Two-Story Flex Industrial
For Sale
$830,000
16115 SW 117th Ave # A6, Miami, FL 33177
Remodeled two-story flex condo with showroom, upstairs offices, and rear-loading street-level door.
Property Size2,050 SF
Price / SF$404.88
Days on Market51
Property Features for 16115 SW 117th Ave # A6
General Information
Standard status
Active
Size
2,050 SF
Class
B
Property subtype
Industrial
Zoning
I-UC
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
1
Building Details
Building Size
2,050 SF
Year Built
1982
Stories
2
Listing Agency:
The Canero Group
(305) 588-1826
Listed By:
Maria Bolanos · License #3278607
Source:
Miamibrokersgroup
Added: Jul 10
Changed: Aug 24
Last Checked: Aug 29 at 2:30PM
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 Canero Group
Investment Insights
Based on property information with market context.
Remodeled 2,050 SF two-story flex-space industrial condo built in 1989 with Class B CBS construction. The ground floor includes a redesigned professional showroom and a remodeled bathroom. Upstairs provides an expansive office layout with a private kitchenette area. The unit also features dual climate control with two separate A/C units, including one dedicated to fully climate-controlling the warehouse space. Logistics are supported by a 10’ x 12’ rear-loading, street-level door and a high 16’–18’ clear ceiling height.
The property is located within the South Dade Business Centre and is zoned I-UC (Industrial District Conditional, Miami-Dade). Electric, water, and sewer are independently metered. Parking is first-come, first-served with guest spaces available, and association approval is required. The monthly association fee is $330 and covers exterior maintenance, building insurance, management, and capital reserves.
The property is located within the South Dade Business Centre and is zoned I-UC (Industrial District Conditional, Miami-Dade). Electric, water, and sewer are independently metered. Parking is first-come, first-served with guest spaces available, and association approval is required. The monthly association fee is $330 and covers exterior maintenance, building insurance, management, and capital reserves.
Key Highlights
- Remodeled 2,050 SF two‑story flex industrial condo with redesigned showroom on the ground floor and upstairs office layout.
- Dual climate control with two separate A/C units—one for offices/showroom and a second dedicated to fully climate‑controlling the warehouse.
- Warehouse access includes one 10' x 12' rear‑loading street‑level door and 16'-18' clear ceiling height.
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
$54,335
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
6.55%
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%
$1,086,700
$1.1M
Cap Rate 7%
$776,214
$776.2K
Cap Rate 9%
$603,722
$603.7K
Market Conditions
NOI Build-Up for 2,050 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
$93.5K $45.60/SF
− Vacancy
−$21.0K −$10.26/SF
EGI
$72.4K $35.34/SF
− OpEx
−$18.1K −$8.84/SF
NOI
$54.3K $26.51/SF
Area
ZIP 33177
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%
$1,086,700
Cap Rate 7%
$776,214
Cap Rate 9%
$603,722
Alternative Uses
Best Use
Office B
$776.2K
$679.2K – $905.6K
NOI $54,335 @ 7.0% cap · market cap 6.55%
Second Best
Warehouse
$383.9K
$335.9K – $447.9K
NOI $26,874 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$1.04M
$910.1K – $1.21M
NOI $72,804 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
530
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33177, FL
56,331
Population
17,124
Households
3.3
Avg Household Size
41
Median Age
23%
College-Educated
84%
High-School Grad
12.6 sq mi
ZIP Area
4,471
Density / Sq Mi
$77,297
Median Household Income
$36,347
Median Earnings
$2,080
Median Rent
$399,000
Median Home Value
Market
Vacancy Rate% for Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Remodeled two-story flex condo with showroom, upstairs offices, and rear-loading street-level door.
Where is this flex space located?
The property is located at 16115 SW 117th Ave # A6 Miami, FL.
What is the asking price?
The asking price for this property is $830,000.
What are key features of this property?
This property features: Remodeled 2,050 SF two‑story flex industrial condo with redesigned showroom on the ground floor and upstairs office layout.; Dual climate control with two separate A/C units—one for offices/showroom and a second dedicated to fully climate‑controlling the warehouse.; Warehouse access includes one 10' x 12' rear‑loading street‑level door and 16'-18' clear ceiling height.
