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

    491 Okeechobee Rd Hialeah, FL 33010-5350

    • Retail residential properties
    • 6,252 SF
    • 0.31 lot acres
    OFF-MARKET
    Last Sale
    Sep 03, 2024
    $1,775,000
    Value Estimations
    $1,370,000
    Show details
    Cap Rate Potential
    6.6%
    Retail residential properties
    Location Intelligence
    Property ID
    US18-3010056
    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

    • Hialeah Tree Service / Landscaping / General Contractor
    • Law Offices of Mery Lopez / Law Firm
    • Garcias's Mexican Imports / Importer

    Property Details for 491 Okeechobee Rd

    Year built
    1947
    Construction
    CONCRETE
    Lot size
    0.31 lot acres
    Property size
    6,252 SF
    Zone code
    6600:COMMERCIAL,LIBERAL
    Property type
    Retail residential properties
    APN
    04-3120-005-1320
    APU
    431200051320

    Description

    This exceptional mixed-use building, located at 491 E Okeechobee Rd in Hialeah, Florida, presents a lucrative investment opportunity. Built in 1947, the property boasts a prime corner location offering high visibility and significant street frontage, ideal for attracting customers and tenants. The asking price is $1,999,999. The building features a solid structure with ample parking both in front and in the rear, providing convenient access for residents and patrons. A gated and fenced side and rear yard enhances security and privacy. The property's income-producing residential units upstairs offer stable rental income, while the downstairs commercial space presents versatile options. The east end corner unit is well-suited for a cafeteria or restaurant, while additional commercial spaces are available for lease. This property is perfect for an owner-operator seeking to combine residential rental income with their own business, or for an investor looking for a strong return on investment. The building's location in Miami-Dade County, with its high traffic volume, ensures excellent exposure for any commercial venture. This is a rare opportunity to acquire a well-maintained, income-generating property in a thriving area. The property's combination of residential and commercial space offers flexibility and potential for significant growth. Don't miss this chance to own a piece of Hialeah's vibrant commercial landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,300,000
      ML approach
      $1,405,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,420,000
      6.5%
      $1,315,000
      7%
      $1,220,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,458,000
      Market price range: $1.31M - $2.75M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,755,000
      Current use
      AUTO REPAIR, GARAGE
      $2,265,000
      Change: +29% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,795,000
      Change: +2% Conversion: Difficult
      RETAIL STORES
      $1,690,000
      Change: -4% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Hialeah
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.2712
    Latitude
    25.8162
    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
    $16,459
    $531,880
    $345,040
    $876,920
    -
    $531,880
    $345,040
    $876,920

    Comparable in this City

    • Value Estimation
      $6,155,000
      48,127 SF

      301 Hialeah Dr

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    • Value Estimation
      $690,000
      3,598 SF

      805 Palm Ave

      STORES & APARTMENTS • 3,598 SF
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    • Value Estimation
      $890,000
      4,340 SF

      492 9th St

      STORES & APARTMENTS • 4,340 SF
      492 9th St, Hialeah, FL 33010-4548
      View Details
    • Value Estimation
      $625,000
      3,334 SF

      1220 Palm Ave

      STORES & APARTMENTS • 3,334 SF
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      View Details
    • Value Estimation by Request
      2,685 SF

      901 2nd Ave

      STORES & APARTMENTS • 2,685 SF
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      View Details
    • Value Estimation by Request
      2,389 SF

      17 17th St

      STORES & APARTMENTS • 2,389 SF
      17 17th St, Hialeah, FL 33010-3023
      View Details

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    491 Okeechobee Rd
    Hialeah, FL 33010-5350
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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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