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Shopping Strip

Palmetto Bay Center

18055 S Dixie Hwy, Palmetto Bay, FL 33157

Listing Price: $6,200,000

Cap Rate
5.01%
Gross SF
18,667
Rentable SF
18,667
Price/Gross SF
$332.14
Lot Size
1.24 acres
Year Built
1973

Investment Overview

Marcus & Millichap is proud to Exclusively Market the Palmetto Bay Center, an 18,667 Square-foot Value-Add neighborhood retail strip center located within the exclusive Palmetto Bay Municipality of Miami, Florida. The 95 percent occupied property sits on the Northbound side of heavily traveled South Dixie Highway (US-1) with over 28,000 vehicles passing the property daily. Anchored by a Dunkin’ Donuts outparcel building, the property is ideally configured with multiple small bays, short term leases and below market rents through-out the center. The owners of Palmetto Bay Center have recently re-coated the entire roof, renovated the facade, resealed, and striped the parking field and replaced the pylon sign. Palmetto Bay is one of the densest municipalities in Miami-Dade County with over 135,000 people living within three miles, and an average household income of over $81,000 within one mile of the subject property. This is a rare Value-Add retail property that allows an investor the opportunity to significantly increase the NOI by leasing up the vacant space and raising rents on the existing tenants to market rate within the first few years of ownership.

Investment Highlights

  • Value-add, infill retail strip center on South Dixie Highway in Miami
  • Ninety-five Percent Occupied with Multiple Below Market Rents and Short-Term Leases
  • Dunkin' Donuts outparcel with pylon sign included
  • Recent Capital improvements include new silicone coating on roof, renovated facade, re-sealed and striped parking field and new pylon sign

Exclusively Listed By

Financing By

Shopping Strip

Palmetto Bay Center

Listing Price: $6,200,000

Cap Rate
5.01%
Gross SF
18,667
Rentable SF
18,667
Price/Gross SF
$332.14
Lot Size
1.24 acres
Year Built
1973

Investment Highlights

  • Value-add, infill retail strip center on South Dixie Highway in Miami
  • Ninety-five Percent Occupied with Multiple Below Market Rents and Short-Term Leases
  • Dunkin' Donuts outparcel with pylon sign included
  • Recent Capital improvements include new silicone coating on roof, renovated facade, re-sealed and striped parking field and new pylon sign

Investment Overview

Marcus & Millichap is proud to Exclusively Market the Palmetto Bay Center, an 18,667 Square-foot Value-Add neighborhood retail strip center located within the exclusive Palmetto Bay Municipality of Miami, Florida. The 95 percent occupied property sits on the Northbound side of heavily traveled South Dixie Highway (US-1) with over 28,000 vehicles passing the property daily. Anchored by a Dunkin’ Donuts outparcel building, the property is ideally configured with multiple small bays, short term leases and below market rents through-out the center. The owners of Palmetto Bay Center have recently re-coated the entire roof, renovated the facade, resealed, and striped the parking field and replaced the pylon sign. Palmetto Bay is one of the densest municipalities in Miami-Dade County with over 135,000 people living within three miles, and an average household income of over $81,000 within one mile of the subject property. This is a rare Value-Add retail property that allows an investor the opportunity to significantly increase the NOI by leasing up the vacant space and raising rents on the existing tenants to market rate within the first few years of ownership.

Exclusively Listed By

Financing By

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