Freestanding Warehouse with Renovated
For Sale
Contact for pricing
7401 NW 32nd Ave, Miami, FL 33147
28,598 SF warehouse with renovated office space on 1.11 AC.
Property Size28,598 SF
Lot Size1.11 Acres
Price / SF$244.60
Days on Market198
Property Features for 7401 NW 32nd Ave
General Information
Standard status
Active
Size
28,598 SF
Class
C
Lot size
1.11 Acres
Property subtype
Industrial
Zoning
IU-1
Investment Type
Owner/User
Building Details
Year Built
1962
Year Renovated
2023
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
SVN Commercial Realty
(305) 509-0412
Listed By:
Joel Kattan, SIOR · License #FL 674519
Source:
Crexi
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 12 at 11:28AM
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 SVN Commercial Realty
Investment Insights
Based on property information with market context.
This 28,598 square foot freestanding warehouse is situated on a 1.11-acre lot. The property includes approximately 3,000 square feet of fully renovated office space, featuring a reception area, showroom/sales counter, conference room, breakroom, and private offices. There are a total of five renovated restrooms, with two located in the office area and three in the warehouse. The warehouse has three street-level loading doors, one at the front and two at the rear. The clear ceiling height is 15 feet. The property has new electrical panels providing 1000 Amps, 120/240V, 3 Phase power, and LED lighting throughout the warehouse. Approximately half of the warehouse is fully air-conditioned. The asphalt parking lot includes 21 spaces. Some outside storage is available. The property is secured with an automated gated entry and is located on an active rail line, outside of the wellfield.
Key Highlights
- 28,598 SF Freestanding Warehouse on 1.11 AC Lot
- Approximately 1/2 the Warehouse is Fully A/C
- +/- 3,000 SF of Fully Renovated Office Space
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
$466,533
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
6.67%
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%
$9,330,660
$9.3M
Cap Rate 7%
$6,664,757
$6.7M
Cap Rate 9%
$5,183,700
$5.2M
Market Conditions
NOI Build-Up for 28,598 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
$576.5K $20.16/SF
− Vacancy
−$27.7K −$0.97/SF
EGI
$548.9K $19.19/SF
− OpEx
−$82.3K −$2.88/SF
NOI
$466.5K $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%
$9,330,660
Cap Rate 7%
$6,664,757
Cap Rate 9%
$5,183,700
Alternative Uses
Best Use
Office B
$11.72M
$10.26M – $13.67M
NOI $820,405 @ 7.0% cap · market cap 11.73%
Second Best
Warehouse
$6.66M
$5.83M – $7.78M
NOI $466,533 @ 7.0% cap · market cap 6.67%
Theoretical Best
Specialty Retail
$19.30M
$16.89M – $22.52M
NOI $1,351,268 @ 7.0% cap · market cap 19.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,716
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33147, FL
48,823
Population
16,220
Households
3
Avg Household Size
39
Median Age
15%
College-Educated
77%
High-School Grad
7.2 sq mi
ZIP Area
6,781
Density / Sq Mi
$47,728
Median Household Income
$33,385
Median Earnings
$1,359
Median Rent
$301,300
Median Home Value
Market
Vacancy Rate% for Office in Miami, FL
Questions? Ask Rey
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- US cold storage — 7007 NW 37th Ave, Miami, FL 33147
Frequently Asked Questions
What type of property is this?
Warehouse - 28,598 SF warehouse with renovated office space on 1.11 AC.
Where is this warehouse located?
The property is located at 7401 NW 32nd Ave Miami, FL.
What is the asking price?
The asking price for this property is $6,995,000.
What are key features of this property?
This property features: 28,598 SF Freestanding Warehouse on 1.11 AC Lot; Approximately 1/2 the Warehouse is Fully A/C; +/- 3,000 SF of Fully Renovated Office Space
