Remodeled Corner Flex
New
For Sale
$650,000
1899 NW 21st St 8, Miami, FL 33142
Vacant, air-conditioned space combines an open work area with finished offices and updated bathrooms.
Property Size1,620 SF
Days on Market3
Property Features for 1899 NW 21st St 8
General Information
Standard status
Active
Size
1,620 SF
Property subtype
Industrial
Building Details
Building Size
1,620 SF
Year Built
1981
Listing Agency:
BROKERS, LLC
Listed By:
Susana Ojeda · License #A12084798
(786) 380-9004
Source:
Elliman
Added: Sep 8
Last Checked: Sep 9 at 8:24AM
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 BROKERS, LLC
Investment Insights
Based on property information with market context.
This vacant flex condominium has been recently remodeled and freshly painted. The 1,620-square-foot corner unit offers an open warehouse and work area with 15-foot ceilings, a grade-level roll-up door, full interior air conditioning, two finished offices, and two updated bathrooms. The layout supports both industrial operations and office functions within one unit.
The property is part of an eight-unit industrial condominium at 1899 NW 21st St in Miami. It is positioned near Wynwood, the Health District, Downtown Miami, and the Miami Design District, with access to I-95 and SR 836. The site is also within reach of transit and walkable amenities, with a walk score of 68, transit score of 60, and bike score of 53.
Built in 1981, the unit is vacant and ready for occupancy, subject to applicable zoning, condominium restrictions, and governmental approvals.
The property is part of an eight-unit industrial condominium at 1899 NW 21st St in Miami. It is positioned near Wynwood, the Health District, Downtown Miami, and the Miami Design District, with access to I-95 and SR 836. The site is also within reach of transit and walkable amenities, with a walk score of 68, transit score of 60, and bike score of 53.
Built in 1981, the unit is vacant and ready for occupancy, subject to applicable zoning, condominium restrictions, and governmental approvals.
Key Highlights
- 1,620 SF corner flex condominium unit
- 15‑foot ceiling height with open warehouse/work area
- Grade‑level roll‑up door and full interior air conditioning
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
$26,428
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
4.07%
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%
$528,560
$528.6K
Cap Rate 7%
$377,543
$377.5K
Cap Rate 9%
$293,644
$293.6K
Market Conditions
NOI Build-Up for 1,620 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
$32.7K $20.16/SF
− Vacancy
−$1.6K −$0.97/SF
EGI
$31.1K $19.19/SF
− OpEx
−$4.7K −$2.88/SF
NOI
$26.4K $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%
$528,560
Cap Rate 7%
$377,543
Cap Rate 9%
$293,644
Alternative Uses
Best Use
Warehouse
$377.5K
$330.4K – $440.5K
NOI $26,428 @ 7.0% cap · market cap 4.07%
Second Best
Flex RnD
$339.4K
$297.0K – $395.9K
NOI $23,756 @ 7.0% cap · market cap 3.65%
Theoretical Best
Specialty Retail
$1.09M
$956.8K – $1.28M
NOI $76,546 @ 7.0% cap · market cap 11.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,886
Businesses Nearby
Balanced
Demand for This Use
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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Cap Rate, Value Estimation, Potential NOI and more
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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?
Flex space - Vacant, air-conditioned space combines an open work area with finished offices and updated bathrooms.
Where is this flex space located?
The property is located at 1899 NW 21st St 8 Miami, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 1,620 SF corner flex condominium unit; 15‑foot ceiling height with open warehouse/work area; Grade‑level roll‑up door and full interior air conditioning
