Freestanding Flex Space with Fenced
For Sale
$2,150,000
651 NW 106th Street, Miami, FL 33150
Commercial Sale, Miami, FL
Property Size4,861 SF
Lot Size0.29 Acres
Price / SF$442.30
Days on Market60
Property Features for 651 NW 106th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
6400
Subdivision
21
Standard status
Active
APN
30-21-36-019-0110
Lot size
0.29 Acres
Taxes and HOA fees
Tax Description
SUNCREST PB 43-70 LOT 1 & LOT 11 LESS ELY PORTION LYG IN N-S EXPRESSWAY PER UNITY OF TITLE BLK 4 LOT SIZE 10053 SQUARE FEET OR 14792-391 119
Legal Description
SUNCREST PB 43-70 LOT 1 & LOT 11 LESS ELY PORTION LYG IN N-S EXPRESSWAY PER UNITY OF TITLE BLK 4 LOT SIZE 10053 SQUARE FEET OR 14792-391 119
Building Details
Year built
1964
Listing Agency:
Keller Williams Capital Realty · Keller Williams Realty
(305) 662-7325
Listed By:
Janelle Fernandez · License #3375339
(305) 812-2169
Added: Jul 10
Changed: Sep 2
Last Checked: Sep 7 at 1:06PM
MLS# A12043190
Copyright © 2026 Miami REALTORS®. 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.
This freestanding flex property includes an approximately 4,861-square-foot building on a 12,553-square-foot infill site. The premises feature a fenced yard and on-site parking, while the included adjacent parcel adds another 2,500 square feet of land. Concepts for second- and third-floor office expansion are available, but those areas are not included in the stated building size.
The owner-occupant is expected to vacate at closing, allowing the property to transfer vacant for immediate occupancy or future leasing. The site sits along the NW 7th Avenue corridor with access to I-95, SR-112, Miami International Airport, and Miami’s urban core. Constructed in 1964, the property offers a compact industrial/flex configuration with additional land component.
The owner-occupant is expected to vacate at closing, allowing the property to transfer vacant for immediate occupancy or future leasing. The site sits along the NW 7th Avenue corridor with access to I-95, SR-112, Miami International Airport, and Miami’s urban core. Constructed in 1964, the property offers a compact industrial/flex configuration with additional land component.
Key Highlights
- Approximately 4,861 SF flex building on a 12,553 SF infill site
- Adjacent parcel included, adding 2,500 SF of land
- Fenced yard and on‑site parking
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
3.32%
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 3.32%
Second Best
Industrial
$932.9K
$816.3K – $1.09M
NOI $65,306 @ 7.0% cap · market cap 3.04%
Theoretical Best
Specialty Retail
$3.28M
$2.87M – $3.83M
NOI $229,684 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
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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Frequently Asked Questions
What type of property is this?
Flex space - Owner-user or lease-up flexibility with secured outdoor storage and parking on an infill industrial 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 $2,150,000.
What are key features of this property?
This property features: Approximately 4,861 SF flex building on a 12,553 SF infill site; Adjacent parcel included, adding 2,500 SF of land; Fenced yard and on‑site parking
