Industrial Condo with Office
For Sale
$375,000
1745 W 37th St # 5, Hialeah, FL 33012
Built-out industrial condo unit with reception, private offices, warehouse bay, and two full bathrooms with showers.
Property Size1,160 SF
Days on Market111
Property Features for 1745 W 37th St # 5
General Information
Standard status
Active
Size
1,160 SF
Property subtype
Flex Space
Building Details
Building Size
1,160 SF
Year Built
2000
Listing Agency:
Samour Realty
Listed By:
Arturo Bendek · License #3454121
(305) 606-2879
Source:
Marcelosteinmander
Added: May 18
Changed: Sep 3
Last Checked: Sep 4 at 12:00PM
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 Samour Realty
Investment Insights
Based on property information with market context.
This for-sale industrial condo unit includes a welcoming reception area, multiple private offices, and a kitchenette with wood cabinetry and granite countertops. The space also features two full bathrooms with showers and security gating throughout. The warehouse bay is improved with pallet racking in place, soaring 20-foot ceilings, and an oversized overhead drive-in door.
The property is located in Hialeah’s commercial corridor with access described as minutes from the Palmetto Expressway on-ramp and Okeechobee Road, providing convenient routes to surrounding areas. The site is listed as directly across from Lowe’s and Target.
An on-site HOA is noted with coverage of the building structure and roof. The unit is positioned for businesses needing both office support and warehouse space within a built-out industrial setting.
The property is located in Hialeah’s commercial corridor with access described as minutes from the Palmetto Expressway on-ramp and Okeechobee Road, providing convenient routes to surrounding areas. The site is listed as directly across from Lowe’s and Target.
An on-site HOA is noted with coverage of the building structure and roof. The unit is positioned for businesses needing both office support and warehouse space within a built-out industrial setting.
Key Highlights
- 1,160 SF built‑out industrial condo unit in Hialeah (built in 2000)
- Warehouse bay includes 20‑foot ceilings, pallet racking, and an oversized overhead drive‑in door
- Interior features a reception area plus multiple private offices
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
$22,394
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
5.97%
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%
$447,880
$447.9K
Cap Rate 7%
$319,914
$319.9K
Cap Rate 9%
$248,822
$248.8K
Market Conditions
NOI Build-Up for 1,160 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
$38.3K $33.00/SF
− Vacancy
−$8.4K −$7.26/SF
EGI
$29.9K $25.74/SF
− OpEx
−$7.5K −$6.44/SF
NOI
$22.4K $19.31/SF
Area
Hialeah, FL
Vacancy
22.00%
Lease Rate
$33.00 /SF/Yr
Expense Ratio
25.00%
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%
$447,880
Cap Rate 7%
$319,914
Cap Rate 9%
$248,822
Alternative Uses
Best Use
Office B
$319.9K
$279.9K – $373.2K
NOI $22,394 @ 7.0% cap · market cap 5.97%
Second Best
Flex RnD
$249.7K
$218.5K – $291.4K
NOI $17,481 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$456.6K
$399.5K – $532.7K
NOI $31,960 @ 7.0% cap · market cap 8.52%
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 Office 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 - Built-out industrial condo unit with reception, private offices, warehouse bay, and two full bathrooms with showers.
Where is this flex space located?
The property is located at 1745 W 37th St # 5 Hialeah, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,160 SF built‑out industrial condo unit in Hialeah (built in 2000); Warehouse bay includes 20‑foot ceilings, pallet racking, and an oversized overhead drive‑in door; Interior features a reception area plus multiple private offices
