606 W Flagler St Miami, FL 33130
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606 W Flagler St, Miami, FL 33130
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Estimated value (blended)
$4.36M
Range $3.92M – $4.80M (±10%)
Property ID
US18-5404252
Property summary
AI-generated overview
This exceptional 1.82-acre assemblage in Miami, Florida, presents a unique investment opportunity. Located at 606 W Flagler St, this property boasts 79,487 square feet and is comprised of eleven contiguous parcels spanning a full block, from W Flagler Street to SW 1st Street. The site benefits from a T6-12-O zoning designation, allowing for a diverse range of uses including high-density multifamily, hotel, retail, and office development. As of right, the zoning permits 274 multifamily units, with potential for expansion to over 342 units under the Live Local Act. The property's strategic location offers easy access to major highways and is in close proximity to Downtown Miami (0.4 miles), Brickell (0.6 miles), and the Miami River (0.15 miles). Multiple ingress and egress points via W Flagler Street, SW 1st Street, and SW 6th Avenue enhance accessibility. The site's ease of development is further enhanced by the absence of inferior zoning on abutting parcels. Current market rents in the Little Havana submarket exceed $3.50 per square foot for newer construction, with vacancy rates below 3.5%. The asking price for this prime development site is $18,000,000, translating to $226.45 per square foot. The property is currently vacant.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1968
Construction
CONCRETE
Total area
8,521 SF
Lot
0.23 ac (9,996 SF)
Zoning code
6110:COMM/RES-DESIGN DIST
APN
01-0201-030-1010
UPID
US18-5404252
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Physician
-
Pediatrician Physician
-
Pediatrician Physician
-
Physician
-
Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.01M
Comparable Approach
Comparable
$4.91M
Blend (final)
Blend
$4.36M
Owner & transaction history
since 2025
Last sale
$4.8M
1 recorded transaction
Zoning & alternative use
6110:COMM/RES-DESIGN DIST · Miami, FL
Top alternative use upside
Retail stores
$7.1M
+28.0%
Commercial (general)
$6.5M
+15.9%
Restaurant
$6.3M
+13.2%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 9 comparables with addresses
5 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$4.36M
Value range
$3.92M – $4.80M
±10% around blend
Estimated value / SF
$512 / SF
Confidence
High
9 county-verified comps
Property data
88
Market benchmarks
100
Comparable evidence
90
$3.92M
blend $4.36M
$4.80M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
8,521 SF
Lot area
0.23 ac
Year built
1968
Stories
3
APN
01-0201-030-1010
Assessed value
$2,583,971
Annual tax
$32,084
3
Income approach: direct capitalization
Partial preview
Income approach indication
$4.01M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$4.35M
@ 6.5% CAP return
$4.01M
@ 7% CAP return
$3.73M
4
Sales comparison
Partial preview
Sales approach indication
$3.68M
Weighted, 9 comps · high confidence
Evidence
9 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
8.5 mi away · 7,862 SF
11.0 mi away · 7,740 SF
11.5 mi away · 6,048 SF
11.8 mi away · 10,601 SF
14.7 mi away · 7,358 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$4.36M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 114 sales
$655
-22%
Submarket 2091 sales
$682
-25%
County 2270 sales
$649
-21%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $512/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Retail Stores
Gross theoretical uplift
+28%
vs current-use indication
Commercial (general)
Restaurant
Office Building · current use
Auto Repair, Garage
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 9 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$4.81M
Move the market yield to see immediate price impact.
Value / SF
$564
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$303k
$6.06M
$4.33M
$3.37M
$337k
$6.73M
$4.81M
$3.74M
$370k
$7.40M
$5.29M
$4.11M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
9 found
High confidence · county-verified
Closest comparable
$5.60M
2.4 mi · Jan 2026 · $506/SF
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$32,084
Tax year 2023
Assessed value
$2,583,971
Assessed 2023
Previous assessed
$2,583,971
+0.0% YoY
Effective rate
1.24%
On assessed value
Assessed land
$1,999,200
Assessed improvement
$584,771
Land market value
$1,999,200
Improvement market value
$584,771
Total market value
$2,583,971
Applied tax rate
100.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
For Sale
Year built
1968
Construction
CONCRETE
Heating
NONE
Cooling
CENTRAL
Stories
3
Bathrooms
5
Total area
8,521 SF
Lot
0.23 ac (9,996 SF)
Zoning code
6110:COMM/RES-DESIGN DIST
APN
01-0201-030-1010
UPID
US18-5404252
Jurisdiction
DADE
Metro division
MIAMI-MIAMI BEACH-KENDALL, FL METROPOLITAN DIVISION
Zoning & alternative use
6110:COMM/RES-DESIGN DIST · Miami, FLZoning 6110:COMM/RES-DESIGN DIST · permitted uses
6110:COMM/RES-DESIGN DIST · Miami, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1968
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
3
Bathrooms
5
Lot
0.23 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
6110:COMM/RES-DESIGN DIST
Jurisdiction
Miami, FL
Recorded code
6110:COMM/RES-DESIGN DIST
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for 6110:COMM/RES-DESIGN DIST in Miami, FL.
What opens after registration
Zoning profile
2 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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