First-Floor Medical Office
New
For Sale
$1,750,000
7765 87th Ave, Miami, FL 33173
Configured with reception, waiting area, offices, workspaces, and flexible support areas.
Property Size2,920 SF
Price / SF$599.32
Days on Market4
Property Features for 7765 87th Ave
General Information
Standard status
Active
Size
2,920 SF
Total Parking Spaces
6
Property subtype
General Commercial
Space & Availability
Floor
First Floor
Furnished
No
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$17,366
Amenities
6 Parking Spaces.
Building Details
Year Built
1996
Tenancy
Single
Listing Agency:
BHHS EWM Realty
(305) 960-2400
Listed By:
Drew Kern · License #0628522
(305) 282-3000
Source:
Xome
Added: Aug 31
Changed: Sep 2
Last Checked: Sep 2 at 1:03PM
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 BHHS EWM Realty
Investment Insights
Based on property information with market context.
This first-floor medical office condominium is located within Galloway Professional Park, an established professional complex. The layout includes a waiting area, reception, 6 offices, a break room, 2 workspaces, and additional flexible areas throughout. Furnishings are negotiable, providing flexibility for an incoming occupant.
The property includes 6 assigned parking spaces, with 2 additional spaces available for purchase, along with ample guest parking. Its Miami location places the office minutes from Baptist Hospital and near the Snapper Creek Exchange, with access to the Palmetto, Turnpike, and Dadeland area. Built in 1996, the property offers a purpose-oriented office configuration within a professional setting.
The property includes 6 assigned parking spaces, with 2 additional spaces available for purchase, along with ample guest parking. Its Miami location places the office minutes from Baptist Hospital and near the Snapper Creek Exchange, with access to the Palmetto, Turnpike, and Dadeland area. Built in 1996, the property offers a purpose-oriented office configuration within a professional setting.
Key Highlights
- First‑floor medical office condo in Galloway Professional Park
- Layout includes a waiting area, reception, 6 offices, break room, 2 workspaces, and additional flex spaces
- 6 assigned parking spaces included
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
$83,768
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
4.79%
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%
$1,675,360
$1.7M
Cap Rate 7%
$1,196,686
$1.2M
Cap Rate 9%
$930,756
$930.8K
Market Conditions
NOI Build-Up for 2,920 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
$131.4K $45.00/SF
− Vacancy
−$19.7K −$6.75/SF
EGI
$111.7K $38.25/SF
− OpEx
−$27.9K −$9.56/SF
NOI
$83.8K $28.69/SF
Area
Miami, FL
Vacancy
15.00%
Lease Rate
$45.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,675,360
Cap Rate 7%
$1,196,686
Cap Rate 9%
$930,756
Alternative Uses
Best Use
Office B
$1.20M
$1.05M – $1.40M
NOI $83,768 @ 7.0% cap · market cap 4.79%
Second Best
Healthcare Medical
$690.8K
$604.4K – $805.9K
NOI $48,355 @ 7.0% cap · market cap 2.76%
Theoretical Best
Specialty Retail
$1.97M
$1.72M – $2.30M
NOI $137,971 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,443
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33173, FL
33,648
Population
12,237
Households
2.7
Avg Household Size
46
Median Age
42%
College-Educated
91%
High-School Grad
5.5 sq mi
ZIP Area
6,118
Density / Sq Mi
$83,053
Median Household Income
$48,565
Median Earnings
$1,935
Median Rent
$460,500
Median Home Value
Market
Vacancy Rate% for Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured with reception, waiting area, offices, workspaces, and flexible support areas.
Where is this medical office space located?
The property is located at 7765 87th Ave Miami, FL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: First‑floor medical office condo in Galloway Professional Park; Layout includes a waiting area, reception, 6 offices, break room, 2 workspaces, and additional flex spaces; 6 assigned parking spaces included
