Allapattah Cooler/Freezer Warehouse
For Sale
Contact for pricing
Pending
2332 NW 21st Terrace, Miami, FL 33142
9,500 SF warehouse with cooler/freezer in urban core.
Property Size9,500 SF
Lot Size0.36 Acres
Days on Market1187
Property Features for 2332 NW 21st Terrace
General Information
Standard status
Pending
Size
9,500 SF
Lot size
0.36 Acres
Property subtype
Industrial
Zoning
D2
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1968
Year Renovated
2021
Stories
1
Listing Agency:
Fausto Commercial Realty Consultants
Listed By:
Ernesto Diaz · License #3124735
(786) 499-4912
Source:
Crexi
Added: Jun 7, 2023
Changed: Aug 21
Last Checked: Aug 29 at 5:29PM
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 Fausto Commercial Realty Consultants
Investment Insights
Based on property information with market context.
This property features two adjacent buildings totaling 9,500 square feet, situated on a 15,500 square foot lot. Of the total space, 4,750 square feet is dedicated cooler/freezer space, while the remaining 4,750 square feet comprises dry warehouse area. The buildings feature robust construction, with 18 to 20-foot ceilings and twin-tee concrete roofs. Access is facilitated by street-level overhead doors, and the property includes small built-out office spaces. The property includes newly built-out, top-of-the-line dock-level freezers and coolers, all maintained to a high standard. Located in Allapattah, the site offers accessibility to Wynwood and is within 10 minutes of Brickell, Downtown, the airport, seaport, and Gables. The property is suitable for various industrial uses, offering logistical advantages due to its urban core location. It also presents development value, with major developers active in the area.
Key Highlights
- 4,750 SF of newly built‑out, top‑of‑the‑line dock‑level freezers and coolers, perfectly maintained.
- Prime urban core Allapattah location, close to Wynwood, Brickell, Downtown, airport, seaport, and Gables.
- Two adjacent buildings totaling 9,500 SF (4,750 SF cooler/freezer and 4,750 SF dry warehouse) on a 15,500 SF lot.
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
$154,978
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
3.10%
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%
$3,099,560
$3.1M
Cap Rate 7%
$2,213,971
$2.2M
Cap Rate 9%
$1,721,978
$1.7M
Market Conditions
NOI Build-Up for 9,500 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
$191.5K $20.16/SF
− Vacancy
−$9.2K −$0.97/SF
EGI
$182.3K $19.19/SF
− OpEx
−$27.3K −$2.88/SF
NOI
$155.0K $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%
$3,099,560
Cap Rate 7%
$2,213,971
Cap Rate 9%
$1,721,978
Alternative Uses
Best Use
Warehouse
$2.21M
$1.94M – $2.58M
NOI $154,978 @ 7.0% cap · market cap 3.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.41M
$5.61M – $7.48M
NOI $448,879 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,440
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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?
Warehouse - 9,500 SF warehouse with cooler/freezer in urban core.
Where is this warehouse located?
The property is located at 2332 NW 21st Terrace Miami, FL.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 4,750 SF of **newly built‑out, top‑of‑the‑line dock‑level freezers and coolers**, perfectly maintained.; Prime urban core Allapattah location, close to Wynwood, Brickell, Downtown, airport, seaport, and Gables.; Two adjacent buildings totaling 9,500 SF (4,750 SF cooler/freezer and 4,750 SF dry warehouse) on a 15,500 SF lot.
