459 41St StMiami Beach, FL 33140
- Mixed-use properties
- 3,725 SF
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
- Mixed-use properties
- Property subtype
- 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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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