Built-Out Industrial Condo
For Sale
$375,000
5-1745 W 37th St, Hialeah, FL 33013
Industrial condo unit with reception, offices, kitchenette, two full bathrooms, and a warehouse bay with 20-foot ceilings.
Property Size1,160 SF
Price / SF$323.28
Days on Market117
Property Features for 5-1745 W 37th St
General Information
Standard status
Active
Size
1,160 SF
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
1
Additional Details
Highway Access
Yes
Amenities
reception area
private offices
kitchenette
bathrooms with showers
security gating
Listing Agency:
Samour Realty
(305) 607-8841
Listed By:
Arturo Emilio Bendek · License #A12038110
(305) 606-2879
Source:
Exprealty
Added: May 18
Changed: Sep 5
Last Checked: Sep 11 at 5:20PM
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 Samour Realty
Investment Insights
Based on property information with market context.
This built-out industrial condo unit offers a functional office and warehouse combination, featuring a welcoming reception area, multiple private offices, a fully equipped kitchenette with wood cabinetry and granite countertops, and two full bathrooms with showers. Security gating is provided throughout, supporting a move-in-ready setup.
The warehouse bay includes soaring 20-foot ceilings, pallet racking in place, and an oversized overhead drive-in door. The unit is described as eliminating the need for costly tenant improvements, with the overall build-out already in place.
Located in Hialeah’s commercial corridor, the property is minutes from the Palmetto Expressway on-ramp and Okeechobee Road and sits directly across from Lowe’s and Target. Monthly HOA is described as covering the building structure and roof.
The warehouse bay includes soaring 20-foot ceilings, pallet racking in place, and an oversized overhead drive-in door. The unit is described as eliminating the need for costly tenant improvements, with the overall build-out already in place.
Located in Hialeah’s commercial corridor, the property is minutes from the Palmetto Expressway on-ramp and Okeechobee Road and sits directly across from Lowe’s and Target. Monthly HOA is described as covering the building structure and roof.
Key Highlights
- 1,160 SF industrial condo unit with reception area, multiple private offices, kitchenette, and 2 full bathrooms with showers
- Warehouse bay features 20‑foot ceilings, pallet racking in place, and an oversized overhead drive‑in door
- Security gating throughout the unit
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
$17,481
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
4.66%
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%
$349,620
$349.6K
Cap Rate 7%
$249,729
$249.7K
Cap Rate 9%
$194,233
$194.2K
Market Conditions
NOI Build-Up for 1,160 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
$29.2K $25.20/SF
− Vacancy
−$2.3K −$2.02/SF
EGI
$26.9K $23.18/SF
− OpEx
−$9.4K −$8.11/SF
NOI
$17.5K $15.07/SF
Area
Hialeah, FL
Vacancy
8.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
35.00%
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%
$349,620
Cap Rate 7%
$249,729
Cap Rate 9%
$194,233
Alternative Uses
Best Use
Flex RnD
$249.7K
$218.5K – $291.4K
NOI $17,481 @ 7.0% cap · market cap 4.66%
Second Best
Warehouse
$228.4K
$199.9K – $266.5K
NOI $15,989 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$456.6K
$399.5K – $532.7K
NOI $31,960 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20 ft
Clear height
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,263
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33013, FL
31,068
Population
9,544
Households
3.3
Avg Household Size
48
Median Age
18%
College-Educated
72%
High-School Grad
3.8 sq mi
ZIP Area
8,176
Density / Sq Mi
$57,242
Median Household Income
$32,566
Median Earnings
$1,488
Median Rent
$407,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Charanga Catering — 231 W 28th St, Hialeah, FL 33010
- Sorelle d'Miami — 271 W 28th St, Hialeah, FL 33010
- Navarro Distributors Inc — 201 W 28th St, Hialeah, FL 33010
- 305 CATER BARTENDING — 541 E 37th St, Hialeah, FL 33013
Frequently Asked Questions
What type of property is this?
Flex space - Industrial condo unit with reception, offices, kitchenette, two full bathrooms, and a warehouse bay with 20-foot ceilings.
Where is this flex space located?
The property is located at 5-1745 W 37th St Hialeah, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,160 SF industrial condo unit with reception area, multiple private offices, kitchenette, and 2 full bathrooms with showers; Warehouse bay features 20‑foot ceilings, pallet racking in place, and an oversized overhead drive‑in door; Security gating throughout the unit
