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    2734 1st Ave Miami, FL 33127-4506
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    2734 1st Ave Miami, FL 33127-4506

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    • Office buildings
    • 11,286 SF
    • 0.10 lot acres
    Off-Market
    Last Sale May 19, 2022
    $9,034,400
    Property ID
    US18-9249336
    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
    $8,850,000
    Show details
    Cap Rate Potential
    4%
    Office buildings
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 2734 1st Ave

    Year built
    2022
    Construction
    CONCRETE
    Lot size
    0.10 lot acres
    Property size
    11,286 SF
    Zone code
    6101
    Property type
    Office buildings
    APN
    01-3125-029-0650
    APU
    131250290650

    Description

    The Onyx, a stunning two-story, 18,800-square-foot building at 2734 NW 1st Ave, Miami, FL 33127, offers exceptional office and retail opportunities. This newly constructed free-standing corner building boasts flexible spaces ranging from 3,120 to 7,890 contiguous square feet, perfect for a variety of businesses. The ground floor, with its mezzanine level, totaling 7,790 square feet, is ideally suited for retail or fitness uses, benefiting from its prime location near Wynwood's upcoming pedestrian woonerf on 1st Avenue. The second floor, also featuring a mezzanine and totaling 7,890 square feet, and a 3,120-square-foot penthouse space provide ample office space with substantial storage. This exceptional property is strategically positioned amongst several large mixed-use developments, including Wynwood 29, Artem Green, Wynd 27&28, Quarters Wynwood, and Diesel Wynwood, adding up to over 800 apartment units within a four-block radius, ensuring high visibility and foot traffic. The entire 18,800 square feet is currently vacant and available for lease as multiple tenancies. This presents a unique chance to establish a presence in a rapidly growing and vibrant Miami neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $8,715,000
      ML approach
      $8,610,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,755,000
      6.5%
      $5,315,000
      7%
      $4,935,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,392,000
      Market price range: $3.73M - $14.9M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $7,700,000
      Current use
      RETAIL STORES
      $13,435,000
      Change: +75% Conversion: Moderate
      WAREHOUSE, STORAGE
      $12,525,000
      Change: +63% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $11,825,000
      Change: +54% Conversion: Easy
      AUTO REPAIR, GARAGE
      $9,135,000
      Change: +19% Conversion: Difficult
      RESTAURANT
      $8,370,000
      Change: +9% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $6,375,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.1973
    Latitude
    25.8027
    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
    $61,894
    $1,553,650
    $1,457,296
    $3,010,946
    -
    $1,553,650
    $1,457,296
    $3,010,946

    Comparable in this City

    • Value Estimation
      $590,000
      1,371 SF

      2000 2nd Ave

      OFFICE BUILDING • 1,371 SF
      2000 2nd Ave, Miami, FL 33127-4825
      View Details
    • Value Estimation
      $18,530,000
      521,846 SF

      4201 7th Ave

      OFFICE BUILDING (MULTI-STORY) • 521,846 SF
      4201 7th Ave, Miami, FL 33127
      View Details
    • Value Estimation
      $41,565,000
      70,984 SF

      215 24th St

      OFFICE BUILDING (MULTI-STORY) • 70,984 SF
      215 24th St, Miami, FL 33127-4360
      View Details
    • Value Estimation by Request
      762 SF

      3401 Miami Ave Ste, Unit 209

      OFFICE BUILDING (MULTI-STORY) • 762 SF
      3401 Miami Ave Ste, Miami, FL 33127-3544
      View Details
    • Value Estimation by Request
      762 SF

      3401 Miami Ave Ste, Unit 210

      OFFICE BUILDING (MULTI-STORY) • 762 SF
      3401 Miami Ave Ste, Miami, FL 33127-3544
      View Details
    • Value Estimation by Request
      762 SF

      3401 Miami Ave Ste, Unit 222

      OFFICE BUILDING (MULTI-STORY) • 762 SF
      3401 Miami Ave Ste, Miami, FL 33127-3545
      View Details

    Similar Nearby for Sale

    • $7,000,000
      0.33 Acres

      Prime Miami Commercial Land Assemblage

      Three-parcel assemblage totaling 21,600 SQFT in Miami's D1 zoning district.
      683 NW 30Th St, Miami, FL 33127
      View Details
    • $31,000,000
      32,150 SF

      Wynwood Development Opportunity For Sale

      Prime Wynwood location with significant development potential.
      2200-2230 NW 2Nd Ave, Miami, FL 33127
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      New Office Building in Wynwood

      New office building with fitness center and parking deck.
      545 Northwest 26Th St, Miami, FL 33127
      View Details
    • Contact for pricing

      Wynwood Retail/Office Space Available

      Up to 18,500 SF available in East Wynwood.
      2534 N Miami Ave, Miami, FL 33127
      View Details
    • Contact for pricing

      Wynwood Retail and Office Space

      New retail and office spaces in vibrant Wynwood neighborhood.
      70 NW 28Th St, Miami, FL 33127
      View Details
    • Contact for pricing

      Adaptable Retail/Office/Restaurant Space Available

      Versatile space suitable for retail, office, or restaurant use.
      370 Northwest 27Th St, Miami, FL 33127
      View Details
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    Miami, FL 33127-4506
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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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