Warehouse with 18-Foot
For Sale
$497,500
1671 W 38th Place Unit 1406, Hialeah, FL 33012
Updated warehouse features 18-foot clear ceilings, a 14-foot street-level door, and a private office.
Property Size1,305 SF
Price / SF$381.23
Days on Market52
Property Features for 1671 W 38th Place Unit 1406
General Information
Standard status
Active
Size
1,305 SF
Property subtype
Mixed Use
Building Details
Year Built
1980
Listing Agency:
Cespedes Realty LLC
(305) 603-7739
Listed By:
David Cespedes · License #3253120
(786) 326-4574
Source:
Lehmannflorida
Added: Jul 14
Changed: Sep 3
Last Checked: Sep 2 at 5:56PM
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 Cespedes Realty LLC
Investment Insights
Based on property information with market context.
This warehouse offers updated interior improvements and a practical layout for light storage and operations. Key features include 18' clear ceilings and a 14' street-level door, along with one office for on-site administration. The property also notes a Twin T concrete roof.
The warehouse is located in West Hialeah, close to the Palmetto, and positioned between 49th St and Okeechobee Rd, providing convenient access to major area routes.
Measuring 1,305 SF, the space is configured as a single warehouse unit with an office.</text>
The warehouse is located in West Hialeah, close to the Palmetto, and positioned between 49th St and Okeechobee Rd, providing convenient access to major area routes.
Measuring 1,305 SF, the space is configured as a single warehouse unit with an office.</text>
Key Highlights
- Warehouse building, 1,305 SF
- 18‑foot clear ceilings
- 14‑foot street‑level door
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
$17,988
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
3.62%
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%
$359,760
$359.8K
Cap Rate 7%
$256,971
$257.0K
Cap Rate 9%
$199,867
$199.9K
Market Conditions
NOI Build-Up for 1,305 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
$22.4K $17.16/SF
− Vacancy
−$1.2K −$0.94/SF
EGI
$21.2K $16.22/SF
− OpEx
−$3.2K −$2.43/SF
NOI
$18.0K $13.78/SF
Area
Hialeah, FL
Vacancy
5.50%
Lease Rate
$17.16 /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%
$359,760
Cap Rate 7%
$256,971
Cap Rate 9%
$199,867
Alternative Uses
Best Use
Warehouse
$257.0K
$224.9K – $299.8K
NOI $17,988 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$513.6K
$449.4K – $599.3K
NOI $35,955 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,693
Businesses Nearby
Balanced
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Updated warehouse features 18-foot clear ceilings, a 14-foot street-level door, and a private office.
Where is this warehouse located?
The property is located at 1671 W 38th Place Unit 1406 Hialeah, FL.
What is the asking price?
The asking price for this property is $497,500.
What are key features of this property?
This property features: Warehouse building, 1,305 SF; 18‑foot clear ceilings; 14‑foot street‑level door
