Flex-Office Condo for
For Sale
$1,800,000
20157 NE 16th Pl, Miami, FL 33179
7,244 SF flex-office condo available near I-95.
Property Size7,244 SF
Price / SF$248.48
Days on Market158
Property Features for 20157 NE 16th Pl
General Information
Standard status
Active
Size
7,244 SF
Class
B
Property subtype
Office
Building Details
Building Size
7,244 SF
Year Built
1989
Listing Agency:
Berger Commercial Realty
(954) 802-6031
Listed By:
Jordan Beck · License #SL3444296
(954) 802-6031
Source:
Bergercommercial
Added: Mar 26
Changed: Aug 26
Last Checked: Aug 30 at 3:40PM
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 Berger Commercial Realty
Investment Insights
Based on property information with market context.
This 7,244 square foot flex-office condo is available for sale. The property features one 10' x 10' grade-level loading door and is fully air conditioned. The two-story hybrid layout includes first-floor loading and storage space, with second-floor offices, a conference room, a reception area, and a bullpen area. The property is located within Ives Dairy Commerce Center at I-95 and Ives Dairy Road, offering convenient access to Aventura, Sunny Isles, Hollywood, and FLL International Airport. The unit can be purchased individually or together with the adjacent unit #20149, which is a 1,510 SF industrial condo, for a combined total of 8,754 square feet.
Key Highlights
- 7,244 SF flex‑office condo, potentially expandable to 8,754 SF with adjacent unit
- Located within Ives Dairy Commerce Center at I‑95 & Ives Dairy Road
- Minutes to Aventura, Sunny Isles, Hollywood, FLL International Airport
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
$106,226
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
5.90%
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%
$2,124,520
$2.1M
Cap Rate 7%
$1,517,514
$1.5M
Cap Rate 9%
$1,180,289
$1.2M
Market Conditions
NOI Build-Up for 7,244 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
$173.9K $24.00/SF
− Vacancy
−$10.4K −$1.44/SF
EGI
$163.4K $22.56/SF
− OpEx
−$57.2K −$7.90/SF
NOI
$106.2K $14.66/SF
Area
Miami, FL
Vacancy
6.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,124,520
Cap Rate 7%
$1,517,514
Cap Rate 9%
$1,180,289
Alternative Uses
Best Use
Flex RnD
$1.52M
$1.33M – $1.77M
NOI $106,226 @ 7.0% cap · market cap 5.90%
Second Best
Industrial
$1.39M
$1.22M – $1.62M
NOI $97,320 @ 7.0% cap · market cap 5.41%
Theoretical Best
Specialty Retail
$4.89M
$4.28M – $5.70M
NOI $342,282 @ 7.0% cap · market cap 19.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
895
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33179, FL
48,088
Population
21,249
Households
2.3
Avg Household Size
41
Median Age
33%
College-Educated
91%
High-School Grad
5.0 sq mi
ZIP Area
9,618
Density / Sq Mi
$61,526
Median Household Income
$37,555
Median Earnings
$1,736
Median Rent
$281,400
Median Home Value
Market
Vacancy Rate% for Industrial in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 7,244 SF flex-office condo available near I-95.
Where is this flex space located?
The property is located at 20157 NE 16th Pl Miami, FL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 7,244 SF flex‑office condo, potentially expandable to 8,754 SF with adjacent unit; Located within Ives Dairy Commerce Center at I‑95 & Ives Dairy Road; Minutes to Aventura, Sunny Isles, Hollywood, FLL International Airport
