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    219 21St Ave Miami, FL 33135
    Property profile & analytics

    219 21St Ave Miami, FL 33135

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    • Small apartment buildings
    Off-Market
    Property ID
    US18-1950537
    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

    • Small apartment buildings

    Property Details for 219 21St Ave

    Year built
    1924
    Property type
    Small apartment buildings

    Description

    This charming 1924, one-story duplex located at 219 SW 21st Ave, Miami, FL 33135, presents a unique investment opportunity in the heart of Little Havana. Priced at $600,000, this property offers two units with significant potential for renovation and appreciation. The front unit (219) currently features two bedrooms and three bathrooms, although a previous owner converted a bedroom into an efficiency apartment by adding an exterior door and small bathroom. This modification can be easily reversed to restore the original layout. The rear unit (217) is partially renovated, offering a new owner the chance to complete the improvements. The property's "Old Spanish" architectural style offers a unique aesthetic. This property is ideal for an owner-occupant seeking to live in one unit while renting the other, or for an investor looking to capitalize on rental income and property value appreciation in a vibrant Miami neighborhood. The property is situated in Miami-Dade County and offers a chance to restore a historic building to its former glory. The property's location in Little Havana provides easy access to local amenities and cultural attractions. This is a rare opportunity to acquire a piece of Miami history with significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.2289316
    Latitude
    25.7701645

    Comparable in this City

    • $999,000
      2,131 SF

      Little Havana Fourplex Investment

      Prime Miami location, excellent return.
      1325 6Th St, Miami, FL 33135
      View Details
    • $1,600,000
      4,420 SF

      Multifamily Building in Little Havana

      Six-unit multifamily building in Little Havana with parking.
      1520 SW 1St St, Miami, FL 33135
      View Details

    Similar Nearby for Sale

    • $999,000
      2,131 SF

      Little Havana Fourplex Investment

      Prime Miami location, excellent return.
      1325 6Th St, Miami, FL 33135
      View Details
    • $1,600,000
      4,420 SF

      Multifamily Building in Little Havana

      Six-unit multifamily building in Little Havana with parking.
      1520 SW 1St St, Miami, FL 33135
      View Details

    Similar Nearby for Lease

    • $2,550 /Mo

      3102 SW 10th St 3102, Miami, FL 33135

      Duplexes
      3102 SW 10Th St, Miami, FL 33135
      View Details
    • $1,800 /Mo

      Multifamily Unit in Residential Area

      Two-bedroom, one-bathroom upper unit in a walkable Miami neighborhood.
      3364 SW 2Nd St, Miami, FL 33135
      View Details
    • $12 SF/Yr

      Remodeled 2/1 Apartment in Shenandoah

      Spacious, remodeled 2/1 apartment in central Shenandoah location.
      1876 SW 11Th Ter, Miami, FL 33135
      View Details
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    Miami, FL 33135
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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.

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