Downtown Miami Development
For Sale
Contact for pricing
Ne 1st Ave Ne 2nd St, Miami, FL
Historic building and development site in Downtown Miami.
Property Size35,659 SF
Lot Size0.17 Acres
Price / SF$673.04
Days on Market322
Property Features for Ne 1st Ave Ne 2nd St
General Information
Standard status
Active
Size
35,659 SF
Lot size
0.17 Acres
Property subtype
RETAIL
Listing Agency:
Gridline Properties
(305) 507-7098
Listed By:
Alfredo Riascos · License #SL3371935
(305) 507-7098
Source:
Moodyscre
Added: Oct 15, 2025
Changed: Aug 17
Last Checked: Aug 30 at 8:46PM
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 Gridline Properties
Investment Insights
Based on property information with market context.
This offering includes a historic building at 100 NE 1st Avenue and a development site at 54 NE 2nd Street, both located in Downtown Miami. The historic building has a size of 35,659 square feet and is situated on a 9,330-square-foot lot. It comprises 5 levels and is zoned T6-BO-O. The development site offers significant potential with a 15,000-square-foot lot. It is zoned T6-8O-O and allows for development of up to 344 residential units or 688 hotel units as of right. The maximum building height is 80 stories, with a density overlay of 1,000 units per acre.
Key Highlights
- Development Site with potential for 344 residential units or 688 hotel units.
- Prime Downtown Miami location for both properties.
- Historic Building with 35,659 SF of space.
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
$1,163,399
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
4.85%
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%
$23,267,980
$23.3M
Cap Rate 7%
$16,619,986
$16.6M
Cap Rate 9%
$12,926,656
$12.9M
Market Conditions
NOI Build-Up for 35,659 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
$1.85M $51.96/SF
− Vacancy
−$190.8K −$5.35/SF
EGI
$1.66M $46.61/SF
− OpEx
−$498.6K −$13.98/SF
NOI
$1.16M $32.63/SF
Area
Miami, FL
Vacancy
10.30%
Lease Rate
$51.96 /SF/Yr
Expense Ratio
30.00%
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%
$23,267,980
Cap Rate 7%
$16,619,986
Cap Rate 9%
$12,926,656
Alternative Uses
Best Use
Retail
$16.62M
$14.54M – $19.39M
NOI $1,163,399 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$24.07M
$21.06M – $28.08M
NOI $1,684,904 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
13,901
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in Miami, FL
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?
Storefront property - Historic building and development site in Downtown Miami.
Where is this storefront property located?
The property is located at Ne 1st Ave Ne 2nd St Miami, FL.
What is the asking price?
The asking price for this property is $24,000,000.
What are key features of this property?
This property features: Development Site with potential for 344 residential units or 688 hotel units.; Prime Downtown Miami location for both properties.; Historic Building with 35,659 SF of space.
