Versatile Flex Condominium in
For Sale
$1,500,000
16155 SW 117th Ave B20, Miami, FL 33177
Two-story flex condo with office and warehouse space.
Property Size4,100 SF
Price / SF$365.85
Days on Market84
Property Features for 16155 SW 117th Ave B20
General Information
Standard status
Active
Size
4,100 SF
Property subtype
Commercial
Building Details
Building Size
4,100 SF
Year Built
1989
Stories
2
Listing Agency:
Fairchild Partners, Inc.
(305) 606-2097
Listed By:
Floriberto Puente
(305) 606-2097
Source:
Elliman
Added: May 21
Changed: Aug 8
Last Checked: Aug 12 at 6:09AM
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 Fairchild Partners, Inc.
Investment Insights
Based on property information with market context.
This two-story flex condominium offers a combination of office and warehouse space in a Miami location. The property consists of two office/flex units adjacent to each other, totaling 4,100 square feet. The units can be sold together or separately and are currently used as one space with a pass-through area that can be closed. Located in the South Dade Business Center, each unit features a glass front door and a rear street-level overhead door. The property includes four dedicated parking spaces, with additional parking available throughout the business park. The location on SW 117th Avenue provides easy access to the Turnpike and proximity to Miami Executive Airport. Zoned I-UC, Industrial Conditional, the property is suitable for office, warehouse, flex, or light industrial use. The warehouse/loading areas feature 18-foot clear ceilings and grade-level loading doors. The property also includes 3-phase electrical service. Potential business uses include office, medical billing, creative agencies, corporate satellite offices, food prep/catering, light manufacturing, logistics, HVAC/plumbing/electrical contractors, and e-commerce inventory operations. The property has a bike score of 34, walk score of 26, and transit score of 32.
Key Highlights
- Highly accessible Miami location right off the Turnpike with easy access to the highway and close to Miami Executive Airport.
- Versatile flex condominium with a combination of office and warehouse space.
- Two adjacent units totaling 4,100 sf that can be sold together or separately.
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
$53,747
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
3.58%
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%
$1,074,940
$1.1M
Cap Rate 7%
$767,814
$767.8K
Cap Rate 9%
$597,189
$597.2K
Market Conditions
NOI Build-Up for 4,100 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
$66.9K $16.32/SF
− Vacancy
−$3.7K −$0.90/SF
EGI
$63.2K $15.42/SF
− OpEx
−$9.5K −$2.31/SF
NOI
$53.7K $13.11/SF
Area
ZIP 33177
Vacancy
5.50%
Lease Rate
$16.32 /SF/Yr
Expense Ratio
15.00%
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%
$1,074,940
Cap Rate 7%
$767,814
Cap Rate 9%
$597,189
Alternative Uses
Best Use
Warehouse
$767.8K
$671.8K – $895.8K
NOI $53,747 @ 7.0% cap · market cap 3.58%
Second Best
Flex RnD
$687.1K
$601.2K – $801.6K
NOI $48,098 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,607 @ 7.0% cap · market cap 9.71%
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 Industrial in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story flex condo with office and warehouse space.
Where is this flex space located?
The property is located at 16155 SW 117th Ave B20 Miami, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Highly accessible Miami location right off the Turnpike with easy access to the highway and close to Miami Executive Airport.; Versatile flex condominium with a combination of office and warehouse space.; Two adjacent units totaling 4,100 sf that can be sold together or separately.
