Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    228 NE 1St Ave Miami, FL 33132

    • Hotels
    • 28,320 SF
    • 0.11 lot acres
    For Sale
    View listing
    $180,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5374985
    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

    • Smoothie Spot Downtown / Specialty Food Shop / (Bike/Boat/Book/etc) Store

    Property Details for 228 NE 1St Ave

    Year built
    1926
    Construction
    CONCRETE
    Lot size
    0.11 lot acres
    Property size
    28,320 SF
    Zone code
    6401:COMMERCIAL
    Property type
    Hotels
    APN
    01-0109-080-1020
    APU
    101090801020

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,550,000
      6.5%
      $3,280,000
      7%
      $3,045,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.1923
    Latitude
    25.7767
    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
    $77,588
    $3,500,000
    $1,200,000
    $4,700,000
    -
    $3,500,000
    $1,200,000
    $4,700,000

    Comparable in this City

    • Value Estimation
      $6,275,000
      127,739 SF

      340 Biscayne Blvd

      HOTEL • 127,739 SF
      340 Biscayne Blvd, Miami, FL 33132-2211
      View Details
    • Value Estimation
      $11,315,000
      94,010 SF

      227 2nd St

      HOTEL • 94,010 SF
      227 2nd St, Miami, FL 33132-2239
      View Details
    • Value Estimation
      $1,750,000
      132,093 SF

      700 2nd Ave

      HOTEL • 132,093 SF
      700 2nd Ave, Miami, FL 33132-1814
      View Details
    • Value Estimation
      $19,155,000
      74,143 SF

      316 2nd Ave

      HOTEL • 74,143 SF
      316 2nd Ave, Miami, FL 33132
      View Details
    • Value Estimation
      $850,000
      401,445 SF

      1100 Biscayne Blvd

      HOTEL • 401,445 SF
      1100 Biscayne Blvd, Miami, FL 33132-1717
      View Details
    • Value Estimation
      $4,310,000
      41,512 SF

      307 1st St

      HOTEL • 41,512 SF
      307 1st St, Miami, FL 33132-2505
      View Details

    Similar Nearby for Sale

    • $1,600,000

      Waterfront Tour/Charter Franchise Business

      Turnkey waterfront tour/charter franchise business for sale in Miami, FL.
      Turnkey Waterfront Tour Charter Franchise Business For Sale, Miami, FL 33132
      View Details
    • $6,462,000

      Development Site in Arts District

      Development site in Miami's Arts & Entertainment District.
      30 NE 14Th St, Miami, FL 33132
      View Details
    • Contact for pricing

      Downtown Miami Office Space

      Prestigious office space in the heart of Miami's business district.
      14 NE 1St Ave, Miami, FL 33132
      View Details
    • Contact for pricing

      Retail Space on Biscayne Boulevard

      Prime retail space suitable for a restaurant venture.
      275 NE 18Th St, Miami, FL 33132
      View Details
    • $499,000

      Condo with City and Sunset Views

      Two-bedroom condo with city views, modern kitchen, and balcony.
      1750 N Bayshore Dr, Miami, FL 33132
      View Details
    • $495,000
      1,100 SF

      One Flagler Office Condo, Miami

      Prime Downtown Miami Office, High NOI
      14 1St Ave, Miami, FL 33132
      View Details

    Similar Nearby for Lease

    • $74 SF/Yr
      2,900 SF

      Biscayne Bay Office Space For Lease

      Stunning waterfront office, 2,900 SF, fully furnished.
      888 Biscayne Blvd, Miami, FL 33132
      View Details
    • $2,500 /Mo

      Apartment for Rent

      Apartment available for rent, leasing office on site.
      650 NE 2Nd Ave, Miami, FL 33132
      View Details
    • Contact for pricing
      6,054 SF

      Corner Unit Flex/Industrial Space

      Flex/industrial space with open layout, excellent access, ample parking.
      1325 NE 1St Ave, Miami, FL 33132
      View Details
    • $37 SF/Yr
      1,910 SF

      Prime Miami Office Suite

      1,910 sq ft, Bay Views
      900 Biscayne Blvd, Miami, FL 33132
      View Details
    • $47 SF/Yr
      1,524 SF

      Downtown Miami Office Space

      1,524 sq ft Move-In Ready Office
      900 Biscayne Blvd, Miami, FL 33132
      View Details
    • $0.03 SF/Yr
      7,210 SF

      Downtown Miami Office Space

      7,210 sq ft Single-Tenant Office
      111 1St St, Miami, FL 33132
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    228 NE 1St Ave
    Miami, FL 33132
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!