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Office

Hersher Building

1045 Kane Concourse, Bay Harbor Islands, FL 33154

Listing Price: $7,900,000

Cap Rate
2.18%
Gross SF
14,094
Rentable SF
14,094
Price/Gross SF
$560.52
Lot Size
0.31 acres
Year Built
1958

Investment Overview

Marcus & Millichap is proud to present The Hersher Building which is a mixed-use office/retail building located at 1045-1055 Kane Concourse in Bay Harbor Islands, Florida. The Property is situated on two parcels consisting of 0.31-acres (or 13,500 square feet) and has approximately 14,094 square feet of rentable space. 1045-1055 Kane Concourse has 11 parking spaces which generate additional income. The Hersher Building is currently 73% occupied with a variety of retail and office tenants with significantly below market rents and short-term leases. The property is zoned B-1 (Business District) allowing for uses such as retail, office, multifamily, and hotel.

The Hersher building is located just blocks away from Bal Harbor Shops, which secured approvals for a $400 Million expansion and renovation. The high-end mall will add additional space to the 511,000 square foot property. The expansion includes the first Barneys New York flagship store in the Southeastern Unites States and new luxury boutiques and restaurants. In addition to the Bal Harbour Shops expansion, Kane Concourse has witnessed the openings of a pair of new hotels that are hot spots for investors, tourists, and business travelers. Tryp by Wyndham Miami Bay Harbor opened in 2018 and Grand Beach Hotel Bay Harbor opened in March of 2019. The Hersher Building is surrounded by restaurants, small boutiques, yoga studios, unique shops, public parks, and is just minutes walking distance to the beach.

1045-1055 Kane Concourse (96th Street) has traffic counts of over 33,000 VPD. The Subject property is also located in close proximity to Collins Avenue, which has traffic counts of over 50,000 VPD, and Harding Avenue which has traffic counts of over 26,500 VPD. The Subject property is just 25 minutes from Miami International Airport and Downtown Miami, 35 minutes from Downtown Fort-Lauderdale, and 20 minutes from South Beach, Lincoln Road and the Design District.

Investment Highlights

  • Value-Add Opportunity with Upside in Occupancy and Rents
  • Located in the Affluent Bay Harbor Islands/Bal Harbour Submarket
  • Close Proximity to South Beach, the Design District, and Downtown Miami
  • Strong Professional, Retail, and Residential Presence in the Immediate Area
  • Just Steps from the Bal Harbour Shops and Miami Beach

Exclusively Listed By

Listing Price: $7,900,000

Cap Rate
2.18%
Gross SF
14,094
Rentable SF
14,094
Price/Gross SF
$560.52
Lot Size
0.31 acres
Year Built
1958

Investment Highlights

  • Value-Add Opportunity with Upside in Occupancy and Rents
  • Located in the Affluent Bay Harbor Islands/Bal Harbour Submarket
  • Close Proximity to South Beach, the Design District, and Downtown Miami
  • Strong Professional, Retail, and Residential Presence in the Immediate Area
  • Just Steps from the Bal Harbour Shops and Miami Beach

Investment Overview

Marcus & Millichap is proud to present The Hersher Building which is a mixed-use office/retail building located at 1045-1055 Kane Concourse in Bay Harbor Islands, Florida. The Property is situated on two parcels consisting of 0.31-acres (or 13,500 square feet) and has approximately 14,094 square feet of rentable space. 1045-1055 Kane Concourse has 11 parking spaces which generate additional income. The Hersher Building is currently 73% occupied with a variety of retail and office tenants with significantly below market rents and short-term leases. The property is zoned B-1 (Business District) allowing for uses such as retail, office, multifamily, and hotel.

The Hersher building is located just blocks away from Bal Harbor Shops, which secured approvals for a $400 Million expansion and renovation. The high-end mall will add additional space to the 511,000 square foot property. The expansion includes the first Barneys New York flagship store in the Southeastern Unites States and new luxury boutiques and restaurants. In addition to the Bal Harbour Shops expansion, Kane Concourse has witnessed the openings of a pair of new hotels that are hot spots for investors, tourists, and business travelers. Tryp by Wyndham Miami Bay Harbor opened in 2018 and Grand Beach Hotel Bay Harbor opened in March of 2019. The Hersher Building is surrounded by restaurants, small boutiques, yoga studios, unique shops, public parks, and is just minutes walking distance to the beach.

1045-1055 Kane Concourse (96th Street) has traffic counts of over 33,000 VPD. The Subject property is also located in close proximity to Collins Avenue, which has traffic counts of over 50,000 VPD, and Harding Avenue which has traffic counts of over 26,500 VPD. The Subject property is just 25 minutes from Miami International Airport and Downtown Miami, 35 minutes from Downtown Fort-Lauderdale, and 20 minutes from South Beach, Lincoln Road and the Design District.

Exclusively Listed By

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