Corner Flex-Space Condominium For
For Sale
Contact for pricing
16155 SW 117th Ave # B1, Miami, FL 33177
Two-story flex space with office and warehouse areas.
Property Size1,850 SF
Price / SF$365
Days on Market209
Property Features for 16155 SW 117th Ave # B1
General Information
Standard status
Active
Size
1,850 SF
Property subtype
Industrial
Zoning
7700
Building Details
Year Built
1989
Listing Agency:
The Katsikos Group, Inc.
(305) 717-1880
Listed By:
Martha Rodriguez · License #0678410
Source:
Crexi
Added: Jan 16
Changed: Aug 7
Last Checked: Aug 11 at 8:15PM
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 Katsikos Group, Inc.
Investment Insights
Based on property information with market context.
This corner two-story flex-space condominium, Unit #B1, offers a total of 1,850 square feet in excellent condition. Constructed in 1989, the CBS "Class B" building is located within the South Dade Business Centre Condominium. The layout includes 1,400 square feet of office space across the first and second floors, complemented by a 450-square-foot warehouse/storage area. The office area features carpet over slab flooring, acoustical ceiling tiles, and wood trimmings. The warehouse area has polished concrete floors. The unit includes two bathrooms and a 10x12 rear loading street-level door. It features a 16-foot clear ceiling height and is zoned I-UC, Industrial Conditional (Miami-Dade County), making it suitable for office, warehouse, flex, or light industrial use. Parking is available on a first-come, first-served basis, with guest parking also provided. Each unit is independently metered for electricity and water/sewer. Association approval is required, and the monthly association fee is $330.00.
Key Highlights
- 1,850 total sf corner two story flex‑space condominium.
- I‑UC, Industrial Conditional (Miami‑Dade County) zoning allows for office, warehouse, flex, or light industrial use.
- 450 sf of warehouse/storage area with 10X12 rear loading street level door and polished concrete floors.**
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
$49,034
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
7.26%
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%
$980,680
$980.7K
Cap Rate 7%
$700,486
$700.5K
Cap Rate 9%
$544,822
$544.8K
Market Conditions
NOI Build-Up for 1,850 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
$84.4K $45.60/SF
− Vacancy
−$19.0K −$10.26/SF
EGI
$65.4K $35.34/SF
− OpEx
−$16.3K −$8.84/SF
NOI
$49.0K $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%
$980,680
Cap Rate 7%
$700,486
Cap Rate 9%
$544,822
Alternative Uses
Best Use
Office B
$700.5K
$612.9K – $817.2K
NOI $49,034 @ 7.0% cap · market cap 7.26%
Second Best
Warehouse
$346.5K
$303.2K – $404.2K
NOI $24,252 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$938.6K
$821.3K – $1.10M
NOI $65,701 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Nets Girls Catering & Social Club — 14501 Jefferson St, Miami, FL 33176
- Boni's Paella Party — 16155 SW 117th Ave STE B8, Miami, FL 33177
- Delmar Paella — 11101 SW 161st St, Miami, FL 33157
Frequently Asked Questions
What type of property is this?
Flex space - Two-story flex space with office and warehouse areas.
Where is this flex space located?
The property is located at 16155 SW 117th Ave # B1 Miami, FL.
What is the asking price?
The asking price for this property is $675,250.
What are key features of this property?
This property features: 1,850 total sf corner two story flex‑space condominium.; I‑UC, Industrial Conditional (Miami‑Dade County) zoning allows for office, warehouse, flex, or light industrial use.; 450 sf of warehouse/storage area with 10X12 rear loading street level door and polished concrete floors.**
