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    1234 Washington Ave Miami Beach, FL 33139
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    Property profile & analytics

    1234 Washington Ave, Miami Beach, FL 33139

    View on Map
    • Office buildings
    • 19,519 SF
    • 0.24 lot acres
    For Lease
    $50 SF/Yr
    View Listing →
    Miami Beach Office Space Available For Lease
    $50 SF/Yr
    3,512 SF

    Miami Beach Office Space Available

    Office space available for lease in Miami Beach, FL.

    1234 Washington Ave, Miami Beach, FL
    View Listing
    Property ID
    US18-4969711
    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.
    Value Estimations
    $13,865,000
    Cap Rate Potential
    4.1%
    Office buildings
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 1234 Washington Ave

    Year built
    1961
    Construction
    CONCRETE
    Lot size
    0.24 lot acres
    Zone code
    6400:COMMERCIAL,CENTRAL
    Property type
    Office buildings
    APN
    02-4203-009-0050
    APU
    242030090050

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 15, 2025 $17,500,000 Pakman Miami Beach LLC Bernice C Lee Deed $21.5M · Altamar Funding 3 Lender LLC
    May 12, 2021 $20,000,000 Urbin Miami Beach Owner LLC 1234 Partners Ltd Special Warranty Deed $14M · 1234 Partners Ltd

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $14,535,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $9,955,000
      6.5%
      $9,190,000
      7%
      $8,535,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $10,593,000
      Market price range: $3.31M - $47.2M

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami Beach
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.1326
    Latitude
    25.7836
    CBSA code
    33100
    CBSA name
    MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $107,475
    $4,110,000
    $1,577,516
    $5,687,516
    -
    $4,110,000
    $1,577,516
    $5,687,516

    Comparable in this City

    • Value Estimation
      $975,000
      680 SF

      605 Lincoln Rd Ste, Unit 600

      OFFICE BUILDING (MULTI-STORY)
      605 Lincoln Rd Ste, Miami Beach, FL 33139-2920
      View Details
    • Value Estimation
      $8,010,000
      4,374 SF

      1261 20th St

      OFFICE BUILDING
      1261 20th St, Miami Beach, FL 33139-1407
      View Details
    • Value Estimation
      $985,000
      687 SF

      605 Lincoln Rd, Unit 640

      OFFICE BUILDING (MULTI-STORY)
      605 Lincoln Rd, Miami Beach, FL 33139-2900
      View Details
    • Value Estimation
      $7,630,000
      5,995 SF

      1701 Meridian Ave, Unit 5

      OFFICE BUILDING (MULTI-STORY)
      1701 Meridian Ave, Miami Beach, FL 33139-1882
      View Details
    • Value Estimation
      $1,035,000
      440 SF

      1680 Michigan Ave, Unit 705C

      OFFICE BUILDING (MULTI-STORY)
      1680 Michigan Ave, Miami Beach, FL 33139-2538
      View Details
    • Value Estimation
      $775,000
      329 SF

      1680 Michigan Ave Ste 730d

      OFFICE BUILDING (MULTI-STORY)
      1680 Michigan Ave Ste 730d, Miami Beach, FL 33139-2551
      View Details

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      Miami Beach Office Building For Sale

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      Iconic South Beach Office Building

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      7,762 SF

      South Beach Commercial Redevelopment Opportunity

      Four-unit building on Alton Road with redevelopment potential.
      1558 Alton Rd, Miami Beach, FL 33139
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    • New
      $3,450,000
      0.17 Acres

      South Beach Mixed-Use Investment

      Mixed-use property with apartments and retail in prime location.
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    Similar Nearby for Lease

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      1,605 SF

      South Beach Class A Office

      Premier office building in the heart of South Beach.
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      120,000 SF

      Miami Beach Office Space Available

      120,000 square foot office building in Miami Beach.
      401 Lincoln Rd, Miami Beach, FL 33139
      View Details
    • $37,500
      5,000 SF

      South Beach Office/Retail Building

      23,000 SF building in thriving South Beach district.
      420-426 Jefferson Ave, Miami Beach, FL 33139
      View Details
    • Contact for pricing
      2,390 SF

      Miami Beach Office Space

      Class A office building near Lincoln Road with ocean views.
      1688 Meridian Ave, Miami Beach, FL 33139
      View Details
    • Contact for pricing

      Miami Beach Office Condo Lease

      South Beach Office, Two Parking Spaces
      1680 Michigan Ave, Miami Beach, FL 33139
      View Details
    View Listing
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    Miami Beach, FL 33139
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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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