For Sale
$6,400,000

1100 15Th StMiami Beach, FL 33139

Prime Miami Beach retail, 6 tenants, high NOI.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fee-simple ownership of a stabilized, multi-tenant retail center located at 1100 15th Street in Miami Beach, Florida. The property encompasses 6,650 square feet on an 8,250 square foot lot, featuring six individual units currently boasting 100% occupancy. Built in 1945 and renovated in 2013, this single-story building is zoned CD-1 and benefits from a strong tenant mix including three food and beverage establishments, catering to both local residents and tourists. The property's strategic location, just two blocks from the renowned Lincoln Road Mall, ensures high visibility and foot traffic. The current Net Operating Income (NOI) stands at $369,956, yielding a 5.78% cap rate, with an asking price of $6,400,000 ($962.41 per square foot). Each tenant operates under a triple-net (NNN) lease, providing a landlord-friendly structure with built-in annual rent increases of 3-5%. The leases are structured to allow for near-term value creation, with only one tenant possessing a renewal option. This property offers a compelling combination of strong cash flow, prime location, and significant upside potential for future growth. The property features 205 linear feet of frontage and 45-foot bay depths, maximizing rental potential. The property's APN is 02-3234-018-0680.

Highlights

  • Rare Miami Beach small-bay retail center.
  • Three of six bays are F&B/restaurant spaces with high demand.
  • Tenant mix caters to both locals and tourists.
  • Built-in 3-5% annual rent increases.
  • 205 linear feet of frontage with 45-foot bay depths, maximizing rental potential.
  • Short-term leases allow for near-term value creation.

Property Details for 1100 15Th St

Property type
Lifestyle centers, Power centers
Square Feet
6,650 SF
Year Built/Renovated
1945/2013
Buildings
1
Stories
1
Units
6

Location Insight

City
Miami Beach
County
Miami-Dade
State
Florida
Latitude
25.787396798438
Longitude
-80.139992922923
1100 15Th St, Miami Beach, Florida

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1100 15Th St
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