501 31St StMiami, FL 33137

Property Details for 501 31St St

Year built

2018

Property size (Sq ft)

3,314 SF

Zone code

4604

Property type

Retail properties

Property subtype

Retail space

APN

01-3230-096-3890

APU

132300963890

Description

This exceptional 3,095 square foot retail space, located in the prestigious Paraiso District of Edgewater, Miami, presents a unique investment opportunity. Built in 2018 and recently renovated in 2023, this Class A property features two suites, each a minimum of 1,530 square feet, with a maximum contiguous space of 3,095 square feet. The two-story building offers twelve parking spaces and boasts a stunning design, including high ceilings, sleek finishes, and ample natural light. Its prime location within a thriving, upscale neighborhood ensures high visibility and foot traffic. The space is ideal for a variety of uses, such as a gourmet casual restaurant, cafe, bistro, or hair salon, and benefits from a corner location with a sizeable area of exclusive outdoor space. Additional features include a second-floor private lobby with elevator access and a grease trap. The property's annual taxes are $4.38 per square foot. The unit is currently undergoing interior remodeling and will be available for showing at the end of August. This is an unparalleled opportunity to establish a business in one of Miami's most desirable locations, surrounded by luxury residences and high-end amenities. The high purchasing power of the surrounding upper-middle-class and upper-class community ensures a strong potential customer base. The lack of similar businesses in the immediate area provides a competitive advantage.

• CAP approach

  CAP return

  Valuation

  6%

  $4,206,041

  6.5%

  $3,882,499

  7%

  $3,605,178

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,197,371

  Geo Method

  $3,197,371

• Alternative Use

  Use

  Valuation

  Residential

  $3,275,034

  Hospitality

  $2,999,913

  Educational

  $2,495,892

  Medical

  $2,581,730

  Retail

  $3,882,499

Location Insight

City

Miami

County

Miami-dade

State

Florida

Latitude

25.8069

Longitude

-80.1875

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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