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Property profile & analytics
FOR LEASE
Office buildings
1234 Washington Ave Miami Beach, FL 33139
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US18-4969711
For Lease
1 / 3
$40 SF/Yr
1234 Washington Ave, Miami Beach, FL 33139
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1961
Construction
CONCRETE
Total area
19,519 SF
Lot
0.24 ac (10,275 SF)
Zoning code
6400:COMMERCIAL,CENTRAL
APN
02-4203-009-0050
UPID
US18-4969711
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$9.19M
Comparable Approach
Comparable
$10.59M
Blend (final)
Blend
$13.87M
Owner & transaction history
Pakman Miami Beach LLC · 1 yrs held
Pakman Miami Beach LLC
since 2025
Last sale
$17.5M
2 recorded transactions
Zoning & alternative use
6400:COMMERCIAL,CENTRAL · Miami Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Miami Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Miami Beach submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$14,535,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$9,955,000
6.5%
$9,190,000
7%
$8,535,000
Blend value · Realmo final
$13.87M
Range $12.48M – $15.25M · ±10% · vs last sale $17.50M (Jan 15 2025)
Last sale anchor
$17.50M
Jan 15 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$710 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$107,475
Tax year 2023
Assessed value
$5,687,516
Assessed 2023
Previous assessed
$5,687,516
+0.0% YoY
Effective rate
1.89%
On assessed value
Assessed land
$4,110,000
Assessed improvement
$1,577,516
Land market value
$4,110,000
Improvement market value
$1,577,516
Total market value
$5,687,516
Applied tax rate
200.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
For Lease
Year built
1961
Construction
CONCRETE
Heating
NONE
Cooling
AC.CHILLED WATER
Stories
3
Bathrooms
4
Total area
19,519 SF
Lot
0.24 ac (10,275 SF)
Zoning code
6400:COMMERCIAL,CENTRAL
APN
02-4203-009-0050
UPID
US18-4969711
Jurisdiction
DADE
Metro division
MIAMI-MIAMI BEACH-KENDALL, FL METROPOLITAN DIVISION
Zoning & alternative use
6400:COMMERCIAL,CENTRAL · Miami Beach, FL
Zoning 6400:COMMERCIAL,CENTRAL · permitted uses
6400:COMMERCIAL,CENTRAL · Miami Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Miami Beach. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1961
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
3
Bathrooms
4
Lot
0.24 ac
Current owner
From public records · entity-resolved
Pakman Miami Beach LLC
Entity
Mailing address
299 ALHAMBRA CIR STE #510, CORAL GABLES, FL 33134-5114
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 15, 2025
$17,500,000
Pakman Miami Beach LLC
Bernice C Lee
Deed
$21,500,000 · Altamar Funding 3 Lender LLC
May 12, 2021
$20,000,000
Urbin Miami Beach Owner LLC
1234 Partners Ltd
Special Warranty Deed
$14,000,000 · 1234 Partners Ltd
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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