Office Building with Covered
2650 SW 27th Ave, Miami, FL 33133
For Sale
$8,000,000
Short-term leases generate current income while allowing flexibility for future repositioning.
Property Size20,335 SF
Price / SF$393.41
Days on Market25
Property Features for 2650 SW 27th Ave
General Information
Standard status
Size
Zoning
Site & Location
Neighborhood
Public Transit
Additional Details
Tenant in Place
Building Details
Year Built
Listing Agency:
Hawkins Commercial Realty
Listed By:
James Mallory Hawkins · License #A11970621
Source:
Chenoregroup
Added: Oct 16
Changed: Nov 7
Last Checked: Nov 8 at 8:38AM
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 Hawkins Commercial Realty
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Investment Insights
Based on property information with market context.
Built in 1972, the office property places most of its rentable area on the second and third floors; the ground level is used primarily for covered parking. Short-term leases are in place, supporting current income while retaining flexibility to reposition the property.
The building is on the northern edge of the Coconut Grove Metrorail transit area in Miami. Its current zoning is T5-O, and the property falls within the radius identified for Transit Station Neighborhood District designation.
The building is on the northern edge of the Coconut Grove Metrorail transit area in Miami. Its current zoning is T5-O, and the property falls within the radius identified for Transit Station Neighborhood District designation.
Key Highlights
- 96% of rentable area is on the second and third floors
- Ground floor is primarily covered parking
- Current T5‑O zoning; within the radius for Transit Station Neighborhood District designation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$583,360
Cap Rate
7.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,667,200
$11.7M
Cap Rate 7%
$8,333,714
$8.3M
Cap Rate 9%
$6,481,778
$6.5M
Market Conditions
NOI Build-Up for 20,335 SF
Gross rent
$915.1K $45.00/SF
− Vacancy
−$137.3K −$6.75/SF
EGI
$777.8K $38.25/SF
− OpEx
−$194.5K −$9.56/SF
NOI
$583.4K $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 Rate 5%
$11,667,200
Cap Rate 7%
$8,333,714
Cap Rate 9%
$6,481,778
Alternative Uses
Best Use
Office B
$8.33M
$7.29M – $9.72M
NOI $583,360 @ 7.0% cap · market cap 7.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$13.73M
$12.01M – $16.01M
NOI $960,838 @ 7.0% cap · market cap 12.01%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,781
Businesses Nearby
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Business Placement
Demographics for 33133, FL
34,141
Population
17,235
Households
2
Avg Household Size
43
Median Age
62%
College-Educated
95%
High-School Grad
4.2 sq mi
ZIP Area
8,129
Density / Sq Mi
$92,734
Median Household Income
$58,233
Median Earnings
$1,945
Median Rent
$906,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office buildings in Miami, FL
Properties on Market for Office buildings in Miami
Vacancy Rate% for Office in Miami, FL
Frequently Asked Questions
What type of property is this?
Office building - Short-term leases generate current income while allowing flexibility for future repositioning.
Where is this office building located?
The property is located at 2650 SW 27th Ave Miami, FL.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: 96% of rentable area is on the second and third floors; Ground floor is primarily covered parking; Current T5‑O zoning; within the radius for Transit Station Neighborhood District designation
