1671 Alton RdMiami Beach, FL 33139

Property Details for 1671 Alton Rd

Year built

1936

Construction

CONCRETE

Lot size

0.17 AC

Property size (Sq ft)

8,136 SF

Zone code

6400:COMMERCIAL,CENTRAL

Property type

Retail properties

Property subtype

Outlet malls

APN

02-3234-017-0130

APU

232340170130

Description

This 7,500-square-foot storefront, built in 1936 and renovated in 2022, is located at 1671 Alton Rd, Miami Beach, FL 33139. The property boasts a desirable location on a main artery, offering easy access to surrounding retail, restaurants, hotels, and entertainment venues. Its proximity to Lincoln Road, Sunset Harbor, and West Avenue ensures high visibility and foot traffic. The building features a newly created outdoor patio, perfect for various uses. The property is zoned CD-2 and includes 0.41 parking spaces per 1,000 square feet. The asking price is $6,950,000, representing a price per square foot of $1,066.67 and a 5.30% cap rate. Currently at 20% occupancy, this multi-tenant property presents a significant investment opportunity. The area is experiencing a resurgence with new developments, including a mixed-use medical center and a Trader Joe's, further enhancing the property's value and potential. Seller financing is available with 70% LTV and a 6% interest rate. The property's strategic location within a thriving neighborhood, combined with its recent renovations and the ongoing development in the area, makes it an attractive investment prospect. The single-story building sits on a 7,500-square-foot lot.

• CAP approach

  CAP return

  Valuation

  6%

  $10,325,995

  6.5%

  $9,531,688

  7%

  $8,850,853

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,849,672

  Geo Method

  $7,849,672

• Alternative Use

  Use

  Valuation

  Residential

  $8,040,336

  Hospitality

  $7,364,904

  Educational

  $6,127,514

  Medical

  $6,338,248

  Retail

  $9,531,688

Location Insight

City

Miami Beach

County

Miami-dade

State

Florida

Latitude

25.7913

Longitude

-80.1409

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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