Investment Overview

Marcus & Millichap is pleased to present 16600 NE 3rd Ave, a ±3,312 square-foot freestanding building situated in a high-trafficked corridor. This Small-Bay Office/Retail investment presents an opportunity for both investors seeking yield and owner-users looking for flexibility in a supply-constrained North Miami submarket. The asset offers immediate in-place cash flow with significant near-term upside, as all tenants are currently operating on month-to-month leases at below-market rents of approximately $8-9/SF Net. This unique lease structure provides a new owner with maximum flexibility to reposition the asset, mark rents to market levels in the $23–$26/SF Net range, restructure lease terms, or curate a stronger tenant mix to drive long-term value. The property is strategically positioned within a dense and steadily growing trade area, supported by approximately 22,000 residents within a one-mile radius. The surrounding population is comprised of a diverse mix of young professionals and working-class families, providing a stable and consistent demand driver for small-bay office and neighborhood retail users. Further enhancing the location is the ongoing redevelopment of 163rd Street Shopping Center, which is set to significantly transform the immediate corridor. Planned improvements include the addition of over 21,000 square feet of new retail, a large-scale 150,000-square-foot entertainment and amusement center featuring indoor pickleball courts, and a newly designed 20,000-square-foot food hall. These enhancements are expected to drive increased foot traffic, elevate consumer activity, and further solidify the area as a vibrant commercial hub. Situated on a 7,150 SF lot, the property features 8 existing on-site parking spaces with the ability to add approximately 6 additional spaces, offering a meaningful advantage in an infill market where parking is often limited. The combination of strong existing cash flow, below-market rents, flexible lease terms, and favorable market dynamics positions this asset as a high-upside, value-add opportunity with the potential for both income growth and long-term appreciation.