Industrial Flex Office/Warehouse
For Sale
$1,022,000
B2-16155 Sw 117th Ave, Miami, FL 33183
Class B condo unit with office and warehouse space.
Property Size2,800 SF
Price / SF$365
Days on Market207
Property Features for B2-16155 Sw 117th Ave
General Information
Standard status
Active
Size
2,800 SF
Taxes and HOA fees
Annual Taxes
$10,391
Listing Agency:
The Katsikos Group, Inc.
(305) 323-6373
Listed By:
Martha Rodriguez · License #0678410
(305) 323-6373
Source:
Exprealty
Added: Jan 15
Changed: Aug 7
Last Checked: Aug 9 at 10:59AM
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 The Katsikos Group, Inc.
Investment Insights
Based on property information with market context.
This is a Class B industrial flex office/warehouse condo unit in great condition, located within the South Dade Business Centre Condo. Constructed in 1989, the two-story CBS building features built-up roofing over concrete slab panels and an integrated fire alarm system. The unit offers a total of 2,800 square feet, including 1,800 square feet of office space spread across the first and second floors, and 1,000 square feet of warehouse/storage area. The office area is finished with ceramic tile and wood trimmings, while the warehouse area has polished concrete floors. The unit includes one 10 x 12 rear loading street level door, CBS construction, and impact glass windows and doors. It features a 16' clear ceiling height. The property is zoned I-UC, Industrial District Conditional (Miami-Dade County).
Key Highlights
- 1,800 SF of Office Space & 1,000 SF of Warehouse/Storage
- Impact Glass Windows and Doors
- Benefit from the 16' Clear Ceiling Height
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
$45,678
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
4.47%
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%
$913,560
$913.6K
Cap Rate 7%
$652,543
$652.5K
Cap Rate 9%
$507,533
$507.5K
Market Conditions
NOI Build-Up for 2,800 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
$56.4K $20.16/SF
− Vacancy
−$2.7K −$0.97/SF
EGI
$53.7K $19.19/SF
− OpEx
−$8.1K −$2.88/SF
NOI
$45.7K $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%
$913,560
Cap Rate 7%
$652,543
Cap Rate 9%
$507,533
Alternative Uses
Best Use
Warehouse
$652.5K
$571.0K – $761.3K
NOI $45,678 @ 7.0% cap · market cap 4.47%
Second Best
Flex RnD
$586.6K
$513.2K – $684.3K
NOI $41,059 @ 7.0% cap · market cap 4.02%
Theoretical Best
Specialty Retail
$1.89M
$1.65M – $2.21M
NOI $132,301 @ 7.0% cap · market cap 12.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
621
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33183, FL
35,891
Population
12,734
Households
2.8
Avg Household Size
44
Median Age
31%
College-Educated
85%
High-School Grad
5.5 sq mi
ZIP Area
6,526
Density / Sq Mi
$67,741
Median Household Income
$40,468
Median Earnings
$1,880
Median Rent
$372,000
Median Home Value
Market
Vacancy Rate% for Industrial in Miami, FL
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Frequently Asked Questions
What type of property is this?
Flex space - Class B condo unit with office and warehouse space.
Where is this flex space located?
The property is located at B2-16155 Sw 117th Ave Miami, FL.
What is the asking price?
The asking price for this property is $1,022,000.
What are key features of this property?
This property features: 1,800 SF of Office Space & 1,000 SF of Warehouse/Storage; Impact Glass Windows and Doors; Benefit from the 16' Clear Ceiling Height
