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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    119 Northwest 61St St Miami, FL 33127

    • Commercial real estate
    For Sale
    View listing
    $492,424
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-8778413
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 119 Northwest 61St St

    Property type
    Commercial real estate
    APN
    0131130520170

    Description

    This exceptional 7,150 square foot residential lot, located at 119 NW 61st Street in Miami, Florida, presents a compelling investment opportunity. The property, identified by APN 0131130520170, is offered at $492,424 and features Fee Simple ownership. Zoned T3-O, this 0.17-acre parcel boasts approximately 50 feet of frontage on NW 61st Street and a depth of nearly 148 feet. Situated in the Little River subdivision, this lot benefits from its proximity to thriving neighborhoods like Edgewater and NIMO, with Downtown Miami and Miami Beach to the south and North Miami Beach to the north. The property is part of a larger assemblage totaling 27,080 square feet, with the potential to build twenty-three units. While the assemblage is listed separately, this individual lot offers the potential for four buildable units, making it an ideal development site. The Little River area has seen significant growth in recent years, with construction activity remaining elevated compared to pre-pandemic levels. This lot offers a unique chance to capitalize on the continued development and demand in this desirable Miami location. The information provided is based on data available as of the listing date.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.198174
    Latitude
    25.831951

    Comparable in this City

    • $3,890,000

      Wynwood Multifamily Development Opportunity

      Multifamily property in Wynwood with development potential.
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    • $550,000
      Pending

      Miami Multifamily Development Opportunity

      Corner lot zoned for multifamily development, up to 11 units.
      104 NW 59Th St, Miami, FL 33127
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    • $2,350,000
      0.17 Acres

      Miami Multifamily Zoned Land

      Land with multifamily zoning near Wynwood Art District.
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    • $1,395,000

      Income-Producing Duplexes Development Opportunity

      13,500 sq ft corner lot with income-producing duplexes.
      2900 NW 10Th Ave, Miami, FL 33127
      View Details
    • $1,550,000
      0.17 Acres

      Miami Development Site For Sale

      Income-producing development site near Design District, Wynwood, Midtown, Downtown, Brickell.
      3421 NW 5Th Ave, Miami, FL 33127
      View Details
    • $1,200,000
      2,307 SF

      Buena Vista Development Gem

      Miami 2-unit, 7,200 sq ft lot
      81 41St St, Miami, FL 33127
      View Details

    Similar Nearby for Sale

    • $2,350,000
      0.17 Acres

      Miami Multifamily Zoned Land

      Land with multifamily zoning near Wynwood Art District.
      3312 NW 5Th Ave, Miami, FL 33127
      View Details
    • $1,200,000
      2,307 SF

      Buena Vista Development Gem

      Miami 2-unit, 7,200 sq ft lot
      81 41St St, Miami, FL 33127
      View Details
    • $1,800,000

      Wynwood Norte Development Land

      Prime Miami lot, 24-unit potential.
      287 31St St, Miami, FL 33127
      View Details
    • $1,395,000

      Income-Producing Duplexes Development Opportunity

      13,500 sq ft corner lot with income-producing duplexes.
      2900 NW 10Th Ave, Miami, FL 33127
      View Details
    • $1,550,000
      0.17 Acres

      Miami Development Site For Sale

      Income-producing development site near Design District, Wynwood, Midtown, Downtown, Brickell.
      3421 NW 5Th Ave, Miami, FL 33127
      View Details
    • $1,550,000
      0.17 Acres

      Miami Development Site For Sale

      Income-producing development site near Design District, Wynwood, Midtown, Downtown, Brickell.
      3421 NW 5Th Ave, Miami, FL 33127
      View Details

    Similar Nearby for Lease

    • $2,899 /Mo

      Miami Duplex Front Unit Rental

      Inviting 3-bedroom, 2-bath duplex in central Miami location.
      1141 NW 30Th St, Miami, FL 33127
      View Details
    • $2,200 /Mo

      Miami 3-Bedroom Unit For Rent

      Charming 3-bedroom unit near Miami Design District.
      182 NW 51St St, Miami, FL 33127
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    • $2,450 /Mo

      Renovated Furnished Two-Bedroom Unit

      Renovated, furnished two-bedroom unit in a central location.
      27 NW 41St St, Miami, FL 33127
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    • $3,500 /Mo

      Remodeled 3 Bed Apartment

      Newly remodeled 3 bed, 2 bath apartment near Design District.
      46 NW 44Th St, Miami, FL 33127
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    • $2,500 /Mo

      Design District Apartment For Rent

      Two-bedroom, one-bath apartment in Miami's Design District.
      44 NW 44Th St, Miami, FL 33127
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    • $3,150 /Mo

      Updated Duplex in Little Haiti

      Updated 2-bedroom duplex with private yard in Little Haiti.
      100 NW 45Th St, Miami, FL 33127
      View Details
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    119 Northwest 61St St
    Miami, FL 33127
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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
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