Remodeled Two-Story Flex
For Sale
$420,000
1701 W 37th St, Hialeah, FL 33012
COMMERCIAL - Hialeah, FL
Property Size1,300 SF
Lot Size0.03 Acres
Price / SF$323.08
Days on Market62
Property Features for 1701 W 37th St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
7100
Subdivision
30
Standard status
Active
APN
04-30-02-195-0080
Lot size
0.03 Acres
Taxes and HOA fees
Tax Description
PALMETTO COMMERCIAL WHSES CONDO UNIT BAY 15 BLDG 1701 UNDIV 1/52 INT IN COMMON ELEMENTS OFF REC 19086-3217 OR 20052-4248 11/2001 2 (8) COC 2
HOA Fee
$412 Monthly
Legal Description
PALMETTO COMMERCIAL WHSES CONDO UNIT BAY 15 BLDG 1701 UNDIV 1/52 INT IN COMMON ELEMENTS OFF REC 19086-3217 OR 20052-4248 11/2001 2 (8) COC 2
Amenities
security camera system
Building Details
Year built
2000
Listing Agency:
Brickell Investment Realty
(305) 372-0114
Listed By:
Sebastian Simms · License #3099784
(786) 285-6672
Added: Jun 25
Changed: Aug 19
Last Checked: Aug 25 at 12:06PM
MLS# A11998189
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,300-square-foot flex space occupies two stories and was remodeled for practical commercial use. The interior combines private offices, a private bathroom, and adaptable open space suited to light manufacturing, craftsmanship, or professional workspace. The property was built in 2000 and includes a security camera system.
The unit is located at 1701 W 37th St in Hialeah, Florida, within Miami-Dade County. Two assigned parking spaces accompany the property, supporting daily access for occupants and visitors. The combination of office areas, functional support space, and open floor area provides a flexible layout for a range of documented business uses.
The unit is located at 1701 W 37th St in Hialeah, Florida, within Miami-Dade County. Two assigned parking spaces accompany the property, supporting daily access for occupants and visitors. The combination of office areas, functional support space, and open floor area provides a flexible layout for a range of documented business uses.
Key Highlights
- 1,300‑square‑foot two‑story flex space
- Completely remodeled interior with private offices and bathroom
- Open area suited to light manufacturing, craftsmanship, or professional workspace
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
$19,590
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
4.66%
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%
$391,800
$391.8K
Cap Rate 7%
$279,857
$279.9K
Cap Rate 9%
$217,667
$217.7K
Market Conditions
NOI Build-Up for 1,300 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
$32.8K $25.20/SF
− Vacancy
−$2.6K −$2.02/SF
EGI
$30.1K $23.18/SF
− OpEx
−$10.5K −$8.11/SF
NOI
$19.6K $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%
$391,800
Cap Rate 7%
$279,857
Cap Rate 9%
$217,667
Alternative Uses
Best Use
Flex RnD
$279.9K
$244.9K – $326.5K
NOI $19,590 @ 7.0% cap · market cap 4.66%
Second Best
Warehouse
$256.0K
$224.0K – $298.7K
NOI $17,919 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$511.7K
$447.7K – $597.0K
NOI $35,818 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Secure workspace includes private offices, a bathroom, open layout, assigned parking, and camera coverage.
Where is this flex space located?
The property is located at 1701 W 37th St Hialeah, FL.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 1,300‑square‑foot two‑story flex space; Completely remodeled interior with private offices and bathroom; Open area suited to light manufacturing, craftsmanship, or professional workspace
