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1558 Alton Rd 7,762 SF 50% Leased Office Building Miami Beach, FL 33139 $6,952,900 CAD ($895.76 CAD/SF) 7.35% Cap Rate
Executive Summary
Prime South Beach commercial opportunity on the west side of Alton Road, one of the area’s most visible and heavily trafficked corridors. 4-unit building totaling approx. 7,762 SF on a 7,500 SF lot as well as on-site parking for tenants. Currently 50% occupied with a ±1,400 SF frame shop paying $6,000/month and a ±2,800 SF language school paying $5,000/month. Current leases are below market. Two additional ground-floor spaces are vacant: a ±1,400 SF Alton Road–fronting retail unit and a ±2,100 SF rear space (formerly a flower shop). Pro-forma gross income approx. $367,500 annually; at market rents, income supports an attractive projected cap rate above 7% at stabilization, and incredible find in Miami Beach. CD-2 zoning allows future redevelopment up to ±15,522 SF and 60’ height.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
7,762 SF
Building Class
C
Year Built
1956
Price
$6,952,900 CAD
Price Per SF
$895.76 CAD
Cap Rate
7.35%
NOI
$511,038 CAD
Percent Leased
50%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
3,000 SF
Building FAR
1.05
Lot Size
0.17 AC
Zoning
CD-2 - The site is zoned CD-2 (Commercial Medium Intensity),
allowing redevelopment up to approximately 15,522 square feet and 60 feet in
height.
Parking
4 Spaces (0.67 Spaces per 1,000 SF Leased)
Amenities
- Air Conditioning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Wholesaler
- -
- -
- -
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- Sol Group Of Schools, Llc
- Educational Services
- -
- -
- -
- Sol Schools Of Miami Beach
- Educational Services
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Wholesaler | - | - | - | ||
| Sol Group Of Schools, Llc | Educational Services | - | - | - | ||
| Sol Schools Of Miami Beach | Educational Services | - | - | - |
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Exceptionally walkable
90/100
Moderately drivable
70/100
Some public transit
50/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 02-3234-018-0510 | Improvements Assessment | $974,415 CAD |
| Land Assessment | $3,127,500 CAD | Total Assessment | $4,101,915 CAD |
Property Taxes
Parcel Number
02-3234-018-0510
Land Assessment
$3,127,500 CAD
Improvements Assessment
$974,415 CAD
Total Assessment
$4,101,915 CAD
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1558 Alton Rd
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