Mint Retail/Office Condo
For Sale
$499,900
1627 SW 37th Avenue CU-1, Miami, FL 33145
Move-in-ready condo with private restroom, secure storage, and central A/C for professional or medical use.
Property Size1,107 SF
Price / SF$454.45
Days on Market85
Property Features for 1627 SW 37th Avenue CU-1
General Information
Standard status
Active
Size
1,107 SF
Class
blue-chip
Total Parking Spaces
3
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 M Jalil · License #3207268
(305) 984-8693
Source:
Silverleafrealtygroup
Added: Jun 1
Changed: Aug 23
Last Checked: Aug 23 at 6:03AM
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 mint-condition retail/office condo suite offers a bright, efficient interior layout designed for professional, medical, or creative users. The space includes a spacious private inside restroom and a secure storage/coat closet, along with central A/C. The unit is supported by well-kept common areas and is offered with low operating costs.
The property is located on the east side of Douglas Rd near SW 16 St in Coral Gables, providing convenient access to surrounding business corridors. Flexible parking is available, with owners only able to rent 1–2 dedicated parking spaces, subject to availability. Guest parking accommodates up to three client vehicles at a time, and additional 20-minute parking is located directly in front of the unit. Metered and street parking are available across the street.
For tenants, this configuration supports everyday client-facing operations that benefit from an in-unit restroom and controlled storage. For investors, the suite is currently leased through December 2026, offering ongoing income tied to the existing tenant occupancy while minimizing day-to-day management needs.
The property is located on the east side of Douglas Rd near SW 16 St in Coral Gables, providing convenient access to surrounding business corridors. Flexible parking is available, with owners only able to rent 1–2 dedicated parking spaces, subject to availability. Guest parking accommodates up to three client vehicles at a time, and additional 20-minute parking is located directly in front of the unit. Metered and street parking are available across the street.
For tenants, this configuration supports everyday client-facing operations that benefit from an in-unit restroom and controlled storage. For investors, the suite is currently leased through December 2026, offering ongoing income tied to the existing tenant occupancy while minimizing day-to-day management needs.
Key Highlights
- 2004‑built prime retail/office condo on Douglas Rd (SW 37 Ave, east side) near SW 16 St
- Over 1,100 SF with a spacious private inside restroom plus a secure storage/coat closet
- Central A/C, mint condition interior, and well‑kept common areas with low operating costs
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
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
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Frequently Asked Questions
What type of property is this?
Office units - Move-in-ready condo with private restroom, secure storage, and central A/C for professional or medical use.
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: 2004‑built prime retail/office condo on Douglas Rd (SW 37 Ave, east side) near SW 16 St; Over 1,100 SF with a spacious private inside restroom plus a secure storage/coat closet; Central A/C, mint condition interior, and well‑kept common areas with low operating costs
