Homestead Industrial Condo For
For Sale
$385,000
238 NW 9th Avenue 4, Homestead, FL 33030
1,409 SF industrial condo in Homestead's industrial district.
Property Size1,409 SF
Price / SF$273.24
Days on Market132
Property Features for 238 NW 9th Avenue 4
General Information
Standard status
Active
Size
1,409 SF
Building Details
Year Built
2005
Listing Agency:
Century 21 Global Connections
Listed By:
Jacqueline Lazo · License #3112232
(786) 218-4602
Source:
Mymiahomes
Added: Apr 24
Changed: Aug 23
Last Checked: Sep 1 at 9:25PM
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 Century 21 Global Connections
Investment Insights
Based on property information with market context.
This 1,409 SF industrial condo, constructed in 2005 to post-Andrew Miami Dade standards, features reinforced concrete construction and is located in Homestead's industrial district. The property includes a 12x14 roll-up door, a private office, a restroom, and parking. Zoned 6600 Commercial light manufacturing (LU4118), the condo offers flexible business use and is ideal for trades and storage. The location is in an Opportunity Zone and provides convenient access to US-1 and the Florida Turnpike. The property has a walk score of 18, a bike score of 37, and a transit score of 39.
Key Highlights
- Reinforced concrete construction built to post‑Andrew Miami Dade standards.
- Prime Homestead location minutes from US‑1 and Florida Turnpike.
- Flexible business use with 6600 Commercial light manufacturing (LU4118) zoning.
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
$30,992
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
8.05%
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%
$619,840
$619.8K
Cap Rate 7%
$442,743
$442.7K
Cap Rate 9%
$344,356
$344.4K
Market Conditions
NOI Build-Up for 1,409 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
$50.7K $36.00/SF
− Vacancy
−$3.0K −$2.16/SF
EGI
$47.7K $33.84/SF
− OpEx
−$16.7K −$11.84/SF
NOI
$31.0K $22.00/SF
Area
Miami-Dade County, FL
Vacancy
6.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
35.00%
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%
$619,840
Cap Rate 7%
$442,743
Cap Rate 9%
$344,356
Alternative Uses
Best Use
Flex RnD
$442.7K
$387.4K – $516.5K
NOI $30,992 @ 7.0% cap · market cap 8.05%
Second Best
Industrial
$217.3K
$190.1K – $253.5K
NOI $15,211 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$714.8K
$625.5K – $834.0K
NOI $50,039 @ 7.0% cap · market cap 13.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
374
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33030, FL
36,776
Population
11,217
Households
3.3
Avg Household Size
33
Median Age
15%
College-Educated
61%
High-School Grad
17.6 sq mi
ZIP Area
2,090
Density / Sq Mi
$43,231
Median Household Income
$28,214
Median Earnings
$1,307
Median Rent
$382,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 1,409 SF industrial condo in Homestead's industrial district.
Where is this flex space located?
The property is located at 238 NW 9th Avenue 4 Homestead, FL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Reinforced concrete construction built to post‑Andrew Miami Dade standards.; Prime Homestead location minutes from US‑1 and Florida Turnpike.; Flexible business use with 6600 Commercial light manufacturing (LU4118) zoning.
