Renovated Medical Office
For Sale
$2,299,998
Pending
97 NE 15th St, Homestead, FL 33030
SINGLE_FAMILY - Homestead, FL
Property Size2,769 SF
Lot Size0.37 Acres
Days on Market67
Property Features for 97 NE 15th St
General Information
Property type
Residential
Property subtype
Office
Zoning description
6800
Subdivision
79
Standard status
Pending
APN
10-79-07-021-0560
Lot size
0.37 Acres
Taxes and HOA fees
Tax Description
DOWNER PALMS DIV NO 1 PB 14-27 LOTS 5 & 6 BLK 15 LOT SIZE 120.000 X 135 OR 20855-3639 1002 1
Tax Annual Amount
8190
Legal Description
DOWNER PALMS DIV NO 1 PB 14-27 LOTS 5 & 6 BLK 15 LOT SIZE 120.000 X 135 OR 20855-3639 1002 1
Building Details
Year built
1925
Listing Agency:
The Keyes Company
(305) 247-7221
Listed By:
George Reyes · License #3382387
(305) 986-4747
Added: Jun 11
Changed: Aug 1
Last Checked: Aug 16 at 8:06PM
MLS# A11854184
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Renovated medical office building built in 1925 with Spanish Mission Revival architecture, offering approximately 2,769 SF of office and medical space. The property sits on a 16,200 SF corner lot and has been upgraded throughout, including electrical, plumbing, flooring, new A/C units and ductwork, remodeled bathrooms, new lighting, signage, and hurricane shutters. The building also has a completed recertification.
The property supports a range of commercial business uses under B-1 zoning and includes ample parking for staff and visitors. With its prominent corner presence at 97 NE 15th St in Homestead, it is well suited for medical, professional, or office tenants seeking a high-profile workspace.
The property supports a range of commercial business uses under B-1 zoning and includes ample parking for staff and visitors. With its prominent corner presence at 97 NE 15th St in Homestead, it is well suited for medical, professional, or office tenants seeking a high-profile workspace.
Key Highlights
- Built in 1925 with Spanish Mission Revival architecture
- Approximately 2,769 SF office and medical space
- 16,200 SF corner lot with prominent visibility
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
1,040
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 - Renovated medical and office space with B-1 zoning on a corner lot in Homestead, Florida.
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: Built in 1925 with Spanish Mission Revival architecture; Approximately 2,769 SF office and medical space; 16,200 SF corner lot with prominent visibility
