Historic Homestead Landmark Office
For Sale
$2,299,998
Pending
97 NE 15th St, Homestead, FL 33030
Historic 1925 building with office and medical space for sale.
Property Size2,769 SF
Lot Size0.37 Acres
Days on Market172
Property Features for 97 NE 15th St
General Information
Standard status
Pending
Size
2,769 SF
Lot size
0.37 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,190
Building Details
Building Size
2,769 SF
Year Built
1925
Listing Agency:
The Keyes Company
(305) 986-4747
Listed By:
George Reyes · License #3382387
(305) 986-4747
Source:
Elliman
Added: Mar 11
Changed: Aug 17
Last Checked: Aug 29 at 10:05AM
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 historic Homestead landmark, constructed in 1925, showcases Spanish Mission Revival architecture. The property, situated on a 16,200 square foot corner lot, offers high visibility and traffic exposure. The building provides 2,769 square feet of office and medical space. Recent improvements and renovations include upgraded electrical and plumbing systems, new flooring, new air conditioning units and ductwork, remodeled bathrooms, new lighting, signage, and hurricane shutters. Ample parking is available. Zoned B-1 A, the property supports a range of commercial business uses and is suitable for medical, professional, or office ventures. The building has completed recertification, indicating structural soundness.
Key Highlights
- Completely renovated with upgraded electrical, plumbing, flooring, new A/C units and ductwork, remodeled bathrooms, new lighting, signage, and hurricane shutters.
- B‑1 A zoning supports a range of commercial business uses.
- High‑profile location on a 16,200 SF corner lot with excellent visibility and high traffic exposure.
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
$73,392
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
3.19%
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%
$1,467,840
$1.5M
Cap Rate 7%
$1,048,457
$1.0M
Cap Rate 9%
$815,467
$815.5K
Market Conditions
NOI Build-Up for 2,769 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
$126.3K $45.60/SF
− Vacancy
−$28.4K −$10.26/SF
EGI
$97.9K $35.34/SF
− OpEx
−$24.5K −$8.84/SF
NOI
$73.4K $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%
$1,467,840
Cap Rate 7%
$1,048,457
Cap Rate 9%
$815,467
Alternative Uses
Best Use
Office B
$1.05M
$917.4K – $1.22M
NOI $73,392 @ 7.0% cap · market cap 3.19%
Second Best
Healthcare Medical
$521.2K
$456.1K – $608.1K
NOI $36,484 @ 7.0% cap · market cap 1.59%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,338 @ 7.0% cap · market cap 4.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
Balanced
Demand for This Use
Explore this area
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Historic 1925 building with office and medical space for sale.
Where is this medical office space located?
The property is located at 97 NE 15th St Homestead, FL.
What is the asking price?
The asking price for this property is $2,299,998.
What are key features of this property?
This property features: Completely renovated with upgraded electrical, plumbing, flooring, new A/C units and ductwork, remodeled bathrooms, new lighting, signage, and hurricane shutters.; B‑1 A zoning supports a range of commercial business uses.; High‑profile location on a 16,200 SF corner lot with excellent visibility and high traffic exposure.
