951 167th St North Miami Beach, FL 33162-3711
- Office buildings
- 32,045 SF
- 1.07 lot acres
Current Use by Public Records
- Office buildings
Property Details for 951 167th St
- Year built
- 1972
- Construction
- CONCRETE
- Lot size
- 1.07 lot acres
- Property size
- 32,045 SF
- Zone code
- 6400:COMMERCIAL,CENTRAL
- Property type
- Office buildings
- APN
- 07-2207-000-0420
- APU
- 722070000420
Description
This three-story, 38,248 square foot Class A mixed-use building in North Miami Beach, Florida, presents a unique investment opportunity. Located at 951 NE 167th St, 33162, the property boasts 25,343 square feet of net rentable space, currently at 38% occupancy with month-to-month leases. Built in 1972 and renovated in 2022, it sits on a 46,659 square foot lot with MU/IB (Mixed-Use International Boulevard) zoning, permitting 80 units per acre. The asking price is $7,985,000, translating to $315.08 per square foot and $171.14 per square foot for land value. Its prime location offers exceptional connectivity to major thoroughfares like I-95, the Dolphin Expressway (SR-826), the Florida Turnpike, and US-1, placing it near Jackson North Medical Center and various residential and retail areas. The property's redevelopment potential is enhanced by the Live Local Act and North Miami Beach's Community Redevelopment Agency (CRA) incentives. This presents a strong opportunity for owner-users seeking a headquarters location or developers looking for a value-add project with significant upside in a rapidly developing submarket. The building's versatility allows for adaptation to various uses, including medical office, school, or traditional office space, making it an attractive investment for long-term growth.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $695,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $780,000
- 6.5%
- $720,000
- 7%
- $730,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $885,000
- Geo Method
- $680,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $850,000
- Retail
- $900,000
- Mixed-Use
- $795,000
- Hospitality
- $830,000
- Educational
- $740,000
- Residential Income
- $765,000
- Energy
- $795,000
- Income-Based Land
- $755,000
- Food Service
- $710,000
Location Insight
- Map
- Local Demand
- City
- North Miami Beach
- County
- Miami-dade
- State
- Florida
- Longitude
- -80.1814
- Latitude
- 25.9295
- CBSA code
- 33100
- CBSA name
- MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA
