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

    29500 Old Dixie Hwy Homestead, FL 33033

    • Office buildings
    • 2,770 SF
    • 0.48 lot acres
    For Sale
    View listing
    $6,950,000
    Last Sale
    Sep 08, 2023
    $850,000
    Value Estimations
    Cap Rate Potential
    7.5%
    Office buildings
    Location Intelligence
    Property ID
    US19-0842391
    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

    • Office buildings

    Property Details for 29500 Old Dixie Hwy

    Year built
    1952
    Construction
    CONCRETE
    Lot size
    0.48 lot acres
    Property size
    2,770 SF
    Zone code
    INTERIM-AWAIT SPECIFIC
    Property type
    Office buildings
    APN
    30-7905-006-0010
    APU
    3079050060010

    Description

    This exceptional 5.2-acre commercial land parcel, located at 29500 Old Dixie Highway in Homestead, Florida (33033), presents a remarkable development opportunity. The property consists of three contiguous parcels with prominent frontage on Old Dixie Highway and US1, offering unparalleled visibility and accessibility. Zoned RTZ, this site allows for a diverse range of uses, including mixed-use development with a maximum floor-area ratio (FAR) of 2.0 and a residential density of up to 60 units per acre. Permitted uses also encompass schools (K-12), hospitality, general retail, urgent care facilities, and religious institutions. Its strategic location directly across from the SW 296th Street Bus Rapid Transit (BRT) Station provides convenient access to public transportation. The property's proximity to the Rapid Transit Zone (within a quarter-mile) ensures compliance with the Comprehensive Development Master Plan's (CDMP) Community Urban Center policies. This prime South Dade location, within the rapidly growing Naranja and Homestead area, offers significant potential for substantial returns. The asking price is $6,950,000. Parcel numbers are 30-7905-000-0291, 30-7905-000-0221, and 30-7905-006-0010. Ownership is held by a corporation.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,040,000
      ML approach
      $990,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,305,000
      6.5%
      $1,205,000
      7%
      $1,120,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $850,000
      Current use
      MEDICAL BUILDING
      $1,215,000
      Change: +43% Conversion: Easy
      COMMERCIAL (GENERAL)
      $925,000
      Change: +9% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $795,000
      Change: -6% Conversion: Difficult
      RETAIL STORES
      $700,000
      Change: -17% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Homestead
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.4544
    Latitude
    25.4932
    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
    $4,786
    $165,600
    $115,053
    $280,653
    -
    $165,600
    $115,053
    $280,653

    Comparable in this City

    • Value Estimation
      $640,000
      6,883 SF

      30010 Old Dixie Hwy

      OFFICE BUILDING • 6,883 SF
      30010 Old Dixie Hwy, Homestead, FL 33033
      View Details
    • Value Estimation by Request
      856 SF

      650 22nd Ter213r

      PROFESSIONAL BUILDING • 856 SF
      650 22nd Ter213r, Homestead, FL 33033-4709
      View Details
    • Value Estimation by Request
      668 SF

      600 22nd Ter Ste, Unit 106

      PROFESSIONAL BUILDING • 668 SF
      600 22nd Ter Ste, Homestead, FL 33033-4708
      View Details
    • Value Estimation by Request
      724 SF

      650 22nd Ter Ste, Unit 114

      PROFESSIONAL BUILDING • 724 SF
      650 22nd Ter Ste, Homestead, FL 33033-4710
      View Details
    • Value Estimation by Request
      724 SF

      650 22nd Ter Ste, Unit 116

      PROFESSIONAL BUILDING • 724 SF
      650 22nd Ter Ste, Homestead, FL 33033-4710
      View Details
    • Value Estimation by Request
      1,708 SF

      925 30th Ter Ste, Unit 102

      PROFESSIONAL BUILDING • 1,708 SF
      925 30th Ter Ste, Homestead, FL 33033-7614
      View Details

    Similar Nearby for Sale

    • $26,000,000
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      Prime Homestead Office Complex

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      Homestead Executive Office Space

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      Renovated Office Space For Sale

      Renovated 1,600 sq ft office space for immediate occupancy.
      30368 Old Dixie Hwy, Homestead, FL 33033
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      81,977 SF

      Customizable Commercial Space Available

      Versatile property suitable for retail or office use.
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      Adaptable commercial space with secure infrastructure in high-visibility area.
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    Similar Nearby for Lease

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      Modern medical suites in booming Homestead, FL.
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      Homestead Office Space For Rent

      Modern 1,180 SF office suite in Homestead, Florida.
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      View Details
    • $1.99 SF/Yr
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      Homestead Office Park: Prime Location

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    • $1,500 /Mo
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      Office Space on Old Dixie

      Office space for rent in Homestead, Florida.
      30010 Old Dixie Hwy, Homestead, FL 33033
      View Details
    • Contact for pricing
      114,525 SF

      Homestead Retail Space - 3 Acres

      Prime Homestead location, large retail space available.
      30318 Old Dixie Hwy, Homestead, FL 33033
      View Details
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    29500 Old Dixie Hwy
    Homestead, FL 33033
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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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