Renovated Retail
For Sale
Contact for pricing
531 Michigan Ave, Miami Beach, FL 33139
Updated shell space supports retail use and can be configured for a tailored commercial interior.
Property Size7,889 SF
Price / SF$0.01
Days on Market218
Property Features for 531 Michigan Ave
General Information
Standard status
Active
Size
7,889 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$38,029
Building Details
Building Size
7,889 SF
Year Built
1940
Listing Agency:
Cromwell & Forbes Inc
Listed By:
Laurent Benzaquen · License #3149154
(305) 763-8102
Source:
Casacollectiongroup
Added: Mar 29
Changed: Oct 31
Last Checked: Oct 30 at 7:44PM
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 Cromwell & Forbes Inc
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Investment Insights
Based on property information with market context.
This retail space at 531 Michigan Ave in Miami Beach provides 3,200 square feet for retail use, with the option to divide the area. Renovation work has updated the property’s infrastructure, while the interior is delivered as a clean shell that can accommodate a customized build-out. The building dates to 1940 and has a total property size of 7,889 square feet.
The property is positioned near dining, retail, residential development, and major attractions, with access to established pedestrian activity. Its adaptable layout may also support office, showroom, gallery, and specialty commercial concepts, subject to applicable requirements.
The property is positioned near dining, retail, residential development, and major attractions, with access to established pedestrian activity. Its adaptable layout may also support office, showroom, gallery, and specialty commercial concepts, subject to applicable requirements.
Key Highlights
- 3,200 square feet available for retail use
- Space can be divided for separate configurations
- Renovated property with updated infrastructure
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$133,397
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,667,940
$2.7M
Cap Rate 7%
$1,905,671
$1.9M
Cap Rate 9%
$1,482,189
$1.5M
Market Conditions
NOI Build-Up for 7,889 SF
Gross rent
$208.3K $26.40/SF
− Vacancy
−$17.7K −$2.24/SF
EGI
$190.6K $24.16/SF
− OpEx
−$57.2K −$7.25/SF
NOI
$133.4K $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%
$2,667,940
Cap Rate 7%
$1,905,671
Cap Rate 9%
$1,482,189
Alternative Uses
Best Use
Retail
$1.91M
$1.67M – $2.22M
NOI $133,397 @ 7.0% cap · market cap 296,437.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.00M
$3.50M – $4.67M
NOI $280,170 @ 7.0% cap · market cap 622,600.00%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
4,746
Businesses Nearby
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Business Placement
Demographics for 33139, FL
36,286
Population
30,166
Households
1.2
Avg Household Size
43
Median Age
53%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
12,959
Density / Sq Mi
$63,368
Median Household Income
$48,608
Median Earnings
$1,745
Median Rent
$480,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Retail space - Updated shell space supports retail use and can be configured for a tailored commercial interior.
Where is this retail space located?
The property is located at 531 Michigan Ave Miami Beach, FL.
What are key features of this property?
This property features: 3,200 square feet available for retail use; Space can be divided for separate configurations; Renovated property with updated infrastructure
