Penthouse Office Space with
For Sale
$1,239,000
202-12940 Sw 128th St, Miami, FL 33168
Penthouse office suite with lake views, marble finishes, and multiple glass-enclosed offices for an executive workflow.
Property Size2,200 SF
Price / SF$563.18
Days on Market116
Property Features for 202-12940 Sw 128th St
General Information
Standard status
Active
Size
2,200 SF
Total Parking Spaces
7
Additional Details
Highway Access
Yes
Clear Height
17 ft
Listing Agency:
EquiEstate, Corp.
(305) 878-2936
Listed By:
Christopher Blanc
(305) 878-2936
Source:
Exprealty
Added: Apr 23
Changed: Aug 13
Last Checked: Aug 16 at 12:02PM
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 EquiEstate, Corp.
Investment Insights
Based on property information with market context.
This penthouse office suite is designed for an executive presentation, featuring a marble-adorned waiting area with a reception window and a secured privacy entry. Interior finishes include freshly polished Crema Marfil marble flooring and a long hallway leading to six glass-enclosed office spaces plus a large conference room with a balcony and open lake views. The space includes loft-style volume ceilings ranging from 11 to 17 feet, custom lighting, and a kitchen area with a sink and refrigerator. There are two marble bathrooms, including a full bath with a custom glass-enclosed Grohe massage jetted shower and a second floor-to-ceiling half bath. Security, lighting, HVAC, and a high-end sound system are controlled through a Smart Crestron automation system, and the suite is equipped with hurricane impact windows and doors.
The property is positioned on the main artery connector to 874 Don Shula, the Turnpike, and Miami Executive Airport. Access to the penthouse level is available via staircase or elevator, with an open walkway that provides lake views as you approach the suite. The complex has updated infrastructure, including a brand-new roof in 2024 and a fully renovated HOA.
For buyers seeking a move-in-ready executive office, the suite’s glass offices, dedicated conference room with balcony, and secured entry support client-facing operations. Included deeded parking totals seven spaces, including two covered positions, which helps support day-to-day employee and guest access. A clear, finished layout with integrated technology and impact protection rounds out the practical advantages for professional teams.
The property is positioned on the main artery connector to 874 Don Shula, the Turnpike, and Miami Executive Airport. Access to the penthouse level is available via staircase or elevator, with an open walkway that provides lake views as you approach the suite. The complex has updated infrastructure, including a brand-new roof in 2024 and a fully renovated HOA.
For buyers seeking a move-in-ready executive office, the suite’s glass offices, dedicated conference room with balcony, and secured entry support client-facing operations. Included deeded parking totals seven spaces, including two covered positions, which helps support day-to-day employee and guest access. A clear, finished layout with integrated technology and impact protection rounds out the practical advantages for professional teams.
Key Highlights
- 2.2k sqft penthouse office suite with marble finishes and open lake views throughout
- 6 glass‑enclosed office spaces plus a large conference room with balcony and open lake views
- Marble waiting area and full marble bathroom with custom glass‑enclosed Grohe massage jetted shower, plus a second half bathroom
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
$63,113
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
5.09%
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%
$1,262,260
$1.3M
Cap Rate 7%
$901,614
$901.6K
Cap Rate 9%
$701,256
$701.3K
Market Conditions
NOI Build-Up for 2,200 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
$99.0K $45.00/SF
− Vacancy
−$14.9K −$6.75/SF
EGI
$84.2K $38.25/SF
− OpEx
−$21.0K −$9.56/SF
NOI
$63.1K $28.69/SF
Area
Miami, FL
Vacancy
15.00%
Lease Rate
$45.00 /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%
$1,262,260
Cap Rate 7%
$901,614
Cap Rate 9%
$701,256
Alternative Uses
Best Use
Office B
$901.6K
$788.9K – $1.05M
NOI $63,113 @ 7.0% cap · market cap 5.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.49M
$1.30M – $1.73M
NOI $103,951 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
882
Businesses Nearby
Explore this area
Business Placement
Demographics for 33168, FL
24,715
Population
6,761
Households
3.7
Avg Household Size
39
Median Age
16%
College-Educated
79%
High-School Grad
3.6 sq mi
ZIP Area
6,865
Density / Sq Mi
$58,636
Median Household Income
$31,984
Median Earnings
$1,576
Median Rent
$329,000
Median Home Value
Market
Vacancy Rate% for Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Penthouse office suite with lake views, marble finishes, and multiple glass-enclosed offices for an executive workflow.
Where is this office units located?
The property is located at 202-12940 Sw 128th St Miami, FL.
What is the asking price?
The asking price for this property is $1,239,000.
What are key features of this property?
This property features: 2.2k sqft penthouse office suite with marble finishes and open lake views throughout; 6 glass‑enclosed office spaces plus a large conference room with balcony and open lake views; Marble waiting area and full marble bathroom with custom glass‑enclosed Grohe massage jetted shower, plus a second half bathroom
