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Property profile & analytics
OFF-MARKET
Estimated value
$2,235,000
Medical Office Space
233 1st St, Miami Beach, FL 33139-7340
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US18-9317823
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1924
Construction
CONCRETE
Total area
2,860 SF
Lot
0.09 ac (4,000 SF)
Zoning code
6502:COMMERCIAL
APN
02-4203-003-1180
UPID
US18-9317823
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.98M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.11M
Blend (final)
Blend
$2.24M
Owner & transaction history
233 First Street LLC · 2 yrs held
233 First Street LLC
since 2023
Last sale
$2.6M
4 recorded transactions
Zoning & alternative use
6502:COMMERCIAL · Miami Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.4M
+90.1%
Auto repair, garage
$1.9M
+48.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Miami Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Miami Beach submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,980,000
ML approach
$1,980,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,390,000
Change: +90% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,870,000
Change: +49% · Conversion: Difficult
Blend value · Realmo final
$2.24M
Range $2.01M – $2.46M · ±10% · vs last sale $2.55M (Nov 3 2023)
Last sale anchor
$2.55M
Nov 3 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$781 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$36,585
Tax year 2023
Assessed value
$2,143,954
Assessed 2023
Previous assessed
$2,143,954
+0.0% YoY
Effective rate
1.71%
On assessed value
Assessed land
$2,000,000
Assessed improvement
$143,954
Land market value
$2,000,000
Improvement market value
$143,954
Total market value
$2,143,954
Applied tax rate
200.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1924
Construction
CONCRETE
Heating
NONE
Stories
2
Units
4
Bathrooms
4
Total area
2,860 SF
Lot
0.09 ac (4,000 SF)
Zoning code
6502:COMMERCIAL
APN
02-4203-003-1180
UPID
US18-9317823
Jurisdiction
DADE
Metro division
MIAMI-MIAMI BEACH-KENDALL, FL METROPOLITAN DIVISION
Zoning & alternative use
6502:COMMERCIAL · Miami Beach, FL
Zoning 6502:COMMERCIAL · permitted uses
6502:COMMERCIAL · Miami Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Miami Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$2.4M
AUTO REPAIR, GARAGE
Est. value
$1.9M
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1924
Construction
CONCRETE
Heating
NONE
Stories
2
Units
4
Bathrooms
4
Lot
0.09 ac
Current owner
From public records · entity-resolved
233 First Street LLC
Entity
Mailing address
PO BOX 190778, MIAMI BEACH, FL 33119-0778
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 3, 2023
$2,550,000
233 First Street LLC
Inspiration Bed & Breakfast & Healt
Warranty Deed
—
May 16, 2008
$1,315,000
Inspiration Bed & Breakfast
Roston,joao
Warranty Deed
—
Aug 16, 2003
—
Joao Roston
Roston,joao
Quit Claim Deed
related
$337,500 · Turnberry Bank
—
—
Joao Roston
—
Deed Of Trust
related
$675,000 · Pan American Land INC
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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