Industrial Warehouse Condo
For Sale
$885,000
7311-7311 Nw 56th St, Miami, FL 33166
Industrial warehouse condo unit with high ceilings and a functional layout currently operating as a light manufacturing and woodworking shop.
Property Size2,361 SF
Price / SF$374.84
Days on Market163
Property Features for 7311-7311 Nw 56th St
General Information
Standard status
Active
Size
2,361 SF
Additional Details
Highway Access
Yes
Listing Agency:
allstate realty services inc
(305) 228-0070
Listed By:
Daisy N Rubio · License #0357512
(305) 228-0071
Source:
Exprealty
Added: Mar 27
Changed: Aug 20
Last Checked: Sep 4 at 12:19PM
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 allstate realty services inc
Investment Insights
Based on property information with market context.
This industrial warehouse condo unit totals 2,361 square feet and is currently used as a light manufacturing and woodworking shop. The space is supported by high ceilings and a functional layout designed for light industrial activity.
The property is zoned for industrial use and is located in a Miami area with convenient access to major highways and central Miami locations.
Offered for sale as part of a well-maintained building, this warehouse condo presents a straightforward option for an owner-user or investor seeking industrial space with existing improvements in place.
The property is zoned for industrial use and is located in a Miami area with convenient access to major highways and central Miami locations.
Offered for sale as part of a well-maintained building, this warehouse condo presents a straightforward option for an owner-user or investor seeking industrial space with existing improvements in place.
Key Highlights
- 2,361 SF industrial warehouse condo unit currently used as a light manufacturing/woodworking shop
- High ceilings and functional layout designed for industrial workspace use
- Zoned for industrial use and suitable for a variety of businesses
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
$38,516
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
4.35%
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%
$770,320
$770.3K
Cap Rate 7%
$550,229
$550.2K
Cap Rate 9%
$427,956
$428.0K
Market Conditions
NOI Build-Up for 2,361 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
$47.6K $20.16/SF
− Vacancy
−$2.3K −$0.97/SF
EGI
$45.3K $19.19/SF
− OpEx
−$6.8K −$2.88/SF
NOI
$38.5K $16.31/SF
Area
Miami, FL
Vacancy
4.80%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
15.00%
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%
$770,320
Cap Rate 7%
$550,229
Cap Rate 9%
$427,956
Alternative Uses
Best Use
Warehouse
$550.2K
$481.5K – $641.9K
NOI $38,516 @ 7.0% cap · market cap 4.35%
Second Best
Industrial
$453.1K
$396.5K – $528.7K
NOI $31,719 @ 7.0% cap · market cap 3.58%
Theoretical Best
Specialty Retail
$1.59M
$1.39M – $1.86M
NOI $111,558 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,874
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33166, FL
26,106
Population
10,838
Households
2.4
Avg Household Size
41
Median Age
42%
College-Educated
83%
High-School Grad
7.9 sq mi
ZIP Area
3,305
Density / Sq Mi
$78,166
Median Household Income
$39,744
Median Earnings
$1,766
Median Rent
$489,200
Median Home Value
Market
Vacancy Rate% for Industrial in Miami, FL
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 - Industrial warehouse condo unit with high ceilings and a functional layout currently operating as a light manufacturing and woodworking shop.
Where is this warehouse located?
The property is located at 7311-7311 Nw 56th St Miami, FL.
What is the asking price?
The asking price for this property is $885,000.
What are key features of this property?
This property features: 2,361 SF industrial warehouse condo unit currently used as a light manufacturing/woodworking shop; High ceilings and functional layout designed for industrial workspace use; Zoned for industrial use and suitable for a variety of businesses
