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    Property profile & analytics

    909 Normandy Dr Miami Beach, FL 33141-2927

    • Outlet malls
    • 5,565 SF
    • 0.15 lot acres
    OFF-MARKET
    Last Sale
    Feb 01, 2022
    $3,000,000
    Value Estimations
    $2,820,000
    Show details
    Cap Rate Potential
    7%
    Outlet malls
    Location Intelligence
    Property ID
    US18-5009415
    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

    • Outlet malls

    Property Details for 909 Normandy Dr

    Year built
    1948
    Construction
    CONCRETE
    Lot size
    0.15 lot acres
    Property size
    5,565 SF
    Zone code
    6400:COMMERCIAL,CENTRAL
    Property type
    Outlet malls
    APN
    02-3210-013-0340
    APU
    232100130340

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,610,000
      ML approach
      $2,690,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,025,000
      6.5%
      $2,795,000
      7%
      $2,595,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,996,000
      Market price range: $360k - $3.92M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,140,000
      Current use
      RESTAURANT
      $4,125,000
      Change: +31% Conversion: Easy
      COMMERCIAL (GENERAL)
      $4,115,000
      Change: +31% Conversion: Easy
      OFFICE BUILDING
      $3,795,000
      Change: +21% Conversion: Easy
      AUTO REPAIR, GARAGE
      $3,640,000
      Change: +16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami Beach
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.1284
    Latitude
    25.8561
    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
    $45,862
    $1,024,000
    $1,403,000
    $2,427,000
    -
    $1,024,000
    $1,403,000
    $2,427,000

    Comparable in this City

    • Value Estimation
      $1,480,000
      3,156 SF

      6742 Collins Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 3,156 SF
      6742 Collins Ave, Miami Beach, FL 33141-3241
      View Details
    • Value Estimation
      $1,585,000
      3,447 SF

      7316 Collins Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 3,447 SF
      7316 Collins Ave, Miami Beach, FL 33141-2712
      View Details
    • Value Estimation
      $3,075,000
      6,780 SF

      6604 Collins Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 6,780 SF
      6604 Collins Ave, Miami Beach, FL 33141-4619
      View Details
    • Value Estimation
      $2,295,000
      5,520 SF

      7331 Collins Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 5,520 SF
      7331 Collins Ave, Miami Beach, FL 33141-2711
      View Details
    • Value Estimation
      $1,610,000
      3,500 SF

      6750 Collins Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 3,500 SF
      6750 Collins Ave, Miami Beach, FL 33141-3241
      View Details
    • Value Estimation
      $3,240,000
      5,140 SF

      6930 Collins Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 5,140 SF
      6930 Collins Ave, Miami Beach, FL 33141-3206
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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      Prime retail space with high visibility near the beach.
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      Miami Beach Commercial Property

      Prime commercial space in Miami Beach, ready for immediate occupancy.
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      Oceanfront Condo Hotel with Restaurant

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      Turnkey Restaurant in Miami Beach

      Operating restaurant with permits, licenses, and ample parking for sale.
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    • $985,000
      950 SF

      Miami Beach Retail & Warehouse

      Prime Miami Beach location, 950 sq ft.
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      Turnkey Restaurant on Normandy Drive

      Established restaurant with indoor and outdoor seating available for sale.
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    Similar Nearby for Lease

    • $7,450 /Mo

      Collins Avenue Retail Leasing Opportunity

      Versatile 1,624 SF space on Collins Avenue, Miami Beach.
      6895 Collins Ave, Miami Beach, FL 33141
      View Details
    • $45 SF/Yr
      6,129 SF

      Miami Beach Retail Space For Lease

      Prime 6,129 SF Retail, High Traffic Location
      730 71 St, Miami Beach, FL 33141
      View Details
    • $45 SF/Yr
      684 SF

      Miami Beach Retail Space

      Prime 684 sq ft retail space on 71st St.
      706 71 St, Miami Beach, FL 33141
      View Details
    • $0.43 SF/Yr
      2,250 SF

      Collins Ave Retail Space For Lease

      Prime Miami Beach Retail, High Foot Traffic
      6942 Collins Ave, Miami Beach, FL 33141
      View Details
    • $7,450 /Mo

      Collins Avenue Retail Opportunity

      1,624 SF retail space on Collins Avenue, Miami Beach.
      6895 Collins Ave, Miami Beach, FL 33141
      View Details
    • $30 SF/Yr
      4,200 SF

      Prime Miami Beach Restaurant Space

      4,200 SF Restaurant, Retail, or Office
      940 71 St, Miami Beach, FL 33141
      View Details
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    Miami Beach, FL 33141-2927
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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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