Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    198 NW 24Th St Miami, FL 33127

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail space in Miami's Wynwood, a vibrant entertainment district.

    Property size:
    1,776 SF
    Lot size:
    0.45 Acres

    Property Features for 198 NW 24Th St

    General Information

    Size
    1,776 SF
    Lot size
    0.45 Acres

    We can help!

    Listing Contact
    Drew Schaul
    Source: Moodyscre

    Listing Agent: Drew Schaul

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Retail Space in Wynwood Hub

    The Shops on 2nd Avenue are situated along NW 2nd Avenue, the primary North-South thoroughfare of Wynwood. This location places it in the heart of Miami’s prominent entertainment hub for the creative economy. Wynwood, encompassing over 50 city blocks, features over 400 businesses, an eccentric art scene with over 200 street murals, more than 30 unique restaurants, numerous nightlife venues, and newly constructed residential developments. The area experiences significant foot traffic. The property offers 1,776 square feet of retail space.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Law Firm Realty agency Dental Office Spa & Massage Hair Salon Restaurant Nail Salon Building Supply Accounting Firm Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.199685
    Latitude
    25.799919

    Nearby Similar for Lease

    • $120 SF/Yr

      Luxury Brickell Office with Terrace

      Sophisticated 4,768 SF office space with bay view terrace.
      1300 Brickell Bay Dr, Miami, FL 33131
      View Details
    • $30,000

      Renovated Corner Office Suite, Miami

      Prestigious corner office in Miami's financial district with city views.
      1110 Brickell Ave, Miami, FL 33131
      View Details
    • $15,000 /Mo
      10,049 SF

      Calle Ocho Commercial Space Available

      Prime commercial space on Calle Ocho with ample parking.
      6445 SW 8Th St, Miami, FL 33144
      View Details
    • $22,500

      Renovated Retail/Office Building on Calle Ocho

      4,900 SF renovated corner building with parking on Calle Ocho.
      4725 SW 8Th St, Miami, FL 33134
      View Details
    • $40 SF/Yr

      North Miami Office Space Available

      9,370 SF office space for rent in North Miami.
      12550 Biscayne Blvd, Miami, FL 33181
      View Details
    • $28 SF/Yr

      Miami Industrial Warehouse with Cold Storage

      Rare industrial warehouse with cold storage and nightclub zoning.
      2585 NW 21St Ter, Miami, FL 33142
      View Details
    • $16,950 /Mo

      Doral Freestanding Office Warehouse

      Free-standing office warehouse in Doral's Finger Lakes area for lease.
      1740 NW 93Rd Ave, Miami, FL 33172
      View Details
    • $4,750 /Mo

      Medical Office Near Baptist Hospital

      Turnkey medical office space directly across from Baptist Hospital.
      8525 SW 92Nd St, Miami, FL 33156
      View Details
    • $19 SF/Yr

      Doral Office Space For Rent

      Office space in Doral, near Miami International Airport.
      3018 NW 79Th Ave, Miami, FL 33122
      View Details
    • $14,500 /Mo

      Little Havana Retail/Office Opportunity

      Freestanding two-story building in Little Havana with on-site parking.
      1730 W Flagler St, Miami, FL 33135
      View Details
    • $26 SF/Yr

      Modern Industrial Space in Miami

      Class A warehouse/office space in Deerwood Park, available April 2025.
      13801 SW 119Th Ave, Miami, FL 33186
      View Details
    • $17 SF/Yr

      Mixed-Use Building on Corner Lot

      Commercial/light industrial building with parking in West Little River.
      9411 NW 22Nd Ave, Miami, FL 33147
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space in Miami's Wynwood, a vibrant entertainment district.
    Where is this retail space located?
    The property is located at 198 NW 24Th St Miami, FL.
    What are key features of this property?
    This property features: - Located on NW 2nd Avenue, the main North-South artery of Wynwood.; - In the center of Wynwood, Miami’s most prominent entertainment hub.; - Wynwood encompasses over 50 city blocks.
    (305) 742-5112
    Request Owner's contact information
    198 NW 24Th St Miami, FL 33127
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    198 NW 24Th St
    Miami, FL 33127
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    198 NW 24Th St Miami, FL 33127
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Drew Schaul
    (305) 742-5112
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.