Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    298 62nd St Miami, FL 33138-6015

    • Manufacturing properties
    • 2,783 SF
    OFF-MARKET
    Last Sale
    Jun 06, 2022
    $1,400,000
    Value Estimations
    $1,020,000
    Show details
    Cap Rate Potential
    2.5%
    Manufacturing properties
    Location Intelligence
    Property ID
    US18-1637382
    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

    • Marcel / General Contractor

    Property Details for 298 62nd St

    Year built
    1973
    Property size
    2,783 SF
    Zone code
    7000:INDUSTRIAL,GENERAL
    Property type
    Manufacturing properties
    APN
    01-3218-057-0070
    APU
    132180570070

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $848,000
      Market price range: $506k - $1.06M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $745,000
      Current use
      COMMERCIAL (GENERAL)
      $1,365,000
      Change: +83% Conversion: Difficult
      RETAIL STORES
      $1,240,000
      Change: +66% Conversion: Moderate
      MEDICAL BUILDING
      $1,220,000
      Change: +64% Conversion: Difficult
      WAREHOUSE, STORAGE
      $825,000
      Change: +11% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $790,000
      Change: +6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.1905
    Latitude
    25.8328
    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
    $12,586
    $0.00
    $0.00
    $612,260
    -
    $0.00
    $0.00
    $612,260

    Comparable in this City

    • Value Estimation
      $2,410,000
      12,665 SF

      6689 2nd Ave

      MANUFACTURING (LIGHT) • 12,665 SF
      6689 2nd Ave, Miami, FL 33138-6010
      View Details
    • Value Estimation
      $1,630,000
      10,714 SF

      7520 4th Ct

      MANUFACTURING (LIGHT) • 10,714 SF
      7520 4th Ct, Miami, FL 33138-5282
      View Details
    • Value Estimation
      $1,190,000
      5,342 SF

      7580 4th Ct

      MANUFACTURING (LIGHT) • 5,342 SF
      7580 4th Ct, Miami, FL 33138-5283
      View Details
    • Value Estimation
      $600,000
      3,416 SF

      6300 4th Ct

      MANUFACTURING (LIGHT) • 3,416 SF
      6300 4th Ct, Miami, FL 33138-6108
      View Details
    • Value Estimation
      $595,000
      4,245 SF

      35 62nd St

      MANUFACTURING (LIGHT) • 4,245 SF
      35 62nd St, Miami, FL 33138-5811
      View Details
    • Value Estimation
      $2,520,000
      12,780 SF

      350 80th St

      MANUFACTURING (LIGHT) • 12,780 SF
      350 80th St, Miami, FL 33138-4413
      View Details

    Similar Nearby for Sale

    • $3,500,000

      Profitable Demolition and Salvage Business

      Reputable demolition and salvage business for sale in Miami.
      0000 NE 3Rd St, Miami, FL 33138
      View Details
    • Contact for pricing

      Industrial Building for Warehousing/Distribution

      13,500 SF industrial building ideal for warehousing, manufacturing, distribution.
      286 Ne 67Th St, Miami, FL 33138
      View Details
    • $17,000,000
      55,000 SF

      Renovated Warehouse with Heavy Power

      Renovated warehouse featuring heavy power, offices, and multiple loading options.
      777 NW 71St St, Miami, FL 33138
      View Details
    • $4,710,000

      New Construction Warehouse with Office

      New warehouse with office space, AC, and backup generator.
      210 NE 68Th St, Miami, FL 33138
      View Details
    • Contact for pricing

      Creative Flex Space in Miami

      Open flex space in Little River with high ceilings.
      155 NE 1St Pl, Miami, FL 33138
      View Details
    • $4,690,800

      New Construction Versatile Warehouse Space

      New construction warehouse with office, full AC, and generator.
      221 NE 67Th St, Miami, FL 33138
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      29,500 SF

      Miami Industrial Warehouse - 29,500 SF

      High-end industrial space, single tenant, Miami, FL
      6767 2Nd Ave, Miami, FL 33138
      View Details
    • $31 SF/Yr
      4,009 SF

      Miami Flex/Industrial Space Available

      Flex/Industrial space available for lease in Miami, Florida.
      6330-6350 NE 4Th Ave, Miami, FL 33138
      View Details
    • $2 SF/Yr
      27,425 SF

      Miami Warehouse: 27,425 SF

      Spacious Miami warehouse, ideal for creative uses.
      7317 1St Pl, Miami, FL 33138
      View Details
    • $30 SF/Yr
      3,852 SF

      Renovated Flex Space in Miami

      Renovated flex/industrial space with on-site parking and easy access.
      7240 Ne 4Th Ave, Miami, FL 33138
      View Details
    • $43 SF/Yr
      7,302 SF

      Miami Warehouse: 7,302 SF

      Modern Miami warehouse, ideal for diverse uses.
      235 67Th St, Miami, FL 33138
      View Details
    • $0.02 SF/Yr
      20,385 SF

      Little River Flex Warehouse Space

      Miami industrial space, 3,300 SF, renovated.
      6897 4Th Ave, Miami, FL 33138
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    298 62nd St
    Miami, FL 33138-6015
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.