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    676 NW 23Rd St Miami, FL 33127

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    676 NW 23Rd St Miami, FL 33127

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    • Manufacturing properties
    • 2,924 SF
    • 0.11 lot acres
    For Lease
    $41 SF/Yr
    View Listing →
    Allapattah Warehouse Space for Rent For Lease
    $41 SF/Yr

    Allapattah Warehouse Space for Rent

    Warehouse space in Allapattah Arts District, suitable for various uses.

    676 NW 23rd St, Miami, FL 33127
    View Listing
    Property ID
    US18-0308280
    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.
    Value Estimations
    $520,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Arts Connection Foundation / Art Gallery

    Property Details for 676 NW 23Rd St

    Year built
    1981
    Construction
    CONCRETE
    Lot size
    0.11 lot acres
    Property size
    2,924 SF
    Zone code
    7700:INDUSTRIAL,RESTRICT
    Property type
    Manufacturing properties
    APN
    01-3125-035-0010
    APU
    131250350010

    Description

    This exceptional 1,462-square-foot flex space, situated in the vibrant Allapattah Arts District, presents a unique opportunity for businesses seeking a versatile and well-equipped industrial property. The single-tenant building boasts a fully climate-controlled (HVAC) warehouse area, perfect for storage or light manufacturing. Adding to its functionality are private offices, providing a dedicated space for administrative tasks and meetings. A convenient bathroom is also included within the unit. Ample parking is ensured with six designated spaces. Security is enhanced by a gated fence surrounding the property, offering peace of mind. The high ceilings, measuring 18 feet, maximize vertical space and provide ample room for various operational needs. The property is zoned 7700 and its Assessor's Parcel Number (APN) is 01-31-25-035-0010. This property is a single-suite building, making it an ideal solution for businesses seeking a self-contained and secure workspace. The combination of warehouse space, private offices, and ample parking makes this an attractive option for a variety of businesses. Don't miss this chance to secure a prime location in a thriving arts district.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $345,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $655,000
      6.5%
      $605,000
      7%
      $560,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.2067
    Latitude
    25.7988
    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
    $8,672
    $304,200
    $236,800
    $541,000
    -
    $304,200
    $236,800
    $541,000

    Comparable in this City

    • Value Estimation
      $830,000
      5,206 SF

      647 29th St

      MANUFACTURING (LIGHT) • 5,206 SF
      647 29th St, Miami, FL 33127-3826
      View Details
    • Value Estimation
      $3,330,000
      26,084 SF

      2751 Miami Ave

      MANUFACTURING (LIGHT) • 26,084 SF
      2751 Miami Ave, Miami, FL 33127-4439
      View Details
    • Value Estimation by Request
      2,952 SF

      2236 1st Ct

      FOOD PACKING, PACKING PLANT • 2,952 SF
      2236 1st Ct, Miami, FL 33127-4817
      View Details
    • Value Estimation
      $1,085,000
      7,668 SF

      570 26th St

      MANUFACTURING (LIGHT) • 7,668 SF
      570 26th St, Miami, FL 33127-4334
      View Details
    • Value Estimation by Request
      8,075 SF

      2154 10th Ave

      MANUFACTURING (LIGHT) • 8,075 SF
      2154 10th Ave, Miami, FL 33127-4636
      View Details
    • Value Estimation by Request
      4,794 SF

      2200 1st Pl

      MANUFACTURING (LIGHT) • 4,794 SF
      2200 1st Pl, Miami, FL 33127
      View Details

    Similar Nearby for Lease

    • $0.02 SF/Yr

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      4,126 SF

      Industrial Space Available for Lease

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      Allapattah Warehouse Space for Rent

      Warehouse space in Allapattah Arts District, suitable for various uses.
      676 NW 23Rd St, Miami, FL 33127
      View Details
    • New
      $40 SF/Yr

      Miami Flex Space with Studio

      Flex space with offices, studio, and parking in Miami.
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    View Listing
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    Miami, FL 33127
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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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    676 NW 23Rd St, Miami, FL, 33127

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