720-836 183Rd St, Miami, FL 33169
52,114 SF | 100% Leased | Retail Building | Miami, FL 33169 | $17,000,000 ($326/SF) | 5% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $17,000,000
- Property Type
-
Retail
- Square Feet
- 52,114 SF
- Price / Square Foot
- $326
Listing Contacts
Ryan Shaw
Verified Profile
Matt Yelken
Verified Profile
- Property Info
Property Overview
Marcus & Millichap is pleased to exclusively offer the sale of 720-838 NW 183rd St, Miami Gardens , FL 33169
The property consists of a 52,721 square ft shopping center on a 262,231 square ft (6.02-acre) lot.
The property is on an excellent location being located on the corner of NW 183rd St and NW 7th Ave with excellent frontage, visibility and accessibility.
Average daily traffic counts are 33,000 vehicles on NW 183rd St and 11,500 vehicles on NW 7th Ave.
The center is 100% occupied offering strong and stable cash flow for potential investors with significant upside potential through multiple short-term leases on below market rents.
All leases feature 3-5% annual rent increases providing strong rent growth for a potential buyer.
There is also further value-add potential through the addition of an outparcel on the property as well as the possibility of a multi-family development on a portion of the property.
The property sits directly across from a Presidente Supermarket anchored shopping center where average rents are over $30/SF NNN.
The area has a dense population with over 186,000 residents living within a 3-mile radius. The average household income is over $75K.
The investment presents a unique opportunity for an investor to own a high-quality asset in one of Miami’s rapidly growing neighborhoods.
The property consists of a 52,721 square ft shopping center on a 262,231 square ft (6.02-acre) lot.
The property is on an excellent location being located on the corner of NW 183rd St and NW 7th Ave with excellent frontage, visibility and accessibility.
Average daily traffic counts are 33,000 vehicles on NW 183rd St and 11,500 vehicles on NW 7th Ave.
The center is 100% occupied offering strong and stable cash flow for potential investors with significant upside potential through multiple short-term leases on below market rents.
All leases feature 3-5% annual rent increases providing strong rent growth for a potential buyer.
There is also further value-add potential through the addition of an outparcel on the property as well as the possibility of a multi-family development on a portion of the property.
The property sits directly across from a Presidente Supermarket anchored shopping center where average rents are over $30/SF NNN.
The area has a dense population with over 186,000 residents living within a 3-mile radius. The average household income is over $75K.
The investment presents a unique opportunity for an investor to own a high-quality asset in one of Miami’s rapidly growing neighborhoods.
Property Details
- Class
- C
- Year Built
- 1957
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 261,796 SF
Highlights
- Fully Occupied Miami Gardens Shopping Center 52,721 sq ft neighborhood shopping center with strong local business tenant base
- Excellent Location Located on the corner of NW 183rd St and NW 7th Ave with excellent frontage and visibility
- Under-rented Asset Significant Upside potential with Multiple Below Market Short Term Leases
- Strong Rent Growth All leases feature 3-5% annual rent increases
- High Traffic Counts Average daily traffic counts of 33,000 vehicles on NW 183rd St
- Dense Population Over 186,000 residents living within a 3-mile radius
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