Miami Beach - Beach Property For Sale #7204742

Prime South Beach commercial opportunity on the west side of Alton Road, one of the area's most visible and heavily trafficked corridors. 4-unit building totaling approx. 7,762 SF on a 7,500 SF lot as well as on-site parking for tenants. Currently 50% occupied with a +-1,400 SF frame shop paying $6,000/month and a +-2,800 SF language school paying $5,000/month. Current leases are below market. Two additional ground-floor spaces are vacant: a +-1,400 SF Alton Road-fronting retail unit and a +-2,100 SF rear space (formerly a flower shop). Pro-forma gross income approx. $367,500 annually; at market rents, income supports an attractive projected cap rate above 7% at stabilization, and incredible find in Miami Beach. CD-2 zoning allows future redevelopment up to +-15,522 SF and 60' height.