610-618 NE 124th St - Office FOR SALE


North Miami, FL 33161
$3,500,000 USD
954-540-2806
610-618 NE 124th St, North Miami, FL for Sale
$3,500,000 USD
Office - FOR SALE
1/57
null | Request Cap Rate

610-618 NE 124th St
North Miami, FL 33161


OVERVIEW

610–618 NE 124th Street is a 6,480-square-foot, multi-tenant commercial property on a 7,500-square-foot lot (75' × 100') in the core of Downtown North Miami, one block south of the NE 125th Street corridor between NE 6th and NE 7th Avenues. The property consists of a five-bay storefront building has currently approximately 4,500 leasable square feet (five spaces of ±900 SF each, addresses 610–618) and a separate rear warehouse/flex building of approximately 1,755 square feet with its own access, plus on-site surface parking. The storefronts are 100% occupied by a complementary mix of service tenants. A barber shop, and insurance agency and a dental laboratory with an affiliated dental office, occupying three combined bays. Current collections total $13,400 per month ($160,800 per year. with a clearly supported path to $18,500 per month ($222,000 per year) at market potential rents, including lease of rear warehouse at $3,500 per month. The offering durable in place cash flow with visible growth. Recent comparable leases within the immediate trade area at $39-$49 PSF on the 125th st corridor, and the asking price equates to $540 PSF, in line with the $518 median and $554 average of Costars 17 property sale -comparable set for this asset profile, before attributing to the C-3 downtown zoning and CRA redevelopment optionality.

FOR SALE DETAILS

PRICE

$3,500,000 USD

PRICE/SF

$540 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

C

YEAR BUILT

1953

SPRINKLERS

-

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,501 SF

ZONING

C-3

APN/PARCEL ID

06-2230-032-0220

ASK ABOUT THIS PROPERTY

Filippo VespaThe Keyes CompanyMore Info
954-540-2806

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Filippo VespaThe Keyes CompanyMore Info
954-540-2806

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.