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$5,000,000
Est. payment /mo
7,762 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
Square Footage 7,762 sqft
Price per Sqft $644
MLS Listing ID A11956142
HOA Y/N No
Year Built 1925
Annual Tax Amount $55,361
Tax Year 2025
Lot Size 7,500 Sqft
Property Sub-Type Retail
Property Description
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.
Location
State FL
County Miami-dade
Area 32
Exterior
Private Pool Yes
Building
Sewer Public Sewer
Water Public
Others
Tax ID 02-32-34-018-0510
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Listed by BHHS EWM Realty
Nearby School & Business
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