Hialeah Flex Condo
For Sale
$424,125
1671 West 38th Place #1406, Hialeah, FL 33012
Versatile 1,305 SF flex space in a prime location.
Property Size1,305 SF
Price / SF$325
Days on Market161
Property Features for 1671 West 38th Place #1406
General Information
Standard status
Active
Size
1,305 SF
Property subtype
Industrial
Building Details
Building Size
1,305 SF
Year Built
1980
Listing Agency:
(786) 271-7712
Listed By:
Ivelisse Meneses, PA, CCIM
(786) 271-7712
Source:
Kaizenrealtypartners
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 8 at 6:04AM
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 Ivelisse Meneses, PA, CCIM
Investment Insights
Based on property information with market context.
This flex condo warehouse, located in the heart of Hialeah, offers 1,305 square feet of versatile space suitable for industrial uses such as distribution, manufacturing, and storage. The property features a front street-level loading door, a 20-foot ceiling height, and a twin-tee roof. Two assigned parking spaces are included. Built in 1980, the property is zoned for light manufacturing (4118). The space includes a reception/waiting area, a large open space, a workstation, storage, and a kitchenette. There is a restroom on the first floor. The second floor features a large executive office, four additional offices, and a restroom with a shower. The property is strategically situated blocks from the Palmetto Expressway, I-75, and Okeechobee Road, providing connectivity for logistics and client access. Located in West Hialeah, an industrial hub, the property is suited for businesses expanding or establishing operations.
Key Highlights
- Prime Hialeah location with unparalleled access to Palmetto Expressway, I‑75, and Okeechobee Road.
- Versatile 1,305 SF flex condo warehouse suitable for distribution, manufacturing, and storage.
- 20‑foot ceiling height and street‑level loading door ideal for industrial use.**
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
$19,666
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
4.64%
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%
$393,320
$393.3K
Cap Rate 7%
$280,943
$280.9K
Cap Rate 9%
$218,511
$218.5K
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
$32.9K $25.20/SF
− Vacancy
−$2.6K −$2.02/SF
EGI
$30.3K $23.18/SF
− OpEx
−$10.6K −$8.11/SF
NOI
$19.7K $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%
$393,320
Cap Rate 7%
$280,943
Cap Rate 9%
$218,511
Alternative Uses
Best Use
Flex RnD
$280.9K
$245.8K – $327.8K
NOI $19,666 @ 7.0% cap · market cap 4.64%
Second Best
Warehouse
$257.0K
$224.9K – $299.8K
NOI $17,988 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$513.6K
$449.4K – $599.3K
NOI $35,955 @ 7.0% cap · market cap 8.48%
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
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile 1,305 SF flex space in a prime location.
Where is this flex space located?
The property is located at 1671 West 38th Place #1406 Hialeah, FL.
What is the asking price?
The asking price for this property is $424,125.
What are key features of this property?
This property features: Prime Hialeah location with unparalleled access to Palmetto Expressway, I‑75, and Okeechobee Road.; Versatile 1,305 SF flex condo warehouse suitable for distribution, manufacturing, and storage.; 20‑foot ceiling height and street‑level loading door ideal for industrial use.**
