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Property profile & analytics
OFF-MARKET
Estimated value
$665,000
Outlet malls
401 Palm Dr, Florida City, FL 33034-3396
Entity Owned
4-yr Hold
Free & Clear
Property ID
US19-0497304
Property summary
AI-generated overview
This Homestead, Florida retail center offers a compelling investment opportunity. The 2,569 square foot property, situated on a 26,250 square foot lot, comprises six fully occupied units in a single-story building. Built in 1949 and renovated in 2015, the property boasts a 3.75% cap rate and a strong net operating income (NOI) of $52,540. The C-1 zoning allows for diverse uses, including daycare, shopping center, and storefront options. With 16 parking spaces and 100% occupancy, this stabilized investment presents a solid return. The property's strategic location across from Florida City Hall on Palm Drive in Miami-Dade County, Florida (zip code 33034) adds significant value. The $1,400,000 asking price translates to $544.96 per square foot and $53 per square foot for the land. This presents a chance to capitalize on current income while exploring future redevelopment potential. The gross lease structure simplifies management, and the multi-tenant setup provides diversification.
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
1949
Construction
CONCRETE
Total area
2,569 SF
Lot
0.6 ac (26,250 SF)
Zoning code
6100:COMMERCIAL,NEIGHBRHD
APN
16-7824-007-2450
UPID
US19-0497304
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$645k
CAP Approach
CAP
$670k
Comparable Approach
Comparable
$892k
Blend (final)
Blend
$665k
Owner & transaction history
401 Palm Investments LLC · 4 yrs held
401 Palm Investments LLC
since 2022
Last sale
$675,000
7 recorded transactions
Zoning & alternative use
6100:COMMERCIAL,NEIGHBRHD · Florida City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$860,000
+31.9%
Office building
$790,000
+21.1%
Neighborhood: shopping center
$735,000
+13.2%
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 Florida City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Florida City 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
$585,000
ML approach
$645,000
CAP Approach
CAP Return
Estimation
6%
$725,000
6.5%
$670,000
7%
$620,000
Alternative Use
Use
Estimation
RETAIL STORES
$650,000
Current use
COMMERCIAL (GENERAL)
$860,000
Change: +32% · Conversion: Easy
OFFICE BUILDING
$790,000
Change: +21% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$735,000
Change: +13% · Conversion: Moderate
WAREHOUSE, STORAGE
$550,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$665k
Range $599k – $732k · ±10% · vs last sale $675k (Jan 7 2022)
Last sale anchor
$675k
Jan 7 2022
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
$259 / 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
$15,461
Tax year 2023
Assessed value
$714,987
Assessed 2023
Previous assessed
$714,987
+0.0% YoY
Effective rate
2.16%
On assessed value
Assessed land
$577,500
Assessed improvement
$137,487
Land market value
$577,500
Improvement market value
$137,487
Total market value
$714,987
Applied tax rate
1,600.0000
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
1949
Construction
CONCRETE
Heating
NONE
Stories
1
Total area
2,569 SF
Lot
0.6 ac (26,250 SF)
Zoning code
6100:COMMERCIAL,NEIGHBRHD
APN
16-7824-007-2450
UPID
US19-0497304
Jurisdiction
DADE
Metro division
MIAMI-MIAMI BEACH-KENDALL, FL METROPOLITAN DIVISION
Zoning & alternative use
6100:COMMERCIAL,NEIGHBRHD · Florida City, FL
Zoning 6100:COMMERCIAL,NEIGHBRHD · permitted uses
6100:COMMERCIAL,NEIGHBRHD · Florida City, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Florida City. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$650,000
COMMERCIAL (GENERAL)
Est. value
$860,000
OFFICE BUILDING
Est. value
$790,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$735,000
WAREHOUSE, STORAGE
Est. value
$550,000
RETAIL STORES Current
COMMERCIAL (GENERAL)
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
WAREHOUSE, STORAGE
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
1949
Construction
CONCRETE
Heating
NONE
Stories
1
Lot
0.6 ac
Current owner
From public records · entity-resolved
401 Palm Investments LLC
Entity
Free & Clear · 4 yrs held
Mailing address
10815 SW 90TH AVE, MIAMI, FL 33176-3625
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
14 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 7, 2022
$675,000
401 Palm Investments LLC
401 W Palm Drive LLC
Warranty Deed
—
Sep 2, 2021
$850,000
401 W Palm Drive LLC
Florida City Professional Arts Ctr
Warranty Deed
—
Oct 8, 2020
—
Florida City Prof Arts Ctr LLC
—
Deed
related
$47,000 · Private Individual
Mar 6, 2019
—
Florida City Prof Arts Ctr LLC
—
Deed
related
$302,000 · Private Individual
Dec 21, 2009
$600,000
Florida City Prof Arts Center
H & B Realty LLC
Grant Deed
$382,000 · Private Individual
Dec 4, 2009
$10,000
H & B Realty LLC
Lucas Developers INC Coc
Trustees Deed
—
Mar 5, 2008
—
Lucas Developers INC
—
Trustees Deed
related
$210,000 · Dtm Assoc LLC
Sep 12, 2007
—
Lucas Developers INC
—
Trustees Deed
related
$1,600,000 · Dtm Associates LLC
Mar 7, 2006
—
Lucas Developers INC
—
Trustees Deed
related
$2,450,000 · Afrc Realty Corp
Feb 22, 2006
—
Lucas Developers INC
—
Trustees Deed
related
$500,000 · H&b Realty LLC
Feb 8, 2006
$950,000
Lucas Developers INC
Berrones,julio JR
Warranty Deed
—
Oct 29, 2001
$269,500
Julio Berrones
Engle Trust
Grant Deed
—
—
—
Florida City Prof Arts Ctr LLC
—
Loan Modification
related
$302,000 · Private Individual
—
—
Florida City Prof Arts Ctr LLC
—
Loan Modification
related
$47,000 · Private Individual
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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