401 Palm DrHomestead, FL 33034

Property Details for 401 Palm Dr

Year built

1949

Construction

CONCRETE

Lot size

0.60 AC

Property size (Sq ft)

2,569 SF

Zone code

6100:COMMERCIAL,NEIGHBRHD

Property type

Retail properties

Property subtype

Outlet malls

APN

16-7824-007-2450

APU

1678240072450

Description

This Homestead, Florida retail center offers a compelling investment opportunity. The 2,569 square foot property, situated on a 26,250 square foot lot, comprises six fully occupied units in a single-story building. Built in 1949 and renovated in 2015, the property boasts a 3.75% cap rate and a strong net operating income (NOI) of $52,540. The C-1 zoning allows for diverse uses, including daycare, shopping center, and storefront options. With 16 parking spaces and 100% occupancy, this stabilized investment presents a solid return. The property's strategic location across from Florida City Hall on Palm Drive in Miami-Dade County, Florida (zip code 33034) adds significant value. The $1,400,000 asking price translates to $544.96 per square foot and $53 per square foot for the land. This presents a chance to capitalize on current income while exploring future redevelopment potential. The gross lease structure simplifies management, and the multi-tenant setup provides diversification.

Location Insight

City

Florida City

County

Miami-dade

State

Florida

Latitude

25.4475

Longitude

-80.4824

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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