Medical Office
For Sale
$1,900,000
3288 36th Street, Miami, FL 33142
Two adjacent office buildings with medical layouts, a rear duplex-zoned residence, and paved parking support multiple commercial configurations.
Property Size6,088 SF
Price / SF$312.09
Days on Market383
Property Features for 3288 36th Street
General Information
Standard status
Active
Size
6,088 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$12,471
Amenities
3
6100
Shared Driveway.
City Road.
Building Details
Year Built
1950
Listing Agency:
(305) 677-5000
Listed By:
Douglas Elliman
(305) 582-2424
Source:
Xome
Added: Aug 16, 2025
Changed: Sep 1
Last Checked: Sep 1 at 8:42PM
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 Douglas Elliman
Investment Insights
Based on property information with market context.
The property includes two adjacent office buildings totaling 6,088 SF, configured for medical and rehabilitation use or conventional office occupancy. The improvements include examination, X-ray, office, and treatment areas, along with a rehabilitation center layout. A separate 2/1 house is positioned at the rear of the property and fronts NW 35th St. Paved parking serves the offices on NE 36th St., with a shared driveway and city-road access.
The assemblage covers three folio numbers and combines 13,500 SF of land zoned T6-8-O with a 6,850 SF rear parcel zoned RU-3/duplex in Miami-Dade County, for a total of 20,350 SF. The T6-8-O portion is identified for development of up to 46 units and up to 8 stories. The property may be operated in its current office configuration or considered for apartment, retail, or office redevelopment.
The assemblage covers three folio numbers and combines 13,500 SF of land zoned T6-8-O with a 6,850 SF rear parcel zoned RU-3/duplex in Miami-Dade County, for a total of 20,350 SF. The T6-8-O portion is identified for development of up to 46 units and up to 8 stories. The property may be operated in its current office configuration or considered for apartment, retail, or office redevelopment.
Key Highlights
- Two adjacent office buildings total 6,088 SF
- Medical layout includes examination, X‑ray, office, and treatment areas
- 13,500 SF zoned T6‑8‑O with development identified for up to 46 units and up to 8 stories
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
$174,650
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
9.19%
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%
$3,493,000
$3.5M
Cap Rate 7%
$2,495,000
$2.5M
Cap Rate 9%
$1,940,556
$1.9M
Market Conditions
NOI Build-Up for 6,088 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
$274.0K $45.00/SF
− Vacancy
−$41.1K −$6.75/SF
EGI
$232.9K $38.25/SF
− OpEx
−$58.2K −$9.56/SF
NOI
$174.6K $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 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%
$3,493,000
Cap Rate 7%
$2,495,000
Cap Rate 9%
$1,940,556
Alternative Uses
Best Use
Office B
$2.49M
$2.18M – $2.91M
NOI $174,650 @ 7.0% cap · market cap 9.19%
Second Best
Healthcare Medical
$1.44M
$1.26M – $1.68M
NOI $100,817 @ 7.0% cap · market cap 5.31%
Theoretical Best
Specialty Retail
$4.11M
$3.60M – $4.79M
NOI $287,661 @ 7.0% cap · market cap 15.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,249
Businesses Nearby
Under-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 Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two adjacent office buildings with medical layouts, a rear duplex-zoned residence, and paved parking support multiple commercial configurations.
Where is this medical office space located?
The property is located at 3288 36th Street Miami, FL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Two adjacent office buildings total 6,088 SF; Medical layout includes examination, X‑ray, office, and treatment areas; 13,500 SF zoned T6‑8‑O with development identified for up to 46 units and up to 8 stories
