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

    2104 123rd St North Miami, FL 33181-2902

    • Community centers
    • 38,170 SF
    • 1.46 lot acres
    OFF-MARKET
    Last Sale
    Apr 23, 2025
    $10,171,200
    Value Estimations
    $8,740,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5607772
    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

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 2104 123rd St

    Year built
    1974
    Construction
    CONCRETE
    Lot size
    1.46 lot acres
    Property size
    38,170 SF
    Zone code
    6100:COMMERCIAL,NEIGHBRHD
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    06-2228-011-0540
    APU
    622280110540

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $8,450,000
      ML approach
      $7,445,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,456,000
      Market price range: $6.54M - $19.2M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $10,850,000
      Current use
      RETAIL STORES
      $12,370,000
      Change: +14% Conversion: Easy
      WAREHOUSE, STORAGE
      $11,350,000
      Change: +5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    North Miami
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.1559
    Latitude
    25.8892
    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
    $129,562
    $2,219,455
    $4,845,545
    $7,065,000
    -
    $2,219,455
    $4,845,545
    $7,065,000

    Comparable in this City

    • Value Estimation
      $5,020,000
      52,332 SF

      13521 Biscayne Blvd

      MINI-MALL • 52,332 SF
      13521 Biscayne Blvd, North Miami Beach, FL 33181-1615
      View Details
    • Value Estimation
      $3,745,000
      11,754 SF

      13720 Biscayne Blvd

      MINI-MALL • 11,754 SF
      13720 Biscayne Blvd, North Miami Beach, FL 33181-1620
      View Details
    • Value Estimation
      $6,525,000
      19,980 SF

      12864 Biscayne Blvd

      MINI-MALL • 19,980 SF
      12864 Biscayne Blvd, North Miami, FL 33181-2007
      View Details
    • Value Estimation
      $2,365,000
      150,579 SF

      14777 Biscayne Blvd

      MINI-MALL • 150,579 SF
      14777 Biscayne Blvd, North Miami Beach, FL 33181
      View Details
    • Value Estimation
      $7,625,000
      24,386 SF

      14440 Biscayne Blvd

      MINI-MALL • 24,386 SF
      14440 Biscayne Blvd, North Miami, FL 33181-1208
      View Details
    • Value Estimation
      $1,635,000
      134,035 SF

      12101 Biscayne Blvd

      MINI-MALL • 134,035 SF
      12101 Biscayne Blvd, North Miami, FL 33181-2711
      View Details

    Similar Nearby for Sale

    • $120,000
      1,020 SF

      Turnkey Boba Tea Shop

      Operating boba tea shop on Biscayne Blvd for sale.
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    • $350,000

      Prime Miami Retail Space For Sale

      Established Window Treatment Business Included
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    • $99,000

      North Miami Restaurant Opportunity

      Restaurant for sale near North Bayshore Park and Bal Harbour.
      Area North Miami Beach Blvd, North Miami, FL 33181
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    • $150,000

      Established Lighting and Electrical Store

      Retail store specializing in lighting and electrical sales and repairs.
      2178 NE 123Rd St, Miami, FL 33181
      View Details
    • $150,000
      2,000 SF

      Turnkey Restaurant Business Opportunity

      Established restaurant for sale in North Miami, ready for operation.
      Restaurant For Sale Prime Business Opportunity Next To Bayshore Park, North Miami, FL 33181
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    • $599,000
      1,850 SF

      Turnkey Restaurant Opportunity, North Miami

      Established restaurant with fully equipped kitchen in prime North Miami.
      Biscayne Blvd, North Miami, FL 33181
      View Details

    Similar Nearby for Lease

    • $8,000 /Mo

      North Miami Retail Sublease Opportunity

      Medical office sublease in a Publix-anchored shopping center.
      12890 Biscayne Blvd, North Miami, FL 33181
      View Details
    • Contact for pricing
      1,000 SF

      Retail Space on U.S. Highway

      Neighborhood shopping center on high-traffic retail corridor in Dade County.
      14965-14995 S Dixie Hwy, Miami, FL 33181
      View Details
    • Contact for pricing

      Prime Retail Space, NE 148th St

      930 sqft Retail, High Visibility, Ample Parking
      1620 148 Dr, Miami, FL 33181
      View Details
    • Contact for pricing

      Prime North Miami Retail Space

      930 sq ft Retail Space - Miami, FL
      1620 148 Dr, Miami, FL 33181
      View Details
    • $0.18 SF/Yr
      103,000 SF

      Biscayne Blvd Office Space Available

      Prime Office Suites, Flexible Terms
      12550 Biscayne Blvd, North Miami, FL 33181
      View Details
    • $30 SF/Yr
      700,000 SF

      North Miami Flex/Warehouse Space

      Prime North Miami industrial space available.
      1990 149Th St, North Miami, FL 33181
      View Details
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    North Miami, FL 33181-2902
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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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