Income-Producing Shopping
For Sale
$4,900,000
1226 Normandy Drive, Miami Beach, FL 33141
Nine occupied suites offer an established multi-tenant commercial configuration with separately metered utility services.
Property Size11,476 SF
Price / SF$426.98
Days on Market55
Property Features for 1226 Normandy Drive
General Information
Standard status
Active
Size
11,476 SF
Property subtype
Commercial
Lease Term
[]
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1953
Tenancy
Multi
Listing Agency:
One Sotheby's International Realty
Listed By:
Casey Eidelstein
(786) 717-4517
Source:
Onesothebysrealty
Added: Aug 14
Changed: Oct 4
Last Checked: Oct 5 at 8:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of One Sotheby's International Realty
Investment Insights
Based on property information with market context.
This shopping center at 1226 Normandy Dr in Miami Beach contains 9 commercial suites occupied by established businesses. Each suite has separate FPL electric and water/sewer service, supporting distinct utility administration across the property. Existing tenant agreements run for 2 years and include options to renew. The property was built in 1953.
The site is positioned in North Beach, between the Beach/Collins area and North Bay Village. Walk Score is 63, Bike Score is 50, and Transit Score is 47. The current layout is also identified for a potential redevelopment program creating approximately 14,350 square feet of under-air space. Stated possible uses include educational facilities, professional offices, medical and wellness offices, recording studios, creative businesses, and retail or service operations.
The site is positioned in North Beach, between the Beach/Collins area and North Bay Village. Walk Score is 63, Bike Score is 50, and Transit Score is 47. The current layout is also identified for a potential redevelopment program creating approximately 14,350 square feet of under-air space. Stated possible uses include educational facilities, professional offices, medical and wellness offices, recording studios, creative businesses, and retail or service operations.
Key Highlights
- 9 commercial suites with established businesses
- Separate FPL electric and water/sewer service for each suite
- 2‑year tenant leases with options to renew
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$194,050
Cap Rate
3.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,881,000
$3.9M
Cap Rate 7%
$2,772,143
$2.8M
Cap Rate 9%
$2,156,111
$2.2M
Market Conditions
NOI Build-Up for 11,476 SF
Gross rent
$303.0K $26.40/SF
− Vacancy
−$25.8K −$2.24/SF
EGI
$277.2K $24.16/SF
− OpEx
−$83.2K −$7.25/SF
NOI
$194.0K $16.91/SF
Area
Miami-Dade County, FL
Vacancy
8.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,881,000
Cap Rate 7%
$2,772,143
Cap Rate 9%
$2,156,111
Alternative Uses
Best Use
Retail
$2.77M
$2.43M – $3.23M
NOI $194,050 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.82M
$5.09M – $6.79M
NOI $407,558 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,757
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33141, FL
35,995
Population
21,793
Households
1.7
Avg Household Size
44
Median Age
44%
College-Educated
91%
High-School Grad
2.3 sq mi
ZIP Area
15,650
Density / Sq Mi
$64,457
Median Household Income
$36,899
Median Earnings
$1,739
Median Rent
$434,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Shopping center - Nine occupied suites offer an established multi-tenant commercial configuration with separately metered utility services.
Where is this shopping center located?
The property is located at 1226 Normandy Drive Miami Beach, FL.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 9 commercial suites with established businesses; Separate FPL electric and water/sewer service for each suite; 2‑year tenant leases with options to renew
