681 108Th StMiami, FL 33168
- Office properties
- 9,265 SF
Property Details for 681 108Th St
- Year built
- 1972
- Construction
- CONCRETE
- Lot size
- 0.26 AC
- Property size (Sq ft)
- 9,265 SF
- Zone code
- 6062
- Property type
- Office properties
- Property subtype
- Office buildings
- APN
- 30-2136-018-2560
- APU
- 3021360182560
Description
This exceptional investment opportunity presents a two-story, 11,133 square foot office building in Miami, Florida, currently operating as 33 individual salon suites. Located at 681 NW 108th St, 33168, this property boasts a prime location adjacent to I-95, experiencing approximately 240,000 daily vehicle pass-bys. The building, constructed in 1972 and extensively renovated in 2024, sits on a 0.77-acre lot (APN: 30-21-36-018-2560) and is zoned UC-MC, offering significant redevelopment potential, including the possibility of expanding up to four stories. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $500,000 annually, representing a 10.31% cap rate. The asking price is $4,850,000, offering a strong return on investment. Individual salon suites range from 90 to under 200 square feet. While the second floor is fully stabilized, the first floor is currently in the lease-up phase. This presents a value-add opportunity with significant upside potential for increased revenue upon full stabilization. This fee-simple ownership provides a stable and lucrative investment in a high-traffic location.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $6,010,972
- 6.5%
- $5,548,590
- 7%
- $5,152,262
-
Comparable approach
- Method
- Valuation
- Relative Method
- $3,547,198
- Geo Method
- $3,547,198
-
Alternative Use
- Use
- Valuation
- Residential
- $6,880,251
- Hospitality
- $6,302,273
- Educational
- $5,243,417
- Medical
- $5,423,746
- Retail
- $8,156,426
Location Insight
- City
- Miami
- County
- Miami-dade
- State
- Florida
- Latitude
- 25.8738
- Longitude
- -80.2095
- CBSA code
- 33100
- CBSA name
- MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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