Creative Flex Building with Roll-Up
For Sale
Contact for pricing
2047 NW 24th Ave, Miami, FL 33142
Zoned D2, this 5,000 SF freestanding flex building blends creative offices, studio/photography space, showroom and warehouse access.
Property Size5,000 SF
Price / SF$349
Days on Market294
Property Features for 2047 NW 24th Ave
General Information
Standard status
Active
Size
5,000 SF
Property subtype
INDUSTRIAL
Zoning
D2
Building Details
Buildings
1
Building Size
5,000 SF
Listing Agency:
Metro 1 Commercial
(305) 571-9991
Listed By:
Lia Figueredo
(786) 280-4368
Source:
Moodyscre
Added: Nov 25, 2025
Changed: Aug 14
Last Checked: Sep 14 at 8:49AM
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 Metro 1 Commercial
Investment Insights
Based on property information with market context.
2047 NW 24th Ave is a 5,000 SF freestanding creative flex property designed to combine office-forward production uses with warehouse practicality. The building includes modern creative offices, a content studio and dedicated photography space, plus showroom and warehouse functionality. Roll-up loading access supports day-to-day logistics and flexible layouts for hybrid creative-industrial operations.
Located in the heart of Allapattah’s evolving creative corridor, the property is positioned near Wynwood and surrounded by major cultural anchors including the Museum of Sex, Marquez Art Projects, Superblue, and the Rubell Museum. The site is zoned D2, offering long-term flexibility.
This configuration is well-suited for creative agencies, production companies, fashion and lifestyle brands, e-commerce operators, and other users seeking a single building that can support both content creation and warehouse/showroom activities.
Located in the heart of Allapattah’s evolving creative corridor, the property is positioned near Wynwood and surrounded by major cultural anchors including the Museum of Sex, Marquez Art Projects, Superblue, and the Rubell Museum. The site is zoned D2, offering long-term flexibility.
This configuration is well-suited for creative agencies, production companies, fashion and lifestyle brands, e-commerce operators, and other users seeking a single building that can support both content creation and warehouse/showroom activities.
Key Highlights
- 5,000 SF freestanding creative flex building
- Roll‑up loading access for warehouse and distribution needs
- Creative offices plus content studio and dedicated photography space
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
$143,438
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
8.22%
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%
$2,868,760
$2.9M
Cap Rate 7%
$2,049,114
$2.0M
Cap Rate 9%
$1,593,756
$1.6M
Market Conditions
NOI Build-Up for 5,000 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
$225.0K $45.00/SF
− Vacancy
−$33.8K −$6.75/SF
EGI
$191.3K $38.25/SF
− OpEx
−$47.8K −$9.56/SF
NOI
$143.4K $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%
$2,868,760
Cap Rate 7%
$2,049,114
Cap Rate 9%
$1,593,756
Alternative Uses
Best Use
Office B
$2.05M
$1.79M – $2.39M
NOI $143,438 @ 7.0% cap · market cap 8.22%
Second Best
Warehouse
$1.17M
$1.02M – $1.36M
NOI $81,567 @ 7.0% cap · market cap 4.67%
Theoretical Best
Specialty Retail
$3.38M
$2.95M – $3.94M
NOI $236,252 @ 7.0% cap · market cap 13.54%
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
2,465
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Miami, FL
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Frequently Asked Questions
What type of property is this?
Flex space - Zoned D2, this 5,000 SF freestanding flex building blends creative offices, studio/photography space, showroom and warehouse access.
Where is this flex space located?
The property is located at 2047 NW 24th Ave Miami, FL.
What is the asking price?
The asking price for this property is $1,745,000.
What are key features of this property?
This property features: 5,000 SF freestanding creative flex building; Roll‑up loading access for warehouse and distribution needs; Creative offices plus content studio and dedicated photography space
