940 71St StMiami Beach, FL 33141

Property Details for 940 71St St

Year built

1938

Construction

CONCRETE

Lot size

0.12 AC

Property size (Sq ft)

5,338 SF

Zone code

6400:COMMERCIAL,CENTRAL

Property type

Retail properties

Property subtype

Outlet malls

APN

02-3210-013-0460

APU

232100130460

Description

This exceptional 4,200 square foot restaurant space, located at 940 71st Street in Miami Beach's North Beach submarket, presents a unique opportunity. Situated on a 6,000 square foot lot, this corner property boasts significant street visibility and exposure on busy 71st Street. Currently vacant, the space is adaptable to various uses, including restaurant, retail, or office, and can be subdivided to a minimum of 2,000 square feet. The zoning is CD-1. The property features a large interior dining area with the potential for outdoor seating. Its "raw" condition allows for complete customization to suit a tenant's specific needs. Municipal parking is available. The property's APN is 02-3210-013-0460. This is a second-generation restaurant space offering a blank canvas for a new concept. The location offers excellent visibility and exposure, making it an ideal spot for a business seeking high foot traffic and brand recognition in a vibrant Miami Beach neighborhood. The property is located in the North Beach submarket of Miami Beach, Florida, zip code 33141. Owners are motivated to create a lease that meets tenant requirements.

• CAP approach

  CAP return

  Valuation

  6%

  $5,090,907

  6.5%

  $4,699,299

  7%

  $4,363,634

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,150,141

  Geo Method

  $5,150,141

• Alternative Use

  Use

  Valuation

  Residential

  $3,964,034

  Hospitality

  $3,631,034

  Educational

  $3,020,978

  Medical

  $3,124,874

  Retail

  $4,699,299

Location Insight

City

Miami Beach

County

Miami-dade

State

Florida

Latitude

25.8552

Longitude

-80.1285

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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