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Property profile & analytics
OFF-MARKET
Estimated value
$8,575,000
Outlet malls
791 167th St North Miami Beach, FL 33162-2404
Entity Owned
3-yr Hold
Free & Clear
Property ID
US18-3917381
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
1992
Construction
CONCRETE
Total area
17,952 SF
Lot
1.37 ac (59,677 SF)
Zoning code
6400:COMMERCIAL,CENTRAL
APN
07-2207-014-0011
UPID
US18-3917381
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$7.97M
CAP Approach
CAP
$9.01M
Comparable Approach
Comparable
$7.86M
Blend (final)
Blend
$8.58M
Owner & transaction history
Walgreen Co · 3 yrs held
Walgreen Co
since 2023
Last sale
$9.4M
2 recorded transactions
Zoning & alternative use
6400:COMMERCIAL,CENTRAL · North Miami Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$13.3M
+58.9%
Commercial (general)
$13.3M
+58.5%
Auto repair, garage
$11.7M
+40.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs North Miami Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs North Miami Beach submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$7,840,000
ML approach
$7,970,000
CAP Approach
CAP Return
Estimation
6%
$9,760,000
6.5%
$9,010,000
7%
$8,365,000
Alternative Use
Use
Estimation
RETAIL STORES
$8,375,000
Current use
RESTAURANT
$13,315,000
Change: +59% · Conversion: Easy
COMMERCIAL (GENERAL)
$13,270,000
Change: +58% · Conversion: Easy
AUTO REPAIR, GARAGE
$11,735,000
Change: +40% · Conversion: Difficult
MEDICAL BUILDING
$7,885,000
Change: -6% · Conversion: Difficult
Blend value · Realmo final
$8.58M
Range $7.72M – $9.43M · ±10% · vs last sale $9.38M (Mar 31 2023)
Last sale anchor
$9.38M
Mar 31 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$478 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$72,675
Tax year 2023
Assessed value
$3,844,200
Assessed 2023
Previous assessed
$3,844,200
+0.0% YoY
Effective rate
1.89%
On assessed value
Assessed land
$2,685,465
Assessed improvement
$1,158,735
Land market value
$2,685,465
Improvement market value
$1,158,735
Total market value
$3,844,200
Applied tax rate
700.0000
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
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
Off-Market
Year built
1992
Construction
CONCRETE
Heating
NONE
Cooling
CENTRAL
Stories
1
Total area
17,952 SF
Lot
1.37 ac (59,677 SF)
Zoning code
6400:COMMERCIAL,CENTRAL
APN
07-2207-014-0011
UPID
US18-3917381
Jurisdiction
DADE
Metro division
MIAMI-MIAMI BEACH-KENDALL, FL METROPOLITAN DIVISION
Zoning & alternative use
6400:COMMERCIAL,CENTRAL · North Miami Beach, FL
Zoning 6400:COMMERCIAL,CENTRAL · permitted uses
6400:COMMERCIAL,CENTRAL · North Miami Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
North Miami Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$8.4M
RESTAURANT
Est. value
$13.3M
COMMERCIAL (GENERAL)
Est. value
$13.3M
AUTO REPAIR, GARAGE
Est. value
$11.7M
MEDICAL BUILDING
Est. value
$7.9M
RETAIL STORES Current
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1992
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
1
Lot
1.37 ac
Current owner
From public records · entity-resolved
Walgreen Co
Entity
Free & Clear · 3 yrs held
Mailing address
8950 W OLYMPIC BLVD STE #407, BEVERLY HILLS, CA 90211-3565
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 31, 2023
—
Walgreen Co
Park Terrace Equities LLC
Lease
—
Mar 31, 2023
$9,378,000
Park Terrace Equities LLC
Walgreen Co
Special Warranty Deed
$2,550,000 · First Savings Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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