Secure Mixed-Use Creative
For Sale
$27,000,000
5960 57th Ave, Miami, FL 33143
A secure mixed-use building originally constructed as a utilities bunker, now reimagined for cultural and commercial uses.
Property Size36,254 SF
Price / SF$744.75
Days on Market48
Property Features for 5960 57th Ave
General Information
Standard status
Active
Size
36,254 SF
Property subtype
General Commercial
Amenities
3
63 Parking Spaces.
Building Details
Year Built
1945
Listing Agency:
Real Capital Partners Florida LLC
(305) 477-9748
Listed By:
Otto Travieso · License #A11913577
(305) 477-9748
Source:
Xome
Added: Jul 8
Changed: Aug 23
Last Checked: Aug 24 at 3:42AM
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 Real Capital Partners Florida LLC
Investment Insights
Based on property information with market context.
This mixed-use building was originally constructed as a utilities bunker and has since been reimagined as a cultural and commercial landmark. The property is described as secure, making it well suited for concepts such as a museum, cultural institution, creative office, or other forms of adaptive reuse.
Located at 5960 SW 57th Ave in Miami, the area supports walkable access (Walk Score 73) and good transit convenience (Transit Score 53), with bikeability noted (Bike Score 56).
The building’s core character as a secure, bunker-style structure may appeal to tenants or owners looking for a distinctive facility that supports cultural programming and creative workspace within a single asset.
Located at 5960 SW 57th Ave in Miami, the area supports walkable access (Walk Score 73) and good transit convenience (Transit Score 53), with bikeability noted (Bike Score 56).
The building’s core character as a secure, bunker-style structure may appeal to tenants or owners looking for a distinctive facility that supports cultural programming and creative workspace within a single asset.
Key Highlights
- Year built 1945 mixed‑use building, originally constructed as a utilities bunker
- Secure building suited for museum, cultural institution, creative office, or adaptive reuse
- Bikeable BikeScore 56
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
$1,040,037
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
3.85%
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%
$20,800,740
$20.8M
Cap Rate 7%
$14,857,671
$14.9M
Cap Rate 9%
$11,555,967
$11.6M
Market Conditions
NOI Build-Up for 36,254 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
$1.63M $45.00/SF
− Vacancy
−$244.7K −$6.75/SF
EGI
$1.39M $38.25/SF
− OpEx
−$346.7K −$9.56/SF
NOI
$1.04M $28.69/SF
Area
Miami, FL
Vacancy
15.00%
Lease Rate
$45.00 /SF/Yr
Expense Ratio
25.00%
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%
$20,800,740
Cap Rate 7%
$14,857,671
Cap Rate 9%
$11,555,967
Alternative Uses
Best Use
Office B
$14.86M
$13.00M – $17.33M
NOI $1,040,037 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$24.47M
$21.41M – $28.55M
NOI $1,713,018 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,584
Businesses Nearby
Explore this area
Business Placement
Demographics for 33143, FL
34,853
Population
15,374
Households
2.3
Avg Household Size
41
Median Age
60%
College-Educated
94%
High-School Grad
7.8 sq mi
ZIP Area
4,468
Density / Sq Mi
$80,924
Median Household Income
$52,864
Median Earnings
$1,823
Median Rent
$768,900
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?
Creative space - A secure mixed-use building originally constructed as a utilities bunker, now reimagined for cultural and commercial uses.
Where is this creative space located?
The property is located at 5960 57th Ave Miami, FL.
What is the asking price?
The asking price for this property is $27,000,000.
What are key features of this property?
This property features: Year built 1945 mixed‑use building, originally constructed as a utilities bunker; Secure building suited for museum, cultural institution, creative office, or adaptive reuse; Bikeable BikeScore 56
