Renovated Flex
For Sale
Contact for pricing
3901 NW 2nd Ave, Miami, FL 33127
Freestanding commercial building with gated parking, private offices, storage areas, and two restrooms.
Property Size5,890 SF
Lot Size0.34 Acres
Price / SF$1,001
Days on Market587
Property Features for 3901 NW 2nd Ave
General Information
Standard status
Active
Size
5,890 SF
Lot size
0.34 Acres
Property subtype
Retail
Zoning
T4-O
Investment Type
Owner/User
Site & Location
Corner Location
Yes
Highway Access
Yes
Warehouse & Industrial
Clear Height
30 ft
Sprinkler System
Yes
Amenities
30-foot ceilings featuring original Dade County pine
porcelain flooring
impact windows and doors
private office/storage areas
two restrooms
kitchenette
paved asphalt parking lot secured by an electric gate
Building Details
Buildings
1
Building Size
5,890 SF
Tenancy
Single
Listing Agency:
DWNTWN Realty Advisors
Listed By:
George Belesis · License #SL3565609
(310) 710-5080
Source:
Crexi
Added: Jan 23, 2025
Changed: Aug 31
Last Checked: Sep 2 at 1:27AM
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 DWNTWN Realty Advisors
Investment Insights
Based on property information with market context.
Located at 3901 NW 2nd Ave in Miami, this 5,890 SF freestanding flex property occupies a 15,000 SF corner lot and is zoned T4-O. The building has recently been renovated with a new roof, exposed HVAC ductwork, a sprinkler system, porcelain flooring, and impact-rated windows and doors. Interior features include 30-foot ceilings with original Dade County pine, private office and storage areas, two restrooms, and a kitchenette.
A paved asphalt parking lot is enclosed by an electric gate. The property is two blocks west of the Miami Design District and near Midtown and Wynwood, with access to Downtown Miami, Brickell, and I-195/SR-112 through the North Miami Avenue ramp. The configuration supports retail, showroom, or office use as described in the property information.
A paved asphalt parking lot is enclosed by an electric gate. The property is two blocks west of the Miami Design District and near Midtown and Wynwood, with access to Downtown Miami, Brickell, and I-195/SR-112 through the North Miami Avenue ramp. The configuration supports retail, showroom, or office use as described in the property information.
Key Highlights
- 5,890 SF freestanding flex property on a 15,000 SF corner lot
- Recently renovated with a new roof, HVAC ductwork, sprinkler system, and porcelain flooring
- 30‑foot ceilings with original Dade County pine
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
$192,165
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
3.26%
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%
$3,843,300
$3.8M
Cap Rate 7%
$2,745,214
$2.7M
Cap Rate 9%
$2,135,167
$2.1M
Market Conditions
NOI Build-Up for 5,890 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
$306.0K $51.96/SF
− Vacancy
−$31.5K −$5.35/SF
EGI
$274.5K $46.61/SF
− OpEx
−$82.4K −$13.98/SF
NOI
$192.2K $32.63/SF
Area
Miami, FL
Vacancy
10.30%
Lease Rate
$51.96 /SF/Yr
Expense Ratio
30.00%
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%
$3,843,300
Cap Rate 7%
$2,745,214
Cap Rate 9%
$2,135,167
Alternative Uses
Best Use
Retail
$2.75M
$2.40M – $3.20M
NOI $192,165 @ 7.0% cap · market cap 3.26%
Second Best
Office B
$2.41M
$2.11M – $2.82M
NOI $168,969 @ 7.0% cap · market cap 2.86%
Theoretical Best
Specialty Retail
$3.98M
$3.48M – $4.64M
NOI $278,305 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30 ft
Clear height
Single-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,947
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
Median Home Value
Market
Vacancy Rate% for Office 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?
Flex space - Freestanding commercial building with gated parking, private offices, storage areas, and two restrooms.
Where is this flex space located?
The property is located at 3901 NW 2nd Ave Miami, FL.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: 5,890 SF freestanding flex property on a 15,000 SF corner lot; Recently renovated with a new roof, HVAC ductwork, sprinkler system, and porcelain flooring; 30‑foot ceilings with original Dade County pine
