Turnkey Medical Center in Little
For Sale
Contact for pricing
721 NW 21st Ct, Miami, FL 33125
Medical center/HMO in Little Havana with development potential.
Property Size11,284 SF
Price / SF$434.24
Days on Market671
Property Features for 721 NW 21st Ct
General Information
Standard status
Active
Size
11,284 SF
Property subtype
Multifamily
Building Details
Year Built
1948
Listing Agency:
North America Realty Advisors
Listed By:
Enrique Enriquez · License #0473986
(305) 229-2070
Source:
Crexi
Added: Nov 1, 2024
Changed: Aug 21
Last Checked: Aug 31 at 11:04AM
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 North America Realty Advisors
Investment Insights
Based on property information with market context.
This property is a turnkey medical center facility, clinic, or HMO situated in Little Havana, directly on NW 7th Street from 21st Avenue to 21st Court. The facility occupies an entire corner block and includes 50 parking spaces. The location is suitable for investors interested in constructing a high-rise building, offering potential for future development. Located in the heart of Miami, the property is positioned just west of the Downtown Miami Business District and the Brickell financial district. Nearby are Jackson Memorial Hospital, the University of Miami Hospital, and the Miami Marlins stadium. The property size is 11284 square feet.
Key Highlights
- Prime location in Little Havana on NW 7th Street, occupying an entire corner block.
- High‑rise development potential for investors.
- Turn‑key medical facility suitable for a clinic or HMO.
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
$186,863
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
3.81%
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%
$3,737,260
$3.7M
Cap Rate 7%
$2,669,471
$2.7M
Cap Rate 9%
$2,076,256
$2.1M
Market Conditions
NOI Build-Up for 11,284 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
$338.5K $30.00/SF
− Vacancy
−$27.1K −$2.40/SF
EGI
$311.4K $27.60/SF
− OpEx
−$124.6K −$11.04/SF
NOI
$186.9K $16.56/SF
Area
Miami, FL
Vacancy
8.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
40.00%
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%
$3,737,260
Cap Rate 7%
$2,669,471
Cap Rate 9%
$2,076,256
Alternative Uses
Best Use
Healthcare Medical
$2.67M
$2.34M – $3.11M
NOI $186,863 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.62M
$6.66M – $8.89M
NOI $533,174 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,631
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Medical center/HMO in Little Havana with development potential.
Where is this medical center located?
The property is located at 721 NW 21st Ct Miami, FL.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Prime location in Little Havana on NW 7th Street, occupying an entire corner block.; High‑rise development potential for investors.; Turn‑key medical facility suitable for a clinic or HMO.
