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Urban-High Street

Southeast Corner of Washington Avenue & 12th Street

232 12th St, Miami Beach, FL 33139

Listing Price: $7,000,000

Cap Rate
3.61%
Gross SF
7,612
Rentable SF
7,612
Price/Gross SF
$919.60
Lot Size
0.24 acres
Year Built
1935

Investment Overview

Marcus & Millichap is pleased to offer for sale the Southeast corner of Washington Avenue and 12th Street. 232 12th Street is a +/-7,600 square feet building of existing retail on a 10,400 square foot lot, 100% leased small bay retail shopping center located in the heart of Miami Beach, Florida. The Property is strategically positioned on a hard corner on Washington Avenue, surrounded by dense residential, retail and hotel, existing and proposed high-density developments, just steps from the beach. This investment opportunity offers prospective buyers an opportunity to acquire a fully leased shopping center, with below market rents and short-term leases. The tenant mix consists of tenants that serve the neighborhood residents and tourist from around the world. The offering includes a restaurant, café, market, wash and fold, and two clothing retailers. With its heavy pedestrian and vehicular traffic throughout most hours of the day, Washington Avenue has long served as a home to retail service uses that enjoy strong sales returns driven by the area hotels, residential projects, and daily beach tourist traffic. There are currently several major new development projects proposed and under construction in proximity to the property which will continue to densify the submarket and improve property performance over time.

Investment Highlights

  • Rare Small Bay Retail Center on Washington Avenue
  • Large 10,400 Ft Corner Lot Zoned CD2
  • High Density Foot Traffic Area - One of the Most Visited Tourist Destinations in Florida
  • Tenants Currently Paying Below Market Rents With Short Term Leases
  • Initiatives for Commercial Development in the Area in the Form of Hotels and Entertainment
  • Two Blocks Away from Miami Beachfront

Exclusively Listed By

Financing By

Urban-High Street

Southeast Corner of Washington Avenue & 12th Street

Listing Price: $7,000,000

Cap Rate
3.61%
Gross SF
7,612
Rentable SF
7,612
Price/Gross SF
$919.60
Lot Size
0.24 acres
Year Built
1935

Investment Highlights

  • Rare Small Bay Retail Center on Washington Avenue
  • Large 10,400 Ft Corner Lot Zoned CD2
  • High Density Foot Traffic Area - One of the Most Visited Tourist Destinations in Florida
  • Tenants Currently Paying Below Market Rents With Short Term Leases
  • Initiatives for Commercial Development in the Area in the Form of Hotels and Entertainment
  • Two Blocks Away from Miami Beachfront

Investment Overview

Marcus & Millichap is pleased to offer for sale the Southeast corner of Washington Avenue and 12th Street. 232 12th Street is a +/-7,600 square feet building of existing retail on a 10,400 square foot lot, 100% leased small bay retail shopping center located in the heart of Miami Beach, Florida. The Property is strategically positioned on a hard corner on Washington Avenue, surrounded by dense residential, retail and hotel, existing and proposed high-density developments, just steps from the beach. This investment opportunity offers prospective buyers an opportunity to acquire a fully leased shopping center, with below market rents and short-term leases. The tenant mix consists of tenants that serve the neighborhood residents and tourist from around the world. The offering includes a restaurant, café, market, wash and fold, and two clothing retailers. With its heavy pedestrian and vehicular traffic throughout most hours of the day, Washington Avenue has long served as a home to retail service uses that enjoy strong sales returns driven by the area hotels, residential projects, and daily beach tourist traffic. There are currently several major new development projects proposed and under construction in proximity to the property which will continue to densify the submarket and improve property performance over time.

Exclusively Listed By

Financing By

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