Office Unit with Private
For Sale
$499,900
1627 SW 37th Avenue Cu-1, Miami, FL 33145
Bright office condo includes central air, secure storage, and a private restroom.
Property Size1,107 SF
Price / SF$451.58
Days on Market37
Property Features for 1627 SW 37th Avenue Cu-1
General Information
Standard status
Active
Size
1,107 SF
Building Details
Year Built
2004
Listing Agency:
MJ Estates, Inc.
(305) 984-8693
Listed By:
Mauricio M Jalil · License #3207268
Source:
Chenoregroup
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 25 at 4:16AM
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 1,107 SF office condominium at 1627 SW 37th Avenue, Cu1, features a bright, efficient interior with central A/C, a private restroom, and a secured storage and coat closet. The property was built in 2004 and includes access to well-maintained common areas.
The unit sits on Douglas Rd near SW 16 St, with access to Coral Gables, Brickell, Miami International Airport, and major corridors. Parking includes flexible options for owners, with up to 3 guest vehicles accommodated at a time and additional 20-minute parking directly in front of the unit. The space is currently leased through December 2026, with annual increases specified in the lease.
The unit sits on Douglas Rd near SW 16 St, with access to Coral Gables, Brickell, Miami International Airport, and major corridors. Parking includes flexible options for owners, with up to 3 guest vehicles accommodated at a time and additional 20-minute parking directly in front of the unit. The space is currently leased through December 2026, with annual increases specified in the lease.
Key Highlights
- 1,107 SF office condominium built in 2004
- Private interior restroom and secured storage/coat closet
- Central A/C and efficient interior layout
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
$36,117
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
7.22%
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%
$722,340
$722.3K
Cap Rate 7%
$515,957
$516.0K
Cap Rate 9%
$401,300
$401.3K
Market Conditions
NOI Build-Up for 1,107 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
$57.5K $51.96/SF
− Vacancy
−$5.9K −$5.35/SF
EGI
$51.6K $46.61/SF
− OpEx
−$15.5K −$13.98/SF
NOI
$36.1K $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%
$722,340
Cap Rate 7%
$515,957
Cap Rate 9%
$401,300
Alternative Uses
Best Use
Retail
$516.0K
$451.5K – $602.0K
NOI $36,117 @ 7.0% cap · market cap 7.22%
Second Best
Office B
$453.7K
$397.0K – $529.3K
NOI $31,757 @ 7.0% cap · market cap 6.35%
Theoretical Best
Specialty Retail
$747.2K
$653.8K – $871.8K
NOI $52,306 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,718
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Bright office condo includes central air, secure storage, and a private restroom.
Where is this office units located?
The property is located at 1627 SW 37th Avenue 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: 1,107 SF office condominium built in 2004; Private interior restroom and secured storage/coat closet; Central A/C and efficient interior layout
