Property description of Retail

Prime south beach commercial opportunity on the west side of alton road, one of the area’s most visible and heavily trafficked corridors. 4-unit building totaling approx. 7,762 sf on a 7,500 sf lot as well as on-site parking for tenants. Currently 50% occupied with a ±1,400 sf frame shop paying $6,000/month and a ±2,800 sf language school paying $5,000/month. Current leases are below market. Two additional ground-floor spaces are vacant: a ±1,400 sf alton road–fronting retail unit and a ±2,100 sf rear space (formerly a flower shop). Pro-forma gross income approx. $367,500 annually; at market rents, income supports an attractive projected cap rate above 7% at stabilization, and incredible find in miami beach. Cd-2 zoning allows future redevelopment up to ±15,522 sf and 60’ height.

Property Features