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    490 Hialeah Dr Hialeah, FL 33010

    Sponsored
    For Lease
    $10 SF/Yr

    Prime Hialeah commercial land, ±0.65 acres.

    Lot size:
    28,477 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    409
    This ±0.65-acre commercial land parcel presents a unique ground lease opportunity in Hialeah, Florida. Situated on a high-traffic corner of Hialeah Drive, between Okeechobee Road and LeJeune Road, this property boasts excellent visibility and accessibility. Its location within Hialeah's dense urban core makes it ideal for a variety of uses, including quick-service restaurants (QSRs), retail establishments, office space, or mixed-use developments. The CR zoning (Commercial Residential) allows for a 45% lot coverage, with the potential to develop up to 12,814 square feet of gross area per floor, and a maximum height of four stories (45 feet). Hialeah Drive offers a left-in turn lane for westbound traffic, ensuring convenient access. The property benefits from its proximity to a residential neighborhood, providing a ready-made customer base. The City of Hialeah is known for its high population density, with approximately 45,477 residents and 15,232 households within a one-mile radius, and 210,974 residents and 68,379 households within three miles. This strategic location, combined with the favorable zoning regulations, makes this property an exceptional investment opportunity. The property's high visibility and convenient access make it an attractive proposition for businesses seeking a prominent location in a thriving community.

    Property Features for 490 Hialeah Dr

    General Information

    Property type
    Land
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    28,477 SF

    Unit(s) available at that property

    Space
    Size
    28,477 SF
    Rate per SF
    $10

    We can help!

    Listing Contact
    Liran Friedman
    Liran Friedman

    Learn more

    Property Insight Report

    HighLights

    • High traffic count: 39,500 vehicles per day.
    • 106± feet of Hialeah Drive frontage.
    • CR (Commercial Residential) zoning; allows up to 4 stories/45 feet, 45% lot coverage, with retail, restaurant, office, and mixed‑use potential.
    • Ground lease rent: $10.50/SF, NNN.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Hialeah
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.2714869
    Latitude
    25.822677

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    FAQs

    What type of property is this?
    Land - Prime Hialeah commercial land, ±0.65 acres.
    Where is this land located?
    The property is located at 490 Hialeah Dr Hialeah, FL.
    What is the lease rate?
    The lease rate is $10 SF/Yr.
    What are key features of this property?
    This property features: High traffic count: 39,500 vehicles per day.; 106± feet of Hialeah Drive frontage.; CR (Commercial Residential) zoning; allows up to 4 stories/45 feet, 45% lot coverage, with retail, restaurant, office, and mixed-use potential.
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    490 Hialeah Dr Hialeah, FL 33010
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    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
    490 Hialeah Dr Hialeah, FL 33010
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    We can help!
    Listing Contact
    Liran Friedman
    Liran Friedman
    Real Estate License ID: FL CQ1053252
    Learn more
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