1428 Alton RdMiami Beach, FL 33139

Property Details for 1428 Alton Rd

Year built

1940

Construction

CONCRETE

Lot size

0.34 AC

Property size (Sq ft)

7,038 SF

Zone code

6400:COMMERCIAL,CENTRAL

Property type

Turn key restaurants

APN

02-3234-018-0700

APU

232340180700

Description

This exceptional investment opportunity presents a 7,344 square foot, single-tenant retail property located at 1428 Alton Road, Miami Beach, Florida. The property is currently 100% occupied by Sunburn Cannabis under a Net Lease agreement with a remaining term of 9.1 years, expiring December 31, 2033. The lease commenced August 23, 2018, and features attractive 5% annual rent bumps, providing excellent inflation protection. The asking price is $15,000,000, representing a compelling Cap Rate of 7.22% and a price per square foot of $2,042.48. The property boasts a substantial Net Operating Income (NOI) of $1,082,435. Built in 1940 and renovated in 2024, this single-story building sits on a sizable 15,000 square foot lot with 18 parking spaces, offering ample parking for customers and staff. The property benefits from excellent visibility and access due to its oversized corner lot location, providing 250 linear feet of frontage on Alton Road and 14th Court. The CD-2 zoning designation presents significant future development potential. The property is a fee-simple ownership and includes two five-year lease options. This is a rare opportunity to acquire a high-performing cannabis dispensary in a highly desirable Miami Beach location with strong long-term growth prospects.

• CAP approach

  CAP return

  Valuation

  6%

  $8,932,443

  6.5%

  $8,245,332

  7%

  $7,656,380

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,790,313

  Geo Method

  $6,790,313

• Alternative Use

  Use

  Valuation

  Residential

  $6,955,246

  Hospitality

  $6,370,968

  Educational

  $5,300,570

  Medical

  $5,482,866

  Retail

  $8,245,332

Location Insight

City

Miami Beach

County

Miami-dade

State

Florida

Latitude

25.7865

Longitude

-80.1415

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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