Listing Agency: Fortune Christie's Intl R.E. R***@fortuneintlgroup.com Show Phone

Listed By: Patricia Paris · License #3157885 Show Phone

Source: Exprealty

Added: Jun 8 Changed: Oct 23 Last Checked: Oct 23 at 5:49PM

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Investment Insights

Based on property information with market context.

This flex property combines 1,200 square feet of office space with 2,323 square feet of warehouse area, totaling 3,523 square feet. Features include a street-level loading door, 21-foot clear height, a kitchen, a half bathroom, and additional mezzanine space. The property is part of a nine-unit light industrial condominium.

In Miami, the property is situated between Dolphin Mall and International Mall, with access to the Dolphin Expressway and Florida’s Turnpike nearby. The airport is also close by.

Key Highlights

• 3,523 square feet, including 1,200 square feet of office and 2,323 square feet of warehouse space
• 21‑foot clear height and a street‑level loading door
• Additional mezzanine area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$57,472

Cap Rate

4.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,149,440 $1.1M

Cap Rate 7%

$821,029 $821.0K

Cap Rate 9%

$638,578 $638.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,523 SF

Gross rent

$71.0K $20.16/SF

− Vacancy

−$3.4K −$0.97/SF

EGI

$67.6K $19.19/SF

− OpEx

−$10.1K −$2.88/SF

NOI

$57.5K $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 Rate 5%

$1,149,440

Cap Rate 7%

$821,029

Cap Rate 9%

$638,578

Alternative Uses

Best Use

Warehouse

$821.0K

$718.4K – $957.9K (±1% cap)

NOI $57,472 @ 7.0% cap · market cap 4.60%

Second Best

Flex RnD

$738.0K

$645.8K – $861.0K (±1% cap)

NOI $51,661 @ 7.0% cap · market cap 4.13%

Theoretical Best

Specialty Retail

$2.38M

$2.08M – $2.77M (±1% cap)

NOI $166,463 @ 7.0% cap · market cap 13.32%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Pet Grooming Service Garden Center Veterinary Clinic Restaurant Nursing Home Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

21 ft

Clear height

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

3,632

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 33172, FL

43,911

Population

16,103

Households

2.7

Avg Household Size

42

Median Age

32%

College-Educated

75%

High-School Grad

6.4 sq mi

ZIP Area

6,861

Density / Sq Mi

$61,733

Median Household Income

$35,061

Median Earnings

$1,926

Median Rent

$260,200

Median Home Value

Market

Vacancy Rate% for Industrial in Miami, FL

4.1% 2019

4.6% 2020

2.2% 2021

1.6% 2022

2.4% 2023

5.7% 2024

6.5% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - A divided office area, warehouse floor, kitchen, and half bath support a range of business operations.

Where is this flex space located?

The property is located at 1929-1929 Nw 108th Ave Miami, FL.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: 3,523 square feet, including 1,200 square feet of office and 2,323 square feet of warehouse space; 21‑foot clear height and a street‑level loading door; Additional mezzanine area