Heavy Industrial Warehouse For
For Sale
Contact for pricing
3480 NW 41st Street, Miami, FL 33142
62,664 SF warehouse with frontage on Airport Expressway.
Property Size62,664 SF
Price / SF$199.48
Days on Market845
Property Features for 3480 NW 41st Street
General Information
Standard status
Active
Size
62,664 SF
Property subtype
Industrial
Zoning
IU-2
Building Details
Year Built
1968
Listing Agency:
The Keyes Company
(305) 927-4676
Listed By:
Jessica Elfakih · License #3515041
Source:
Crexi
Added: May 2, 2024
Changed: Aug 24
Last Checked: Aug 24 at 2:29AM
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 The Keyes Company
Investment Insights
Based on property information with market context.
This 62,664 SF heavy industrial warehouse is available for sale. The building features frontage on the #112 / Airport Expressway. The warehouse is strategically located within a mile (5-7 minutes) from Miami International Airport and around 2 miles (10-13 minutes) from the Port of Miami/ Miami Beach. The building is a two-story warehouse with approximately 30,000 SF on each floor. The building has both a passenger elevator (temporarily out-of-service) and a fully functional freight elevator. The building is fully sprinklered and is of twin-T construction on both roof and 2nd floors. It is located in an Opportunity Zone.
Key Highlights
- Superb frontage on the #112 / Airport Expressway (190,000+ daily vehicles) for advertising.
- Strategic location: within a mile of Miami International Airport and approximately 2 miles from the Port of Miami/Miami Beach.
- 62,664 SF Heavy Industrial Warehouse.**
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
$1,022,267
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
8.18%
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%
$20,445,340
$20.4M
Cap Rate 7%
$14,603,814
$14.6M
Cap Rate 9%
$11,358,522
$11.4M
Market Conditions
NOI Build-Up for 62,664 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
$1.26M $20.16/SF
− Vacancy
−$60.6K −$0.97/SF
EGI
$1.20M $19.19/SF
− OpEx
−$180.4K −$2.88/SF
NOI
$1.02M $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%
$20,445,340
Cap Rate 7%
$14,603,814
Cap Rate 9%
$11,358,522
Alternative Uses
Best Use
Warehouse
$14.60M
$12.78M – $17.04M
NOI $1,022,267 @ 7.0% cap · market cap 8.18%
Second Best
Industrial
$12.03M
$10.52M – $14.03M
NOI $841,867 @ 7.0% cap · market cap 6.73%
Theoretical Best
Specialty Retail
$42.30M
$37.01M – $49.35M
NOI $2,960,902 @ 7.0% cap · market cap 23.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,385
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - 62,664 SF warehouse with frontage on Airport Expressway.
Where is this warehouse located?
The property is located at 3480 NW 41st Street Miami, FL.
What is the asking price?
The asking price for this property is $12,500,000.
What are key features of this property?
This property features: Superb frontage on the #112 / Airport Expressway (190,000+ daily vehicles) for advertising.; Strategic location: within a mile of Miami International Airport and approximately 2 miles from the Port of Miami/Miami Beach.; 62,664 SF Heavy Industrial Warehouse.**
