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    246 1St St Florida City, FL 33034
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    246 1St St Florida City, FL 33034

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    • Commercial real estate
    Off-Market
    Property ID
    US18-3364224
    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 246 1St St

    Property type
    Commercial real estate

    Description

    Exceptional investment opportunity in Florida City, FL, presents a shovel-ready 8-unit multifamily development. This three-story building, totaling 8,975 square feet, sits on a 14,000 square foot corner lot at 246 SW 1st St, 33034, in Miami-Dade County. The modern design features a wood-paneled facade and spacious balconies for each unit. The ground floor offers 15 covered parking spaces (70% of the ground floor) and a welcoming lobby area. The upper two floors house the residential units: five 2-bedroom, 1-bathroom units (1,000 sq ft each); two 3-bedroom, 2-bathroom units (1,500 sq ft each); and one additional 2-bedroom, 1-bathroom unit (975 sq ft). High rental demand in this growing Florida City market makes this a standout investment opportunity. The asking price is $550,000. This project is ready for immediate development.

    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
    Florida City
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.4804263
    Latitude
    25.4469502

    Comparable in this City

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      1.47 Acres

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      10 Acre Plant Nursery Land

      Operating plant nursery on 10 acres with various improvements.
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    • $13,800,000
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      Educational Investment Opportunity in Florida City

      Single tenant NNN educational campus with expansion potential.
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      9,100 SF

      Dollar General NNN Investment Opportunity

      9,100 SF Dollar General in Florida City (Homestead), FL.
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    • $13,800,000

      Florida City Educational Investment Opportunity

      Single tenant NNN K12 campus with expansion potential.
      713 W Palm Dr, Florida City, FL 33034
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    • $1,400,000
      4.62 Acres

      Turnkey Nursery Business on 5 Acres

      Thriving nursery business on 5 acres, fully equipped and ready!
      Krome Ave, Homestead, FL 33034
      View Details

    Similar Nearby for Sale

    • $2,500,000
      1.47 Acres

      Prime Commercial Land Opportunity

      1.47-acre C-2 zoned land suitable for various businesses.
      Davis Pkwy, Florida City, FL 33034
      View Details
    • $1,200,000
      9.62 Acres

      10 Acre Plant Nursery Land

      Operating plant nursery on 10 acres with various improvements.
      19051 SW 372Nd St, Homestead, FL 33034
      View Details
    • $13,800,000
      30,421 SF

      Educational Investment Opportunity in Florida City

      Single tenant NNN educational campus with expansion potential.
      713 W Palm Dr, Florida City, FL 33034
      View Details
    • Contact for pricing
      9,100 SF

      Dollar General NNN Investment Opportunity

      9,100 SF Dollar General in Florida City (Homestead), FL.
      580 W Palm Dr, Homestead, FL 33034
      View Details
    • $13,800,000

      Florida City Educational Investment Opportunity

      Single tenant NNN K12 campus with expansion potential.
      713 W Palm Dr, Florida City, FL 33034
      View Details
    • $1,400,000
      4.62 Acres

      Turnkey Nursery Business on 5 Acres

      Thriving nursery business on 5 acres, fully equipped and ready!
      Krome Ave, Homestead, FL 33034
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
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      Florida City Retail/Restaurant/Medical Space

      Retail, restaurant, medical, and daycare spaces for lease.
      881 W Palm Dr, Florida City, FL 33034
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      7,034 SF

      Retail Space in Florida City

      Retail space with premier exposure and national tenants.
      33550 S Dixie Hwy, Homestead, FL 33034
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    • $29 SF/Yr
      41,556 SF

      Florida City Office Space Available

      Modern office space with frontage on US 1 for rent.
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    • $16 SF/Yr
      3,600 SF

      Downtown Homestead Retail Space Available

      Retail space in Homestead's historical downtown district for rent.
      327 N Krome Ave, Homestead, FL 33034
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    • Contact for pricing

      Modern Office Space on US-1

      4,000 SF office space with modern, open-concept design.
      33004 South Dixie Hwy, Florida City, FL 33034
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    • Contact for pricing
      25,000 SF

      Commercial Land Near Florida Turnpike

      Commercial land suitable for a 25,000 SF building.
      961 W Palm Dr, Homestead, FL 33034
      View Details
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    246 1St St
    Florida City, FL 33034
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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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