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Property profile & analytics
OFF-MARKET
Estimated value
$2,635,000
Outlet malls
940 71st St Miami Beach, FL 33141-2916
Entity Owned
31-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US18-4069879
Property summary
AI-generated overview
This exceptional 4,200 square foot restaurant space, located at 940 71st Street in Miami Beach's North Beach submarket, presents a unique opportunity. Situated on a 6,000 square foot lot, this corner property boasts significant street visibility and exposure on busy 71st Street. Currently vacant, the space is adaptable to various uses, including restaurant, retail, or office, and can be subdivided to a minimum of 2,000 square feet. The zoning is CD-1. The property features a large interior dining area with the potential for outdoor seating. Its "raw" condition allows for complete customization to suit a tenant's specific needs. Municipal parking is available. The property's APN is 02-3210-013-0460. This is a second-generation restaurant space offering a blank canvas for a new concept. The location offers excellent visibility and exposure, making it an ideal spot for a business seeking high foot traffic and brand recognition in a vibrant Miami Beach neighborhood. The property is located in the North Beach submarket of Miami Beach, Florida, zip code 33141. Owners are motivated to create a lease that meets tenant requirements.
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
1938
Construction
CONCRETE
Total area
5,338 SF
Lot
0.12 ac (5,193 SF)
Zoning code
6400:COMMERCIAL,CENTRAL
APN
02-3210-013-0460
UPID
US18-4069879
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
Current use
Occupant on record · Public records
-
Isalis (Bike/Boat/Book/etc) Store
-
Party City Party Supply Store (Bike/Boat/Book/etc) Store
-
Skunk Funk Big Box & Wholesale Store
-
Carl's Trading Co Hat Shop
-
Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.68M
Comparable Approach
Comparable
$3.49M
Blend (final)
Blend
$2.64M
Owner & transaction history
Jerika Proerties INC
Jerika Proerties INC
1 recorded transaction
Zoning & alternative use
6400:COMMERCIAL,CENTRAL · Miami Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Zoning Ordinance
Top alternative use upside
Restaurant
$4.0M
+31.4%
Commercial (general)
$3.9M
+31.0%
Office building
$3.6M
+20.9%
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 Miami Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,905,000
6.5%
$2,680,000
7%
$2,490,000
Alternative Use
Use
Estimation
RETAIL STORES
$3,015,000
Current use
RESTAURANT
$3,960,000
Change: +31% · Conversion: Easy
COMMERCIAL (GENERAL)
$3,945,000
Change: +31% · Conversion: Easy
OFFICE BUILDING
$3,640,000
Change: +21% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,490,000
Change: +16% · Conversion: Difficult
Blend value · Realmo final
$2.64M
Range $2.37M – $2.90M · ±10%
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
$494 / 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
$29,297
Tax year 2023
Assessed value
$2,100,000
Assessed 2023
Previous assessed
$2,100,000
+0.0% YoY
Effective rate
1.40%
On assessed value
Assessed land
$830,880
Assessed improvement
$1,269,120
Land market value
$830,880
Improvement market value
$1,269,120
Total market value
$2,100,000
Applied tax rate
200.0000
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
1938
Construction
CONCRETE
Heating
NONE
Cooling
CENTRAL
Stories
1
Total area
5,338 SF
Lot
0.12 ac (5,193 SF)
Zoning code
6400:COMMERCIAL,CENTRAL
APN
02-3210-013-0460
UPID
US18-4069879
Jurisdiction
DADE
Metro division
MIAMI-MIAMI BEACH-KENDALL, FL METROPOLITAN DIVISION
Zoning & alternative use
6400:COMMERCIAL,CENTRAL · Miami Beach, FLZoning 6400:COMMERCIAL,CENTRAL · permitted uses
6400:COMMERCIAL,CENTRAL · Miami Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
Zoning Ordinance
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$3.0M
RESTAURANT
Est. value
$4.0M
COMMERCIAL (GENERAL)
Est. value
$3.9M
OFFICE BUILDING
Est. value
$3.6M
AUTO REPAIR, GARAGE
Est. value
$3.5M
RETAIL STORES Current
RESTAURANT
COMMERCIAL (GENERAL)
OFFICE BUILDING
AUTO REPAIR, GARAGE
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
1938
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
1
Lot
0.12 ac
Current owner
From public records · entity-resolved
Jerika Proerties INC
Entity
Mailing address
5901 NW 151ST ST STE #126, MIAMI LAKES, FL 33014-2454
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
—
—
Jerika Proerties INC
—
Deed Of Trust
related
$1,000,000 · Transatlantic 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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