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

    55 59th St Miami, FL 33127-1215

    • Commercial land
    • 3,553 SF
    • 0.25 lot acres
    OFF-MARKET
    Last Sale
    Oct 13, 2022
    $720,000
    Value Estimations
    $675,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-1574072
    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

    • Our Child Care Inc / Daycare Center
    • Our Little Ones Pre-School / Daycare Center

    Property Details for 55 59th St

    Year built
    1950
    Construction
    CONCRETE
    Lot size
    0.25 lot acres
    Property size
    3,553 SF
    Zone code
    4600:MULTI-FAMILY,5+STORY
    Property type
    Commercial land
    APN
    01-3113-063-0100
    APU
    131130630100

    Description

    Exceptional development opportunity awaits at 55 NW 59th St, Miami, FL 33127. This 11,000 square foot corner lot is situated in the burgeoning Magic City Innovation District, offering unparalleled access to Miami's vibrant cultural scene. Just minutes from the renowned Wynwood Art District and the Design District, this location provides proximity to luxury shopping and entertainment. The property is zoned T5-R, allowing for the construction of a multi-unit building, presenting a significant potential for high-density residential development. The asking price for this exceptional parcel is $990,000. This prime location, combined with the favorable zoning regulations, makes this a truly unique investment opportunity in one of Miami's fastest-growing areas. The property's strategic position within the Innovation District ensures strong potential for future appreciation and high rental yields. This is a rare chance to acquire a substantial land parcel in a highly sought-after area of Miami, ideal for developers seeking to capitalize on the city's dynamic real estate market. The property's size and zoning make it suitable for a variety of development projects, offering flexibility and significant upside potential. Don't miss this chance to secure a piece of Miami's future.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $645,000
      ML approach
      $610,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $420,000
      Market price range: $420k - $1.79M

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.1976
    Latitude
    25.8298
    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
    $12,437
    $605,000
    $0.00
    $605,000
    -
    $605,000
    $0.00
    $605,000

    Comparable in this City

    • Value Estimation by Request
      0.16 Acres

      34 29th St

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      34 29th St, Miami, FL 33127-3928
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    • Value Estimation by Request
      0.23 Acres

      3136 2nd Ave

      VACANT COMMERCIAL LAND • 0.23 Acres
      3136 2nd Ave, Miami, FL 33127-3722
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    • Value Estimation
      $530,000
      0.32 Acres

      270 23rd St

      VACANT COMMERCIAL LAND • 0.32 Acres
      270 23rd St, Miami, FL 33127-4316
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    • Value Estimation by Request
      0.10 Acres

      524 23rd St

      VACANT COMMERCIAL LAND • 0.10 Acres
      524 23rd St, Miami, FL 33127-4322
      View Details
    • Value Estimation by Request
      0.10 Acres

      580 23rd St

      VACANT COMMERCIAL LAND • 0.10 Acres
      580 23rd St, Miami, FL 33127-4322
      View Details
    • Value Estimation by Request
      0.48 Acres

      51 28th St

      VACANT COMMERCIAL LAND • 0.48 Acres
      51 28th St, Miami, FL 33127-4427
      View Details

    Similar Nearby for Sale

    • $950,000

      Prime Investment Land Opportunity

      T-4R property near Wynwood, Midtown, and Design District.
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    • $1,185,000

      Development Site on NW 54th

      Opportunity zone development site with full site plan approval.
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    • $495,000

      Commercial Land Near Innovation District

      6,500 SF commercial land near Magic City Innovation District.
      24 NW 58Th St, Miami, FL 33127
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    • $800,000

      Vacant Land in Rising Neighborhood

      Vacant land in prime location near Miami Design District.
      4500 N Miami Ave, Miami, FL 33127
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    • $800,000

      Prime Land in Rising Neighborhood

      Vacant land in a rapidly developing Miami neighborhood.
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    • $799,000
      0.16 Acres

      Allapattah Development Opportunity

      6,800 SF lot in Allapattah with T5-L zoning.
      796 NW 36Th St, Miami, FL 33127
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    Similar Nearby for Lease

    • $12 SF/Yr

      Land Available For Rent

      Land available for rent at 1027 NW 36th St, Miami, FL.
      1027 NW 36Th St, Miami, FL 33127
      View Details
    • $11 SF/Yr
      32,921 SF

      Wynwood Commercial Land Opportunity

      Prime Wynwood lot, 32,921 sq ft.
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    • $7 SF/Yr
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      Allapattah Commercial Land Opportunity

      Prime Miami land, ideal for various uses.
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    • Contact for pricing
      32,483 SF

      Allapattah Industrial Warehouse

      Miami warehouse, 32,483 SF, 2.5 acres
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    • $1.18 SF/Yr
      40,068 SF

      Wynwood Loft Office Space For Lease

      Spacious Wynwood office, perfect live/work.
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      View Details
    • $0.22 SF/Yr
      3,000 SF

      Miami Restaurant - 3000 SF

      Prime Miami restaurant space, single tenant, 3000 sq ft.
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      View Details
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    55 59th St
    Miami, FL 33127-1215
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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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