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Urban-High Street

Ocean Drive Net Leased Retail Condominium

120 Ocean Dr, Miami Beach, FL 33139

Listing Price: $2,200,000

Cap Rate
6.53%
Tenant Name
Douglas Elliman
Years Remaining On Lease
0.9
Gross SF
668
Guarantor
Franchisee Guarantee
Rentable SF
668
Price/Gross SF
$3,293.41
Lease Type
Single Net
Rent Per Square Feet
$260.32

Investment Overview

Marcus and Millichap is proud to exclusively market the 120 Ocean Drive Net Leased Retail Condo investment located in the exclusive South of Fifth neighborhood of world famous South Beach (Miami Beach) Florida. The 668 square foot commercial space is occupied by Douglas Elliman, one of the most well-known and successful residential real estate brokerage companies in the world. The commercial condominium is located at the ground floor entrance to the Glass Miami Beach condominium building. Glass is a 10 floor, 18 unit luxury residential building developed in 2015 with residential units selling between $5,000,000 to $8,000,000 in purchase price. Included with the space is a rare 663 square foot outdoor courtyard that sits on Ocean Drive. This is a ideal opportunity to own a well located fully leased single tenant commercial property that allows for management free cash flow and aggressive 3% annual base rental increases for the remaining 4 years of the current lease.

Investment Highlights

  • Rare South of Fifth neighborhood net leased investment opportunity
  • Occupied by world renown residential brokerage company Douglas Elliman
  • Lease has minimal landlord responsibilities and aggressive 3% annual rent increases
  • Priced at over 6.5% return on cash investment
  • Ability to convert use to cafe or food use in the future

Exclusively Listed By

Financing By

Urban-High Street

Ocean Drive Net Leased Retail Condominium

Listing Price: $2,200,000

Cap Rate
6.53%
Tenant Name
Douglas Elliman
Years Remaining On Lease
0.9
Gross SF
668
Guarantor
Franchisee Guarantee
Rentable SF
668
Price/Gross SF
$3,293.41
Lease Type
Single Net
Rent Per Square Feet
$260.32

Investment Highlights

  • Rare South of Fifth neighborhood net leased investment opportunity
  • Occupied by world renown residential brokerage company Douglas Elliman
  • Lease has minimal landlord responsibilities and aggressive 3% annual rent increases
  • Priced at over 6.5% return on cash investment
  • Ability to convert use to cafe or food use in the future

Investment Overview

Marcus and Millichap is proud to exclusively market the 120 Ocean Drive Net Leased Retail Condo investment located in the exclusive South of Fifth neighborhood of world famous South Beach (Miami Beach) Florida. The 668 square foot commercial space is occupied by Douglas Elliman, one of the most well-known and successful residential real estate brokerage companies in the world. The commercial condominium is located at the ground floor entrance to the Glass Miami Beach condominium building. Glass is a 10 floor, 18 unit luxury residential building developed in 2015 with residential units selling between $5,000,000 to $8,000,000 in purchase price. Included with the space is a rare 663 square foot outdoor courtyard that sits on Ocean Drive. This is a ideal opportunity to own a well located fully leased single tenant commercial property that allows for management free cash flow and aggressive 3% annual base rental increases for the remaining 4 years of the current lease.

Exclusively Listed By

Financing By

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