16685 2Nd AveMiami, FL 33169

Property Details for 16685 2Nd Ave

Year built

2008

Construction

CONCRETE

Lot size

0.29 AC

Property size (Sq ft)

2,262 SF

Zone code

6400:COMMERCIAL,CENTRAL

Property type

Retail properties

Property subtype

Outlet malls

APN

30-2113-007-2530

APU

3021130072530

Description

This exceptional investment opportunity presents a fee-simple interest in a ±2,200 square foot, single-tenant retail building situated on a 0.29-acre lot in Miami, Florida. The property is currently 100% occupied by Curaleaf Holdings, Inc., a leading multi-state cannabis operator, under a Net Lease (NN+) agreement with minimal landlord responsibilities. The lease, commencing March 31, 2018, and expiring March 31, 2028, has approximately 3.4 years remaining, with a 3% annual rent increase and options for lease extensions (1 and 5-year options). The building, constructed in 2008 and extensively renovated in 2017, features 20 parking spaces and is zoned BU-2 (Business District). The property boasts a strong location on a corner lot with high visibility, directly fronting a major thoroughfare with over 61,500 vehicles per day, and situated near the Golden Glades Interchange, providing easy access to major highways. The property offers a compelling 6.03% cap rate with a Net Operating Income (NOI) of $229,258 and an asking price of $3,800,000 ($1,727.27 per square foot). This presents a rare opportunity for a passive income investment with a credit-rated, corporate-guaranteed tenant and exceptional underlying real estate fundamentals in a rapidly developing Miami submarket. The property's location at the gateway to North Miami Beach and the 167th Street Corridor offers significant long-term growth potential.

• CAP approach

  CAP return

  Valuation

  6%

  $894,476

  6.5%

  $825,670

  7%

  $766,693

• Comparable approach

  Method

  Valuation

  Relative Method

  $803,962

  Geo Method

  $803,962

• Alternative Use

  Use

  Valuation

  Residential

  $696,483

  Hospitality

  $637,975

  Educational

  $530,788

  Medical

  $549,042

  Retail

  $825,670

Location Insight

City

Miami

County

Miami-dade

State

Florida

Latitude

25.9273

Longitude

-80.2041

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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