1417 Washington AveMiami Beach, FL 33139

Property Details for 1417 Washington Ave

Year built

1925

Construction

CONCRETE

Lot size

0.15 AC

Property size (Sq ft)

6,910 SF

Zone code

6400:COMMERCIAL,CENTRAL

Property type

Outlet malls

APN

02-3234-008-0840

APU

232340080840

Description

This exceptional 6,261-square-foot retail storefront, located at 1417 Washington Avenue in Miami Beach, Florida, presents a compelling investment opportunity. The property boasts a fee-simple ownership structure and is situated in a vibrant, high-traffic area of South Beach, known for its renowned beaches, nightlife, and upscale dining. Currently operating as a multi-tenant property under a NNN lease, the building offers a current NOI of $21,452, with a cap rate of 0.61% and a pro-forma cap rate of 6.62%. The asking price is $3,500,000, translating to $559.02 per square foot. The two-story building sits on a 6,534-square-foot lot and is zoned CD-2, Commercial Medium Intensity District, allowing for a variety of commercial uses, including offices and services, with a maximum height of 50 feet. The property benefits from its proximity to major attractions such as Lincoln Road Mall, Ocean Drive, and numerous high-end hotels and restaurants, including Gianni's, Bagatelle, and Byblos. Furthermore, it is surrounded by substantial residential density, including several large apartment complexes, providing a strong customer base. Excellent access to major roadways, including MacArthur Parkway, Venetian Way, and Interstate 195, ensures easy connectivity to Downtown Miami and other key areas. The property's location is also less than 13 miles from Miami International Airport. The current month-to-month tenancy minimizes holding costs, making this an attractive proposition for developers or end-users seeking a prime South Beach location. The area's population within a three-mile radius exceeds 58,000, with an average household income over $119,000 annually. Nearby educational institutions include Miami-Dade College and FIU's College of Business, further enhancing the area's vibrancy and potential. The property's location near Mount Sinai Hospital also contributes to its strategic value. Florida's no-income-tax status adds to the overall investment appeal. The property's APN is 02-3234-008-0840.

• CAP approach

  CAP return

  Valuation

  6%

  $8,769,989

  6.5%

  $8,095,374

  7%

  $7,517,133

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,666,818

  Geo Method

  $6,666,818

• Alternative Use

  Use

  Valuation

  Residential

  $6,828,751

  Hospitality

  $6,255,099

  Educational

  $5,204,169

  Medical

  $5,383,148

  Retail

  $8,095,374

Location Insight

City

Miami Beach

County

Miami-dade

State

Florida

Latitude

25.7861

Longitude

-80.1315

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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