
Warehouse · Q2 2026
5.50%cap
Older infill industrial in Medley. Building functionally obsolete; underwrote to land value rather than improvement value.

Actively acquiring in Miami-Dade County
We buy commercial real estate across Miami-Dade, as-is, for cash. Direct principal, no listing, no commission.
Miami at a glance
We buy in Miami
50 property types across Miami-Dade County
Nearby markets
Data current as of
Market conditions
Our read
Miami's commercial market is shaped by geography more than anything else. The county is boxed in by the Everglades to the west and the ocean to the east, and you cannot build your way out of a supply constraint that is literally topographic. Trade through PortMiami and Miami International Airport keeps demand coming on the other side of the equation.
For a seller, the practical read is simple: a well-located industrial asset gets bid, and a tired one still has a floor because the land under it is scarce.
Office is a Brickell story first, and Citadel's planned headquarters tower on Brickell Bay Drive is its most visible sign. Outside the core, we underwrite office on what the space will actually re-lease for. We publish vacancy and cap-rate figures only once we have a source we can cite.

Our read · Miami
“Miami's commercial market is shaped by geography more than anything else.”
Photo: Lance Asper
Valuation
How we price it
Your property is worth its net operating income divided by the cap rate a buyer will accept, and lease term, tenant credit, rent relative to market and the escalation schedule decide where in the range you land.
The thing to understand about Miami specifically is that land value often exceeds improvement value, particularly in Medley, Hialeah, and the older Airport West stock. If you own a functionally obsolete building on well-located industrial land, you are not selling a building. You are selling a site, and you should be underwritten that way.
That cuts both directions. It puts a floor under bad buildings. It also means a buyer paying for the dirt is not paying you a premium for the improvements, however much you spent on them.
Model Miami-Dade's documentary stamp tax and surtax before you set your number; together they are the largest line in your closing costs, and our offer shows exactly how we treated them.
Capital markets today
Sources: FRED DGS10, 2026-10-01 · FRED SOFR, 2026-10-01 · FRED MORTGAGE30US, 2026-10-01 · FRED DRCRELEXFACBS, 2026-04-01 · FRED COMREPUSQ159N, 2026-01-01
Florida tax & legal
Miami property tax vs. the 50 states
Effective property tax rate
0.81%
Higher than 26 of 50 states
Effective rates as cited on each state's page; every state's sources include Tax Foundation.
| State | Effective property tax rate |
|---|---|
| Metro Miami | 0.81% |
| Arizona | 0.48% |
| Texas | 1.40% |
| Florida | 0.78% |
| Alabama | 0.37% |
| Alaska | 0.94% |
| Arkansas | 0.56% |
| California | 0.70% |
| Colorado | 0.50% |
| Connecticut | 1.54% |
| Delaware | 0.54% |
| Georgia | 0.79% |
| Hawaii | 0.29% |
| Idaho | 0.50% |
| Illinois | 1.88% |
| Indiana | 0.76% |
| Iowa | 1.33% |
| Kansas | 1.21% |
| Kentucky | 0.74% |
| Louisiana | 0.55% |
| Maine | 0.98% |
| Maryland | 0.92% |
| Massachusetts | 1.00% |
| Michigan | 1.19% |
| Minnesota | 1.00% |
| Mississippi | 0.58% |
| Missouri | 0.89% |
| Montana | 0.61% |
| Nebraska | 1.44% |
| Nevada | 0.50% |
| New Hampshire | 1.50% |
| New Jersey | 1.88% |
| New Mexico | 0.63% |
| New York | 1.30% |
| North Carolina | 0.66% |
| North Dakota | 0.92% |
| Ohio | 1.36% |
| Oklahoma | 0.79% |
| Oregon | 0.81% |
| Pennsylvania | 1.26% |
| Rhode Island | 1.12% |
| South Carolina | 0.49% |
| South Dakota | 1.00% |
| Tennessee | 0.52% |
| Utah | 0.48% |
| Vermont | 1.51% |
| Virginia | 0.78% |
| Washington | 0.75% |
| West Virginia | 0.51% |
| Wisconsin | 1.32% |
| Wyoming | 0.53% |
Statutes
Florida is one of the more expensive states to transfer commercial property in, and Miami-Dade is the most expensive county in Florida.
Documentary stamp tax in Miami-Dade is $0.60 per $100 of consideration under Fla. Stat. § 201.02. The county then adds a $0.45 per $100 surtax under § 201.031 on every deed except one transferring only a single-family residence, which means it applies to your commercial building. Combined, that is 1.05% of the sale price: $52,500 on $5M, and usually the single largest line item in your closing costs. By statute every party to the deed is liable for the tax; the contract decides who pays.
Florida has no personal income tax (Fla. Const. art. VII, § 5), so your gain is taxed federally and not again by the state. That is a genuine advantage and it partially offsets the doc stamps.
On assessment: Florida caps annual growth in the assessed value of non-residential property at 10% under Fla. Stat. § 193.1555, but the property is reassessed at just value as of the January 1 after a change of ownership or control. Miami-Dade's effective property tax rate is 0.81%. Your buyer is modeling that reset.
Florida conforms to federal 1031 treatment.
Sources: Florida Statutes & Constitution; Florida Dept. of Revenue; Tax Foundation (Miami-Dade County); Fla. Stat. §§ 220.03, 627.7711, October 2026 · floridarevenue.com · doc_stamp.aspx · leg.state.fl.us · 0201.02 · leg.state.fl.us · 0201.031 · leg.state.fl.us · 0193.1555 · flsenate.gov · Constitution · leg.state.fl.us · 0220.03 · leg.state.fl.us · 0627.7711 · taxfoundation.org · property-taxes-by-state-county
What this means
Budget this as a closing cost from day one. It is charged on the sale price, not on your gain, so it applies whether or not the sale is profitable.
A title or escrow company handles closing, title insurance, and recording. That usually means a faster close and one less party to coordinate.
Florida conforms to federal like-kind exchange treatment, so a properly structured 1031 defers both. You must have a qualified intermediary in place before closing — it cannot be arranged afterward.
Yes. Non-residential property's assessed value can rise no more than 10% a year under Fla. Stat. § 193.1555, but it is reassessed at just value as of the January 1 after a change of ownership or control.
Demand drivers
Population
6.4M
Pop. growth
-0.1%
Job growth
+0.2%
Unemployment
3.7%
Net domestic migration
-113,724
Housing permits YTD
14,906
Permits vs last year
-0.8%
Median household income
$81K
How Metro Miami compares
Job growth, year over year
+0.2%
Lower than 29 of 50 states
Population growth
-0.1%
Lower than 48 of 50 states
Unemployment rate
3.7%
Lower than 26 of 50 states
Median household income
$81K
Higher than 28 of 50 states
| State | Job growth, year over year | Population growth | Unemployment rate | Median household income |
|---|---|---|---|---|
| Metro Miami | +0.2% | -0.1% | 3.7% | $81K |
| Arizona | +0.6% | +0.9% | 4.9% | $81K |
| Texas | +1.1% | +1.3% | 4.4% | $80K |
| Florida | +0.6% | +0.8% | 4.5% | $78K |
| Alabama | +1.1% | +0.6% | 3.4% | $67K |
| Alaska | +1.3% | +0.1% | 4.3% | $96K |
| Arkansas | +0.6% | +0.6% | 3.9% | $62K |
| California | +0.8% | -0.0% | 5.1% | $100K |
| Colorado | +0.2% | +0.4% | 4.0% | $97K |
| Connecticut | +0.9% | +0.4% | 5.1% | $96K |
| Delaware | +0.1% | +0.9% | 4.7% | $88K |
| Georgia | -0.1% | +0.9% | 3.2% | $80K |
| Hawaii | +0.2% | -0.1% | 2.7% | $101K |
| Idaho | +0.9% | +1.4% | 3.6% | $81K |
| Illinois | +0.2% | +0.1% | 4.7% | $83K |
| Indiana | -0.5% | +0.6% | 3.3% | $72K |
| Iowa | +0.0% | +0.3% | 3.2% | $76K |
| Kansas | +0.5% | +0.4% | 3.8% | $76K |
| Kentucky | -0.1% | +0.5% | 4.7% | $65K |
| Louisiana | +1.6% | +0.1% | 4.2% | $61K |
| Maine | -0.1% | +0.5% | 3.2% | $76K |
| Maryland | -0.2% | +0.3% | 4.1% | $103K |
| Massachusetts | +0.2% | +0.2% | 4.3% | $105K |
| Michigan | +0.2% | +0.3% | 5.0% | $72K |
| Minnesota | +1.4% | +0.6% | 4.4% | $87K |
| Mississippi | +0.4% | +0.1% | 3.4% | $59K |
| Missouri | +1.1% | +0.4% | 3.5% | $72K |
| Montana | -0.9% | +0.6% | 3.2% | $75K |
| Nebraska | +0.2% | +0.6% | 2.9% | $76K |
| Nevada | +1.3% | +0.9% | 4.8% | $81K |
| New Hampshire | +0.2% | +0.5% | 2.8% | $100K |
| New Jersey | -0.2% | +0.4% | 4.3% | $104K |
| New Mexico | +1.6% | -0.1% | 4.7% | $68K |
| New York | -0.0% | +0.0% | 4.3% | $86K |
| North Carolina | +1.3% | +1.3% | 3.5% | $74K |
| North Dakota | +0.5% | +0.8% | 2.2% | $78K |
| Ohio | +0.2% | +0.3% | 3.3% | $72K |
| Oklahoma | +0.7% | +0.6% | 4.3% | $66K |
| Oregon | -0.8% | +0.2% | 5.1% | $85K |
| Pennsylvania | +0.6% | +0.1% | 3.7% | $78K |
| Rhode Island | +0.1% | +0.4% | 3.7% | $84K |
| South Carolina | +1.6% | +1.5% | 4.1% | $72K |
| South Dakota | +0.2% | +0.9% | 2.0% | $77K |
| Tennessee | +0.5% | +0.9% | 3.4% | $72K |
| Utah | +1.0% | +1.0% | 3.5% | $97K |
| Vermont | -0.3% | -0.3% | 2.6% | $83K |
| Virginia | -0.9% | +0.7% | 3.6% | $92K |
| Washington | +0.4% | +0.9% | 4.9% | $99K |
| West Virginia | -0.3% | -0.1% | 4.0% | $61K |
| Wisconsin | +0.6% | +0.3% | 3.2% | $77K |
| Wyoming | +0.8% | +0.3% | 3.0% | $76K |
Miami's commercial demand is driven by trade, not by population growth, and right now that distinction matters more than usual. The metro has about 6.4 million residents and is shrinking 0.1% a year. Over the latest year it lost a net 113,724 residents to other states. That is a real headwind for retail that depends on new households, and we underwrite it as one.
The labor market has not followed population down: unemployment is 3.7%, the metro added jobs at 0.2% over the past year, and median household income is $80,625. On the residential side, residential permits are down 0.8% year to date.
PortMiami and Miami International Airport move goods at a volume that underwrites industrial demand independent of how many people move here, and the Airport West and Medley corridors exist to serve that flow.
The University of Miami and Jackson Health System are among Miami-Dade's largest employers and anchor a large medical office market. Carnival and Royal Caribbean are headquartered here, which makes cruise and hospitality a genuine industry rather than a tourism footnote.
Largest employers
Industries driving demand
Trade & logistics
Healthcare
Cruise & hospitality
Financial services
Sources: U.S. Census Bureau, Population Estimates Program, Vintage 2025 · U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics, August 2026 · U.S. Bureau of Labor Statistics, Current Employment Statistics (total nonfarm, YoY), August 2026 · U.S. Census Bureau, Building Permits Survey (residential units, year to date), January–August 2026 · U.S. Census Bureau, American Community Survey 1-Year Estimates, 2024
Submarkets
Miami's core industrial submarket, built around Miami International Airport's cargo operations.
Miami's financial district, where Citadel plans its new headquarters.
Older infill industrial and outdoor storage, where dated buildings are often underwritten as sites.
Experiential and luxury retail districts north of downtown.
Recent activity
Anonymized from our own pipeline. These are cap rates we actually underwrote, not survey averages.

Warehouse · Q2 2026
5.50%cap
Older infill industrial in Medley. Building functionally obsolete; underwrote to land value rather than improvement value.

Car Wash · Q1 2026
6.35%cap
Express tunnel in west Miami-Dade. Corporate guarantee, strong membership base, no new competitor inside the trade area.
Property types
Each property type has its own underwriting playbook: how we value it, what we check in diligence, and who it backfills to.



Retail18
Industrial03
Office & healthcare06
Hospitality & residential04
Specialty17
Process
Day 0
01Address, asset type, and the lease if there is one. That is enough for us to start.
Our underwriting runs the income against current Miami market pricing and the cost of capital. No lowball anchor.
10 minutes
03In 10 minutes, with the math shown. You will know exactly how we got there.
As fast as 30 days
04As fast as 30 days, or as slow as you need. We are the principal, so the date is yours.
FAQ
The big one is Florida documentary stamp tax. In Miami-Dade that is $0.60 per $100 of consideration plus a $0.45 per $100 surtax on any deed other than one transferring only a single-family residence, so 1.05% of the sale price on commercial property. On a $5M sale, that is $52,500.
Supply. Miami-Dade is boxed in by the Everglades to the west and the ocean to the east, so well-located industrial land in Airport West, Doral, Medley and Hialeah is hard to replace. For an older building, the site often carries the value, which puts a floor under the price but means a buyer is not paying a premium for the improvements.
Yes. Florida caps annual growth in the assessed value of non-residential property at 10% under Fla. Stat. § 193.1555, but the property is reassessed at just value as of the January 1 after a change of ownership or control. Your buyer is underwriting that reset, and it shows up in their offer.
In Miami-Dade, Florida documentary stamp tax is $0.60 per $100 of consideration (Fla. Stat. § 201.02), plus a $0.45 per $100 surtax (§ 201.031) on every deed except one transferring only a single-family residence. On commercial property that is 1.05% of the price. All parties to the deed are liable by statute.
Yes. Non-residential property's assessed value can rise no more than 10% a year under Fla. Stat. § 193.1555, but it is reassessed at just value as of the January 1 after a change of ownership or control. The effective property tax rate in Florida is about 0.81%.
Yes. Florida conforms to Section 1031, so a properly structured exchange defers state income tax on the gain as well as federal. The 45-day identification and 180-day closing deadlines are federal and apply the same way.
Florida is a title state: a title or escrow company typically runs the closing, with attorneys optional. We open title with a national underwriter as soon as terms are agreed.
Miami's population is shrinking 0.1% a year and over the latest year it lost a net 113,724 residents to other states. Employers added jobs at 0.2% over the past year, with unemployment at 3.7%, and residential permits are down 0.8% year to date. Those are the inputs behind tenant demand; what they mean for your property depends on its submarket and lease, which is what we underwrite.
You get a firm written offer within 10 minutes of sending us the property. If you accept, you can close in as little as 30 days — most of that is title work and your own timeline. There is no listing period, no marketing, and no waiting on a buyer's financing contingency.
Yes. We are the buyer, so there is no lender requiring repairs and no inspection contingency to renegotiate against you. Deferred maintenance, a failing roof, an aging tank system — we price it into the offer rather than asking you to fix it first.
Yes, and in most cases a tenant makes the property more valuable to us, not less. We will ask for the lease, a rent roll, and any estoppel certificates. You do not need to deliver the property vacant.
Short remaining term is one of the main reasons owners come to us. A conventional buyer needs lease term to get financing, which is why short-dated assets sit on the market. We underwrite the real estate and the backfill prospects rather than the remaining term alone.
We buy vacant assets. Pricing shifts from an income approach to what the building and land are worth to the next user, which is a different calculation — but it is one we do routinely rather than one that disqualifies the property.
No. We buy directly, and there is no commission because there is nothing to market. If you already have a broker, we will pay them. Selling without one saves the commission, but you should understand you are also giving up price discovery — a broker's job is to find out whether someone will pay more than we will.
The address and the lease are enough to start. To finalize, we will want the rent roll, the last two years of operating statements, the title commitment, any existing survey, and any environmental reports you already have. You do not need an appraisal or a broker package.
We underwrite in-place income against what the space would re-lease for, adjust for capital needs and any environmental tail, and apply a cap rate supported by comparable transactions. We show you the inputs. If you disagree with an assumption, we would rather argue about the assumption than about the number.
Title and escrow fees, any transfer or recording tax owed in your state, prorated property taxes, and payoff of any existing debt. Because we are the buyer, there is no commission and no marketing cost. Transfer tax varies significantly by state and is often the largest single line.
Usually yes, on the gain above your adjusted basis, and depreciation recapture is taxed separately from appreciation. State treatment varies. This is a question for your CPA before you sign, not after — the structure of the sale can change the answer.
Yes. A 1031 exchange lets you defer federal capital gains by reinvesting in like-kind property, subject to a 45-day identification window and a 180-day closing window from the date you sell. You must have a qualified intermediary in place before closing — it cannot be arranged afterward. Most states conform to federal treatment, but a few do not.
Yes, and speed is the reason to move early rather than late. We can close on a defined date, which is what a lender or a receiver generally needs to see. Send us the payoff figure and any notices you have received.
Yes. Probate sales take longer because the court timeline governs, not ours, and multiple heirs need to agree on the price before anything can close. We are used to working around both. Inherited property also generally receives a stepped-up basis, which can change the tax math substantially.
Send it anyway. Environmental history is one of the most common reasons a conventional sale falls apart, and it is one of the reasons owners call us. We price the remediation and the residual liability into the offer rather than walking away at the Phase II.
None. There is no fee, no listing agreement, and no obligation to accept. If our number does not work for you, you keep the underwriting we showed you and we part ways.
10-minute offer
Send us the address and the lease. You'll have a firm offer, with the math shown, in 10 minutes.