1640 164 St North Miami Beach, FL 33162
- Retail space
- 9,234 SF
Current Use by Public Records
- Academy Barber Shop LLC / Barber Shop
- HealthyMealz / Restaurant / Food Producer
Property Details for 1640 164 St
- Year built
- 1972
- Property size
- 9,234 SF
- Property type
- Retail space
- Property subtype
- Storefront properties
- APN
- 07-2217-003-0720
Description
This fully occupied, 9,234 square foot retail strip center in North Miami Beach, FL presents a compelling investment opportunity. The property features five tenants in six bays, all currently leased at below-market rates, offering significant upside potential through future rent increases. Boasting a 100% occupancy rate and a current NOI of $225,418, the property shows a 5.64% cap rate with a pro-forma cap rate of 8.03%. Situated on a 21,000 square foot lot in a high-traffic corridor near Biscayne Boulevard and I-95, the center benefits from excellent visibility and convenient access. The property is located within the Town Center District, an area undergoing revitalization with favorable zoning allowing for mixed-use and higher-density development, presenting potential for future expansion or redevelopment. Built in 1972, the single-story building offers 22 parking spaces. The property is zoned B-2 and features a modified gross lease type. This is a rare opportunity to acquire a stable, high-performing retail investment with substantial value-add potential. The asking price is $4,000,000.
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
- North Miami Beach
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.166955674314
- Latitude
- 25.926884853434
