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    937 3Rd Ave Miami, FL 33136

    Sponsored
    For Lease
    $120 SF/Yr

    Miami Office: Creative & Modern

    Lot size:
    6,304 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    406
    This exceptional Overtown, Miami property at 937 NW 3rd Ave offers a unique blend of traditional and modern office space. The 6,304 square foot building, constructed in 1954 and renovated in 2017, boasts a Class A designation and features 12 suites across two stories. The property includes a variety of spaces to suit diverse needs, ranging from 100 to 500 square feet, including street-level retail space, semi-private offices, a photo studio, podcast sets, media production rooms, conference rooms, multi-use classrooms, and a community garden. Amenities include a kitchen, break area, and a private courtyard. The building benefits from an on-site off-street parking lot, providing convenient access for tenants and visitors. Located in the vibrant Overtown submarket, this property offers easy access to public transportation, including the Tri-Rail and Metro station, and is surrounded by a diverse mix of businesses, restaurants, and entertainment venues. The building's historic charm, featuring exposed brick walls and original hardwood floors, is complemented by modern updates and high ceilings, creating an inspiring and productive work environment. The 0.11-acre lot (5,750 square feet) and the presence of an elevator add to the property's appeal. This is an ideal location for businesses seeking a unique and well-equipped space in a thriving Miami neighborhood.

    Property Features for 937 3Rd Ave

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    6,304 SF
    Class
    A
    Total Rate
    63040

    Building Details

    Year Built/Renovated
    1954/2017
    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    Street Level Office/Retail Space
    Size
    500 SF
    Rate per SF
    $120
    Space
    Semi Private Offices
    Size
    200 SF
    Rate per SF
    $180

    We can help!

    Listing Contact
    Alex Legacy

    Learn more

    Property Insight Report

    HighLights

    • 1,200 SF street‑level office/retail space in Overtown's vibrant 937 NW 3rd Avenue.
    • Features six semi‑private offices, photo studio, podcast sets, media production rooms, conference rooms, and multi‑use classrooms.
    • Includes a kitchen, break area, and private courtyard.
    • Offers free adjacent off‑street parking.
    • High ceilings, exposed brick, and original hardwood floors.
    • Located in a dynamic neighborhood with diverse businesses, restaurants, and entertainment.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Hungry Black Man Media Company Community Builders International Association / Organization Center For Black Innovation Non-Profit Organization ShopHowell E Commerce Agency

    Suggested Use

    Restaurant Realty agency Spa & Massage Dental Office Hair Salon Law Firm Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.199493
    Latitude
    25.7833443

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    FAQs

    What type of property is this?
    Office space - Miami Office: Creative & Modern
    Where is this office space located?
    The property is located at 937 3Rd Ave Miami, FL.
    What is the lease rate?
    The lease rate is $120-$180 SF/Yr.
    What are key features of this property?
    This property features: 1,200 SF street-level office/retail space in Overtown's vibrant 937 NW 3rd Avenue.; Features six semi-private offices, photo studio, podcast sets, media production rooms, conference rooms, and multi-use classrooms.; Includes a kitchen, break area, and private courtyard.
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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
    937 3Rd Ave Miami, FL 33136
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    Listing Contact
    Alex Legacy
    Learn more
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