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Property profile & analytics
OFF-MARKET
Estimated value
$6,615,000
Outlet malls
3221 2nd Ave Miami, FL 33137-4103
Entity Owned
18-yr Hold
Absentee Owner
Free & Clear
Property ID
US18-2391524
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
1941
Construction
CONCRETE
Total area
16,177 SF
Lot
0.74 ac (32,145 SF)
Zoning code
CEN HI DENS BORDERS CB
APN
01-3230-010-0010
UPID
US18-2391524
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Patagonia Cafe Bakery Specialty Food Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$8.12M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$6.62M
Owner & transaction history
Normdor LLC · 18 yrs held
Normdor LLC
since 2008
1 recorded transaction
Zoning & alternative use
CEN HI DENS BORDERS CB · Miami, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$10.6M
+4.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Miami submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Miami submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$8,795,000
6.5%
$8,120,000
7%
$7,540,000
Alternative Use
Use
Estimation
RETAIL STORES
$10,110,000
Current use
AUTO REPAIR, GARAGE
$10,575,000
Change: +5% · Conversion: Difficult
OFFICE BUILDING
$9,955,000
Change: -2% · Conversion: Easy
Blend value · Realmo final
$6.62M
Range $5.95M – $7.28M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$409 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$109,803
Tax year 2023
Assessed value
$12,064,375
Assessed 2023
Previous assessed
$12,064,375
+0.0% YoY
Effective rate
0.91%
On assessed value
Assessed land
$12,054,375
Assessed improvement
$10,000
Land market value
$12,054,375
Improvement market value
$10,000
Total market value
$12,064,375
Applied tax rate
100.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
Off-Market
Year built
1941
Construction
CONCRETE
Heating
NONE
Cooling
CENTRAL
Stories
1
Total area
16,177 SF
Lot
0.74 ac (32,145 SF)
Zoning code
CEN HI DENS BORDERS CB
APN
01-3230-010-0010
UPID
US18-2391524
Jurisdiction
DADE
Metro division
MIAMI-MIAMI BEACH-KENDALL, FL METROPOLITAN DIVISION
Zoning & alternative use
CEN HI DENS BORDERS CB · Miami, FL
Zoning CEN HI DENS BORDERS CB · permitted uses
CEN HI DENS BORDERS CB · Miami, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Miami. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$10.1M
AUTO REPAIR, GARAGE
Est. value
$10.6M
OFFICE BUILDING
Est. value
$10.0M
RETAIL STORES Current
AUTO REPAIR, GARAGE
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1941
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
1
Lot
0.74 ac
Current owner
From public records · entity-resolved
Normdor LLC
Entity
Free & Clear · 18 yrs held
Mailing address
2600 IS BLVD APT #1902, AVENTURA, FL 33160-5210
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 23, 2008
—
Normdor LLC
Purcel,norman
Quit Claim Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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