Two-Story Flex Warehouse
For Sale
$750,000
Pending
B21-16155 Sw 117th Ave, Miami, FL 33183
Two adjacent office/flex units with rear street-level overhead doors, 18-foot clear ceilings, and dedicated parking.
Property Size4,100 SF
Days on Market88
Property Features for B21-16155 Sw 117th Ave
General Information
Standard status
Pending
Size
4,100 SF
Total Parking Spaces
4
Zoning
IUC
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
2
Heavy Power
Yes
Additional Details
Highway Access
Yes
Building Details
Stories
2
Listing Agency:
Fairchild Partners, Inc.
(305) 668-0620
Listed By:
Floriberto Antonio Puente
(305) 606-2097
Source:
Exprealty
Added: Jun 10
Changed: Sep 3
Last Checked: Sep 5 at 1:28PM
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 Fairchild Partners, Inc.
Investment Insights
Based on property information with market context.
Located at 16155 SW 117th Ave, this two-story flex condominium offers a flexible office-and-warehouse configuration with two adjacent units that can be sold together or separately. The property is currently operating as one occupant with a pass-through area that can be closed. Each unit features a glass front door and a rear large street-level overhead door, with warehouse/loading areas offering 18-foot clear ceilings.
The units are center line and are part of the South Dade Business Center, a larger corporate business park. Parking is available in front of the units and throughout the park, including four dedicated spaces. The site is right off the Turnpike, providing easy highway access, and is close to Miami Executive Airport.
Zoned I-UC (Industrial Conditional) by Dade County, the property is designed to support office, warehouse, flex, or light industrial use. Additional features include grade-level loading doors and 3-phase electrical service.
The units are center line and are part of the South Dade Business Center, a larger corporate business park. Parking is available in front of the units and throughout the park, including four dedicated spaces. The site is right off the Turnpike, providing easy highway access, and is close to Miami Executive Airport.
Zoned I-UC (Industrial Conditional) by Dade County, the property is designed to support office, warehouse, flex, or light industrial use. Additional features include grade-level loading doors and 3-phase electrical service.
Key Highlights
- 2 adjacent office/flex units for a combined 4,100 SF (2,050 SF each), with the option to sell together or separately
- Rear street‑level overhead doors plus front glass entry doors for both units, supporting office and warehouse/flex use
- Warehouse/loading areas feature 18‑foot clear ceilings and grade‑level loading doors
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
$66,885
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
8.92%
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%
$1,337,700
$1.3M
Cap Rate 7%
$955,500
$955.5K
Cap Rate 9%
$743,167
$743.2K
Market Conditions
NOI Build-Up for 4,100 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
$82.7K $20.16/SF
− Vacancy
−$4.0K −$0.97/SF
EGI
$78.7K $19.19/SF
− OpEx
−$11.8K −$2.88/SF
NOI
$66.9K $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%
$1,337,700
Cap Rate 7%
$955,500
Cap Rate 9%
$743,167
Alternative Uses
Best Use
Office B
$1.68M
$1.47M – $1.96M
NOI $117,619 @ 7.0% cap · market cap 15.68%
Second Best
Warehouse
$955.5K
$836.1K – $1.11M
NOI $66,885 @ 7.0% cap · market cap 8.92%
Theoretical Best
Specialty Retail
$2.77M
$2.42M – $3.23M
NOI $193,727 @ 7.0% cap · market cap 25.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18 ft
Clear height
2
Drive-in doors
Yes
Heavy power
Yes
Highway access
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 Office in Miami, FL
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Frequently Asked Questions
What type of property is this?
Flex space - Two adjacent office/flex units with rear street-level overhead doors, 18-foot clear ceilings, and dedicated parking.
Where is this flex space located?
The property is located at B21-16155 Sw 117th Ave Miami, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 2 adjacent office/flex units for a combined 4,100 SF (2,050 SF each), with the option to sell together or separately; Rear street‑level overhead doors plus front glass entry doors for both units, supporting office and warehouse/flex use; Warehouse/loading areas feature 18‑foot clear ceilings and grade‑level loading doors
