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    198 NW 24Th St Miami, FL 33127
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    Property profile & analytics

    198 NW 24Th St, Miami, FL 33127

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    • Outlet malls
    • 5,912 SF
    • 0.16 lot acres
    For Lease
    $1,675,000
    View Listing →
    Retail Space in Wynwood Hub For Lease
    $1,675,000
    1,776 SF

    Retail Space in Wynwood Hub

    Retail space in Miami's Wynwood, a vibrant entertainment district.

    198 NW 24th St, Miami, FL
    View Listing
    Property ID
    US18-1704517
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Outlet malls

    Property Details for 198 NW 24Th St

    Year built
    1947
    Construction
    CONCRETE
    Lot size
    0.16 lot acres
    Zone code
    6101
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    01-3125-037-0510
    APU
    131250370510

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 8, 2016 $35,350,000 2301 Wynwood LLC 170 Ne 40th Street INC Grant Deed —
    Feb 11, 2015 — 170 Ne 40 Street INC 2301 Nw 2 Ave LLC Grant Deed · related —
    Dec 18, 2012 — 7101 Nma LLC — Deed Of Trust · related $1.3M · Sabadell United Bank NA
    Feb 23, 2012 $2,191,900 170 Ne 40 Street INC 2301 Nw 2 Ave LLC Warranty Deed —
    Aug 20, 2010 $1,260,000 2301 Nw 2 Ave LLC Bayview Ln Svcg LLC Grant Deed $1.1M · Fortune Cap Ptrs INC
    Apr 16, 2010 — Ib Property Holdings LLC Miranda,ricardo Coc Trustees Deed · related —
    Apr 6, 2010 — Bayview Ln Svcg LLC Miranda,ricardo Coc Trustees Deed · related —
    — — Ricardo Miranda — Deed Of Trust · related $492k · Allied Mortgage & Financial Co
    — — 2301 Nw 2 Ave LLC — Deed Of Trust · related $1.2M · First United Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,307,000
      Market price range: $435k - $1.65M

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.1988
    Latitude
    25.7996
    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
    $73,788
    $3,568,500
    $279,183
    $3,847,683
    -
    $3,568,500
    $279,183
    $3,847,683

    Comparable in this City

    • Value Estimation
      $2,195,000
      7,744 SF

      274 27th St

      WHOLESALE OUTLET, DISCOUNT STORE
      274 27th St, Miami, FL 33127-4122
      View Details
    • Value Estimation
      $1,310,000
      5,000 SF

      525 29th St

      WHOLESALE OUTLET, DISCOUNT STORE
      525 29th St, Miami, FL 33127-3917
      View Details
    • Value Estimation
      $1,505,000
      5,939 SF

      2501 2nd Ave

      WHOLESALE OUTLET, DISCOUNT STORE
      2501 2nd Ave, Miami, FL 33127-4305
      View Details
    • Value Estimation
      $760,000
      2,225 SF

      197 36th St

      WHOLESALE OUTLET, DISCOUNT STORE
      197 36th St, Miami, FL 33127
      View Details
    • Value Estimation
      $7,425,000
      16,947 SF

      2380 5th Ave

      WHOLESALE OUTLET, DISCOUNT STORE
      2380 5th Ave, Miami, FL 33127-4310
      View Details
    • Value Estimation
      $1,215,000
      3,982 SF

      71 54th St

      WHOLESALE OUTLET, DISCOUNT STORE
      71 54th St, Miami, FL 33127-1712
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,800 SF

      Retail Space in Opportunity Zone

      Retail property with strong tenant sales and minimal vacancy.
      1100-1186 NW 54Th St, Miami, FL 33127
      View Details
    • $0.20 SF/Yr
      4,136 SF

      Wynwood Warehouse: Prime Location

      Retail Warehouse, 4,136 sq ft, Wynwood
      239 26Th St, Miami, FL 33127
      View Details
    • $35 SF/Yr

      Wynwood Retail Space For Rent

      Versatile commercial property in Wynwood with flexible spaces.
      2520 NW 5Th Ave, Miami, FL 33127
      View Details
    • Contact for pricing

      High Visibility Retail Space Miami

      Retail space with high visibility and easy access to I-95.
      2830 N Miami Ave, Miami, FL 33127
      View Details
    • Contact for pricing

      Wynwood Norte Retail/Office Opportunity

      Retail-ready building in high-traffic Wynwood Arts District location.
      3200 NW 2Nd Ave, Miami, FL 33127
      View Details
    • Contact for pricing

      Wynwood Retail Space For Lease

      Ground floor retail space in high-traffic Wynwood location.
      286 NW 29Th St, Miami, FL 33127
      View Details
    View Listing
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    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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    198 NW 24Th St, Miami, FL, 33127
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