Flex Space with
For Sale
$480,000
C5-10780 Nw 138th St, Hialeah Gardens, FL 33168
Light industrial-zoned flex space combines warehouse area, office space, and a mezzanine.
Property Size1,146 SF
Price / SF$418.85
Days on Market15
Property Features for C5-10780 Nw 138th St
General Information
Standard status
Active
Size
1,146 SF
Total Parking Spaces
3
Zoning
Light Industrial
Warehouse & Industrial
Clear Height
19 ft
Drive-In Doors
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,121
Listing Agency:
Miami New Realty
(786) 395-7176
Listed By:
Lourdes De Sousa · License #3151944
(786) 395-7176
Source:
Exprealty
Added: Jul 29
Changed: Aug 5
Last Checked: Aug 11 at 11:38AM
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 Miami New Realty
Investment Insights
Based on property information with market context.
This flex property contains 1,146 square feet of total space, with warehouse area, a second-floor mezzanine, and a small office. The warehouse offers a 19-foot ceiling and one street-level door. The property also includes one handicap restroom and three assigned parking spaces. Light Industrial zoning applies, with stated restrictions against mechanics, car storage, and granite or stone work.
Located at C5-10780 NW 138th St in Hialeah Gardens, the property is near I-75, Okeechobee Road, the Florida Turnpike, and the Palmetto Expressway. Home Depot is within walking distance.
Located at C5-10780 NW 138th St in Hialeah Gardens, the property is near I-75, Okeechobee Road, the Florida Turnpike, and the Palmetto Expressway. Home Depot is within walking distance.
Key Highlights
- 1, 146 Total SqFt with second‑floor mezzanine
- 19 Ft. ceiling height in warehouse area
- One street‑level door
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
$30,375
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
6.33%
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%
$607,500
$607.5K
Cap Rate 7%
$433,929
$433.9K
Cap Rate 9%
$337,500
$337.5K
Market Conditions
NOI Build-Up for 1,146 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
$52.3K $45.60/SF
− Vacancy
−$11.8K −$10.26/SF
EGI
$40.5K $35.34/SF
− OpEx
−$10.1K −$8.84/SF
NOI
$30.4K $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%
$607,500
Cap Rate 7%
$433,929
Cap Rate 9%
$337,500
Alternative Uses
Best Use
Office B
$433.9K
$379.7K – $506.3K
NOI $30,375 @ 7.0% cap · market cap 6.33%
Second Best
Flex RnD
$360.1K
$315.1K – $420.1K
NOI $25,207 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$581.4K
$508.7K – $678.3K
NOI $40,699 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
19 ft
Clear height
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
832
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33168, FL
24,715
Population
6,761
Households
3.7
Avg Household Size
39
Median Age
16%
College-Educated
79%
High-School Grad
3.6 sq mi
ZIP Area
6,865
Density / Sq Mi
$58,636
Median Household Income
$31,984
Median Earnings
$1,576
Median Rent
$329,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- BONGU KITCHEN — 765 NW 127th St, Miami, FL 33168
- Miami Personal Chef Mark Lafleur — 490 NE 140th St, North Miami, FL 33161
Frequently Asked Questions
What type of property is this?
Flex space - Light industrial-zoned flex space combines warehouse area, office space, and a mezzanine.
Where is this flex space located?
The property is located at C5-10780 Nw 138th St Hialeah Gardens, FL.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: 1, 146 Total SqFt with second‑floor mezzanine; 19 Ft. ceiling height in warehouse area; One street‑level door
