Commercial Kitchen
For Sale
$1,750,000
1785 NW 21st Ter, Miami, FL 33142
Fully permitted food-production facility with hood systems, grease trap, and walk-in freezer.
Property Size4,500 SF
Days on Market51
Property Features for 1785 NW 21st Ter
General Information
Standard status
Active
Size
4,500 SF
Property subtype
Industrial
Additional Details
Cold Storage
Yes
Building Details
Building Size
4,500 SF
Year Built
1973
Construction
Twin-T concrete
Listing Agency:
STL Advisors, LLC
Listed By:
Alexandros Tsoulfas · License #3444839
(305) 972-7217
Source:
Marcelosteinmander
Added: Jul 29
Changed: Sep 13
Last Checked: Sep 17 at 12:25AM
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 STL Advisors, LLC
Investment Insights
Based on property information with market context.
This 1973 warehouse is fully permitted and built out for commercial kitchen use. The facility includes a grease trap, two hood systems measuring 14 and 22 feet, and a walk-in freezer. Twin-T concrete construction and a recently completed 50-year recertification add to the property’s documented physical profile.
The property is in Allapattah, Miami, with proximity to Wynwood and the Downtown Core. The surrounding area is supported by walkable and transit-accessible conditions, with a walk score of 78, bike score of 59, and transit score of 57. The configuration is suited to commercial food users requiring dedicated kitchen infrastructure and cold storage.
The property is in Allapattah, Miami, with proximity to Wynwood and the Downtown Core. The surrounding area is supported by walkable and transit-accessible conditions, with a walk score of 78, bike score of 59, and transit score of 57. The configuration is suited to commercial food users requiring dedicated kitchen infrastructure and cold storage.
Key Highlights
- Fully permitted and built out for commercial kitchen use
- Two hood systems measuring 14 and 22 feet
- Includes a grease trap and walk‑in freezer
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
$73,411
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
4.19%
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%
$1,468,220
$1.5M
Cap Rate 7%
$1,048,729
$1.0M
Cap Rate 9%
$815,678
$815.7K
Market Conditions
NOI Build-Up for 4,500 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
$90.7K $20.16/SF
− Vacancy
−$4.4K −$0.97/SF
EGI
$86.4K $19.19/SF
− OpEx
−$13.0K −$2.88/SF
NOI
$73.4K $16.31/SF
Area
Miami, FL
Vacancy
4.80%
Lease Rate
$20.16 /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%
$1,468,220
Cap Rate 7%
$1,048,729
Cap Rate 9%
$815,678
Alternative Uses
Best Use
Specialty Retail
$3.04M
$2.66M – $3.54M
NOI $212,627 @ 7.0% cap · market cap 12.15%
Second Best
Warehouse
$1.05M
$917.6K – $1.22M
NOI $73,411 @ 7.0% cap · market cap 4.19%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,955
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
Median Home Value
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Market
Vacancy Rate% for Industrial in Miami, FL
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Frequently Asked Questions
What type of property is this?
Commercial kitchen - Fully permitted food-production facility with hood systems, grease trap, and walk-in freezer.
Where is this commercial kitchen located?
The property is located at 1785 NW 21st Ter Miami, FL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Fully permitted and built out for commercial kitchen use; Two hood systems measuring 14 and 22 feet; Includes a grease trap and walk‑in freezer
