Modern Office
For Sale
$469,000
204-1500 Nw 89th Ct, Doral, FL
Professional office suite with natural light and access to major regional expressways.
Property Size875 SF
Price / SF$536
Days on Market30
Property Features for 204-1500 Nw 89th Ct
General Information
Standard status
Active
Size
875 SF
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,191
Building Details
Year Built
2016
Listing Agency:
Brokers, LLC
(954) 384-1616
Listed By:
Claudia M Serna · License #3015838
(954) 993-1616
Source:
Exprealty
Added: Aug 4
Changed: Aug 22
Last Checked: Sep 1 at 10:26PM
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 875-square-foot office condo at Riviera Point Business Center was built in 2016 and provides a functional professional setting with abundant natural light. The suite is suited to office-based operations and offers a contemporary environment for established or growing businesses.
The property is located at 204-1500 NW 89th Ct in Doral, with immediate access to the Palmetto Expressway, Dolphin Expressway, Florida's Turnpike, and Miami International Airport. Restaurants, retail, and major business hubs are located in the surrounding area.
The property is located at 204-1500 NW 89th Ct in Doral, with immediate access to the Palmetto Expressway, Dolphin Expressway, Florida's Turnpike, and Miami International Airport. Restaurants, retail, and major business hubs are located in the surrounding area.
Key Highlights
- 875 SF office condo at Riviera Point Business Center
- Built in 2016
- Functional office layout with abundant natural light
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
$23,192
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
4.94%
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%
$463,840
$463.8K
Cap Rate 7%
$331,314
$331.3K
Cap Rate 9%
$257,689
$257.7K
Market Conditions
NOI Build-Up for 875 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
$39.9K $45.60/SF
− Vacancy
−$9.0K −$10.26/SF
EGI
$30.9K $35.34/SF
− OpEx
−$7.7K −$8.84/SF
NOI
$23.2K $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /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%
$463,840
Cap Rate 7%
$331,314
Cap Rate 9%
$257,689
Alternative Uses
Best Use
Office B
$331.3K
$289.9K – $386.5K
NOI $23,192 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$443.9K
$388.4K – $517.9K
NOI $31,075 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,723
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Professional office suite with natural light and access to major regional expressways.
Where is this office units located?
The property is located at 204-1500 Nw 89th Ct Doral, FL.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: 875 SF office condo at Riviera Point Business Center; Built in 2016; Functional office layout with abundant natural light
