Retail/Office Condo Suite with
For Sale
$499,900
1627 SW 37th Ave # 1 Unit CU-1, Miami, FL 33145
Condo suite with private restroom, central A/C, and secure storage, currently leased through December 2026.
Property Size1,107 SF
Price / SF$454.45
Days on Market85
Property Features for 1627 SW 37th Ave # 1 Unit CU-1
General Information
Standard status
Active
Size
1,107 SF
Property subtype
Mixed Use
Additional Details
Cap Rate
6%
Taxes and HOA fees
Annual Taxes
$6,500
Building Details
Building Size
1,107 SF
Year Built
2004
Tenancy
Single
Listing Agency:
MJ Estates, Inc.
(305) 984-8693
Listed By:
Mauricio Jalil · License #3207268
Source:
Marcelosteinmander
Added: Jun 1
Changed: Aug 23
Last Checked: Aug 23 at 10:15AM
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 MJ Estates, Inc.
Investment Insights
Based on property information with market context.
This Coral Gables retail/office condo suite features mint-condition interior finishes and a bright, efficient layout. The space includes a spacious private inside restroom plus a secure storage/coat closet. Central A/C supports year-round comfort, and the common areas are well-kept, helping keep day-to-day operations straightforward. The unit measures over 1,100 SF and is configured as a standalone suite within the condo setting.
The property is located on Douglas Rd (SW 37 Ave) on the east side, near SW 16 St, providing practical access to Coral Gables, Brickell, the airport, and major corridors. The seller may finance, offering an additional option for qualified buyers.
The suite is currently leased until December 2026 to an established tenant, with a gross annual income of $45,084 and very low expenses. The offering is presented at a 6% CAP rate and includes annual increases, based on the information provided. For professional and medical-oriented operators, the layout supports a tidy, client-ready presentation with essential in-suite improvements already in place.
The property is located on Douglas Rd (SW 37 Ave) on the east side, near SW 16 St, providing practical access to Coral Gables, Brickell, the airport, and major corridors. The seller may finance, offering an additional option for qualified buyers.
The suite is currently leased until December 2026 to an established tenant, with a gross annual income of $45,084 and very low expenses. The offering is presented at a 6% CAP rate and includes annual increases, based on the information provided. For professional and medical-oriented operators, the layout supports a tidy, client-ready presentation with essential in-suite improvements already in place.
Key Highlights
- Retail/office condo suite built in 2004 with over 1,100 SF on Douglas Rd (SW 37 Ave), east side near SW 16 St
- Currently leased through December 2026, generating gross annual income of $45,084
- Central A/C and low operating costs with well‑kept common 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
$35,888
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
7.18%
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%
$717,760
$717.8K
Cap Rate 7%
$512,686
$512.7K
Cap Rate 9%
$398,756
$398.8K
Market Conditions
NOI Build-Up for 1,100 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
$57.2K $51.96/SF
− Vacancy
−$5.9K −$5.35/SF
EGI
$51.3K $46.61/SF
− OpEx
−$15.4K −$13.98/SF
NOI
$35.9K $32.63/SF
Area
Miami, FL
Vacancy
10.30%
Lease Rate
$51.96 /SF/Yr
Expense Ratio
30.00%
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%
$717,760
Cap Rate 7%
$512,686
Cap Rate 9%
$398,756
Alternative Uses
Best Use
Retail
$512.7K
$448.6K – $598.1K
NOI $35,888 @ 7.0% cap · market cap 7.18%
Second Best
Office B
$450.8K
$394.5K – $525.9K
NOI $31,556 @ 7.0% cap · market cap 6.31%
Theoretical Best
Specialty Retail
$742.5K
$649.7K – $866.3K
NOI $51,975 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,224
Businesses Nearby
Explore this area
Business Placement
Demographics for 33145, FL
29,737
Population
12,773
Households
2.3
Avg Household Size
44
Median Age
42%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$70,592
Median Household Income
$43,039
Median Earnings
$1,769
Median Rent
$560,300
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?
Office units - Condo suite with private restroom, central A/C, and secure storage, currently leased through December 2026.
Where is this office units located?
The property is located at 1627 SW 37th Ave # 1 Unit CU-1 Miami, FL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Retail/office condo suite built in 2004 with over 1,100 SF on Douglas Rd (SW 37 Ave), east side near SW 16 St; Currently leased through December 2026, generating gross annual income of $45,084; Central A/C and low operating costs with well‑kept common areas
