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    2691 2nd Ave Miami, FL 33137-4414
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    Property profile & analytics

    2691 2nd Ave Miami, FL 33137-4414

    View on Map
    • Office buildings
    • 6,989 SF
    • 0.23 lot acres
    Off-Market
    Property ID
    US18-6157248
    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
    $3,385,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Borinquen Medical Centers at Wynwood / Health Care Facility / Community Health Centre
    • Luis H Negron Delgado / Physician
    • Francisco Ricart / Physician
    • Krystyna Manso / Counselor
    • M/s Arun Furniture Works / General Contractor

    Property Details for 2691 2nd Ave

    Year built
    1971
    Construction
    CONCRETE
    Lot size
    0.23 lot acres
    Property size
    6,989 SF
    Zone code
    CEN HI DENS BORDERS CB
    Property type
    Office buildings
    APN
    01-3230-018-0100
    APU
    132300180100

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,565,000
      6.5%
      $3,290,000
      7%
      $3,055,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,201,000
      Market price range: $537k - $3.61M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $4,300,000
      Current use
      RESTAURANT
      $5,185,000
      Change: +20% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $4,570,000
      Change: +6% Conversion: Difficult
      RETAIL STORES
      $4,370,000
      Change: +2% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.1908
    Latitude
    25.8026
    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
    $0.00
    $3,795,000
    $386,261
    $4,181,261
    -
    $3,795,000
    $386,261
    $4,181,261

    Comparable in this City

    • Value Estimation
      $2,605,000
      4,902 SF

      3301 2nd Ave

      OFFICE BUILDING • 4,902 SF
      3301 2nd Ave, Miami, FL 33137-3804
      View Details
    • Value Estimation by Request
      699 SF

      2275 Biscayne Blvd, Unit C-4

      OFFICE BUILDING (MULTI-STORY) • 699 SF
      2275 Biscayne Blvd, Miami, FL 33137-5032
      View Details
    • Value Estimation by Request
      392 SF

      2275 Biscayne Blvd, Unit C-8

      OFFICE BUILDING (MULTI-STORY) • 392 SF
      2275 Biscayne Blvd, Miami, FL 33137-5032
      View Details
    • Value Estimation by Request
      1,498 SF

      5781 Biscayne Blvd, Unit CS1

      OFFICE BUILDING (MULTI-STORY) • 1,498 SF
      5781 Biscayne Blvd, Miami, FL 33137-2660
      View Details
    • Value Estimation
      $7,835,000
      30,196 SF

      2100 Biscayne Blvd

      OFFICE BUILDING (MULTI-STORY) • 30,196 SF
      2100 Biscayne Blvd, Miami, FL 33137-5014
      View Details
    • Value Estimation by Request
      1,319 SF

      4770 Biscayne Blvd Ste, Unit 810

      OFFICE BUILDING (MULTI-STORY) • 1,319 SF
      4770 Biscayne Blvd Ste, Miami, FL 33137-3232
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      53,630 SF

      Renovated Edgewater Office Building

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      State-of-the-Art Recording Studio

      Commercial zoned building with recording studio in the Design District.
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      1,274 SF

      Freestanding Building in Urban Corridor

      Located where Midtown, Edgewater, and Wynwood meet, Miami, FL.
      85-89 NE 27Th St, Miami, FL 33137
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    • Contact for pricing
      8,710 SF

      Midtown Miami Retail Property

      Two-story retail property in Miami's thriving Midtown district.
      45 NE 36Th St, Miami, FL 33137
      View Details
    • $1,249,000
      2,400 SF

      Prime Miami Office Space

      $1.25M, 2400 SF, Updated Office
      4770 Biscayne Blvd, Miami, FL 33137
      View Details

    Similar Nearby for Lease

    • $35 SF/Yr

      Miami Office/Medical Building For Rent

      Five-story office/medical building in Miami's Biscayne Corridor Submarket.
      3000 Biscayne Blvd, Miami, FL 33137
      View Details
    • $43 SF/Yr
      1,250 SF

      Biscayne Blvd Office Condo

      Prime Design District Office Space
      4300 Biscayne Blvd, Miami, FL 33137
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    • $30 SF/Yr
      6,888 SF

      Miami Office/Retail Units for Lease

      Prime Miami location, 3 suites, 6,888 sqft
      375 54Th St, Miami, FL 33137
      View Details
    • Contact for pricing

      Biscayne Boulevard Office Spaces Available

      Turn-key offices with views in the heart of Edgewater.
      3050 Biscayne Blvd, Miami, FL 33137
      View Details
    • Contact for pricing
      3,292 SF

      Miami Office Space For Rent

      3,292 square feet of office space available for lease.
      340 Ne 61St St, Miami, FL 33137
      View Details
    • Contact for pricing
      900 SF

      Biscayne Boulevard Office Space

      Office space available for lease on Biscayne Boulevard, Miami.
      4500 Biscayne Blvd, Miami, FL 33137
      View Details
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    2691 2nd Ave
    Miami, FL 33137-4414
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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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