Shopping Strip

El Portal Retail Strip

555 NE 87th St, Miami, FL 33138

Listing Price: $2,475,000

Cap Rate
5.45%
Gross SF
12,016
Rentable SF
12,016
Price/Gross SF
$205.98
Lot Size
0.59 acres
Year Built
1952

Investment Overview

Marcus & Millichap is pleased to present for sale the El Portal Retail Strip, located at 555-557 NE 87th Street., Miami, FL, 33138. The property consists of Four Retail Bays totaling 12,016 Rentable Square Feet. The property is strategically located on NE 87th Street that allows for visibility off of Biscayne Boulevard with 55,000 passing vehicles per day. Furthermore, the subject has the availability of 13+ parking spaces. Currently, three out of the four tenants operate on month-to-month leases with rents averaging $15 per Square Foot Gross. The subject property’s retail rents are 30 percent below the market, minimizing the downside risk for an investor to reposition. Through repositioning current leases, an investor will increase cash flow on the property significantly maximizing the yield. The subject property is positioned strategically just North of the Mimo District and South of Miami Shores. The surrounding area consists of an array of major retailers and new developments.

Investment Highlights

  • 40 Year Recertification Completed
  • New Impact Glass & Roof Replaced within previous 5 years
  • 55,000 Vehicles Per Day, Strategically located off of Biscayne Boulevard
  • 3 of 4 Tenants on Month to Month Leases~9,333 SF of contiguous building on MTM Leases
  • Average Rent of $15 Per Square Foot Gross

Exclusively Listed By

Shopping Strip

El Portal Retail Strip

Listing Price: $2,475,000

Cap Rate
5.45%
Gross SF
12,016
Rentable SF
12,016
Price/Gross SF
$205.98
Lot Size
0.59 acres
Year Built
1952

Investment Highlights

  • 40 Year Recertification Completed
  • New Impact Glass & Roof Replaced within previous 5 years
  • 55,000 Vehicles Per Day, Strategically located off of Biscayne Boulevard
  • 3 of 4 Tenants on Month to Month Leases~9,333 SF of contiguous building on MTM Leases
  • Average Rent of $15 Per Square Foot Gross

Investment Overview

Marcus & Millichap is pleased to present for sale the El Portal Retail Strip, located at 555-557 NE 87th Street., Miami, FL, 33138. The property consists of Four Retail Bays totaling 12,016 Rentable Square Feet. The property is strategically located on NE 87th Street that allows for visibility off of Biscayne Boulevard with 55,000 passing vehicles per day. Furthermore, the subject has the availability of 13+ parking spaces. Currently, three out of the four tenants operate on month-to-month leases with rents averaging $15 per Square Foot Gross. The subject property’s retail rents are 30 percent below the market, minimizing the downside risk for an investor to reposition. Through repositioning current leases, an investor will increase cash flow on the property significantly maximizing the yield. The subject property is positioned strategically just North of the Mimo District and South of Miami Shores. The surrounding area consists of an array of major retailers and new developments.

Exclusively Listed By

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