Renovated Vacant Industrial
For Sale
$2,375,000
3241 NW 38th St, Miami, FL 33142
Renovated, vacant industrial building offered for sale in Miami, ready for an end-user or investor to step in.
Property Size8,060 SF
Price / SF$294.67
Days on Market73
Property Features for 3241 NW 38th St
General Information
Standard status
Active
Size
8,060 SF
Property subtype
Vacant-User
Amenities
8,060 SF Vacant Renovated Industrial Property Located Just East of Miami International Airport
The Property Has Been Extensively Renovated With Brand New Impact Windows, and Exterior Gate Allowing for Secured Parking
Includes 2,600 SF of High End Office Buildout, Perfect for Owner User/Investor
Building Details
Building Size
8,060 SF
Year Built
1956
Listing Agency:
Marcus & Millichap
(786) 522-7065
Listed By:
Drew Kristol · License #License(s): FL: SL3118648
(786) 522-7065
Source:
Marcusmillichap
Added: Jun 1
Changed: Aug 8
Last Checked: Jun 3 at 1:58AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
Marcus & Millichap is pleased to present for sale a vacant, renovated industrial building in Miami, Florida. The property is a warehouse-style industrial asset totaling 8,060 square feet, positioned to support straightforward move-in or tenant customization given its current vacant status and renovation improvements.
The building is located at 3241 NW 38th St in Miami, providing an established industrial setting for buyers looking to own an improved warehouse asset within the city.
Because the space is currently vacant and renovated, this offering can appeal to industrial end-users seeking an updated base of operations, as well as investors looking for an industrial property that is positioned for leasing with fewer upfront concerns tied to occupancy. Whether your goal is to secure tenants quickly or plan a measured buildout after acquisition, the property’s improved condition and warehouse configuration provide a practical starting point for an industrial ownership strategy.
The building is located at 3241 NW 38th St in Miami, providing an established industrial setting for buyers looking to own an improved warehouse asset within the city.
Because the space is currently vacant and renovated, this offering can appeal to industrial end-users seeking an updated base of operations, as well as investors looking for an industrial property that is positioned for leasing with fewer upfront concerns tied to occupancy. Whether your goal is to secure tenants quickly or plan a measured buildout after acquisition, the property’s improved condition and warehouse configuration provide a practical starting point for an industrial ownership strategy.
Key Highlights
- Renovated vacant industrial building offered for sale in Miami, Florida
- Year built: 1956
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
$131,487
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
5.54%
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%
$2,629,740
$2.6M
Cap Rate 7%
$1,878,386
$1.9M
Cap Rate 9%
$1,460,967
$1.5M
Market Conditions
NOI Build-Up for 8,060 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
$162.5K $20.16/SF
− Vacancy
−$7.8K −$0.97/SF
EGI
$154.7K $19.19/SF
− OpEx
−$23.2K −$2.88/SF
NOI
$131.5K $16.31/SF
Area
Miami, FL
Vacancy
4.80%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
15.00%
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%
$2,629,740
Cap Rate 7%
$1,878,386
Cap Rate 9%
$1,460,967
Alternative Uses
Best Use
Warehouse
$1.88M
$1.64M – $2.19M
NOI $131,487 @ 7.0% cap · market cap 5.54%
Second Best
Industrial
$1.55M
$1.35M – $1.80M
NOI $108,283 @ 7.0% cap · market cap 4.56%
Theoretical Best
Specialty Retail
$5.44M
$4.76M – $6.35M
NOI $380,839 @ 7.0% cap · market cap 16.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,505
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
Median Home Value
Market
Vacancy Rate% for Industrial in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Renovated, vacant industrial building offered for sale in Miami, ready for an end-user or investor to step in.
Where is this warehouse located?
The property is located at 3241 NW 38th St Miami, FL.
What is the asking price?
The asking price for this property is $2,375,000.
What are key features of this property?
This property features: Renovated vacant industrial building offered for sale in Miami, Florida; Year built: 1956
