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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    251 Flagler St Miami, FL 33131-1301

    • Community centers
    • 91,127 SF
    • 0.99 lot acres
    OFF-MARKET
    Value Estimations
    $1,060,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5494924
    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

    • CaVu Bar Restaurant / Steak House
    • Shishkabob Mediterranean Cuisine / Persian Restaurant
    • R&D Robert and Dora Watches / Watch Store

    Property Details for 251 Flagler St

    Year built
    1994
    Construction
    CONCRETE
    Lot size
    0.99 lot acres
    Property size
    91,127 SF
    Zone code
    6401:COMMERCIAL
    Property type
    Community centers
    APN
    01-0111-080-1140
    APU
    101110801140

    Description

    Prime 2.51-acre development site in Downtown Miami, offering unparalleled redevelopment potential. The property, encompassing three parcels (APN: 01-0111-080-1020, 01-0111-080-1140, 1-0111-080-1040), boasts 250 linear feet of Flagler Street frontage and extends a full city block on NE 1st Street. Currently improved with a 164,000-square-foot, three-story shopping center anchored by Marshalls, existing leases include a 180-day demolition clause, allowing for expedited redevelopment while providing immediate income. The T6-80-O zoning, within the Downtown Density Overlay, permits up to 1,000 housing units per acre, structures up to 80 stories, and a maximum gross building capacity of 3.9 million square feet, ideal for a mixed-use high-rise. The site benefits from exceptional walkability to Brickell City Centre, Whole Foods, Bayfront Park, and Miami World Center. Its proximity to over 12 million square feet of downtown office space, Miami Dade College's main campus, and government/judicial buildings, coupled with nearby entertainment and sporting venues, ensures high demand. The adjacent Metromover station provides seamless access to Metrorail and Brightline, enhancing connectivity. This location represents a unique opportunity to capitalize on the ongoing Flagler Street revitalization and Miami's thriving urban core. The property's addresses include 251 E Flagler St, 40 NE 3rd Ave, and 244 NE 1st St, Miami, FL 33131/33132.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,060,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.189
    Latitude
    25.7747
    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
    $411,055
    $30,100,000
    $8,071,224
    $38,171,224
    -
    $30,100,000
    $8,071,224
    $38,171,224

    Comparable in this City

    • Value Estimation
      $845,000
      11,951 SF

      115 1st St

      WHOLESALE OUTLET, DISCOUNT STORE • 11,951 SF
      115 1st St, Miami, FL 33131-1401
      View Details
    • Value Estimation
      $935,000
      12,920 SF

      231 Flagler St

      WHOLESALE OUTLET, DISCOUNT STORE • 12,920 SF
      231 Flagler St, Miami, FL 33131-1321
      View Details
    • Value Estimation
      $570,000
      9,000 SF

      124 Flagler St

      WHOLESALE OUTLET, DISCOUNT STORE • 9,000 SF
      124 Flagler St, Miami, FL 33131-1130
      View Details
    • Value Estimation
      $1,370,000
      46,912 SF

      200 Flagler St

      WHOLESALE OUTLET, DISCOUNT STORE • 46,912 SF
      200 Flagler St, Miami, FL 33131-1333
      View Details
    • Value Estimation
      $880,000
      14,044 SF

      137 1st St

      WHOLESALE OUTLET, DISCOUNT STORE • 14,044 SF
      137 1st St, Miami, FL 33131-1401
      View Details
    • Value Estimation
      $1,025,000
      15,595 SF

      5 Flagler St

      WHOLESALE OUTLET, DISCOUNT STORE • 15,595 SF
      5 Flagler St, Miami, FL 33131-1003
      View Details

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    Similar Nearby for Lease

    • $36 SF/Yr
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      Downtown Miami Retail/Restaurant Space

      Retail and restaurant spaces available in Downtown Miami.
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    • $60 SF/Yr
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      Prime Retail Space on Flagler

      High-visibility retail space in downtown Miami with high foot traffic.
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    • Contact for pricing
      692,000 SF

      Downtown Miami Retail Space

      Prime Miami retail, multiple spaces available.
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    • $50 SF/Yr
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      Downtown Miami Retail/Restaurant Space

      Class-A retail and restaurant spaces in downtown Miami.
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      Prime Retail Space in Brickell

      New retail space in a Class A+ Brickell office building.
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      1101 Brickell Office Space

      Prime Miami Brickell Office Suites
      1101 Brickell Ave, Miami, FL 33131
      View Details
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    251 Flagler St
    Miami, FL 33131-1301
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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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