Industrial Building with Three Loading
For Sale
$2,460,000
3904 32nd Ave, Miami, FL 33142
Industrial building off Florida State Road 112 with three loading doors, three-phase power, and a roof in good condition.
Property Size10,925 SF
Price / SF$225.17
Days on Market62
Property Features for 3904 32nd Ave
General Information
Standard status
Active
Size
10,925 SF
Property subtype
General Commercial
Warehouse & Industrial
Drive-In Doors
3
Heavy Power
Yes
Amenities
3
Building Details
Year Built
1957
Listing Agency:
APEX Capital Realty LLC
(561) 542-3704
Listed By:
Jason Abitbol · License #3354200
(561) 542-3704
Source:
Xome
Added: Jun 23
Changed: Aug 23
Last Checked: Aug 22 at 8:58AM
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 APEX Capital Realty LLC
Investment Insights
Based on property information with market context.
3904 NW 32nd Ave is an approximately 11,000 SF industrial facility designed for practical warehouse, distribution, manufacturing, and service-oriented use. The building includes three loading doors and three-phase power, supported by a durable concrete roof that is reported in good condition. Its flexible layout allows the space to be divided into two separate units, providing options for single-tenant occupancy or leasing a portion.
The property is conveniently located just off Florida State Road 112, offering accessibility to major transportation corridors.
Available for sale, the asset can be used by an owner-occupant or configured to support multiple occupancy scenarios through its two-unit potential.
The property is conveniently located just off Florida State Road 112, offering accessibility to major transportation corridors.
Available for sale, the asset can be used by an owner-occupant or configured to support multiple occupancy scenarios through its two-unit potential.
Key Highlights
- 11,000 SF industrial building off Florida State Road 112 with flexible layout for multiple uses
- Three loading doors for efficient loading and distribution operations
- Three‑phase power available for industrial and manufacturing equipment
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
$178,225
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
7.24%
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%
$3,564,500
$3.6M
Cap Rate 7%
$2,546,071
$2.5M
Cap Rate 9%
$1,980,278
$2.0M
Market Conditions
NOI Build-Up for 10,925 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
$220.2K $20.16/SF
− Vacancy
−$10.6K −$0.97/SF
EGI
$209.7K $19.19/SF
− OpEx
−$31.5K −$2.88/SF
NOI
$178.2K $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%
$3,564,500
Cap Rate 7%
$2,546,071
Cap Rate 9%
$1,980,278
Alternative Uses
Best Use
Warehouse
$2.55M
$2.23M – $2.97M
NOI $178,225 @ 7.0% cap · market cap 7.24%
Second Best
Industrial
$2.10M
$1.83M – $2.45M
NOI $146,773 @ 7.0% cap · market cap 5.97%
Theoretical Best
Specialty Retail
$7.37M
$6.45M – $8.60M
NOI $516,211 @ 7.0% cap · market cap 20.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Yes
Heavy power
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
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 - Industrial building off Florida State Road 112 with three loading doors, three-phase power, and a roof in good condition.
Where is this warehouse located?
The property is located at 3904 32nd Ave Miami, FL.
What is the asking price?
The asking price for this property is $2,460,000.
What are key features of this property?
This property features: 11,000 SF industrial building off Florida State Road 112 with flexible layout for multiple uses; Three loading doors for efficient loading and distribution operations; Three‑phase power available for industrial and manufacturing equipment
