For Sale
$2,200,000

459 41St StMiami Beach, FL 33140

Prime Retail, 3 Tenants, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional Miami Beach storefront investment opportunity presents a fee-simple ownership of a two-story, 3,725 square foot commercial building situated on a 0.06-acre lot at 459 W 41st Street, Miami Beach, FL 33140. The property boasts 100% occupancy with three tenants under modified net leases, generating a strong net operating income (NOI) of $84,966. Each lease includes attractive annual rent bumps, mitigating inflation risks, and features renewal options of one, two, and four years. The tenants share responsibility for 50% of real estate tax increases beyond base years. This prime location on W 41st Street, a major commercial corridor, benefits from high visibility and proximity to over 1,000 parking spaces. Daily traffic counts exceed 43,200 vehicles. The property is conveniently located near I-195, A1A, and public transportation, less than half a mile from the Miami Beach Boardwalk and beaches. The surrounding area offers a strong demographic profile, with over 69,900 people within a 3-mile radius and an average household income exceeding $143,019. Furthermore, the City of Miami Beach has approved a streetscape project to enhance the 41st Street corridor, boosting pedestrian traffic and visibility for businesses. The area is well-served by major retailers, banks, and healthcare facilities, creating a robust retail trade area. Built in 1934, this property offers a compelling combination of strong income, secure leases, and a prime location poised for future growth. The asking price is $2,200,000, representing a price per square foot of $591.

Highlights

  • Fully leased to a mix of strong tenants including Royal Palm Barbershop, Ganesh Juice & Boba Tea, and UR Music, all with lease terms providing attractive rental growth.
  • Leases feature annual rent increases, hedging against inflation and providing increasing revenue.
  • Modified net leases with tenants responsible for 50% of real estate tax increases, protecting against rising property taxes.
  • High traffic location with over 43,200 vehicles passing daily and strong pedestrian traffic.
  • Excellent demographics: over 69,900 residents within 3 miles, average household income exceeding $143,019.
  • Prime location on W 41st Street, near I-195 and A1A, with high visibility and proximity to parking, beaches, and major transportation routes.

Property Details for 459 41St St

Property type
Retail properties, Retail space
Square Feet
3,725 SF
Year Built
1934
Buildings
1
Stories
2
Lot Size (sq. ft)
2,614 SF
Units
3

Location Insight

City
Miami Beach
County
Miami-Dade
State
Florida
Latitude
25.8141207
Longitude
-80.1286829
459 41St St, Miami Beach, Florida

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459 41St St
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