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    23450 119Th Ave Homestead, FL 33032
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    Property profile & analytics

    23450 119Th Ave, Homestead, FL 33032

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    • Commercial real estate
    Off-Market
    Property ID
    US19-0716152
    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

    • Commercial real estate

    Property Details for 23450 119Th Ave

    Property type
    Commercial real estate

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 28, 2025 — Hgarcia Property Investment INC Hector Garcia Quitclaim Deed · related $285k · Lucky E Invetsments LLC
    Oct 15, 2020 $300,000 Hector Garcia Ricardo Viera Warranty Deed $300k · Ricardo Viera

    Description

    This exceptional 48,787 square foot parcel of land presents a compelling investment opportunity in the rapidly expanding South Miami-Dade area. Currently zoned for agricultural use, this property boasts significant development potential, situated in a thriving region experiencing substantial growth fueled by major players like Lennar and Horton. The lot is conveniently equipped with existing infrastructure including power, an irrigation system, a well, and a pump system, streamlining the development process. Its strategic location near a new Lennar development and just six blocks from US1 ensures excellent accessibility and visibility. Proximity to a supermarket adds to its appeal. Furthermore, the property's location offers easy access to the Florida Keys, only a 30-minute drive away. This makes it an ideal location for builders and investors seeking to capitalize on the area's burgeoning growth. Note that an adjacent lot (A11585148) totaling 50,311 square feet is also available for purchase, presenting the possibility of acquiring a combined 2.31 acres for a larger-scale development project. The asking price for this remarkable property is $675,000.

    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
    Homestead
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.3846878
    Latitude
    25.5490424

    Comparable in this City

    • Contact for pricing
      2,739 SF

      Established Business Opportunity For Sale

      Profitable business established since 2016 with diverse clientele.
      15410 SW 272Nd St, Homestead, FL 33032
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    • $1,590,000

      Homestead Development Opportunity

      Prime Vacant Lot, 38-Unit Potential
      14281 Henderson St, Homestead, FL 33032
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      Princeton Approved Project: 25 Units

      Approved project in Princeton, Florida, with 25 units and parking.
      248 SW 248Th St, Princeton, FL 33032
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    Similar Nearby for Sale

    • Contact for pricing
      2,739 SF

      Established Business Opportunity For Sale

      Profitable business established since 2016 with diverse clientele.
      15410 SW 272Nd St, Homestead, FL 33032
      View Details
    • $1,590,000

      Homestead Development Opportunity

      Prime Vacant Lot, 38-Unit Potential
      14281 Henderson St, Homestead, FL 33032
      View Details
    • Contact for pricing

      Princeton Approved Project: 25 Units

      Approved project in Princeton, Florida, with 25 units and parking.
      248 SW 248Th St, Princeton, FL 33032
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Royal Gate Center Office Spaces

      Office spaces available in Royal Gate Center, Homestead, Florida.
      15260 SW 280Th St, Homestead, FL 33032
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      Retail/Medical Space with Ample Parking

      Flexible layouts, excellent frontage, and ample on-site parking.
      27525 S Dixie Hwy, Homestead, FL 33032
      View Details
    • Contact for pricing

      Restaurant Space Available For Rent

      Restaurant space available, ranging from 974 to 2,500 square feet.
      27000 S Dixie Hwy, Homestead, FL 33032
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    • Contact for pricing

      Homestead Commercial Space For Lease

      1,373 sq ft commercial space ideal for office use.
      26011 Dixie Hwy S Us 1, Homestead, FL 33032
      View Details
    • $12,950 /Mo
      53,143 SF

      High-Visibility Retail/Bank Space Available

      Prime location for retail bank branch or financial services hub.
      24701 S Dixie Hwy, Homestead, FL 33032
      View Details
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    23450 119Th Ave
    Homestead, FL 33032
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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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