Industrial Flex
For Sale
$385,000
238 NW 9th #4, Homestead, FL 33030
The property combines a private office, restroom, parking, and a roll-up loading door.
Property Size1,409 SF
Price / SF$273.24
Days on Market237
Property Features for 238 NW 9th #4
General Information
Standard status
Active
Size
1,409 SF
Property subtype
Commercial
Zoning
6600 Commercial light manufacturing (LU4118)
Additional Details
Opportunity Zone
Yes
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,343
Amenities
Assigned
Concrete Flooring
Concrete Roof
Guest
Building Details
Year Built
2005
Construction
reinforced concrete
Listing Agency:
CENTURY 21 GLOBAL CONNECTIONS
(786) 218-4602
Listed By:
JACQUELINE LAZO · License #F10534151
Source:
Corcoran
Added: Jan 5
Changed: Aug 29
Last Checked: Aug 29 at 3:05PM
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 flex condominium was built in 2005 with reinforced concrete construction and post-Andrew Miami-Dade standards. The layout includes a private office, restroom, parking, and a 12x14 roll-up door for moving goods and equipment. Light manufacturing zoning under designation 6600 Commercial, with land-use code LU4118, accommodates the stated flexible business use.
Located at 238 NW 9th #4 in Homestead, the property sits in the city’s industrial district, minutes from US-1 and the Florida Turnpike. The site is also within an Opportunity Zone, adding a defined location characteristic for users evaluating this commercial asset.
Located at 238 NW 9th #4 in Homestead, the property sits in the city’s industrial district, minutes from US-1 and the Florida Turnpike. The site is also within an Opportunity Zone, adding a defined location characteristic for users evaluating this commercial asset.
Key Highlights
- 1,409 SF industrial condominium built in 2005
- Reinforced concrete construction to post‑Andrew Miami‑Dade standards
- 12x14 roll‑up door, private office, restroom, and parking
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
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,088
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.
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Frequently Asked Questions
What type of property is this?
Flex space - The property combines a private office, restroom, parking, and a roll-up loading door.
Where is this flex space located?
The property is located at 238 NW 9th #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: 1,409 SF industrial condominium built in 2005; Reinforced concrete construction to post‑Andrew Miami‑Dade standards; 12x14 roll‑up door, private office, restroom, and parking
