Remodeled Flex Industrial
New
For Sale
$650,000
8-1899 Nw 21st St, Miami, FL 33127
Vacant corner unit with open work space, offices, updated bathrooms, and full interior air conditioning.
Property Size1,620 SF
Price / SF$401.23
Days on Market6
Property Features for 8-1899 Nw 21st St
General Information
Standard status
Active
Size
1,620 SF
Warehouse & Industrial
Clear Height
15 ft
Drive-In Doors
1
Conditioned Warehouse
Yes
Additional Details
Highway Access
Yes
Listing Agency:
Brokers, LLC
(954) 384-1616
Listed By:
Susana Ojeda · License #A12084798
(786) 380-9004
Source:
Exprealty
Added: Sep 7
Changed: Sep 11
Last Checked: Sep 11 at 2:31PM
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 Brokers, LLC
Investment Insights
Based on property information with market context.
This vacant 1,620 SF flex condominium has been recently remodeled and configured for practical industrial use. The corner unit includes an open warehouse and work area, 15-foot ceilings, a grade-level roll-up door, full interior air conditioning, two finished offices, and two updated bathrooms. Fresh paint provides a clean starting point for occupancy, subject to applicable zoning, condominium restrictions, and governmental approvals.
The property is located at 8-1899 NW 21st St in Miami’s Allapattah Industrial District, within a boutique condominium of eight units. Its central Miami setting places it near Wynwood, the Health District, Downtown Miami, and the Miami Design District, with access to I-95 and SR 836. The layout may suit an owner-user or investor seeking a flexible industrial condominium.
The property is located at 8-1899 NW 21st St in Miami’s Allapattah Industrial District, within a boutique condominium of eight units. Its central Miami setting places it near Wynwood, the Health District, Downtown Miami, and the Miami Design District, with access to I-95 and SR 836. The layout may suit an owner-user or investor seeking a flexible industrial condominium.
Key Highlights
- 1,620 SF corner flex condominium
- 15‑foot ceiling height with grade‑level roll‑up door
- Open warehouse/work area with full interior air conditioning
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
$26,428
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
4.07%
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%
$528,560
$528.6K
Cap Rate 7%
$377,543
$377.5K
Cap Rate 9%
$293,644
$293.6K
Market Conditions
NOI Build-Up for 1,620 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
$32.7K $20.16/SF
− Vacancy
−$1.6K −$0.97/SF
EGI
$31.1K $19.19/SF
− OpEx
−$4.7K −$2.88/SF
NOI
$26.4K $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%
$528,560
Cap Rate 7%
$377,543
Cap Rate 9%
$293,644
Alternative Uses
Best Use
Warehouse
$377.5K
$330.4K – $440.5K
NOI $26,428 @ 7.0% cap · market cap 4.07%
Second Best
Flex RnD
$339.4K
$297.0K – $395.9K
NOI $23,756 @ 7.0% cap · market cap 3.65%
Theoretical Best
Specialty Retail
$1.09M
$956.8K – $1.28M
NOI $76,546 @ 7.0% cap · market cap 11.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15 ft
Clear height
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
7,105
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
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?
Flex space - Vacant corner unit with open work space, offices, updated bathrooms, and full interior air conditioning.
Where is this flex space located?
The property is located at 8-1899 Nw 21st St Miami, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 1,620 SF corner flex condominium; 15‑foot ceiling height with grade‑level roll‑up door; Open warehouse/work area with full interior air conditioning
