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    2090 NW 21St St Miami, FL 33142

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    2090 NW 21St St Miami, FL 33142

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    • Flex space
    For Lease
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    Allapattah Flex Warehouse For Rent For Lease
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    Allapattah Flex Warehouse For Rent

    Renovated flex warehouse suitable for industrial and creative businesses.

    2090 NW 21st St, Miami, FL 33142
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    Property ID
    US18-0118236
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Nepa wholesale 305 Miami / Tobacco Supplier
    • Urgent Dentist Miami / Dental Office
    • Dumpster Rental Champs / General Contractor / Waste Management Facility
    • Searchific / Marketing & Advertising

    Property Details for 2090 NW 21St St

    Year built
    1980
    Property type
    Flex space
    Property subtype
    Office Units

    Description

    2090 NW 21st St is a pioneer in the Allapattah neighborhood when it comes to adaptive reuse warehouses. This office / flex warehouse has been converted into a property that can not only accommodate the traditional industrial tenant, but also much more creative businesses. The space has been renovated with newly installed loading doors, flooring, HVAC system, and ADA restrooms. The unique character of the district’s warehouses and industrial buildings makes it an excellent match for tenants seeking natural light and ceiling heights. The property comes equipped with on site security and ample parking, making it attractive for many businesses. Notable companies that have recently pioneered and thrived in the area include the Rubell Museum, Robert Wennett’s planned SAP, and Hometown BBQ.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.230489
    Latitude
    25.795231

    Comparable in this City

    • $31 SF/Yr

      Remodeled Warehouse in Garment District

      Freestanding, remodeled warehouse suitable for warehouse/retail/office use.
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      Miami Flex/Industrial/Office Space Available

      Flex, industrial, and office spaces for lease in Miami.
      1344 NW 22Nd St, Miami, FL 33142
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      Allapattah Flex Space For Rent

      Newly remodeled flex space in Allapattah, ideal for diverse business
      1724 NW 22Nd St, Miami, FL 33142
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      6,600 SF

      Miami Center of Commerce Space

      Premier industrial property near Miami Airport with flexible spaces.
      3555-3567 NW 33Rd St, Miami, FL 33142
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      Upgraded Flex Warehouse in Allapattah

      Upgraded flex warehouse in Allapattah, ideal for storage and distribution.
      1341 Northwest 22Nd Street Rd, Miami, FL 33142
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      Industrial Unit with Cold Storage

      4,357 SF industrial unit with cold storage in Miami.
      2151 NW 13Th Ave, Miami, FL 33142
      View Details

    Similar Nearby for Lease

    • $31 SF/Yr

      Remodeled Warehouse in Garment District

      Freestanding, remodeled warehouse suitable for warehouse/retail/office use.
      2047 NW 24Th Ave, Miami, FL 33142
      View Details
    • Contact for pricing

      Allapattah Flex Space For Rent

      Newly remodeled flex space in Allapattah, ideal for diverse business
      1724 NW 22Nd St, Miami, FL 33142
      View Details
    • Contact for pricing

      Miami Flex/Industrial/Office Space Available

      Flex, industrial, and office spaces for lease in Miami.
      1344 NW 22Nd St, Miami, FL 33142
      View Details
    • Contact for pricing
      6,600 SF

      Miami Center of Commerce Space

      Premier industrial property near Miami Airport with flexible spaces.
      3555-3567 NW 33Rd St, Miami, FL 33142
      View Details
    • Contact for pricing

      Upgraded Flex Warehouse in Allapattah

      Upgraded flex warehouse in Allapattah, ideal for storage and distribution.
      1341 Northwest 22Nd Street Rd, Miami, FL 33142
      View Details
    • Contact for pricing

      Industrial Unit with Cold Storage

      4,357 SF industrial unit with cold storage in Miami.
      2151 NW 13Th Ave, Miami, FL 33142
      View Details
    View Listing
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    Miami, FL 33142
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    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.

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    2090 NW 21St St, Miami, FL, 33142

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