Turnkey Office Condo with Studio
For Sale
$615,000
209-1500 Nw 89th Ct, Doral, FL
2016-built office condo with reception, open production area, three enclosed rooms, and two video walls.
Property Size1,000 SF
Price / SF$615
Days on Market277
Property Features for 209-1500 Nw 89th Ct
General Information
Standard status
Active
Size
1,000 SF
Class
A
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$7,811
Building Details
Year Built
2016
Listing Agency:
First Service Realty ERA
(305) 551-9400
Listed By:
Ovidio Jesus Mijares · License #3185548
(305) 484-2174
Source:
Exprealty
Added: Dec 4, 2025
Changed: Sep 6
Last Checked: Sep 6 at 10:53AM
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 First Service Realty ERA
Investment Insights
Based on property information with market context.
This turnkey 2016-built office condo includes a professional buildout and modern office/studio improvements. Interior features include a reception area, an open production space, and three enclosed rooms. The space is currently being used as a podcast and media production studio, and includes two video walls, four built-in speakers, and upgraded lighting.
The office condo is located within Riviera Point Business Center and is described as offering ample parking. The property is conveniently positioned near Dolphin Expressway (SR-836), Florida’s Turnpike, and Miami International Airport.
The layout supports both front-office reception and enclosed production or meeting rooms, with open production area suitable for recording and media work.
The office condo is located within Riviera Point Business Center and is described as offering ample parking. The property is conveniently positioned near Dolphin Expressway (SR-836), Florida’s Turnpike, and Miami International Airport.
The layout supports both front-office reception and enclosed production or meeting rooms, with open production area suitable for recording and media work.
Key Highlights
- 2016‑built 1,000 SF Class A office condo with professional buildout
- Includes reception area, open production space, and 3 enclosed rooms
- Podcast and media production studio setup with 2 video walls
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
$26,505
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
4.31%
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%
$530,100
$530.1K
Cap Rate 7%
$378,643
$378.6K
Cap Rate 9%
$294,500
$294.5K
Market Conditions
NOI Build-Up for 1,000 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
$45.6K $45.60/SF
− Vacancy
−$10.3K −$10.26/SF
EGI
$35.3K $35.34/SF
− OpEx
−$8.8K −$8.84/SF
NOI
$26.5K $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%
$530,100
Cap Rate 7%
$378,643
Cap Rate 9%
$294,500
Alternative Uses
Best Use
Office B
$378.6K
$331.3K – $441.8K
NOI $26,505 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$507.3K
$443.9K – $591.9K
NOI $35,514 @ 7.0% cap · market cap 5.77%
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
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Frequently Asked Questions
What type of property is this?
Creative space - 2016-built office condo with reception, open production area, three enclosed rooms, and two video walls.
Where is this creative space located?
The property is located at 209-1500 Nw 89th Ct Doral, FL.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 2016‑built 1,000 SF Class A office condo with professional buildout; Includes reception area, open production space, and 3 enclosed rooms; Podcast and media production studio setup with 2 video walls
