Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    948 Krome Ave Homestead, FL 33030-4409

    • Office buildings
    • 4,776 SF
    • 0.32 lot acres
    OFF-MARKET
    Last Sale
    Jul 24, 2023
    $1,630,000
    Value Estimations
    $1,750,000
    Show details
    Cap Rate Potential
    6.8%
    Office buildings
    Location Intelligence
    Property ID
    US18-4689427
    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

    • Doctors Optical of Homestead / Physician
    • South Florida Eye Care Center: Lofton Robert L OD / Physician
    • South Florida Eye Care Center / Physician
    • Furnari Gerald D OD / (Bike/Boat/Book/etc) Store
    • Lauren Nicholas, OD / Physician

    Property Details for 948 Krome Ave

    Year built
    1956
    Construction
    CONCRETE
    Lot size
    0.32 lot acres
    Property size
    4,776 SF
    Zone code
    6300:COMMERCIAL,RESTRICT
    Property type
    Office buildings
    APN
    10-7812-003-0030
    APU
    1078120030030

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,995,000
      ML approach
      $1,785,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,250,000
      6.5%
      $2,075,000
      7%
      $1,930,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,374,000
      Market price range: $714k - $1.99M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,485,000
      Current use
      MEDICAL BUILDING
      $2,100,000
      Change: +41% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,595,000
      Change: +7% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,370,000
      Change: -8% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Homestead
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.478
    Latitude
    25.4793
    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
    $13,596
    $561,000
    $275,577
    $836,577
    -
    $561,000
    $275,577
    $836,577

    Comparable in this City

    • Value Estimation
      $2,230,000
      11,245 SF

      45 8th St

      OFFICE BUILDING • 11,245 SF
      45 8th St, Homestead, FL 33030-4452
      View Details
    • Value Estimation
      $1,515,000
      6,301 SF

      941 Krome Ave

      PROFESSIONAL BUILDING • 6,301 SF
      941 Krome Ave, Homestead, FL 33030-4408
      View Details
    • Value Estimation
      $1,105,000
      3,893 SF

      28 18th St

      OFFICE BUILDING (MULTI-STORY) • 3,893 SF
      28 18th St, Homestead, FL 33030-4519
      View Details
    • Value Estimation
      $745,000
      2,202 SF

      1900 Krome Ave

      OFFICE BUILDING • 2,202 SF
      1900 Krome Ave, Homestead, FL 33030-3240
      View Details
    • Value Estimation
      $555,000
      6,000 SF

      123 Krome Ave

      OFFICE BUILDING (MULTI-STORY) • 6,000 SF
      123 Krome Ave, Homestead, FL 33030-6008
      View Details
    • Value Estimation by Request
      3,010 SF

      49 Mowry Dr

      PROFESSIONAL BUILDING • 3,010 SF
      49 Mowry Dr, Homestead, FL 33030-5901
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,304 SF

      Commercial Building on Krome Avenue

      Two-story commercial building with high visibility in Homestead, Florida.
      633 N Krome Ave, Homestead, FL 33030
      View Details
    • $2,500,000
      6,301 SF

      Downtown Homestead Office Building

      Prime Commercial Property: 6,300 sq ft, 0.55 acres
      941 Krome Ave, Homestead, FL 33030
      View Details
    • Contact for pricing

      Renovated Retail/Office Space in Homestead

      Fully renovated retail/office space in Downtown Homestead with parking.
      51 N Krome Ave, Homestead, FL 33030
      View Details
    • $2,299,998

      Historic Landmark Office in Homestead

      Historic 1925 Homestead office building with modern upgrades for sale.
      97 NE 15Th St, Homestead, FL 33030
      View Details
    • Contact for pricing

      Leased Office Space Available

      Leased office space with included amenities for sale.
      125 NE 87Th Ave, Homestead, FL 33030
      View Details
    • Contact for pricing

      Updated Office Space on Krome

      Updated 780 sqft office space with parking included.
      377 N Krome Ave, Homestead, FL 33030
      View Details

    Similar Nearby for Lease

    • $36 SF/Yr
      1,150 SF

      Prime Office Space, NW 14th St

      1,150 sq ft Office, 4 Parking Spaces
      61 14Th St, Homestead, FL 33030
      View Details
    • $4,305 /Mo

      Retail Space on Krome Avenue

      Commercial space for rent, ideal for retail, office, or showroom.
      112 N Krome Ave, Homestead, FL 33030
      View Details
    • $19 SF/Yr
      2,474 SF

      Homestead Office Space - 2474 sq ft

      Prime Homestead office, single tenant, fully equipped.
      655 5Th St, Homestead, FL 33030
      View Details
    • $4,061 /Mo
      1,034 SF

      Homestead Warehouse - Great Location

      1,034 sq ft Warehouse, Office, Yard
      240 6Th Ave, Homestead, FL 33030
      View Details
    • Contact for pricing
      11,720 SF

      Downtown Homestead Office Space Available

      Office spaces for rent in downtown Homestead, Florida.
      377-381 N Krome Ave, Homestead, FL 33030
      View Details
    • $6,399 /Mo

      Downtown Homestead Retail/Office Space

      Renovated retail/office space in downtown Homestead with high visibility.
      51 N Krome Ave, Homestead, FL 33030
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    948 Krome Ave
    Homestead, FL 33030-4409
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!