Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3002 NW 7Th Ave Miami, FL 33127

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,800,000

    Development opportunity in high-growth Miami corridor with existing income.

    Lot size:
    0.42 Acres

    Property Features for 3002 NW 7Th Ave

    General Information

    Lot size
    0.42 Acres

    Building Details

    Year built
    1928

    We can help!

    Listing Contact
    Barrett Wolf
    Barrett Wolf
    Source: Elliman

    Listing Agent: Barrett Wolf

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

    Learn more

    Property Insight Report

    Overview

    Miami Land with Income Potential

    This property presents development potential within a high-growth corridor of Miami. It features four contiguous parcels, totaling 18,320 square feet (0.42 acres), with existing improvements of 3,504 square feet that are currently income-producing. The T4 zoning supports immediate activation for various uses, including boutique retail, outdoor markets, and food and beverage concepts. The surrounding projects indicate a potential for multifamily development under higher-intensity designations and Live Local overlays. Located between Wynwood, Midtown, and the Design District, the site benefits from visibility and connectivity, with proximity to I-95, Miami International Airport, and Downtown.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tipico Hondureño Honduran Restaurant

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.20761
    Latitude
    25.805255

    Nearby Similar for Sale

    • $2,360,000

      Miami Multifamily Short-Term Rental Property

      Boutique 5-unit apartment community in Miami's Qualified Opportunity Zone.
      1053 NW 29Th St, Miami, FL 33127
      View Details
    • $7,750,000

      Luxury Brickell Office with Terrace

      Sophisticated 4,768 sqft office with bay view terrace in Brickell.
      1300 Brickell Bay Dr, Miami, FL 33131
      View Details
    • $1,250,000
      3,892 SF

      Miami Fourplex with Income Potential

      Residential income property in Miami, featuring a pool and gated entry.
      14500 NE 2, Miami, FL 33161
      View Details
    • New
      $1,225,000
      7,382 SF

      Miami Multifamily Value-Add Opportunity

      Value-add multifamily opportunity in Miami, featuring 13 units across two buildings.
      1337 NW 77Th St, Miami, FL 33147
      View Details
    • $3,775,000

      New Multifamily Building in Miami

      Newly built 10-unit multifamily property in a growing Miami area.
      1037 NW 2Nd St, Miami, FL 33128
      View Details
    • $3,775,000
      7,000 SF

      New Multifamily Investment in Miami

      Newly built 10-unit multifamily property in a growing Miami area.
      1037 NW 2Nd St, Miami, FL 33128
      View Details
    • $3,500,000

      Remodeled Corner Office Suite, Miami

      Completely remodeled corner office suite in the heart of Miami's financial district.
      1110 Brickell Ave, Miami, FL 33131
      View Details
    • New
      $4,200,000
      5.20 Acres

      Turnkey Income Producing Miami Estate

      Diversified income streams on 5.2 acres in The Redlands.
      20455 SW 154Th Ave, Miami, FL 33187
      View Details
    • $2,100,000

      Redevelopment Opportunity in Miami, FL

      Two lots totaling 14,000 sq. ft. ideal for redevelopment.
      1750 NW 7Th St, Miami, FL 33125
      View Details
    • $1,275,000

      Miami Multifamily Value-Add Opportunity

      13-unit multifamily property in Miami, ideal for redevelopment or repositioning.
      1337 NW 77Th St, Miami, FL 33147
      View Details
    • $550,000

      Established Beauty and Aesthetics Studio

      Turnkey beauty and aesthetics studio in a high-traffic Miami location.
      5870 W Flagler St, Miami, FL 33144
      View Details
    • $3,800,000
      3,372 SF

      West Brickell Quadplex Investment Opportunity

      Income-producing quadplex near Brickell with development potential.
      364 SW 11Th St, Miami, FL 33130
      View Details

    FAQs

    What type of property is this?
    Commercial land - Development opportunity in high-growth Miami corridor with existing income.
    Where is this commercial land located?
    The property is located at 3002 NW 7Th Ave Miami, FL.
    What is the asking price?
    The asking price for this property is $2,800,000.
    What are key features of this property?
    This property features: - High-growth Miami corridor location with unparalleled development potential.; - Four contiguous parcels totaling 18,320 SF (0.42 acres).; - Income-producing property today with 3,504 SF of existing improvements.
    (305) 542-3507
    Request Owner's contact information
    3002 NW 7Th Ave 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.
    3002 NW 7Th Ave
    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
    3002 NW 7Th Ave 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
    Barrett Wolf
    Barrett Wolf
    (305) 542-3507
    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.