459 41St StMiami Beach, FL 33140

  • Mixed-use properties
  • 3,725 SF
For Sale
$2,200,000 View listing

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
459 41St St, Miami Beach, Florida

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$23,411
$1,187,500
$186,788
$1,374,288
-
$1,187,500
$186,788
$1,374,288

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