Two-Story Corner Retail Office
For Sale
$5,400,000
501 NE 31st Street #CU-1, Miami, FL 33137
Two-story corner unit with prominent double-height glass and a private elevator, delivered in vanilla box condition for flexible use.
Property Size7,108 SF
Price / SF$759.71
Days on Market74
Property Features for 501 NE 31st Street #CU-1
General Information
Standard status
Active
Size
7,108 SF
Total Parking Spaces
11
Zoning
4604
Building Details
Building Size
7,108 SF
Year Built
2018
Stories
2
Listing Agency:
Lumer Real Estate
(305) 776-4997
Listed By:
Marcela Duarte
(305) 776-4997
Source:
Laerrealty
Added: Jun 12
Changed: Aug 20
Last Checked: Aug 24 at 3:14AM
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.
This sale offering features a premier two-story commercial corner unit with space distributed across two levels. The property provides a double-height exposure and prominent glass frontage, with a private elevator connecting the floors. It is delivered in vanilla box condition, giving an owner or tenant flexibility to customize the layout for a wide range of commercial concepts. Dedicated parking is included with 11 spaces.
Located at 501 NE 31st Street, #CU1 in Miami, the unit is positioned in the Edgewater area at Paraiso Bayviews. The property is described as having strong visibility and convenient access to Midtown, the Design District, Wynwood, Downtown Miami, and Biscayne Boulevard.
Designed for owner-users and investors alike, the configuration supports multiple programming options. The space is presented as a full unit totaling 7,108 SF, offering flexibility for retail, medical, wellness, office, showroom, educational, restaurant, or professional uses. Seller financing is available, providing an additional option for qualified buyers looking to acquire a high-profile, customizable commercial asset.
Located at 501 NE 31st Street, #CU1 in Miami, the unit is positioned in the Edgewater area at Paraiso Bayviews. The property is described as having strong visibility and convenient access to Midtown, the Design District, Wynwood, Downtown Miami, and Biscayne Boulevard.
Designed for owner-users and investors alike, the configuration supports multiple programming options. The space is presented as a full unit totaling 7,108 SF, offering flexibility for retail, medical, wellness, office, showroom, educational, restaurant, or professional uses. Seller financing is available, providing an additional option for qualified buyers looking to acquire a high-profile, customizable commercial asset.
Key Highlights
- 2018‑built two‑story corner commercial unit with 7,108 SF total (3,554 SF per floor)
- Double‑height exposure with prominent glass frontage, including the largest glass frontages in the building
- Private elevator serving the two levels plus delivered‑in-"vanilla box" condition for flexible buildout
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
3,176
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Two-story corner unit with prominent double-height glass and a private elevator, delivered in vanilla box condition for flexible use.
Where is this office units located?
The property is located at 501 NE 31st Street #CU-1 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: 2018‑built two‑story corner commercial unit with 7,108 SF total (3,554 SF per floor); Double‑height exposure with prominent glass frontage, including the largest glass frontages in the building; Private elevator serving the two levels plus delivered‑in-"vanilla box" condition for flexible buildout
