1510 Washington AveMiami Beach, FL 33139

Property Details for 1510 Washington Ave

Year built

1924

Lot size

0.03 AC

Property size (Sq ft)

1,320 SF

Zone code

6400:COMMERCIAL,CENTRAL

Property type

Retail space

APN

02-3234-006-0090

APU

232340060090

Description

This exceptional Class A, 1,320 square foot retail property at 1510 Washington Avenue in Miami Beach, Florida, presents a compelling investment opportunity. Located between Lincoln Road and Espanola Way, this single-tenant, net-leased grocery store boasts a prime location within a high foot-traffic area experiencing significant urban infill development. The building, constructed in 1924 and extensively renovated in 2017, features Art Deco architecture and benefits from a 100% occupancy rate since November 17, 2017. The current lease, commencing November 15, 2017, and expiring November 30, 2029, includes annual rent bumps of 5%, ensuring consistent income growth. With a Net Operating Income (NOI) of $111,600 and a 5.07% cap rate, this property offers a strong return on investment. The property is zoned CD-2 and features 1,320 square feet of air rights. The asking price is $2,200,000. This fee-simple ownership opportunity provides a stable, long-term investment in a thriving Miami Beach location. The property's strong tenant occupancy and favorable lease terms make it an attractive addition to any portfolio. The building's prime location and high visibility ensure continued success for the tenant and strong returns for the investor.

• CAP approach

  CAP return

  Valuation

  6%

  $1,675,309

  6.5%

  $1,546,439

  7%

  $1,435,979

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,273,546

  Geo Method

  $1,273,546

• Alternative Use

  Use

  Valuation

  Residential

  $1,304,479

  Hospitality

  $1,194,896

  Educational

  $994,139

  Medical

  $1,028,329

  Retail

  $1,546,439

Location Insight

City

Miami Beach

County

Miami-dade

State

Florida

Latitude

25.7878

Longitude

-80.1324

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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