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    Property profile & analytics

    6229 2nd Ave Miami, FL 33138-6002

    • Retail residential properties
    • 4,380 SF
    • 0.28 lot acres
    OFF-MARKET
    Last Sale
    Mar 11, 2025
    $1,860,000
    Value Estimations
    $1,855,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-2123664
    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

    • The_Chakra_Center / Spiritual Center

    Property Details for 6229 2nd Ave

    Year built
    1947
    Construction
    CONCRETE
    Lot size
    0.28 lot acres
    Property size
    4,380 SF
    Zone code
    6101
    Property type
    Retail residential properties
    APN
    01-3218-015-0090
    APU
    132180150090

    Description

    This exceptional Miami property presents a compelling investment opportunity for developers. Situated on a 12,000 square foot lot in Miami-Dade County, at 6229 NE 2nd Ave, zip code 33138, this 4,380 square foot flex space boasts T-5-0 mixed-use high-density zoning. Built in 1947, the existing structure offers a strong foundation for redevelopment. Current plans, already submitted, propose the construction of an 18-unit building with three-bedroom units, capitalizing on Miami's high demand for housing and extremely low vacancy rates. The projected rental income is $8,000 per month, offering significant potential for future growth. This prime location benefits from exceptional proximity to Miami's Design District, Wynwood, Magic City, Midtown, and Miami's Civic Center, ensuring high occupancy and strong rental rates. The asking price for this covered land play is $1,999,000. This is a rare chance to acquire a highly desirable development site in a rapidly growing area of Miami. The property's zoning and location make it an ideal investment for those seeking substantial returns in the thriving Miami real estate market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,725,000
      6.5%
      $1,590,000
      7%
      $1,480,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,215,000
      Market price range: $348k - $1.67M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,150,000
      Current use
      AUTO REPAIR, GARAGE
      $2,865,000
      Change: +33% Conversion: Difficult
      RETAIL STORES
      $1,950,000
      Change: -9% Conversion: Easy
      MEDICAL BUILDING
      $1,925,000
      Change: -11% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.1918
    Latitude
    25.8337
    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
    $19,473
    $1,515,000
    $101,031
    $1,616,031
    -
    $1,515,000
    $101,031
    $1,616,031

    Comparable in this City

    • Value Estimation
      $7,940,000
      25,475 SF

      9501 2nd Ave

      STORES & APARTMENTS • 25,475 SF
      9501 2nd Ave, Miami Shores, FL 33138-2704
      View Details
    • Value Estimation
      $1,455,000
      3,024 SF

      204 71st St

      STORES & APARTMENTS • 3,024 SF
      204 71st St, Miami, FL 33138-5528
      View Details
    • Value Estimation
      $1,105,000
      3,272 SF

      98 79th St

      STORES & APARTMENTS • 3,272 SF
      98 79th St, Miami, FL 33138-4353
      View Details
    • Value Estimation
      $1,915,000
      5,615 SF

      859 79th St

      STORES & APARTMENTS • 5,615 SF
      859 79th St, Miami, FL 33138-4740
      View Details
    • Value Estimation
      $1,465,000
      4,580 SF

      6928 Biscayne Blvd

      STORES & APARTMENTS • 4,580 SF
      6928 Biscayne Blvd, Miami, FL 33138
      View Details
    • Value Estimation by Request
      1,201 SF

      8044 Miami Ct

      STORES & APARTMENTS • 1,201 SF
      8044 Miami Ct, Miami, FL 33138-4360
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Mixed-Use Property on Biscayne Boulevard

      Live, work, invest in Miamis Upper East Side.
      8601 Biscayne Blvd, Miami, FL 33138
      View Details
    • $3,500,000
      5,460 SF

      Little River Development Site

      Prime Miami location, high potential.
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      Biscayne Boulevard Mixed-Use Investment

      Mixed-use property with retail and residential income on Biscayne.
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    • $4,000,000
      5,333 SF

      Miami Mixed-Use Investment Opportunity

      Mixed-use building with retail/restaurant space and apartments in Miami.
      8201 Biscayne Blvd, Miami, FL 33138
      View Details
    • $3,900,000
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      Miami Mixed-Use Investment Opportunity

      Prime Miami location, vacant, 5,177 SF
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      View Details
    • Contact for pricing

      High-Visibility Retail Space Available

      Retail spaces in a high-visibility shopping center on Biscayne Blvd.
      8833 Biscayne Blvd, Miami, FL 33138
      View Details

    Similar Nearby for Lease

    • $0.52 SF/Yr
      16,000 SF

      Biscayne Blvd Office Space for Lease

      Prime Miami Office, Single Tenant, 16,000 sqft
      7100 Biscayne Blvd, Miami, FL 33138
      View Details
    • Contact for pricing

      Prime Miami Pop-Up Space

      High-traffic 79th St lot, ideal for food trucks.
      633 79Th St, Miami, FL 33138
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    • $24 SF/Yr
      4,000 SF

      Miami Office Space For Rent

      Office space available for lease in Miami, Florida.
      8395-8397 NE 2Nd Ave, Miami, FL 33138
      View Details
    • Contact for pricing
      2,100 SF

      Office Warehouse Space For Rent

      5,500 SF office/warehouse space available in Upper East Side.
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    • $21 SF/Yr
      2,538 SF

      Miami Retail Space: 2,538 SF

      Prime Miami retail space available.
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      View Details
    • $2,000 /Mo

      Spacious Studio Apartment with Balconies

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      View Details
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    6229 2nd Ave
    Miami, FL 33138-6002
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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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