Freestanding Warehouse with Drive-In
For Sale
$6,000,000
660 NW 137th Street, North Miami, FL 33168
C-1 zoning supports retail, office, restaurant, medical, service, and other commercial uses subject to applicable City requirements.
Property Size10,807 SF
Days on Market38
Property Features for 660 NW 137th Street
General Information
Standard status
Active
Size
10,807 SF
Property subtype
Mixed Use
Building Details
Building Size
10,807 SF
Year Built
1976
Listing Agency:
Cervera Real Estate Inc.
Listed By:
William O Cespedes · License #3103993
(786) 909-7998
Source:
Silverleafrealtygroup
Added: Aug 10
Changed: Sep 14
Last Checked: Sep 15 at 9:52AM
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 Cervera Real Estate Inc.
Investment Insights
Based on property information with market context.
This freestanding warehouse contains ±10,807 SF on a ±20,372 SF site measuring 0.47 acres. The property includes a functional warehouse layout, 12'+ drive-in access, a fenced premises, and 10 parking spaces. Built in 1976, the building is configured for commercial occupancy and operational access.
Located at 660 NW 137th St in North Miami, the property sits directly adjacent to I-95, where approximately 209,000 vehicles pass this segment daily. C-1 Commercial zoning supports a range of by-right or administratively permitted uses, including retail, professional and medical offices, restaurants and cafés, grocery and specialty food, pharmacy, financial services, fitness and wellness, equipment rental, shipping and package services, laboratories and research, showrooms, and veterinary or animal services, subject to applicable City requirements.
Located at 660 NW 137th St in North Miami, the property sits directly adjacent to I-95, where approximately 209,000 vehicles pass this segment daily. C-1 Commercial zoning supports a range of by-right or administratively permitted uses, including retail, professional and medical offices, restaurants and cafés, grocery and specialty food, pharmacy, financial services, fitness and wellness, equipment rental, shipping and package services, laboratories and research, showrooms, and veterinary or animal services, subject to applicable City requirements.
Key Highlights
- ±10,807 SF freestanding warehouse on ±20,372 SF, or 0.47 acres
- Directly adjacent to I‑95 with approximately 209,000 vehicles passing daily
- C‑1 Commercial zoning supports retail, office, restaurant, medical, service, and other commercial uses
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
$186,421
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
3.11%
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%
$3,728,420
$3.7M
Cap Rate 7%
$2,663,157
$2.7M
Cap Rate 9%
$2,071,344
$2.1M
Market Conditions
NOI Build-Up for 10,807 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
$324.2K $30.00/SF
− Vacancy
−$25.9K −$2.40/SF
EGI
$298.3K $27.60/SF
− OpEx
−$111.9K −$10.35/SF
NOI
$186.4K $17.25/SF
Area
Miami-Dade County, FL
Vacancy
8.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,728,420
Cap Rate 7%
$2,663,157
Cap Rate 9%
$2,071,344
Alternative Uses
Best Use
Mixed Use
$2.66M
$2.33M – $3.11M
NOI $186,421 @ 7.0% cap · market cap 3.11%
Second Best
Warehouse
$2.02M
$1.77M – $2.36M
NOI $141,669 @ 7.0% cap · market cap 2.36%
Theoretical Best
Office A
$5.48M
$4.80M – $6.40M
NOI $383,799 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
774
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33168, FL
24,715
Population
6,761
Households
3.7
Avg Household Size
39
Median Age
16%
College-Educated
79%
High-School Grad
3.6 sq mi
ZIP Area
6,865
Density / Sq Mi
$58,636
Median Household Income
$31,984
Median Earnings
$1,576
Median Rent
$329,000
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Warehouse - C-1 zoning supports retail, office, restaurant, medical, service, and other commercial uses subject to applicable City requirements.
Where is this warehouse located?
The property is located at 660 NW 137th Street North Miami, FL.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: ±10,807 SF freestanding warehouse on ±20,372 SF, or 0.47 acres; Directly adjacent to I‑95 with approximately 209,000 vehicles passing daily; C‑1 Commercial zoning supports retail, office, restaurant, medical, service, and other commercial uses
