Aventura Medical District Office
For Sale
$1,100,000
2820 NE 214th St 909, Aventura, FL 33180
Commercial condominium in Aventura Medical District with hotel amenities access.
Property Size118,000 SF
Lot Size1.36 Acres
Price / SF$807.64
Days on Market156
Property Features for 2820 NE 214th St 909
General Information
Standard status
Active
Size
118,000 SF
Lot size
1.36 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,763
Building Details
Building Size
118,000 SF
Stories
10
Listing Agency:
Cervera Real Estate Inc
(917) 539-6955
Listed By:
Myra Yung · License #3330332
(917) 539-6955
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 2:10PM
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 Cervera Real Estate Inc
Investment Insights
Based on property information with market context.
Located in the Aventura Medical District, this commercial condominium unit at Ivory 214 is situated in a contemporary mixed-use Class A and LEED Gold Certified building. The building comprises 34 medical and professional offices, approximately 100 extended stay rooms as part of the Serena Tapestry Hilton Hotel, and 10,000 square feet of retail space. Office owners and tenants have access to hotel amenities. This premium corner unit, Unit 909, features 1,362 square feet (net 1,096 square feet plus common area factor) and a private balcony with south exposure. The unit includes floor-to-ceiling windows and wooden floors and is currently available. Two assigned parking spaces, #107 and #108, are included. The property is within walking distance of Aventura Hospital and shopping and dining options across Biscayne Blvd at Gulfstream Park and Aventura Commons mall. The unit is also listed for rent.
Key Highlights
- Prime location in the heart of Aventura Medical District
- Access to hotel amenities within a mixed‑use Class A and LEED Gold Certified building
- Premium corner unit with 1,362 sq. ft. including a private balcony and south exposure
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
$36,100
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
3.28%
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%
$722,000
$722.0K
Cap Rate 7%
$515,714
$515.7K
Cap Rate 9%
$401,111
$401.1K
Market Conditions
NOI Build-Up for 1,362 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
$62.1K $45.60/SF
− Vacancy
−$14.0K −$10.26/SF
EGI
$48.1K $35.34/SF
− OpEx
−$12.0K −$8.84/SF
NOI
$36.1K $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /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%
$722,000
Cap Rate 7%
$515,714
Cap Rate 9%
$401,111
Alternative Uses
Best Use
Office B
$515.7K
$451.3K – $601.7K
NOI $36,100 @ 7.0% cap · market cap 3.28%
Second Best
Retail
$329.0K
$287.9K – $383.8K
NOI $23,030 @ 7.0% cap · market cap 2.09%
Theoretical Best
Office A
$691.0K
$604.6K – $806.2K
NOI $48,370 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,528
Businesses Nearby
Explore this area
Business Placement
Demographics for 33180, FL
35,062
Population
21,112
Households
1.7
Avg Household Size
45
Median Age
55%
College-Educated
95%
High-School Grad
3.3 sq mi
ZIP Area
10,625
Density / Sq Mi
$88,613
Median Household Income
$51,612
Median Earnings
$2,480
Median Rent
$471,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Commercial condominium in Aventura Medical District with hotel amenities access.
Where is this office units located?
The property is located at 2820 NE 214th St 909 Aventura, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Prime location in the heart of Aventura Medical District; Access to hotel amenities within a mixed‑use Class A and LEED Gold Certified building; Premium corner unit with **1,362 sq. ft.** including a **private balcony** and south exposure
