Flex Space with Warehouse
For Sale
$389,000
16723 SW 117th Ave # 6F, Miami, FL 33177
Combined warehouse, office, and restroom areas support a range of commercial configurations.
Property Size1,400 SF
Days on Market236
Property Features for 16723 SW 117th Ave # 6F
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Flex Space
Taxes and HOA fees
Annual Taxes
$3,693
Building Details
Building Size
1,400 SF
Year Built
2006
Listing Agency:
Jasal Int'l Realty
(305) 773-3635
Listed By:
Vincenzo Gugliotta Cassia · License #3478565
Source:
Miamibrokersgroup
Added: Jan 6
Changed: Aug 30
Last Checked: Aug 9 at 9:31AM
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 Jasal Int'l Realty
Investment Insights
Based on property information with market context.
This flex space at 16723 SW 117th Ave #6F includes warehouse, office, and restroom areas within a commercial building constructed in 2006. The warehouse portion provides 20 ft clear ceiling height, offering functional vertical capacity for business operations and storage.
The property is in Miami, FL 33177, with access to Turpinke and 826. Its combination of warehouse and office components provides a practical layout for commercial users requiring both work and support areas.
The property is in Miami, FL 33177, with access to Turpinke and 826. Its combination of warehouse and office components provides a practical layout for commercial users requiring both work and support areas.
Key Highlights
- 20 ft clear ceiling height in the warehouse area
- Includes warehouse, office space, and restrooms
- Constructed in 2006
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
$18,353
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
4.72%
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%
$367,060
$367.1K
Cap Rate 7%
$262,186
$262.2K
Cap Rate 9%
$203,922
$203.9K
Market Conditions
NOI Build-Up for 1,400 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
$22.8K $16.32/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$21.6K $15.42/SF
− OpEx
−$3.2K −$2.31/SF
NOI
$18.4K $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%
$367,060
Cap Rate 7%
$262,186
Cap Rate 9%
$203,922
Alternative Uses
Best Use
Office B
$530.1K
$463.8K – $618.5K
NOI $37,107 @ 7.0% cap · market cap 9.54%
Second Best
Warehouse
$262.2K
$229.4K – $305.9K
NOI $18,353 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$710.3K
$621.5K – $828.7K
NOI $49,720 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
406
Businesses Nearby
Under-served
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 Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Combined warehouse, office, and restroom areas support a range of commercial configurations.
Where is this flex space located?
The property is located at 16723 SW 117th Ave # 6F Miami, FL.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: 20 ft clear ceiling height in the warehouse area; Includes warehouse, office space, and restrooms; Constructed in 2006
