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    223 71st St Miami Beach, FL 33141
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    223 71st St Miami Beach, FL 33141

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    • Outlet malls
    • 10,764 SF
    • 0.29 lot acres
    Off-Market
    Property ID
    US18-2536113
    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
    $5,430,000
    Show details
    Cap Rate Potential
    Location Intelligence

    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 223 71st St

    Year built
    1952
    Construction
    CONCRETE
    Lot size
    0.29 lot acres
    Property size
    10,764 SF
    Zone code
    6600:COMMERCIAL,LIBERAL
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    02-3211-002-0610
    APU
    232110020610

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,855,000
      6.5%
      $5,405,000
      7%
      $5,015,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,280,000
      Market price range: $5.07M - $7.78M
      AI Estimate
      $3,601,000
      Market price range: $696k - $7.58M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $6,075,000
      Current use
      RESTAURANT
      $7,980,000
      Change: +31% Conversion: Easy
      COMMERCIAL (GENERAL)
      $7,960,000
      Change: +31% Conversion: Easy
      OFFICE BUILDING
      $7,340,000
      Change: +21% Conversion: Easy
      AUTO REPAIR, GARAGE
      $7,040,000
      Change: +16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami Beach
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.1212
    Latitude
    25.8564
    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
    $77,045
    $3,787,500
    $591,079
    $4,378,579
    -
    $3,787,500
    $591,079
    $4,378,579

    Comparable in this City

    • Value Estimation
      $2,765,000
      8,713 SF

      946 Normandy Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 8,713 SF
      946 Normandy Dr, Miami Beach, FL 33141-2926
      View Details
    • Value Estimation
      $5,240,000
      11,521 SF

      1164 Normandy Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 11,521 SF
      1164 Normandy Dr, Miami Beach, FL 33141-2812
      View Details
    • Value Estimation
      $2,010,000
      4,105 SF

      1112 Normandy Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 4,105 SF
      1112 Normandy Dr, Miami Beach, FL 33141-2812
      View Details
    • Value Estimation
      $1,480,000
      3,156 SF

      6742 Collins Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 3,156 SF
      6742 Collins Ave, Miami Beach, FL 33141-3241
      View Details
    • Value Estimation
      $1,585,000
      3,447 SF

      7316 Collins Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 3,447 SF
      7316 Collins Ave, Miami Beach, FL 33141-2712
      View Details
    • Value Estimation
      $3,075,000
      6,780 SF

      6604 Collins Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 6,780 SF
      6604 Collins Ave, Miami Beach, FL 33141-4619
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Retail Space on Collins Avenue

      Retail property available for lease on Collins Avenue.
      7316 Collins Ave, Miami Beach, FL 33141
      View Details
    • Contact for pricing

      Prime Retail Space on 71st

      6,129 SF retail space near the beach.
      730 71St St, Miami Beach, FL 33141
      View Details
    • Contact for pricing

      Established Supermarket Business Opportunity

      Commercial premises with established business since 1993.
      7601 E Treasure Dr, North Bay Village, FL 33141
      View Details
    • Contact for pricing
      19,778 SF

      Miami Beach Hotel For Sale

      Two-story hotel near the ocean with long-term stay potential.
      6300 Collins Ave, Miami Beach, FL 33141
      View Details
    • $259,000

      Commercial Space in Grandview Palace

      Commercial space in North Bay Village with bay views.
      7601 E Treasure Dr, North Bay Village, FL 33141
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Corner Restaurant Space Available

      Corner restaurant space in Miami Beach with high foot traffic.
      940 71St St, Miami Beach, FL 33141
      View Details
    • $0.43 SF/Yr
      2,250 SF

      Collins Ave Retail Space For Lease

      Prime Miami Beach Retail, High Foot Traffic
      6942 Collins Ave, Miami Beach, FL 33141
      View Details
    • Contact for pricing

      Prime Storefront in Miami Beach

      Open space with natural light, ideal for retail or office.
      1016 71St St, Miami Beach, FL 33141
      View Details
    • $70 SF/Yr
      1,624 SF

      Collins Avenue Retail Space Available

      Prime 1,624 SF retail space in Miami Beach.
      6899 Collins Ave, Miami Beach, FL 33141
      View Details
    • $8,250 /Mo
      1,730 SF

      Miami Beach Commercial Space

      Prime commercial space in high-demand Miami Beach location.
      924 71St St, Miami Beach, FL 33141
      View Details
    • Contact for pricing

      Collins Avenue Retail Leasing Opportunity

      Versatile 1,624 SF space on Collins Avenue, Miami Beach.
      6895 Collins Ave, Miami Beach, FL 33141
      View Details
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    223 71st St
    Miami Beach, FL 33141
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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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