681 108Th StMiami, FL 33168

  • Office properties
  • 9,265 SF
For Sale
$4,850,000 View listing

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
681 108Th St, Miami, Florida

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$12,364
$333,990
$447,376
$781,366
-
$333,990
$447,376
$781,366

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