Flex Space with Exposed
For Sale
$390,000
1671 W 37th St # 1, Hialeah, FL 33012
Commercial suite with 7100 zoning and exposed ceiling construction.
Property Size963 SF
Days on Market56
Property Features for 1671 W 37th St # 1
General Information
Standard status
Active
Size
963 SF
Property subtype
Mixed Use
Building Details
Building Size
963 SF
Year Built
1989
Listing Agency:
Phantom Real Estate
Listed By:
Ernesto Varela Echevarria · License #3578326
(530) 307-0983
Source:
Miamibrokersgroup
Added: Aug 4
Changed: Sep 26
Last Checked: Sep 26 at 12:38PM
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 Phantom Real Estate
Investment Insights
Based on property information with market context.
Suite 1 at 1671 W 37th St is configured as flex space with exposed ceilings and a commercial zoning designation identified as 7100. The property was built in 1989.
Permitted uses, zoning interpretation, and applicable requirements should be confirmed with the appropriate local authorities before pursuing a specific occupancy or use.
Permitted uses, zoning interpretation, and applicable requirements should be confirmed with the appropriate local authorities before pursuing a specific occupancy or use.
Key Highlights
- Flex space with exposed ceilings
- Zoning designation: 7100
- Built in 1989
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
$14,512
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
3.72%
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%
$290,240
$290.2K
Cap Rate 7%
$207,314
$207.3K
Cap Rate 9%
$161,244
$161.2K
Market Conditions
NOI Build-Up for 963 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
$24.3K $25.20/SF
− Vacancy
−$1.9K −$2.02/SF
EGI
$22.3K $23.18/SF
− OpEx
−$7.8K −$8.11/SF
NOI
$14.5K $15.07/SF
Area
Hialeah, FL
Vacancy
8.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
35.00%
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%
$290,240
Cap Rate 7%
$207,314
Cap Rate 9%
$161,244
Alternative Uses
Best Use
Flex RnD
$207.3K
$181.4K – $241.9K
NOI $14,512 @ 7.0% cap · market cap 3.72%
Second Best
Industrial
$156.2K
$136.6K – $182.2K
NOI $10,931 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$379.0K
$331.7K – $442.2K
NOI $26,533 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,464
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33012, FL
70,260
Population
25,923
Households
2.7
Avg Household Size
48
Median Age
18%
College-Educated
72%
High-School Grad
5.9 sq mi
ZIP Area
11,908
Density / Sq Mi
$45,818
Median Household Income
$32,039
Median Earnings
$1,562
Median Rent
$355,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial suite with 7100 zoning and exposed ceiling construction.
Where is this flex space located?
The property is located at 1671 W 37th St # 1 Hialeah, FL.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Flex space with exposed ceilings; Zoning designation: 7100; Built in 1989
