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    Property profile & analytics

    55 Merrick Way# Coral Gables, FL 33134-5138

    • Retail space
    • 1,663 SF
    OFF-MARKET
    Last Sale
    Aug 07, 2024
    $1,200,000
    Value Estimations
    $1,200,000
    Show details
    Cap Rate Potential
    4.5%
    Retail space
    Location Intelligence
    Property ID
    US18-1559926
    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

    • Retail space

    Property Details for 55 Merrick Way#

    Year built
    2008
    Property size
    1,663 SF
    Zone code
    6400:COMMERCIAL,CENTRAL
    Property type
    Retail space
    APN
    03-4108-115-1690
    APU
    341081151690

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,200,000
      ML approach
      $1,200,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $905,000
      6.5%
      $835,000
      7%
      $775,000

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $1,085,000
      COMMERCIAL (GENERAL)
      $730,000
      MEDICAL BUILDING
      $730,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Coral Gables
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.2556
    Latitude
    25.7509
    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
    $11,932
    $0.00
    $0.00
    $665,200
    -
    $0.00
    $0.00
    $665,200

    Comparable in this City

    • Value Estimation by Request
      840 SF

      2030 Douglas Rd Ste, Unit 105

      RETAIL STORES (PERSONAL SERVICES) • 840 SF
      2030 Douglas Rd Ste, Coral Gables, FL 33134-4615
      View Details
    • Value Estimation by Request
      840 SF

      2030 Douglas Rd Ste, Unit 106

      RETAIL STORES (PERSONAL SERVICES) • 840 SF
      2030 Douglas Rd Ste, Coral Gables, FL 33134-4615
      View Details
    • Value Estimation
      $760,000
      4,452 SF

      1600 Ponce De Leon Blvd Ph, Unit 2

      RETAIL STORES (PERSONAL SERVICES) • 4,452 SF
      1600 Ponce De Leon Blvd Ph, Coral Gables, FL 33134-4097
      View Details
    • Value Estimation by Request
      347 SF

      80 Aragon Ave, Unit CU-139

      RETAIL STORES (PERSONAL SERVICES) • 347 SF
      80 Aragon Ave, Coral Gables, FL 33134-5300
      View Details
    • Value Estimation by Request
      65 SF

      10 Aragon Ave, Unit CU-116

      RETAIL STORES (PERSONAL SERVICES) • 65 SF
      10 Aragon Ave, Coral Gables, FL 33134-5301
      View Details
    • Value Estimation by Request
      476 SF

      70 Aragon Ave, Unit CU-137

      RETAIL STORES (PERSONAL SERVICES) • 476 SF
      70 Aragon Ave, Coral Gables, FL 33134-5300
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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      Retail space on Miracle Mile in Coral Gables, Florida.
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      3953 SF retail space on Coral Gables' Miracle Mile.
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      2236 SF retail space on Coral Gables' Miracle Mile.
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      Retail Space on Miracle Mile

      Retail space on Miracle Mile in Coral Gables, Florida.
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    Similar Nearby for Lease

    • Contact for pricing
      2,648 SF

      Prime Retail Space in Coral Gables

      Former bank space in a Class A office building.
      2000 Ponce De Leon Blvd, Coral Gables, FL 33134
      View Details
    • $47 SF/Yr
      Pending

      Remodeled Retail/Office Space in Gables

      Remodeled office/retail space in Coral Gables, walk to Miracle Mile.
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    • $65 SF/Yr

      Retail Space on Miracle Mile

      Retail space for lease on Coral Gables' Miracle Mile.
      314 Coral Way, Coral Gables, FL 33134
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    • Contact for pricing
      4,100 SF

      Retail Space on Miracle Mile

      Retail space with strong daytime traffic and ample parking.
      135-137 Miracle Mile, Coral Gables, FL 33134
      View Details
    • $6,920 /Mo
      Pending

      Remodeled Office/Retail Space in Gables

      Remodeled office/retail space near Miracle Mile with parking.
      335 Alcalzar Ave, Coral Gables, FL 33134
      View Details
    • Contact for pricing
      3,953 SF

      Prime Retail Space on Miracle Mile

      Retail space with strong daytime traffic in Coral Gables.
      348 Miracle Mile, Coral Gables, FL 33134
      View Details
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    55 Merrick Way#
    Coral Gables, FL 33134-5138
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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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