Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    15221 NE 21st Ave North Miami Beach, FL 33162

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Warehouse/flex space in North Miami Beach, near Biscayne Blvd.

    Type:Industrial
    Property size:
    10,909 SF
    Lot size:
    0.44 Acres
    Added:
    Aug 31, 2024
    Days on Market:
    599
    Last Refresh:
    Mar 17 at 1:26 pm

    Property Features for 15221 NE 21st Ave

    General Information

    Standard status
    Active
    Size
    10,909 SF
    Lot size
    0.44 Acres
    Property subtype
    Industrial

    We can help!

    Listing Contact
    Denise Rubin

    Listing agent Denise Rubin License #0186154

    Listing office Coldwell Banker Realty

    Listing date Aug 31, 2024

    Source Crexi

    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 Coldwell Banker Realty

    Overview

    Versatile Warehouse/Flex Space in NMB

    This property, known as The Great Southern Studios, presents an opportunity for investors. It features a warehouse/flex space currently operating as a film studio. The property is zoned B-4 Light Industrial and includes one building totaling 10,909 square feet, situated on a 19,250-square-foot lot, which is almost half an acre. The location is one block from Biscayne Boulevard, placing it in North Miami Beach. The building recently completed its 50-year recertification in May 2023. The property is suitable for end-users or investors seeking redevelopment opportunities, capitalizing on the area’s growth and location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Barons Catering — 2005 NE 160th St, Miami, FL 33162
    • El Queso Guero — 14737 W Dixie Hwy, Miami, FL 33181
    • The Blacksmith Restaurant — 1869 NE 163rd St, North Miami Beach, FL 33162

    Location Insight

    • Map
    • Local Demand
    City
    North Miami Beach
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.178
    Latitude
    25.9282

    Nearby Similar for Sale

    • $1,199,000
      3,500 SF

      North Miami Beach Redevelopment Opportunity

      House of worship suitable for adaptive reuse or redevelopment.
      21 NE 168th Street, North Miami Beach, FL
      View Details
    • $120,000

      Turnkey Boba Tea Shop

      Operating boba tea shop on Biscayne Blvd for sale.
      Boba Tea Shop For Sale in North Miami Beach, North Miami Beach, FL 33181
      View Details
    • $50,000

      Pizzeria Business Opportunity For Sale

      Turnkey pizzeria with equipment, permits, and high-traffic location.
      Pizzeria For Sale In North Miami Beach, North Miami Beach, FL 33160
      View Details
    • $270,000

      Turnkey Restaurant Opportunity in Miami

      Fully built-out restaurant with equipped kitchen and outdoor patio.
      992 NE 167th St, North Miami Beach, FL 33162
      View Details
    • $65,000

      Auto Repair Business Opportunity

      Established auto repair business in North Miami Beach for sale.
      338 NE 171st St, North Miami Beach, FL 33162
      View Details
    • $230,000

      North Miami Beach Office Condominium

      Office condominium suite in North Miami Beach, priced at $219/SF.
      909 N Miami Beach Blvd, North Miami Beach, FL 33162
      View Details
    • $110,000

      Established Restaurant Business Opportunity

      Turnkey Argentine restaurant with multiple revenue streams in North Miami.
      163rd, North Miami Beach, FL 33162
      View Details
    • $379,000

      North Miami Beach Restaurant Opportunity

      Fully equipped restaurant in a high-traffic North Miami Beach location.
      Restaurant For Sale On Busy Biscayne Boulevard, North Miami Beach, FL 33160
      View Details
    • $295,000

      Turnkey Restaurant Opportunity, North Miami

      Exclusive, fully built-out restaurant in the heart of North Miami.
      2995 NE 163rd St, North Miami Beach, FL 33160
      View Details
    • $999,000

      Four Apartments in North Miami Beach

      Four 2BR/2BA apartments for sale in North Miami Beach, FL.
      2072 NE 169th St, North Miami Beach, FL 33162
      View Details
    • $459,000

      Marina Palms Boat Slip Ownership

      60-foot boat slip in Aventura's Marina Palms Yacht Club.
      17211 Biscayne Blvd, Boat Slip 15, North Miami Beach, FL 33160
      View Details
    • $30,000

      Turnkey Boba Tea Shop Opportunity

      Boba tea shop in North Miami Beach with loyal clientele.
      Boba Tea Shop For Sale North Miami Beach, North Miami Beach, FL 33162
      View Details

    FAQs

    What type of property is this?
    Flex space - Warehouse/flex space in North Miami Beach, near Biscayne Blvd.
    Where is this flex space located?
    The property is located at 15221 NE 21st Ave North Miami Beach, FL.
    What is the asking price?
    The asking price for this property is $5,650,000.
    What are key features of this property?
    This property features: Prime location: One block from Biscayne Blvd in the heart of North Miami Beach.; Versatile warehouse/flex space currently operating as a film studio.; B‑4 Light Industrial Zoning offers redevelopment opportunities.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Denise Rubin
    Real Estate License ID: 0186154
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!