Two-Story Corner Commercial
For Sale
$5,400,000
501 31st St, Miami, FL 33137
Two-story corner commercial unit with private elevator, double-height exposure, and dedicated parking for owner-users or tenants.
Property Size7,108 SF
Price / SF$759.71
Days on Market86
Property Features for 501 31st St
General Information
Standard status
Active
Size
7,108 SF
Total Parking Spaces
11
Property subtype
Retail
Amenities
3
11 Parking Spaces. Valet Parking.
Building Details
Year Built
2018
Stories
2
Listing Agency:
(305) 948-9480
Listed By:
Lumer Real Estate
(305) 948-9480
Source:
Xome
Added: May 19
Changed: Aug 12
Last Checked: Aug 12 at 3:52AM
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 Lumer Real Estate
Investment Insights
Based on property information with market context.
A two-story corner commercial unit totaling 7,108 SF, configured with 3,554 SF per level. The space features prominent glass frontage and dramatic double-height exposure, along with a private elevator. It is delivered in “vanilla box” condition, providing a blank interior that can be customized to support a wide range of concepts, including retail, medical, wellness, office, showroom, educational, restaurant, or professional use. On-site parking is provided with 11 dedicated spaces.
Located at 501 NE 31st St Unit CU-1 in Miami, at Paraiso Bayviews in Edgewater, the property is positioned for strong visibility with both pedestrian and vehicle traffic referenced in the remarks. Access is described as immediate to Midtown, the Design District, Wynwood, Downtown Miami, and Biscayne Boulevard.
Offered for sale as a full two-story unit, the property is well-suited for an owner-user seeking a signature, flexible footprint across two levels. It also supports a variety of operating strategies for investors, given the delivered condition and broad range of allowable use scenarios listed in the remarks. Seller financing is available.
Located at 501 NE 31st St Unit CU-1 in Miami, at Paraiso Bayviews in Edgewater, the property is positioned for strong visibility with both pedestrian and vehicle traffic referenced in the remarks. Access is described as immediate to Midtown, the Design District, Wynwood, Downtown Miami, and Biscayne Boulevard.
Offered for sale as a full two-story unit, the property is well-suited for an owner-user seeking a signature, flexible footprint across two levels. It also supports a variety of operating strategies for investors, given the delivered condition and broad range of allowable use scenarios listed in the remarks. Seller financing is available.
Key Highlights
- Two‑story corner commercial unit totaling 7,108 SF (3,554 SF per floor) at Paraiso in Edgewater
- Private elevator for direct access between levels
- Double‑height exposure and large glass frontages with prominent street‑facing windows
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
$231,903
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
4.29%
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%
$4,638,060
$4.6M
Cap Rate 7%
$3,312,900
$3.3M
Cap Rate 9%
$2,576,700
$2.6M
Market Conditions
NOI Build-Up for 7,108 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
$369.3K $51.96/SF
− Vacancy
−$38.0K −$5.35/SF
EGI
$331.3K $46.61/SF
− OpEx
−$99.4K −$13.98/SF
NOI
$231.9K $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%
$4,638,060
Cap Rate 7%
$3,312,900
Cap Rate 9%
$2,576,700
Alternative Uses
Best Use
Retail
$3.31M
$2.90M – $3.87M
NOI $231,903 @ 7.0% cap · market cap 4.29%
Second Best
Office B
$2.91M
$2.55M – $3.40M
NOI $203,911 @ 7.0% cap · market cap 3.78%
Theoretical Best
Specialty Retail
$4.80M
$4.20M – $5.60M
NOI $335,856 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,593
Businesses Nearby
Explore this area
Business Placement
Demographics for 33137, FL
25,763
Population
15,237
Households
1.7
Avg Household Size
37
Median Age
51%
College-Educated
90%
High-School Grad
2.0 sq mi
ZIP Area
12,882
Density / Sq Mi
$82,798
Median Household Income
$53,519
Median Earnings
$2,338
Median Rent
$532,900
Median Home Value
Market
Vacancy Rate% for Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two-story corner commercial unit with private elevator, double-height exposure, and dedicated parking for owner-users or tenants.
Where is this retail space located?
The property is located at 501 31st St Miami, FL.
What is the asking price?
The asking price for this property is $5,400,000.
What are key features of this property?
This property features: Two‑story corner commercial unit totaling 7,108 SF (3,554 SF per floor) at Paraiso in Edgewater; Private elevator for direct access between levels; Double‑height exposure and large glass frontages with prominent street‑facing windows
