Two-Story Flex Space with
New
For Sale
$750,000
16155 SW 117th Ave B21, Miami, FL 33177
Two-story flex condominium combines office space with warehouse functionality and grade-level loading.
Property Size2,050 SF
Price / SF$365.85
Days on Market3
Property Features for 16155 SW 117th Ave B21
General Information
Standard status
Active
Size
2,050 SF
Total Parking Spaces
4
Zoning
IUC
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
2
Three-Phase Power
Yes
Additional Details
Highway Access
Yes
Office Units
2
Building Details
Year Built
1989
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Fairchild Partners, Inc.
(305) 668-0620
Listed By:
Floriberto Puente
Source:
Mymiahomes
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 19 at 10:13AM
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 includes two adjacent office/flex units, each measuring 2,050 square feet, for a combined 4,100 square feet. The units are currently connected through a pass-through that can be closed, allowing continued use as one occupancy or separation into individual spaces. Each unit features a glass entry door and a rear street-level overhead door. Warehouse and loading areas provide 18-foot clear ceilings, grade-level access, and 3-phase electrical service.
The property is located within South Dade Business Center at 16155 SW 117th Ave in Miami. It sits near the Turnpike and Miami Executive Airport, with four dedicated parking spaces plus additional parking throughout the business park. Miami-Dade County I-UC, Industrial Conditional zoning supports office, warehouse, flex, and light industrial uses.
The property is located within South Dade Business Center at 16155 SW 117th Ave in Miami. It sits near the Turnpike and Miami Executive Airport, with four dedicated parking spaces plus additional parking throughout the business park. Miami-Dade County I-UC, Industrial Conditional zoning supports office, warehouse, flex, and light industrial uses.
Key Highlights
- Two adjacent office/flex units, each 2,050 SF; combined size is 4,100 SF
- Two‑story layout with a connecting pass‑through that can be closed
- 18‑foot clear ceilings in warehouse and loading areas
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
7.24%
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 7.24%
Second Best
Warehouse
$383.9K
$335.9K – $447.9K
NOI $26,874 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$1.04M
$910.1K – $1.21M
NOI $72,804 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
2
Drive-in doors
2
Office units
Single-tenant
Tenancy
Yes
Highway access
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 - Two-story flex condominium combines office space with warehouse functionality and grade-level loading.
Where is this flex space located?
The property is located at 16155 SW 117th Ave B21 Miami, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two adjacent office/flex units, each 2,050 SF; combined size is 4,100 SF; Two‑story layout with a connecting pass‑through that can be closed; 18‑foot clear ceilings in warehouse and loading areas
