Renovated Industrial Building with
For Sale
$2,375,000
3241 NW 38th St, Miami, FL 33142
Extensively renovated industrial facility with high-end office space, 13-foot clear warehouse ceilings, and grade-level access.
Property Size8,060 SF
Price / SF$294.67
Days on Market97
Property Features for 3241 NW 38th St
General Information
Standard status
Active
Size
8,060 SF
Total Parking Spaces
9
Property subtype
Vacant-User
Warehouse & Industrial
Clear Height
13 ft
Drive-In Doors
2
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
Listed By:
Drew Kristol · License #License(s): FL: SL3118648
(786) 522-7065
Source:
Marcusmillichap
Added: Jun 7
Changed: Sep 4
Last Checked: Sep 10 at 5:34AM
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 Drew Kristol
Investment Insights
Based on property information with market context.
This renovated industrial building totals 8,060 SF and combines warehouse space with substantial office improvements. The property includes approximately 2,600 SF of high-end office space and a clean warehouse area supported by a 13-foot clear ceiling height. Access is provided by two grade-level doors, and the building has undergone extensive interior and exterior upgrades.
Located on NW 38th Street, the property is positioned east of Miami International Airport and just west of NW 32nd Avenue. Recent updates include new impact windows and a secured exterior gate, supporting protected parking on-site. The site provides nine secured parking spaces, along with available street parking.
Designed to support mixed industrial and office use, the layout can work well for operations that need dedicated administrative space alongside straightforward warehouse access. With recent renovations, secured parking, and grade-level doors, the building is suited for tenants seeking a turnkey industrial environment with on-site office accommodations.
Located on NW 38th Street, the property is positioned east of Miami International Airport and just west of NW 32nd Avenue. Recent updates include new impact windows and a secured exterior gate, supporting protected parking on-site. The site provides nine secured parking spaces, along with available street parking.
Designed to support mixed industrial and office use, the layout can work well for operations that need dedicated administrative space alongside straightforward warehouse access. With recent renovations, secured parking, and grade-level doors, the building is suited for tenants seeking a turnkey industrial environment with on-site office accommodations.
Key Highlights
- 8,060 SF extensively renovated industrial building at 3241‑3249 NW 38th Street, Miami, FL 33142 (for lease).
- Includes ±2,600 SF high‑end office space plus a warehouse with 13' clear ceiling height.
- Warehouse features two grade‑level doors for loading and access.
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
Flex RnD
$1.69M
$1.48M – $1.97M
NOI $118,192 @ 7.0% cap · market cap 4.98%
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
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Current Use
Lease Details
13 ft
Clear height
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,505
Businesses Nearby
Balanced
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Miami, FL
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Frequently Asked Questions
What type of property is this?
Flex space - Extensively renovated industrial facility with high-end office space, 13-foot clear warehouse ceilings, and grade-level access.
Where is this flex space 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: 8,060 SF extensively renovated industrial building at 3241‑3249 NW 38th Street, Miami, FL 33142 (for lease).; Includes ±2,600 SF high‑end office space plus a warehouse with 13' clear ceiling height.; Warehouse features two grade‑level doors for loading and access.
