New Construction Retail/Office/Medical
For Sale
$14,800,000
8966 Bird Road, Miami, FL 33165
Four-story building with retail, office, and parking. Seller financing.
Property Size45,829 SF
Price / SF$322.94
Days on Market181
Property Features for 8966 Bird Road
General Information
Standard status
Active
Size
45,829 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$10,921
Building Details
Building Size
45,829 SF
Listing Agency:
One Sotheby's International Realty
(786) 301-2220
Listed By:
Barbara K Elmir · License #3192417
(786) 301-2220
Source:
Silverleafrealtygroup
Added: Feb 23
Changed: Aug 23
Last Checked: Aug 23 at 8:23AM
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 One Sotheby's International Realty
Investment Insights
Based on property information with market context.
This new Class "A" four-story building is located on the Bird Road Corridor, west of the Palmetto Expressway. The property offers 45,829 square feet of versatile space suitable for retail, office, or medical use. The first floor includes 3,021 square feet of retail space, while the second through fourth floors provide 12,808 square feet of office space. A 24,127-square-foot parking area includes a 43-space garage, expandable to 80 spaces with valet service. The building also features a 1,500-square-foot covered canopy on the roof. The location benefits from a daily traffic count exceeding 60,000 vehicles, multiple side-seen faces for signage with 100x50 ft of exposure, and XL stainless finish elevators suitable for stretchers or medical equipment. Potential uses include primary care, urgent care, imaging, labs, social services, or a corporate business center. Seller financing is available. The location has a bike score of 57, indicating it is bikeable, a walk score of 82, indicating it is very walkable, and a transit score of 36, indicating some transit options are available.
Key Highlights
- Class "A" new construction building offering 45,829sqft of versatile space.
- Located on the Bird Rd Corridor just west of the Palmetto Expressway with 60k+ daily traffic count, ensuring maximum exposure.
- Includes a 24,127sqft parking area with a 43‑space garage, expandable to 80 spots with valet.
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
$1,314,719
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
8.88%
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%
$26,294,380
$26.3M
Cap Rate 7%
$18,781,700
$18.8M
Cap Rate 9%
$14,607,989
$14.6M
Market Conditions
NOI Build-Up for 45,829 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
$2.06M $45.00/SF
− Vacancy
−$309.3K −$6.75/SF
EGI
$1.75M $38.25/SF
− OpEx
−$438.2K −$9.56/SF
NOI
$1.31M $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%
$26,294,380
Cap Rate 7%
$18,781,700
Cap Rate 9%
$14,607,989
Alternative Uses
Best Use
Retail
$21.36M
$18.69M – $24.92M
NOI $1,495,202 @ 7.0% cap · market cap 10.10%
Second Best
Office B
$18.78M
$16.43M – $21.91M
NOI $1,314,719 @ 7.0% cap · market cap 8.88%
Theoretical Best
Specialty Retail
$30.93M
$27.07M – $36.09M
NOI $2,165,441 @ 7.0% cap · market cap 14.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,309
Businesses Nearby
Explore this area
Business Placement
Demographics for 33165, FL
54,070
Population
17,813
Households
3
Avg Household Size
47
Median Age
28%
College-Educated
82%
High-School Grad
7.5 sq mi
ZIP Area
7,209
Density / Sq Mi
$84,086
Median Household Income
$41,657
Median Earnings
$1,796
Median Rent
$476,100
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?
Office building - Four-story building with retail, office, and parking. Seller financing.
Where is this office building located?
The property is located at 8966 Bird Road Miami, FL.
What is the asking price?
The asking price for this property is $14,800,000.
What are key features of this property?
This property features: Class "A" new construction building offering 45,829sqft of versatile space.; Located on the Bird Rd Corridor just west of the Palmetto Expressway with 60k+ daily traffic count, ensuring maximum exposure.; Includes a 24,127sqft parking area with a 43‑space garage, expandable to 80 spots with valet.
