Berkshire Hathaway HomeServices EWM Realty
Listed by Berkshire Hathaway HomeServices EWM Realty, BHHS EWM Realty Miami Beach
$5,000,000
1558 Alton Rd
Details
APN 02-32-34-018-0510
Property Type Retail, Special Purpose
Sub Type Storefront, School
Square Footage 7,762
Occupancy 50%
Tenancy Multi
Lease Type Gross
Remaining Term 1
Pro-Forma Cap Rate 7.35%
Pro-Forma NOI $367,500
Year Built 1925
Buildings 1
Stories 2
Lot Size (SqFt) 7,500
Zoning CD-2
Investment Type Redevelopment
Prime South Beach Commercial Opportunity on Alton Road
Marketing 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.
Listing Contacts
Berkshire Hathaway HomeServices EWM Realty
Listed by Berkshire Hathaway HomeServices EWM Realty, BHHS EWM Realty Miami Beach
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