Corner Commercial Development
For Sale
$3,800,000
6701 SW 8th St, Miami, FL 33144
Corner parcel with 200+ feet of frontage on SW 8th Street, currently operating as a body shop site.
Property Size5,531 SF
Days on Market153
Property Features for 6701 SW 8th St
General Information
Standard status
Active
Size
5,531 SF
Total Parking Spaces
30
Zoning
6100
Amenities
Central Air
Central
On Street
Detached
Building Details
Building Size
5,531 SF
Year Built
1949
Buildings
2
Stories
1
Listing Agency:
Douglas Elliman
Listed By:
Miguel Solis · License #0624178
(305) 343-9554
Source:
Evrealestate
Added: Apr 9
Changed: Sep 8
Last Checked: Jul 17 at 3:03AM
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 Douglas Elliman
Investment Insights
Based on property information with market context.
This corner commercial land parcel is currently operating as an established body shop. The site is located at the northwest corner of Ludlam Road (SW 67th Avenue) and SW 8th Street (Calle Ocho) and is offered as a development opportunity while the existing operation prepares for retirement.
The property provides more than 200 feet of frontage along SW 8th Street, with visibility and access from the heavily trafficked corridor described in the remarks. Zoning is listed as T6-8-O, offering flexibility for redevelopment. The seller indicates potential for uses such as multifamily apartments, a bank, a national fast-food restaurant, an office building, or a neighborhood shopping center.
Showings are by appointment only and available after business hours. Please do not disturb employees; contact the listing agent for additional details and to schedule a private tour.
The property provides more than 200 feet of frontage along SW 8th Street, with visibility and access from the heavily trafficked corridor described in the remarks. Zoning is listed as T6-8-O, offering flexibility for redevelopment. The seller indicates potential for uses such as multifamily apartments, a bank, a national fast-food restaurant, an office building, or a neighborhood shopping center.
Showings are by appointment only and available after business hours. Please do not disturb employees; contact the listing agent for additional details and to schedule a private tour.
Key Highlights
- Corner parcel at NW corner of Ludlam Road (SW 67th Avenue) and SW 8th Street (Calle Ocho)
- Over 23,000 SF of land with more than 200 feet of frontage on heavily trafficked SW 8th Street
- Currently operating as a body shop with over 50 years of continuous business
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
$180,453
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
4.75%
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%
$3,609,060
$3.6M
Cap Rate 7%
$2,577,900
$2.6M
Cap Rate 9%
$2,005,033
$2.0M
Market Conditions
NOI Build-Up for 5,531 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
$287.4K $51.96/SF
− Vacancy
−$29.6K −$5.35/SF
EGI
$257.8K $46.61/SF
− OpEx
−$77.3K −$13.98/SF
NOI
$180.5K $32.63/SF
Area
Miami, FL
Vacancy
10.30%
Lease Rate
$51.96 /SF/Yr
Expense Ratio
30.00%
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%
$3,609,060
Cap Rate 7%
$2,577,900
Cap Rate 9%
$2,005,033
Alternative Uses
Best Use
Retail
$2.58M
$2.26M – $3.01M
NOI $180,453 @ 7.0% cap · market cap 4.75%
Second Best
Industrial
$1.06M
$928.8K – $1.24M
NOI $74,307 @ 7.0% cap · market cap 1.96%
Theoretical Best
Specialty Retail
$3.73M
$3.27M – $4.36M
NOI $261,342 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,049
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33144, FL
25,814
Population
9,665
Households
2.7
Avg Household Size
48
Median Age
28%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
8,327
Density / Sq Mi
$59,207
Median Household Income
$35,051
Median Earnings
$1,730
Median Rent
$440,600
Median Home Value
Market
Vacancy Rate% for Retail in Miami, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Mobile Mechanic Miami — 1811 SW 67th Ave, Miami, FL 33155
- MKS Auto DBA Westchester Tire Center — 1811 sw 67th ave, miami, fl 33155
- ZRT Auto Tech — 1575 SW 67th Ave, Miami, FL 33144
- Testa Rosa Motors — 1681 SW 67th Ave, Miami, FL 33155
- Taller — 1611 SW 67th Ave, Miami, FL 33155
Frequently Asked Questions
What type of property is this?
Auto shop - Corner parcel with 200+ feet of frontage on SW 8th Street, currently operating as a body shop site.
Where is this auto shop located?
The property is located at 6701 SW 8th St Miami, FL.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Corner parcel at NW corner of Ludlam Road (SW 67th Avenue) and SW 8th Street (Calle Ocho); Over 23,000 SF of land with more than 200 feet of frontage on heavily trafficked SW 8th Street; Currently operating as a body shop with over 50 years of continuous business
