New Construction Flex
For Sale
$4,123,350
235 NE 67th St Unit 3, Miami, FL 33138
Air-conditioned commercial space combines warehouse capacity with offices, staff amenities, and elevator access.
Property Size7,302 SF
Price / SF$564.69
Days on Market54
Property Features for 235 NE 67th St Unit 3
General Information
Standard status
Active
Size
7,302 SF
Warehouse & Industrial
Clear Height
30 ft
Office Build-Out
1,800 SF
Conditioned Warehouse
Yes
Amenities
backup generator
mop sink area
shower
three bathrooms
elevator to the second floor
kitchenette
Building Details
Stories
2
Listing Agency:
Metro 1
(305) 972-8860
Listed By:
Irene G Dakota · License #3062153
Source:
Thepennteam
Added: Jul 9
Changed: Aug 30
Last Checked: Aug 31 at 6:24PM
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.
This new-construction flex property provides 7,302 square feet with 30-foot ceilings, full air conditioning, and a backup generator. The configuration includes an 1,800-square-foot office, a mop sink area, shower, three bathrooms, kitchenette, and an elevator serving the second floor. The space is identified for storage, e-commerce, content creation, and car collection uses.
Located at 235 NE 67th St Unit 3 in Miami, the property is part of a four-unit condominium campus. Its combination of warehouse volume, dedicated office space, building systems, and supporting amenities creates a self-contained commercial workspace.
Located at 235 NE 67th St Unit 3 in Miami, the property is part of a four-unit condominium campus. Its combination of warehouse volume, dedicated office space, building systems, and supporting amenities creates a self-contained commercial workspace.
Key Highlights
- 7,302‑square‑foot flex warehouse with 30‑foot ceilings
- 1,800‑square‑foot office component within the warehouse
- Full AC and 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
$209,476
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
5.08%
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%
$4,189,520
$4.2M
Cap Rate 7%
$2,992,514
$3.0M
Cap Rate 9%
$2,327,511
$2.3M
Market Conditions
NOI Build-Up for 7,302 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
$328.6K $45.00/SF
− Vacancy
−$49.3K −$6.75/SF
EGI
$279.3K $38.25/SF
− OpEx
−$69.8K −$9.56/SF
NOI
$209.5K $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%
$4,189,520
Cap Rate 7%
$2,992,514
Cap Rate 9%
$2,327,511
Alternative Uses
Best Use
Office B
$2.99M
$2.62M – $3.49M
NOI $209,476 @ 7.0% cap · market cap 5.08%
Second Best
Warehouse
$1.70M
$1.49M – $1.99M
NOI $119,121 @ 7.0% cap · market cap 2.89%
Theoretical Best
Specialty Retail
$4.93M
$4.31M – $5.75M
NOI $345,023 @ 7.0% cap · market cap 8.37%
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
1,627
Businesses Nearby
Balanced
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 Office 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 - Air-conditioned commercial space combines warehouse capacity with offices, staff amenities, and elevator access.
Where is this flex space located?
The property is located at 235 NE 67th St Unit 3 Miami, FL.
What is the asking price?
The asking price for this property is $4,123,350.
What are key features of this property?
This property features: 7,302‑square‑foot flex warehouse with 30‑foot ceilings; 1,800‑square‑foot office component within the warehouse; Full AC and backup generator
