Two-Story Office/Flex
For Sale
$799,000
16155 SW 117th Ave # B17, Miami, FL 33177
Turnkey two-story office flex unit with reception, private offices, conference room, kitchen, and four bathrooms.
Property Size2,700 SF
Price / SF$295.93
Days on Market52
Property Features for 16155 SW 117th Ave # B17
General Information
Standard status
Active
Size
2,700 SF
Total Parking Spaces
2
Property subtype
Flex Space
Zoning
I-UC
Building Details
Building Size
2,700 SF
Year Built
1989
Stories
2
Listing Agency:
Miami Brokers Group
(305) 454-2272
Listed By:
Michael Diaz · License #3245280
Source:
Miamibrokersgroup
Added: Jul 9
Changed: Aug 24
Last Checked: Aug 29 at 3:03PM
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 Miami Brokers Group
Investment Insights
Based on property information with market context.
This turnkey two-story office/flex condominium offers a professionally built-out layout designed for everyday professional use. The unit is constructed with durable CBS construction and includes a reception/lobby, two private offices, a conference room, a spacious open work area, a kitchen, and four bathrooms. The second floor features two oversized executive suites.
The property includes two dedicated parking spaces and is independently metered for electricity, water, and sewer. It is zoned I-UC (Industrial District Conditional), supporting office, flex, and light industrial uses.
As part of the South Dade Business Centre, the building’s monthly HOA fee of $330 covers exterior maintenance and repairs, building insurance, professional management, and capital reserves, contributing to predictable ownership costs in the business park environment.
The property includes two dedicated parking spaces and is independently metered for electricity, water, and sewer. It is zoned I-UC (Industrial District Conditional), supporting office, flex, and light industrial uses.
As part of the South Dade Business Centre, the building’s monthly HOA fee of $330 covers exterior maintenance and repairs, building insurance, professional management, and capital reserves, contributing to predictable ownership costs in the business park environment.
Key Highlights
- 2,700 SF two‑story Class B office/flex condominium built in 1989
- Built with CBS construction and includes reception/lobby, two private offices, conference room, open work area, and kitchen
- Second floor features two oversized executive suites plus four bathrooms total
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
$71,564
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
8.96%
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%
$1,431,280
$1.4M
Cap Rate 7%
$1,022,343
$1.0M
Cap Rate 9%
$795,156
$795.2K
Market Conditions
NOI Build-Up for 2,700 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
$123.1K $45.60/SF
− Vacancy
−$27.7K −$10.26/SF
EGI
$95.4K $35.34/SF
− OpEx
−$23.9K −$8.84/SF
NOI
$71.6K $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%
$1,431,280
Cap Rate 7%
$1,022,343
Cap Rate 9%
$795,156
Alternative Uses
Best Use
Office B
$1.02M
$894.6K – $1.19M
NOI $71,564 @ 7.0% cap · market cap 8.96%
Second Best
Flex RnD
$452.5K
$395.9K – $527.9K
NOI $31,674 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,888 @ 7.0% cap · market cap 12.00%
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
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Frequently Asked Questions
What type of property is this?
Flex space - Turnkey two-story office flex unit with reception, private offices, conference room, kitchen, and four bathrooms.
Where is this flex space located?
The property is located at 16155 SW 117th Ave # B17 Miami, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2,700 SF two‑story Class B office/flex condominium built in 1989; Built with CBS construction and includes reception/lobby, two private offices, conference room, open work area, and kitchen; Second floor features two oversized executive suites plus four bathrooms total
