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

    566 1St St Miami, FL 33128

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US19-0005704
    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

    • Pizzeria / Pizza Delivery

    Property Details for 566 1St St

    Property type
    Commercial real estate
    APN
    01-0201-000-1080

    Description

    This exceptional 5,000 sq ft development site in Miami's River District presents a unique redevelopment opportunity. Located at 566 NW 1st St, this 0.115-acre parcel is zoned T6-8-O, allowing for a high-density, flexible development. Construction drawings are complete for a Class A, 13-unit, 8-story boutique condominium building. The site's prime location offers immediate access to major thoroughfares like West Flagler Street, connecting East Little Havana to Downtown Miami, and provides easy access to Brickell and LoanDepot Park. High visibility from I-95, with over 165,000 vehicles passing daily, further enhances its appeal. The burgeoning Miami River District is experiencing a renaissance, with new amenities such as the Miami Riverwalk, Miami River Greenway, parks, boatyards, and various retail, residential, and hospitality developments adding to the site's desirability. This shovel-ready project represents a strategic investment in a rapidly evolving and highly sought-after area of Miami, offering significant potential for substantial returns. The property's APN is 01-0201-000-1080. This is a fully approved project in Miami-Dade County, Florida, with a 33128 zip code.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.204133036509
    Latitude
    25.774842262641

    Comparable in this City

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      Little Havana Multifamily Investment

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      Remodeled corner duplex in Little Havana, perfect for investors.
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      Little Havana Multifamily Investment

      Eight-unit, turnkey apartment building in Miami.
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      Renovated Multifamily Property in Little Havana

      Turnkey 24-unit multifamily property in Miami's high-demand Little Havana.
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    Similar Nearby for Sale

    • $1,500,000
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      Little Havana Multifamily Investment

      Prime Little Havana location, redevelopment opportunity.
      242 12Th Ave, Miami, FL 33128
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    • $999,000
      0.11 Acres

      Miami Multifamily Development Site

      Shovel-ready T-6-8-O zoned development site with approved plans.
      1159 NW 4Th St, Miami, FL 33128
      View Details
    • $999,000

      Remodeled Duplex in Little Havana

      Remodeled corner duplex in Little Havana, perfect for investors.
      994 NW 2Nd St, Miami, FL 33128
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    • $2,000,000

      East Little Havana Multifamily Investment

      Multifamily property in East Little Havana with six units.
      932 NW 5Th St, Miami, FL 33128
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    • $1,500,000

      Miami Multifamily Value-Add Opportunity

      15-unit vacant property in Miami's growing corridor, ideal for investors.
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    • $1,200,000

      Little Havana Mixed-Use Redevelopment Opportunity

      Two-story mixed-use building in Little Havana with redevelopment potential.
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    Similar Nearby for Lease

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      Remodeled Two-Bedroom Unit in Miami

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    • $2,000 /Mo

      Little Havana Apartment with Modern Amenities

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      Remodeled Retail Space in Little Havana

      Prime leasing opportunity in a vibrant, high-traffic Little Havana location.
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    • Contact for pricing
      1,176,000 SF

      Miami Central Executive Suites

      Prime Downtown Miami Office Space Available
      0 7Th St, Miami, FL 33128
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    566 1St St
    Miami, FL 33128
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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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