Renovated Medical Office
For Sale
$2,299,998
Pending
97 NE 15th St, Homestead, FL 33030
Commercial Sale, Homestead, FL
Property Size2,769 SF
Lot Size0.37 Acres
Days on Market78
Property Features for 97 NE 15th St
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
6800
Subdivision
79
Standard status
Pending
APN
10-79-07-021-0560
Lot size
0.37 Acres
Taxes and HOA fees
Tax Description
DOWNER PALMS DIV NO 1 PB 14-27 LOTS 5 & 6 BLK 15 LOT SIZE 120.000 X 135 OR 20855-3639 1002 1
Tax Annual Amount
8190
Legal Description
DOWNER PALMS DIV NO 1 PB 14-27 LOTS 5 & 6 BLK 15 LOT SIZE 120.000 X 135 OR 20855-3639 1002 1
Building Details
Year built
1925
Listing Agency:
The Keyes Company
(305) 247-7221
Listed By:
George Reyes · License #3382387
(305) 986-4747
Added: Jun 30
Changed: Sep 2
Last Checked: Sep 15 at 6:06AM
MLS# A11854184
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.
Investment Insights
Based on property information with market context.
Built in 1925, this Medical Office Space occupies a 2,769-square-foot building on a 16,200-square-foot corner lot. The property features Spanish Mission Revival architecture and has undergone extensive improvements, including upgraded electrical and plumbing systems, replacement flooring, new A/C units and ductwork, remodeled bathrooms, updated lighting, signage, and hurricane shutters.
The building is located at 97 NE 15th St in Homestead, Florida, and carries B-1 A zoning. Ample parking, completed recertification, and its office and medical configuration add practical value for professional occupancy. The property is within Miami-Dade County and has a 33030 postal code.
The building is located at 97 NE 15th St in Homestead, Florida, and carries B-1 A zoning. Ample parking, completed recertification, and its office and medical configuration add practical value for professional occupancy. The property is within Miami-Dade County and has a 33030 postal code.
Key Highlights
- 2,769 SF office and medical building on a 16,200 SF corner lot
- Constructed in 1925 with Spanish Mission Revival architecture
- B‑1 A zoning
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
$73,392
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
3.19%
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%
$1,467,840
$1.5M
Cap Rate 7%
$1,048,457
$1.0M
Cap Rate 9%
$815,467
$815.5K
Market Conditions
NOI Build-Up for 2,769 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
$126.3K $45.60/SF
− Vacancy
−$28.4K −$10.26/SF
EGI
$97.9K $35.34/SF
− OpEx
−$24.5K −$8.84/SF
NOI
$73.4K $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%
$1,467,840
Cap Rate 7%
$1,048,457
Cap Rate 9%
$815,467
Alternative Uses
Best Use
Office B
$1.05M
$917.4K – $1.22M
NOI $73,392 @ 7.0% cap · market cap 3.19%
Second Best
Healthcare Medical
$521.2K
$456.1K – $608.1K
NOI $36,484 @ 7.0% cap · market cap 1.59%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,338 @ 7.0% cap · market cap 4.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33030, FL
36,776
Population
11,217
Households
3.3
Avg Household Size
33
Median Age
15%
College-Educated
61%
High-School Grad
17.6 sq mi
ZIP Area
2,090
Density / Sq Mi
$43,231
Median Household Income
$28,214
Median Earnings
$1,307
Median Rent
$382,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Updated electrical, plumbing, HVAC, lighting, and bathrooms enhance the professional workspace.
Where is this medical office space located?
The property is located at 97 NE 15th St Homestead, FL.
What is the asking price?
The asking price for this property is $2,299,998.
What are key features of this property?
This property features: 2,769 SF office and medical building on a 16,200 SF corner lot; Constructed in 1925 with Spanish Mission Revival architecture; B‑1 A zoning
