Current Use by Public Records
- Retail properties & Spaces
Property Details for 7400 South River Dr
- Year built
- 1986
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This exceptional value-add retail investment opportunity in Medley, Florida, presents a compelling case for investors seeking immediate upside potential. The property, located at 7400 NW South River Dr, comprises an 8,210-square-foot single-story building on a 28,074-square-foot lot, featuring 34 parking spaces (a 4.14:1,000 sq ft ratio). Currently boasting 100% occupancy with eight tenants, including three restaurants, the property benefits from a prime location with excellent visibility and accessibility, situated on a signalized intersection with high daily traffic counts exceeding 68,000 vehicles. Five of the eight tenants are on month-to-month leases, presenting a significant opportunity to increase rental income. The property's recent roof replacement (under warranty) and the inclusion of a 40-year recertification further enhance its appeal. The current Net Operating Income (NOI) is $114,992, with a pro-forma NOI projected at $151,365, reflecting a potential pro-forma cap rate of 5.50%. The asking price is $2,750,000, resulting in a current cap rate of 4.18% and a price per square foot of $335. The property is zoned M-1 and was built and renovated in 1986. This freestanding retail center offers 360-degree parking and is situated in a densely populated area, with over 20,000 people residing within a one-mile radius. This presents a strong value-add opportunity with significant potential for rental income growth.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Medley
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.3065
- Latitude
- 25.8412
