Industrial Warehouse with Loading
New
For Sale
$2,460,000
3904 NW 32nd Ave, Miami, FL 33142
The building can be configured as two units and includes three-phase power for flexible warehouse operations.
Property Size11,000 SF
Price / SF$225.17
Days on Market4
Property Features for 3904 NW 32nd Ave
General Information
Standard status
Active
Size
11,000 SF
Additional Details
Highway Access
Yes
Three-Phase Power
Yes
Building Details
Year Built
1957
Building Size
11,000 SF
Listing Agency:
APEX Capital Realty LLC
Listed By:
Jason Abitbol · License #3354200
(863) 440-2387
Source:
Chenoregroup
Added: Sep 24
Last Checked: Sep 26 at 10:03AM
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.
This 10,925-square-foot warehouse was built in 1957 and has a layout that can be separated into two units. Three loading doors and three-phase power serve the industrial building, which also has a concrete roof described as being in good condition.
The property is just off Florida State Road 112 in Miami, Florida.
The property is just off Florida State Road 112 in Miami, Florida.
Key Highlights
- 10,925‑square‑foot warehouse building
- Three loading doors
- Three‑phase power
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
—
—
no second resolved use
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
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Current Use
Lease Details
Yes
Highway access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Miami, FL
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Frequently Asked Questions
What type of property is this?
Warehouse - The building can be configured as two units and includes three-phase power for flexible warehouse operations.
Where is this warehouse located?
The property is located at 3904 NW 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: 10,925‑square‑foot warehouse building; Three loading doors; Three‑phase power
