Industrial Flex
For Sale
$385,000
238 NW 9th Avenue, Homestead, FL 33030
Commercial Sale, Homestead, FL
Property Size1,409 SF
Lot Size0.03 Acres
Price / SF$273.24
Days on Market306
Property Features for 238 NW 9th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
6600
Parking
1
Parking features
Guest, Assigned
Directions
Use GPS
Subdivision
2780
Standard status
Active
APN
1078130630040
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
EANY INVESTMENT CONDO UNIT 4 UNDIV 16.6660% INT IN COMMON ELEMENTS OFF REC 23300-3693 COC 24773-3693 07 2006 1
Tax Annual Amount
3343
HOA Fee
$360 Monthly
Legal Description
EANY INVESTMENT CONDO UNIT 4 UNDIV 16.6660% INT IN COMMON ELEMENTS OFF REC 23300-3693 COC 24773-3693 07 2006 1
Building Details
Year built
2005
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
CBS
Roof type
Concrete
Listing Agency:
Century 21 Global Connections · Century 21 Real Estate
(954) 284-3400
Listed By:
Jacqueline Lazo · License #3112232
(786) 218-4602
Added: Oct 29, 2025
Changed: Aug 19
Last Checked: Aug 30 at 11:06PM
MLS# F10534151
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This industrial flex condo offers 1,409 SF in a space built in 2005 with reinforced concrete construction and CBS exterior walls. Interior flooring is concrete, supporting durable use for a range of light manufacturing, trades, and storage needs. The unit includes a 12x14 roll-up door, a private office, and a restroom, along with parking with assigned and guest spaces.
The property sits on a 0.03-acre lot and is zoned 6600 Commercial light manufacturing (LU4118), which is described as allowing flexible business use. It is located in Homestead’s industrial district and is positioned within an Opportunity Zone, with access described as minutes from US-1 and the Florida Turnpike.
With its combination of roll-up access, functional interior improvements, and zoning for light manufacturing, this condo can be a practical fit for operators seeking a compact, self-contained industrial workspace.
The property sits on a 0.03-acre lot and is zoned 6600 Commercial light manufacturing (LU4118), which is described as allowing flexible business use. It is located in Homestead’s industrial district and is positioned within an Opportunity Zone, with access described as minutes from US-1 and the Florida Turnpike.
With its combination of roll-up access, functional interior improvements, and zoning for light manufacturing, this condo can be a practical fit for operators seeking a compact, self-contained industrial workspace.
Key Highlights
- 1,409 SF industrial condo built in 2005
- 12x14 roll‑up door plus private office and restroom
- Reinforced concrete construction with CBS exterior 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
$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
Warehouse
$263.9K
$230.9K – $307.9K
NOI $18,471 @ 7.0% cap · market cap 4.80%
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
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
719
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Smoke & Spice — 436 NW 10th Ave, Homestead, FL 33030
Frequently Asked Questions
What type of property is this?
Flex space - Industrial condo with roll-up door, private office, restroom, and assigned plus guest parking in a light manufacturing zoning district.
Where is this flex space located?
The property is located at 238 NW 9th Avenue 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: 1,409 SF industrial condo built in 2005; 12x14 roll‑up door plus private office and restroom; Reinforced concrete construction with CBS exterior walls
