720-836 183Rd St Miami, FL 33169
- Lifestyle centers
- 52,721 SF
- 6.02 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 720-836 183Rd St
- Lot size
- 6.02 lot acres
- Property size
- 52,721 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 52,721 square foot shopping center in Miami Gardens, Florida, presents a compelling investment opportunity. Located on a 6.02-acre lot at the corner of NW 183rd St and NW 7th Ave, the property boasts excellent visibility and accessibility, with high daily traffic counts (33,000 vehicles on NW 183rd St and 11,500 on NW 7th Ave). Currently 97% occupied, the center generates a strong NOI of $850,443, with a 5.00% cap rate and a pro-forma cap rate of 8.00%. The asking price is $17,000,000, translating to $322.45 per square foot. All leases include annual rent increases of 3-5%, ensuring robust rent growth. Significant value-add potential exists through the addition of an outparcel and potential multi-family development on a portion of the land. The property benefits from its proximity to a Presidente Supermarket-anchored center with rents exceeding $30 per square foot. The surrounding area is densely populated, with over 186,000 residents within a 3-mile radius and an average household income exceeding $75,000. This asset offers a unique chance to acquire a high-quality property in a rapidly growing Miami neighborhood. The land value is $64.80 per square foot. The property is a multi-tenant retail shopping center with a modified lease type.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Miami
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.2137
- Latitude
- 25.9415
