New Construction Warehouse with
For Sale
$4,415,400
221 NE 67th Street #2, Miami, FL 33138
New warehouse in a 4-unit condominium campus featuring high ceilings, full AC, and an on-site office suite.
Property Size7,845 SF
Price / SF$562.83
Days on Market48
Property Features for 221 NE 67th Street #2
General Information
Standard status
Active
Size
7,845 SF
Total Parking Spaces
8
Zoning
7700
Additional Details
Clear Height
30 ft
Taxes and HOA fees
Annual Taxes
$38,263
Building Details
Building Size
7,845 SF
Year Built
2023
Buildings
4
Stories
2
Listing Agency:
Metro 1
(305) 972-8860
Listed By:
Irene G Dakota · License #3062153
(305) 972-8860
Source:
Laerrealty
Added: Jul 7
Changed: Aug 14
Last Checked: Aug 23 at 2:53AM
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 Metro 1
Investment Insights
Based on property information with market context.
New construction warehouse offered as suite #2 within a four-unit condominium campus. The space includes 30-foot ceilings and full air conditioning, with a backup generator provided for continuity. The property is designed to support both storage and daily operations, with a dedicated office component totaling 1,800 square feet, plus a mop sink area, a shower, and three bathrooms. An elevator to the second floor and a kitchenette are also included, giving the office area a functional layout for on-site work.
The warehouse is located at 221 NE 67th Street in Miami, Florida, and is part of a small, private campus with multiple condominium units. This setup can offer straightforward occupancy planning for businesses that need their own enclosed space while operating within a shared property framework.
This configuration fits users looking for a warehouse environment that already incorporates office amenities rather than requiring buildout to support administration and staff. The combination of high clear height, conditioned space, and an equipped office area can be practical for operations that need both warehousing and customer-facing or internal workflow space on the same premises.
The warehouse is located at 221 NE 67th Street in Miami, Florida, and is part of a small, private campus with multiple condominium units. This setup can offer straightforward occupancy planning for businesses that need their own enclosed space while operating within a shared property framework.
This configuration fits users looking for a warehouse environment that already incorporates office amenities rather than requiring buildout to support administration and staff. The combination of high clear height, conditioned space, and an equipped office area can be practical for operations that need both warehousing and customer-facing or internal workflow space on the same premises.
Key Highlights
- New construction warehouse built in 2023 on a 4‑unit condominium campus
- 7845 sq ft warehouse space with 30 ft ceilings
- Full AC plus a backup generator
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
$127,979
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
2.90%
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%
$2,559,580
$2.6M
Cap Rate 7%
$1,828,271
$1.8M
Cap Rate 9%
$1,421,989
$1.4M
Market Conditions
NOI Build-Up for 7,845 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
$158.2K $20.16/SF
− Vacancy
−$7.6K −$0.97/SF
EGI
$150.6K $19.19/SF
− OpEx
−$22.6K −$2.88/SF
NOI
$128.0K $16.31/SF
Area
Miami, FL
Vacancy
4.80%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
15.00%
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%
$2,559,580
Cap Rate 7%
$1,828,271
Cap Rate 9%
$1,421,989
Alternative Uses
Best Use
Warehouse
$1.83M
$1.60M – $2.13M
NOI $127,979 @ 7.0% cap · market cap 2.90%
Second Best
Flex RnD
$1.64M
$1.44M – $1.92M
NOI $115,039 @ 7.0% cap · market cap 2.61%
Theoretical Best
Specialty Retail
$5.30M
$4.63M – $6.18M
NOI $370,680 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30 ft
Clear height
Location Intelligence
Trade Area within ½ mile
2,201
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33138, FL
27,601
Population
14,310
Households
1.9
Avg Household Size
43
Median Age
47%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
6,572
Density / Sq Mi
$71,518
Median Household Income
$52,853
Median Earnings
$1,647
Median Rent
$686,300
Median Home Value
Market
Vacancy Rate% for Industrial in Miami, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - New warehouse in a 4-unit condominium campus featuring high ceilings, full AC, and an on-site office suite.
Where is this flex space located?
The property is located at 221 NE 67th Street #2 Miami, FL.
What is the asking price?
The asking price for this property is $4,415,400.
What are key features of this property?
This property features: New construction warehouse built in 2023 on a 4‑unit condominium campus; 7845 sq ft warehouse space with 30 ft ceilings; Full AC plus a backup generator
