5,762 square feet. The two units are 100% leased to Conviva Senior Primary Care under an absolute net lease, with the current term extending through May 31, 2035. Contractual rent increases are set at 2.5% annually, and the lease provides approximately 8.8 years of remaining term.
The property is in Homestead within the Miami Metropolitan Statistical Area. Access to the area includes Florida’s Turnpike, U.S. Route 1, and the Homestead Extension of Florida’s Turnpike. Nearby healthcare context includes Baptist Health Homestead Hospital, outpatient medical providers, and other healthcare facilities.
Built in 1985, the condominium investment offers a medical-use configuration with an established healthcare tenant and a long-term absolute net lease structure.
The property is in Homestead within the Miami Metropolitan Statistical Area. Access to the area includes Florida’s Turnpike, U.S. Route 1, and the Homestead Extension of Florida’s Turnpike. Nearby healthcare context includes Baptist Health Homestead Hospital, outpatient medical providers, and other healthcare facilities.
Built in 1985, the condominium investment offers a medical-use configuration with an established healthcare tenant and a long-term absolute net lease structure.
Key Highlights
- 5,762‑square‑foot medical office condominium investment
- Two units, E102 and W103, at 151 NW 11th Street
- 100% leased to Conviva Senior Primary Care
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
$152,722
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
5.15%
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%
$3,054,440
$3.1M
Cap Rate 7%
$2,181,743
$2.2M
Cap Rate 9%
$1,696,911
$1.7M
Market Conditions
NOI Build-Up for 5,762 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
$262.7K $45.60/SF
− Vacancy
−$59.1K −$10.26/SF
EGI
$203.6K $35.34/SF
− OpEx
−$50.9K −$8.84/SF
NOI
$152.7K $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /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%
$3,054,440
Cap Rate 7%
$2,181,743
Cap Rate 9%
$1,696,911
Alternative Uses
Best Use
Office B
$2.18M
$1.91M – $2.55M
NOI $152,722 @ 7.0% cap · market cap 5.15%
Second Best
Healthcare Medical
$1.08M
$949.0K – $1.27M
NOI $75,920 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$2.92M
$2.56M – $3.41M
NOI $204,631 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,404
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33030, FL
36,776
Population
11,217
Households
3.3
Avg Household Size
33
Median Age
15%
College-Educated
61%
High-School Grad
17.6 sq mi
ZIP Area
2,090
Density / Sq Mi
$43,231
Median Household Income
$28,214
Median Earnings
$1,307
Median Rent
$382,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two medical office condominium units are fully leased under an absolute net structure through May 2035.
Where is this medical office space located?
The property is located at 151 NW 11TH ST Unit E102 & W103 Homestead, FL.
What is the asking price?
The asking price for this property is $2,964,800.
What are key features of this property?
This property features: 5,762‑square‑foot medical office condominium investment; Two units, E102 and W103, at 151 NW 11th Street; 100% leased to Conviva Senior Primary Care
