Medical Office Condo For
For Sale
$699,000
151 NW 11th Street W301, Homestead, FL 33030
Medical office condo in Homestead, ready for immediate use.
Property Size1,744 SF
Price / SF$400.80
Days on Market134
Property Features for 151 NW 11th Street W301
General Information
Standard status
Active
Size
1,744 SF
Building Details
Year Built
1985
Listing Agency:
The Lab Realty Group, LLC
Listed By:
Frank Costa · License #3334760
(786) 573-5151
Source:
Thepennteam
Added: Apr 24
Changed: Sep 3
Last Checked: Sep 2 at 6:39PM
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 The Lab Realty Group, LLC
Investment Insights
Based on property information with market context.
This property presents an opportunity to own a medical office condo located in a growing area of Homestead, Florida. The space is described as clean and functional, making it suitable for immediate use. It is presented as ideal for doctors, specialists, or professional services. The location has a bike score of 50, indicating it is bikeable. The walk score is 25, suggesting car dependence. The transit score is 25, indicating some transit options are available.
Key Highlights
- Ready for immediate use
- Perfect for doctors, specialists, or professional services
- Clean, functional space offers an excellent opportunity to own a medical office condo
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
$46,225
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
6.61%
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%
$924,500
$924.5K
Cap Rate 7%
$660,357
$660.4K
Cap Rate 9%
$513,611
$513.6K
Market Conditions
NOI Build-Up for 1,744 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
$79.5K $45.60/SF
− Vacancy
−$17.9K −$10.26/SF
EGI
$61.6K $35.34/SF
− OpEx
−$15.4K −$8.84/SF
NOI
$46.2K $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%
$924,500
Cap Rate 7%
$660,357
Cap Rate 9%
$513,611
Alternative Uses
Best Use
Office B
$660.4K
$577.8K – $770.4K
NOI $46,225 @ 7.0% cap · market cap 6.61%
Second Best
Healthcare Medical
$328.3K
$287.2K – $383.0K
NOI $22,979 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$884.8K
$774.2K – $1.03M
NOI $61,936 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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?
Medical Office Space - Medical office condo in Homestead, ready for immediate use.
Where is this medical office space located?
The property is located at 151 NW 11th Street W301 Homestead, FL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Ready for immediate use; Perfect for doctors, specialists, or professional services; Clean, functional space offers an excellent opportunity to own a medical office condo
