Medical Office Condominium Corner
For Sale
$1,100,000
909-2820 Ne 214th St, Aventura, FL 33169
Premium corner office unit includes a private balcony, floor-to-ceiling windows, and two assigned parking spaces.
Property Size1,362 SF
Price / SF$807.64
Days on Market868
Property Features for 909-2820 Ne 214th St
General Information
Standard status
Active
Size
1,362 SF
Class
A
Total Parking Spaces
2
Additional Details
Office Units
34
Taxes and HOA fees
Annual Taxes
$9,763
Listing Agency:
Cervera Real Estate Inc
(917) 539-6955
Listed By:
Myra Yung · License #3330332
(917) 539-6955
Source:
Exprealty
Added: Apr 9, 2024
Changed: Aug 20
Last Checked: Aug 23 at 4:06AM
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 Cervera Real Estate Inc
Investment Insights
Based on property information with market context.
Offices at Ivory 214 is a contemporary mixed-use commercial condominium building in the Aventura Medical District. The property includes 34 medical and professional office units, approximately 100 extended-stay rooms under the Tapestry Hilton Hotel brand, and about 10,000 square feet of retail space. Office owners and tenants have access to hotel amenities.
Unit 909 is a premium corner office condominium with south exposure and a private balcony. The unit includes floor-to-ceiling windows and wooden flooring, and it is available now. Two assigned parking spaces (#107 and #108) are included.
The building is within walking distance of Aventura Hospital, and retail and dining are available across Biscayne Blvd at Gulfstream Park and Aventura Commons mall.
Unit 909 is a premium corner office condominium with south exposure and a private balcony. The unit includes floor-to-ceiling windows and wooden flooring, and it is available now. Two assigned parking spaces (#107 and #108) are included.
The building is within walking distance of Aventura Hospital, and retail and dining are available across Biscayne Blvd at Gulfstream Park and Aventura Commons mall.
Key Highlights
- Premium corner office unit with 1,362 sq. ft. (net 1,096 sq. ft. plus common area factor) and private balcony
- Unit 909 features floor‑to‑ceiling windows and wooden floors and is available now
- Office owners/tenants have access to hotel amenities at the on‑site Tapestry Hilton extended‑stay “Serena”
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
$36,100
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
3.28%
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%
$722,000
$722.0K
Cap Rate 7%
$515,714
$515.7K
Cap Rate 9%
$401,111
$401.1K
Market Conditions
NOI Build-Up for 1,362 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
$62.1K $45.60/SF
− Vacancy
−$14.0K −$10.26/SF
EGI
$48.1K $35.34/SF
− OpEx
−$12.0K −$8.84/SF
NOI
$36.1K $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /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%
$722,000
Cap Rate 7%
$515,714
Cap Rate 9%
$401,111
Alternative Uses
Best Use
Office B
$515.7K
$451.3K – $601.7K
NOI $36,100 @ 7.0% cap · market cap 3.28%
Second Best
Healthcare Medical
$256.4K
$224.3K – $299.1K
NOI $17,946 @ 7.0% cap · market cap 1.63%
Theoretical Best
Office A
$691.0K
$604.6K – $806.2K
NOI $48,370 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
34
Office units
Location Intelligence
Trade Area within ½ mile
298
Businesses Nearby
Explore this area
Business Placement
Demographics for 33169, FL
42,308
Population
14,815
Households
2.9
Avg Household Size
37
Median Age
22%
College-Educated
85%
High-School Grad
6.8 sq mi
ZIP Area
6,222
Density / Sq Mi
$59,686
Median Household Income
$34,327
Median Earnings
$1,536
Median Rent
$352,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Premium corner office unit includes a private balcony, floor-to-ceiling windows, and two assigned parking spaces.
Where is this office units located?
The property is located at 909-2820 Ne 214th St Aventura, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Premium corner office unit with 1,362 sq. ft. (net 1,096 sq. ft. plus common area factor) and private balcony; Unit 909 features floor‑to‑ceiling windows and wooden floors and is available now; Office owners/tenants have access to hotel amenities at the on‑site Tapestry Hilton extended‑stay “Serena”
