Add Listing
    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

    631 NE 60Th St Miami, FL 33137

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $950,000

    Duplex on 10,250 SF lot with redevelopment potential.

    Lot size:
    0.24 Acres

    Property Features for 631 NE 60Th St

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.24 Acres

    We can help!

    Listing Contact
    Jorge Uribe
    Jorge Uribe
    Source: Elliman

    Listing Agent: Jorge Uribe

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

    Learn more

    Overview

    Morningside Duplex Redevelopment Opportunity

    This property, situated in the Morningside corridor off Biscayne Blvd, currently features a duplex configuration. It includes a 2-bedroom, 1-bathroom single-family main house and a separate 2-bedroom, 1-bathroom structure, all situated on a 10,250 square foot lot. The property is zoned T6-08 and T5-R, which allows for potential redevelopment with vertical expansion up to three stories. The favorable zoning supports the creation of a multifamily property. This property is suitable for developers or investors looking for opportunities in the Morningside area.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.183334
    Latitude
    25.832205

    Nearby Similar for Sale

    • New
      $4,700,000
      3,350 SF

      Freestanding Commercial Building on 8th

      Renovated 3,350 SF mixed-use building on high-traffic corner lot.
      7101 SW 8Th St, Miami, FL 33144
      View Details
    • New
      $445,000

      Miami Warehouse/Flex Industrial Unit

      Well-maintained warehouse/flex unit in Miami's Airport West submarket.
      7311 NW 12Th St, Miami, FL 33126
      View Details
    • New
      $2,820,000
      8,299 SF

      Miami Retail Strip Center Investment

      100% occupied retail strip center in Miami's Little Havana.
      1166 SW 17Th Ave, Miami, FL 33135
      View Details
    • $400,000

      Skyline Brickell Commercial Office Space

      522 sqft commercial office space in vibrant Brickell.
      2101 Brickell Ave, Miami, FL 33129
      View Details
    • $1,050,000
      1,032 SF

      Miami Commercial Property with Dealership License

      Freestanding building on 9,750 SF lot with redevelopment potential.
      9301 NW 27Th Ave, Miami, FL 33147
      View Details
    • $1,500,000
      2,400 SF

      Freestanding Commercial Building on Corner Lot

      2,400 SF building on 9,300 SF lot in high-traffic area.
      432 NW 12Th Ave, Miami, FL 33128
      View Details
    • $895,000
      1,988 SF

      Miami Mixed-Use Commercial Opportunity

      High-visibility mixed-use property on NW 27th Avenue in Miami.
      4699 NW 27Th Ave, Miami, FL 33142
      View Details
    • $299,999
      1,674 SF

      Miami Retail/Office Space Available

      Retail or office space in a prime Miami location.
      1110 NW 1St St, Miami, FL 33128
      View Details
    • $850,000

      Miami Retail Business Opportunity

      Established Miami retail business specializing in special-occasion dresses.
      14248 SW 8Th St, Miami, FL 33184
      View Details
    • $500,000
      1,626 SF

      Operating Supermarket on Corner Lot

      Income-producing retail property in residential neighborhood with high visibility.
      1540 SW 22Nd Ave, Miami, FL 33145
      View Details
    • $600,000
      Pending

      Miami Retail Space in Fashion District

      Retail unit in Miami's Fashion District, suitable for various businesses.
      1830 NW 20Th St, Miami, FL 33142
      View Details
    • New
      $340,000
      Pending

      Warehouse with Office Space

      Well-located Miami warehouse with office space for various businesses.
      13277 SW 124Th St, Miami, FL 33186
      View Details

    FAQs

    What type of property is this?
    Duplex - Duplex on 10,250 SF lot with redevelopment potential.
    Where is this duplex located?
    The property is located at 631 NE 60Th St Miami, FL.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: - Redevelopment potential with T6-08 and T5-R zoning.; - 10,250 sf lot in the Morningside corridor off Biscayne Blvd.; - Vertical development potential of 3 stories.
    (305) 666-0562
    Request Owner's contact information
    631 NE 60Th St Miami, FL 33137
    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.
    631 NE 60Th St
    Miami, FL 33137
    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
    631 NE 60Th St Miami, FL 33137
    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
    Jorge Uribe
    Jorge Uribe
    (305) 666-0562 (786) 371-8777
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!