1640 164Th StNorth Miami Beach, FL 33162

Property Details for 1640 164Th St

Year built

1972

Property size (Sq ft)

9,234 SF

Property type

Retail properties

Property subtype

Land

Description

This fully occupied, 9,234 square foot retail strip center in North Miami Beach, FL presents a compelling investment opportunity. The property features five tenants in six bays, all currently leased at below-market rates, offering significant upside potential through future rent increases. Boasting a 100% occupancy rate and a current NOI of $225,418, the property shows a 5.64% cap rate with a pro-forma cap rate of 8.03%. Situated on a 21,000 square foot lot in a high-traffic corridor near Biscayne Boulevard and I-95, the center benefits from excellent visibility and convenient access. The property is located within the Town Center District, an area undergoing revitalization with favorable zoning allowing for mixed-use and higher-density development, presenting potential for future expansion or redevelopment. Built in 1972, the single-story building offers 22 parking spaces. The property is zoned B-2 and features a modified gross lease type. This is a rare opportunity to acquire a stable, high-performing retail investment with substantial value-add potential. The asking price is $4,000,000.

Location Insight

City

North Miami Beach

County

Miami-Dade

State

Florida

Latitude

25.9269

Longitude

-80.167

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