681 108Th StMiami, FL 33168

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 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.

• 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

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