150 168Th StNorth Miami Beach, FL 33169

Property Details for 150 168Th St

Year built

1973

Lot size

0.86 AC

Property size (Sq ft)

25,900 SF

Property type

Office properties

Property subtype

Medical offices

Description

This three-story, 25,902 square foot Class B office building in North Miami Beach, Florida offers a compelling value-add investment opportunity. Located directly across from Jackson North Medical Center, this multi-tenant property (8 units) boasts a 7.19% pro-forma cap rate and a $7,175,000 asking price ($277.03/sq ft). Built in 1973 and extensively renovated in 2023 (over $3,000,000 in improvements), the building features two elevators, covered parking (85 spaces per 1,000 sq ft), and annual rent escalations. The 0.86-acre lot is zoned North Miami Beach B-2, General Business District, providing flexibility for various uses. Currently at 40.4% occupancy, the property presents significant upside potential. Its prime location near the Golden Glades Interchange, I-95, and the Palmetto Expressway ensures excellent accessibility. The building recently completed its 40-year recertification, confirming its high standards of quality and safety. This fee-simple ownership opportunity provides a strong return on investment with potential for significant future growth. The gross lease structure simplifies management.

Location Insight

City

North Miami Beach

County

Miami-Dade

State

Florida

Latitude

25.9289

Longitude

-80.2033

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