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    The Largest CRE Database in the US with Over 1 Million Listings

    6371 N Bay Rd Miami Beach, FL 33141

    Sponsored
    For Sale
    $4,800,000

    Residential - Miami Beach, FL

    Property size:
    4,998 SF
    Lot size:
    0.25 Acres
    Days on Market:
    11
    Last Refresh:
    Feb 1 at 7:06 pm

    Property Features for 6371 N Bay Rd

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    0100
    APN
    02-32-11-014-1330
    Size
    4,998 SF
    Lot size
    0.25 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Dora Puig

    Luxe Living Realty (305) 613-2118

    Listing agent Dora Puig (305) 673-6787 License #3268462

    Listing date Jan 22, 2026

    MLS# A11781155 Listing URL

    Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    North Bay Road Development Opportunity

    This property presents a prime opportunity to develop a new Caribbean Colonial style home with approved plans and permits. Alternatively, the original 1934 Carlos Schoeppl home can be renovated. The property is located on prestigious North Bay Road and features an oversized 11,000 square foot lot. Approved plans are in place for a 4,998 square foot home inspired by French-Caribbean chic design. The plans include a pool surrounded by curated landscaping. French doors open to an outdoor dining area in the spacious backyard, which also features a pool and summer kitchen. The sunlit first floor includes a separate living area, a dining and kitchen wing, an additional family room, and a den. A spiral staircase leads to the second level, which features a primary suite with a double vanity sink, soaking tub, and walk-in closet. Each bedroom includes a private balcony with ensuite baths and walk-in closets. The property is located minutes from La Gorce Country Club and La Gorce Park. The lot size is approximately 0.253 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Miami Beach
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.12811
    Latitude
    25.844017

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    FAQs

    What type of property is this?
    Residential land & home lot - Approved plans for a Caribbean Colonial home on prestigious North Bay.
    Where is this residential land & home lot located?
    The property is located at 6371 N Bay Rd Miami Beach, FL.
    What is the asking price?
    The asking price for this property is $4,800,000.
    What are key features of this property?
    This property features: - Approved plans and permits for a 4,998 SF Caribbean Colonial style home, saving approximately 2 years of development time.; - Located on prestigious North Bay Road.; - Oversized 11,000 SF lot with curated landscaping and pool.
    (305) 873-4919
    Request Owner's contact information
    6371 N Bay Rd Miami Beach, FL 33141
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    Miami Beach, FL 33141
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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.

    More about this property
    6371 N Bay Rd Miami Beach, FL 33141
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    We can help!
    Listing Contact
    Dora Puig
    Real Estate License ID: 3268462
    (305) 873-4919
    Learn more
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