459 41St StMiami Beach, FL 33140

Property Details for 459 41St St

Year built

1934

Construction

CONCRETE

Lot size

0.06 AC

Property size (Sq ft)

3,725 SF

Zone code

6600:COMMERCIAL,LIBERAL

Property type

Retail residential properties

APN

02-3222-001-0450

APU

232220010450

Description

This exceptional Miami Beach storefront investment opportunity presents a fee-simple ownership of a two-story, 3,725 square foot commercial building situated on a 0.06-acre lot at 459 W 41st Street, Miami Beach, FL 33140. The property boasts 100% occupancy with three tenants under modified net leases, generating a strong net operating income (NOI) of $84,966. Each lease includes attractive annual rent bumps, mitigating inflation risks, and features renewal options of one, two, and four years. The tenants share responsibility for 50% of real estate tax increases beyond base years. This prime location on W 41st Street, a major commercial corridor, benefits from high visibility and proximity to over 1,000 parking spaces. Daily traffic counts exceed 43,200 vehicles. The property is conveniently located near I-195, A1A, and public transportation, less than half a mile from the Miami Beach Boardwalk and beaches. The surrounding area offers a strong demographic profile, with over 69,900 people within a 3-mile radius and an average household income exceeding $143,019. Furthermore, the City of Miami Beach has approved a streetscape project to enhance the 41st Street corridor, boosting pedestrian traffic and visibility for businesses. The area is well-served by major retailers, banks, and healthcare facilities, creating a robust retail trade area. Built in 1934, this property offers a compelling combination of strong income, secure leases, and a prime location poised for future growth. The asking price is $2,200,000, representing a price per square foot of $591.

• CAP approach

  CAP return

  Valuation

  6%

  $3,987,968

  6.5%

  $3,681,201

  7%

  $3,418,258

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,210,538

  Geo Method

  $2,210,538

• Alternative Use

  Use

  Valuation

  Residential

  $3,681,201

  Hospitality

  $3,371,960

  Educational

  $2,805,431

  Medical

  $2,901,914

  Retail

  $4,364,004

Location Insight

City

Miami Beach

County

Miami-dade

State

Florida

Latitude

25.8141

Longitude

-80.1288

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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