Flex Space with Office
For Sale
$475,000
6187 NW 167th Street, Miami Lakes, FL
COMMERCIAL - Miami Lakes, FL
Property Size1,328 SF
Price / SF$357.68
Days on Market8
Property Features for 6187 NW 167th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
7700
Parking
3
Parking features
Assigned, Guest
Directions
gps
Subdivision
2200
Standard status
Active
APN
3020130230630
Size
1,328 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
COMMERCIAL CENTER MIAMI CONDO #4 UNIT H23 UNDIV 1/80 INT IN COMMON ELEMENTS OFF REC 13131-5844 OR 18384-876 1298 1
Tax Annual Amount
3743
Legal Description
COMMERCIAL CENTER MIAMI CONDO #4 UNIT H23 UNDIV 1/80 INT IN COMMON ELEMENTS OFF REC 13131-5844 OR 18384-876 1298 1
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1987
Floors in Building
2
Number of units
1
Flooring type
Wood, Tile
Building materials
CBS
Listing Agency:
The Keyes Company
(954) 389-3459
Listed By:
Tini Hui PA · License #0425403
(305) 904-3761
Added: Aug 11
Last Checked: Aug 18 at 10:06AM
MLS# B26062722
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Unit H23 is a 1,328-square-foot flex-space condominium with a two-level office and warehouse configuration. The ground floor includes a reception area, two private offices, a bathroom, kitchen, and open work area. The upper level adds two offices and another open section that can accommodate desks, collaboration, or storage. A garage loading door may be converted back, and existing office furniture may be purchased separately.
Constructed in 1987 with CBS materials, the unit has wood and tile flooring, central heating, central air, assigned parking, and guest parking. Public water and public sewer serve the property. The unit is offered as-is, where-is; existing violations will be assumed by the buyer. The maintenance fee includes roof and water service.
Constructed in 1987 with CBS materials, the unit has wood and tile flooring, central heating, central air, assigned parking, and guest parking. Public water and public sewer serve the property. The unit is offered as-is, where-is; existing violations will be assumed by the buyer. The maintenance fee includes roof and water service.
Key Highlights
- 1,328 SF flex‑space commercial condo with office and warehouse functionality
- Ground level includes reception, 2 private offices, kitchen, bathroom, and open work area
- Upper floor provides 2 additional offices plus open office space
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
$35,199
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
7.41%
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%
$703,980
$704.0K
Cap Rate 7%
$502,843
$502.8K
Cap Rate 9%
$391,100
$391.1K
Market Conditions
NOI Build-Up for 1,328 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
$60.6K $45.60/SF
− Vacancy
−$13.6K −$10.26/SF
EGI
$46.9K $35.34/SF
− OpEx
−$11.7K −$8.84/SF
NOI
$35.2K $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /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%
$703,980
Cap Rate 7%
$502,843
Cap Rate 9%
$391,100
Alternative Uses
Best Use
Office B
$502.8K
$440.0K – $586.7K
NOI $35,199 @ 7.0% cap · market cap 7.41%
Second Best
Flex RnD
$417.3K
$365.1K – $486.9K
NOI $29,211 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$673.8K
$589.5K – $786.1K
NOI $47,163 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,712
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Two-level commercial condo combines private offices, open work areas, and warehouse functionality for office or light industrial operations.
Where is this flex space located?
The property is located at 6187 NW 167th Street Miami Lakes, FL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,328 SF flex‑space commercial condo with office and warehouse functionality; Ground level includes reception, 2 private offices, kitchen, bathroom, and open work area; Upper floor provides 2 additional offices plus open office space
