Built-Out Flex Space with Drive-In
For Sale
$375,000
1745 W 37th St # 5, Hialeah, FL 33012
Office and warehouse areas include reception, private offices, kitchenette, bathrooms, and security gating.
Property Size1,160 SF
Price / SF$323.28
Days on Market88
Property Features for 1745 W 37th St # 5
General Information
Standard status
Active
Size
1,160 SF
Property subtype
Flex Space
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
1
Additional Details
Highway Access
Yes
Amenities
reception area
kitchenette
security gating
Building Details
Building Size
1,160 SF
Year Built
2000
Listing Agency:
Samour Realty
(305) 606-2879
Listed By:
Arturo Bendek · License #3454121
Source:
Marcelosteinmander
Added: May 18
Changed: Aug 11
Last Checked: Aug 12 at 2:48PM
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 1,160-square-foot flex condominium, built in 2000, combines a finished office component with an integrated warehouse bay. The interior includes a reception area, multiple private offices, a kitchenette with wood cabinetry and granite countertops, and two full bathrooms with showers. Security gating is installed throughout the unit.
The warehouse area features 20-foot ceilings, existing pallet racking, and an oversized overhead drive-in door. The property is minutes from the Palmetto Expressway on-ramp and Okeechobee Road, with access extending throughout Miami-Dade and Broward. Lowe’s and Target are directly across from the property. Monthly HOA coverage includes the building structure and roof.
The warehouse area features 20-foot ceilings, existing pallet racking, and an oversized overhead drive-in door. The property is minutes from the Palmetto Expressway on-ramp and Okeechobee Road, with access extending throughout Miami-Dade and Broward. Lowe’s and Target are directly across from the property. Monthly HOA coverage includes the building structure and roof.
Key Highlights
- 1,160 SF flex condominium with office and warehouse areas
- 20‑foot warehouse ceilings with pallet racking in place
- Oversized overhead drive‑in door serves the warehouse bay
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
Current Use
Lease Details
20 ft
Clear height
1
Drive-in doors
Yes
Highway access
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
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- Mestizo — 8005 NW 80th St, Miami, FL 33166
Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse areas include reception, private offices, kitchenette, bathrooms, and security gating.
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 flex condominium with office and warehouse areas; 20‑foot warehouse ceilings with pallet racking in place; Oversized overhead drive‑in door serves the warehouse bay
