Remodeled Warehouse Condo with Retail
For Sale
Contact for pricing
16637 SW 117th Ave # 8B, Miami, FL 33177
Remodeled warehouse condo with flexible zoning, running business opportunity.
Property Size1,440 SF
Price / SF$415.97
Days on Market332
Property Features for 16637 SW 117th Ave # 8B
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Industrial, Retail
Zoning
7700
Building Details
Year Built
2006
Buildings
1
Stories
2
Listing Agency:
Brickell Realty Group, LLC
(786) 241-6446
Listed By:
Peter Dominguez P.A · License #3053917
Source:
Crexi
Added: Sep 27, 2025
Changed: Aug 8
Last Checked: Aug 8 at 3:21PM
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 Brickell Realty Group, LLC
Investment Insights
Based on property information with market context.
This is a remodeled warehouse condo featuring 1440 square feet. The property has flexible zoning suitable for retail and light manufacturing. It has been successfully operating for over 10 years. The entire space is air-conditioned. A custom-built mezzanine level has been added with all necessary permits. The unit includes 4 assigned parking spaces. It is centrally located off 117th Avenue and 152nd Street. The property presents an income opportunity.
Key Highlights
- Fully remodeled warehouse with 1440 sq ft condo
- Flexible zoning for retail and light manufacturing
- Includes a custom‑built mezzanine level with all permits
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
$18,877
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
3.15%
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%
$377,540
$377.5K
Cap Rate 7%
$269,671
$269.7K
Cap Rate 9%
$209,744
$209.7K
Market Conditions
NOI Build-Up for 1,440 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
$23.5K $16.32/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$22.2K $15.42/SF
− OpEx
−$3.3K −$2.31/SF
NOI
$18.9K $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%
$377,540
Cap Rate 7%
$269,671
Cap Rate 9%
$209,744
Alternative Uses
Best Use
Warehouse
$269.7K
$236.0K – $314.6K
NOI $18,877 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$730.6K
$639.3K – $852.3K
NOI $51,140 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
546
Businesses Nearby
Balanced
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?
Warehouse - Remodeled warehouse condo with flexible zoning, running business opportunity.
Where is this warehouse located?
The property is located at 16637 SW 117th Ave # 8B Miami, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Fully remodeled warehouse with 1440 sq ft condo; Flexible zoning for retail and light manufacturing; Includes a custom‑built mezzanine level with all permits
