Freestanding Industrial Flex
For Sale
$2,400,000
651 NW 106th Street, Miami, FL 33150
Freestanding industrial flex building with fenced yard and on-site parking on an infill site.
Property Size4,861 SF
Lot Size0.23 Acres
Price / SF$493.73
Days on Market47
Property Features for 651 NW 106th Street
General Information
Standard status
Active
Size
4,861 SF
Lot size
0.23 Acres
Property subtype
Industrial
Additional Details
Business Included
Yes
Fenced Yard
Yes
Building Details
Year Built
1964
Listing Agency:
Keller Williams Capital Realty
(305) 812-2169
Listed By:
Janelle Fernandez · License #3375339
(305) 812-2169
Source:
Lehmannflorida
Added: Jul 9
Changed: Aug 24
Last Checked: Aug 23 at 7:00AM
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 Keller Williams Capital Realty
Investment Insights
Based on property information with market context.
Freestanding industrial/flex building totaling approximately 4,861 SF on a 10,053 SF infill site, offered for sale with a fenced yard and on-site parking. The property is currently occupied by the same local business for roughly 50 years; the owner-occupant will vacate at closing, delivering the building vacant for immediate owner-user occupancy or investor lease-up. The established business is also available for purchase separately as a turnkey option.
Located at 651 NW 106th St in Miami, the property is positioned on the NW 7th Avenue corridor with access to major regional routes including I-95, SR-112, and Miami International Airport, as well as the urban core for last-mile connectivity.
This offering is SBA-eligible for qualified owner-users, and the current configuration includes a substantial land component as part of the infill industrial opportunity.
Located at 651 NW 106th St in Miami, the property is positioned on the NW 7th Avenue corridor with access to major regional routes including I-95, SR-112, and Miami International Airport, as well as the urban core for last-mile connectivity.
This offering is SBA-eligible for qualified owner-users, and the current configuration includes a substantial land component as part of the infill industrial opportunity.
Key Highlights
- Free‑standing industrial/flex building built in 1964 offering 4,861 SF on a 10,053 SF infill site
- Fenced yard plus on‑site parking
- Owner‑occupant will vacate at closing, delivering the building free for immediate owner‑user occupancy or lease‑up
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
$71,282
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
2.97%
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%
$1,425,640
$1.4M
Cap Rate 7%
$1,018,314
$1.0M
Cap Rate 9%
$792,022
$792.0K
Market Conditions
NOI Build-Up for 4,861 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
$116.7K $24.00/SF
− Vacancy
−$7.0K −$1.44/SF
EGI
$109.7K $22.56/SF
− OpEx
−$38.4K −$7.90/SF
NOI
$71.3K $14.66/SF
Area
Miami, FL
Vacancy
6.00%
Lease Rate
$24.00 /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%
$1,425,640
Cap Rate 7%
$1,018,314
Cap Rate 9%
$792,022
Alternative Uses
Best Use
Flex RnD
$1.02M
$891.0K – $1.19M
NOI $71,282 @ 7.0% cap · market cap 2.97%
Second Best
Industrial
$932.9K
$816.3K – $1.09M
NOI $65,306 @ 7.0% cap · market cap 2.72%
Theoretical Best
Specialty Retail
$3.28M
$2.87M – $3.83M
NOI $229,684 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
721
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33150, FL
28,703
Population
12,403
Households
2.3
Avg Household Size
37
Median Age
14%
College-Educated
75%
High-School Grad
3.5 sq mi
ZIP Area
8,201
Density / Sq Mi
$40,802
Median Household Income
$32,359
Median Earnings
$1,179
Median Rent
$377,700
Median Home Value
Market
Vacancy Rate% for Industrial in Miami, FL
Questions? Ask Rey
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- Meat The Veggies — Miami, FL 33147
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Frequently Asked Questions
What type of property is this?
Flex space - Freestanding industrial flex building with fenced yard and on-site parking on an infill site.
Where is this flex space located?
The property is located at 651 NW 106th Street Miami, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Free‑standing industrial/flex building built in 1964 offering 4,861 SF on a 10,053 SF infill site; Fenced yard plus on‑site parking; Owner‑occupant will vacate at closing, delivering the building free for immediate owner‑user occupancy or lease‑up
