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

    1720 23rd St Miami, FL 33142-7531

    • Warehouses
    • 4,042 SF
    • 0.12 lot acres
    OFF-MARKET
    Last Sale
    Feb 09, 2021
    $1,384,100
    Value Estimations
    $1,470,000
    Show details
    Cap Rate Potential
    4%
    Warehouses
    Location Intelligence
    Property ID
    US18-4815038
    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

    • Luxury car rentals / Car Rental Agency
    • Elite Miami Towing & Recovery / Towing Service

    Property Details for 1720 23rd St

    Year built
    1973
    Construction
    CONCRETE
    Lot size
    0.12 lot acres
    Property size
    4,042 SF
    Zone code
    7000:INDUSTRIAL,GENERAL
    Property type
    Warehouses
    APN
    01-3127-039-0050
    APU
    131270390050

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,645,000
      ML approach
      $1,765,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,100,000
      6.5%
      $1,015,000
      7%
      $940,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,433,000
      Market price range: $696k - $1.57M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $2,480,000
      COMMERCIAL (GENERAL)
      $1,860,000
      MEDICAL BUILDING
      $1,775,000
      RETAIL STORES
      $1,195,000
      NEIGHBORHOOD: SHOPPING CENTER
      $1,150,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.2237
    Latitude
    25.7983
    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
    $21,050
    $412,720
    $611,280
    $1,024,000
    -
    $412,720
    $611,280
    $1,024,000

    Comparable in this City

    • Value Estimation
      $520,000
      11,570 SF

      3545 50th St

      WAREHOUSE, STORAGE • 11,570 SF
      3545 50th St, Miami, FL 33142-3931
      View Details
    • Value Estimation
      $520,000
      10,000 SF

      3501 51st St

      WAREHOUSE, STORAGE • 10,000 SF
      3501 51st St, Miami, FL 33142-3236
      View Details
    • Value Estimation
      $660,000
      30,832 SF

      3747 52nd St

      WAREHOUSE, STORAGE • 30,832 SF
      3747 52nd St, Miami, FL 33142-3246
      View Details
    • Value Estimation
      $575,000
      9,338 SF

      3112 36th St

      WAREHOUSE, STORAGE • 9,338 SF
      3112 36th St, Miami, FL 33142-5162
      View Details
    • Value Estimation
      $530,000
      21,496 SF

      3100 36th St

      WAREHOUSE, STORAGE • 21,496 SF
      3100 36th St, Miami, FL 33142-5162
      View Details
    • Value Estimation
      $670,000
      32,561 SF

      5201 37th Ave

      WAREHOUSE, STORAGE • 32,561 SF
      5201 37th Ave, Miami, FL 33142-3216
      View Details

    Similar Nearby for Sale

    • $2,250,000
      5,600 SF

      Allapattah Warehouse with Loading Docks

      5,600 SF warehouse in Miami's evolving Allapattah neighborhood.
      1500 NW 22Nd St, Miami, FL 33142
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    • $4,250,000
      19,308 SF

      Hialeah Freestanding Manufacturing Warehouse

      19,308 SF manufacturing warehouse with heavy power in Hialeah.
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    • $3,650,000

      Miami Warehouse Great Location Opportunity

      Warehouse in Miami, close to airport, port, downtown, and beach.
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      View Details
    • $5,000,000
      9,500 SF

      Allapattah Warehouse - $5M

      Miami industrial warehouse, 9,500 SF, high ceilings
      2332 21St Ter, Miami, FL 33142
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    • $5,975,000
      6,551 SF

      Miami Warehouse: Prime Location

      6,551 SF Warehouse, High Traffic Area
      3235 41St St, Miami, FL 33142
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    • $1,990,000

      Miami Warehouse: Prime Location

      5,800 SF Warehouse, Excellent Miami Location
      2195 27Th Ave, Miami, FL 33142
      View Details

    Similar Nearby for Lease

    • $1.56 SF/Yr
      103,950 SF

      Hialeah Warehouse: 6,818 SF Available

      Prime Hialeah warehouse space for lease.
      4201 37Th Ct, Miami, FL 33142
      View Details
    • $20 SF/Yr
      21,100 SF

      Allapattah Warehouse: Miami Flex Space

      Miami warehouse/office space for lease. Multiple suites available.
      1344 22Nd St, Miami, FL 33142
      View Details
    • $23 SF/Yr
      15,000 SF

      Miami Flex Warehouse Space

      15,000 SF Flex Warehouse, Allapattah
      1300 29Th St, Miami, FL 33142
      View Details
    • $174 SF/Yr
      40,000 SF

      Hialeah Warehouse: 40,000 SF

      Miami warehouse space for lease; multiple tenants.
      3595 46Th St, Miami, FL 33142
      View Details
    • $17 SF/Yr
      11,450 SF

      Freestanding Warehouse with Yard Space

      11,450 SF warehouse with office and yard space available.
      4725 NW 36Th Ave, Miami, FL 33142
      View Details
    • $3,800 /Mo
      42,139 SF

      Miami Warehouse Bay For Lease

      2,250 SF air-conditioned warehouse bay in Miami's Airport East.
      4401 NW 37Th Ave, Miami, FL 33142
      View Details
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    1720 23rd St
    Miami, FL 33142-7531
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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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