For Sale
$4,650,000

1451 Ocean DrMiami Beach, FL 33139

Prime South Beach retail, high-traffic location.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents two retail condos totaling 2,623 square feet, located at 1451 Ocean Drive #102 in Miami Beach, Florida, 33139. Situated within the prestigious Shoppes of Il Villaggio, these units boast a prime oceanfront location on the bustling South Beach strip, ensuring high visibility and significant foot traffic. Currently 100% occupied by a fine art gallery under a Net Net Net (NNN) lease, the property offers a stable income stream. The lease, with a remaining term of approximately 3.9 years (expiring October 15, 2028), provides a secure investment with a 5-year term and a renewal option. Built in 1998, this property benefits from its proximity to upscale retailers, hotels, and restaurants, further enhancing its value and appeal. The asking price for both units is $4,650,000, translating to a price per square foot of $1,772.78. This represents a compelling opportunity to acquire a high-end retail investment in a highly sought-after South Beach location, steps away from the $47 million redevelopment of the Historic Bancroft Hotel. The property's location and tenant ensure consistent revenue and long-term growth potential in this dynamic market.

Highlights

  • Two 2,623 SF retail condos in Miami Beach's Shoppes of Il Villaggio.
  • Prime oceanfront location on South Beach with high visibility and foot traffic.
  • 100% occupied by a fine art gallery under a NNN lease with 3.9 years remaining (expires October 15, 2028), including a 5-year renewal option.
  • Asking price: $4,650,000 ($1,772.78/SF).
  • Located near upscale retailers, hotels, and restaurants, steps from the $47 million Historic Bancroft Hotel redevelopment.

Property Details for 1451 Ocean Dr

Property type
Retail properties
Square Feet
2,623 SF
Year Built
1998
Units
2

Location Insight

City
Miami Beach
County
Miami-Dade
State
Florida
Latitude
25.786960999208
Longitude
-80.129559744322
1451 Ocean Dr, Miami Beach, Florida

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1451 Ocean Dr
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