2828 17th Ave Miami, FL 33142-6630

Property Details for 2828 17th Ave

Year built

1954

Construction

CONCRETE

Lot size

0.18 lot acres

Property size

3,274 SF

Zone code

6100:COMMERCIAL,NEIGHBRHD

Property type

Office buildings

APN

01-3127-055-0230

APU

131270550230

Description

This exceptional 3,274 square foot retail storefront in Miami, Florida, presents a compelling investment opportunity. Located at 2828 NW 17th Ave, in the rapidly developing Allapattah neighborhood, this property boasts a prime location on a major corridor with high daily traffic (19,500 cars). Currently 100% occupied with a mix of tenants including a barbershop, an office (vacating soon), and a shipping service, the property generates a current NOI of $68,448, with a 3.80% cap rate. However, significant upside potential exists, with a pro-forma NOI projected at $140,782 and a pro-forma cap rate of 7.82%. The building, constructed in 1954, sits on a 7,627 square foot lot and includes 7 parking spaces. Zoned T6-8-O, the property allows for substantial redevelopment, including the potential to construct a mixed-use project with up to 26 multi-family units. This presents a unique opportunity for investors seeking both immediate rental income and long-term appreciation through value-add improvements or future development. The asking price is $1,800,000 ($549.79/sq ft), with a land value of $213/sq ft. The current leases are gross leases with a remaining term of approximately 1.3 years, expiring March 20, 2026. This property is ideally suited for an investor looking to capitalize on Allapattah's burgeoning growth and the significant potential for increased profitability.