Recently Renovated Office-Retail
For Sale
$1,500,000
257 N Krome Avenue, Homestead, FL 33030
Recently renovated office and retail space with CRA funds available and a tenant-usable mix encouraged by the program.
Property Size3,750 SF
Price / SF$400
Days on Market53
Property Features for 257 N Krome Avenue
General Information
Standard status
Active
Size
3,750 SF
Property subtype
Office
Building Details
Year Built
1958
Listing Agency:
The Keyes Company
(305) 247-7221
Listed By:
Louis R Melara · License #0660380
(305) 281-9472
Source:
Lehmannflorida
Added: Jul 22
Changed: Sep 10
Last Checked: Sep 12 at 6:19AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Keyes Company
Investment Insights
Based on property information with market context.
This recently renovated office/retail space offers a flexible layout suited to a range of street-facing uses. Property uses encouraged include professional offices, restaurants and open-air cafes (excluding drive-in or drive-thru), plus a variety of specialty retail concepts such as a bakery with retail sales on site, coffee shops, wine bars, day spa/salon, and art galleries.
The property is located at 257 N Krome Avenue in downtown Homestead, FL 33030. CRA funds are available, which may support qualifying improvements and tenancy. Additional encouraged uses listed include bar and lounge, boutique clothing retail, bookstores (excluding adult book stores), florists, and select indoor entertainment concepts such as billiards and game rooms.
The property is located at 257 N Krome Avenue in downtown Homestead, FL 33030. CRA funds are available, which may support qualifying improvements and tenancy. Additional encouraged uses listed include bar and lounge, boutique clothing retail, bookstores (excluding adult book stores), florists, and select indoor entertainment concepts such as billiards and game rooms.
Key Highlights
- Recently renovated office/retail space in downtown Homestead
- Year built: 1958
- CRA funds available
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
$99,394
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
6.63%
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%
$1,987,880
$2.0M
Cap Rate 7%
$1,419,914
$1.4M
Cap Rate 9%
$1,104,378
$1.1M
Market Conditions
NOI Build-Up for 3,750 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
$171.0K $45.60/SF
− Vacancy
−$38.5K −$10.26/SF
EGI
$132.5K $35.34/SF
− OpEx
−$33.1K −$8.84/SF
NOI
$99.4K $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%
$1,987,880
Cap Rate 7%
$1,419,914
Cap Rate 9%
$1,104,378
Alternative Uses
Best Use
Office B
$1.42M
$1.24M – $1.66M
NOI $99,394 @ 7.0% cap · market cap 6.63%
Second Best
Retail
$905.8K
$792.6K – $1.06M
NOI $63,409 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $133,177 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,737
Businesses Nearby
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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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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Recently renovated office and retail space with CRA funds available and a tenant-usable mix encouraged by the program.
Where is this office building located?
The property is located at 257 N Krome Avenue Homestead, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Recently renovated office/retail space in downtown Homestead; Year built: 1958; CRA funds available
