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    3620 Miami Pl Miami, FL 33137

    Sponsored
    For Lease
    $0.07 SF/Yr

    10,919 SF Flex Space - Ideal for Businesses

    Lot size:
    10,919 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    406
    This exceptional 10,919-square-foot freestanding building presents a unique opportunity for businesses seeking a prominent location in Miami. The contemporary two-story structure offers a single-tenant occupancy, providing ample space for customization and branding. Its strategic position at the intersection of the Design District and Midtown ensures maximum visibility and accessibility. Situated on NE 36th Street, a major thoroughfare connecting Biscayne Boulevard and N Miami Avenue, the property benefits from unmatched east and west exposure, visible to over 100,000 vehicles daily traveling on I-95. The building's minimalist architecture complements its prime location, offering an attractive space for businesses seeking to establish a strong presence in a thriving market. The surrounding area boasts a high concentration of residents in Midtown, Edgewater, and Wynwood, creating a significant opportunity to tap into a substantial consumer base. Zoned 6110, this property (APN 01-31-24-038-0010) is minutes away from Downtown Miami, Miami Beach, and the Wynwood Arts District, offering unparalleled convenience and access to a vibrant urban environment. The single-building, two-story structure is ready for immediate occupancy and offers a blank canvas for a business to create its ideal space.

    Property Features for 3620 Miami Pl

    General Information

    Property type
    Flex space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    10,919 SF

    Building Details

    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    Size
    10,919 SF
    Rate per SF
    $0.07

    We can help!

    Listing Contact
    Stephanie Pedron

    Learn more

    Property Insight Report

    HighLights

    • Flex industrial/retail property totaling 10,919 square feet.
    • Single‑tenant occupancy in a freestanding building.
    • Two‑story building with contemporary design.
    • Prime location near Design District, Wynwood, Downtown Miami, and Miami Beach.
    • Situated on NE 36th Street, a major thoroughfare.
    • High visibility due to I‑95 exposure.
    Property Profile Location Intelligence

    Current Use by Public Records

    Vision Design Eyewear Exporter

    Suggested Use

    Law Firm Realty agency Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Food Market Daycare Center 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
    -80.1939711
    Latitude
    25.8109768

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    FAQs

    What type of property is this?
    Flex space - 10,919 SF Flex Space - Ideal for Businesses
    Where is this flex space located?
    The property is located at 3620 Miami Pl Miami, FL.
    What is the lease rate?
    The lease rate is $0.07 SF/Yr.
    What are key features of this property?
    This property features: Flex industrial/retail property totaling 10,919 square feet.; Single-tenant occupancy in a freestanding building.; Two-story building with contemporary design.
    Request Owner's contact information
    3620 Miami Pl Miami, FL 33137
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    Miami, FL 33137
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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
    3620 Miami Pl Miami, FL 33137
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    We can help!
    Listing Contact
    Stephanie Pedron
    Real Estate License ID: 3377957
    Learn more
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