120 Ocean Dr
Miami Beach, FL 33139
Unit COMM · Multifamily Property For Sale
·
10 Units
Investment Highlights
- Net Leased Retail Condo NNN investment.
- Lease has minimal landlord responsibilities and aggressive 3% annual rent increases
- Ability to convert use to cafe or food use in the future
- Occupied by world renown residential brokerage company Douglas Elliman
- Priced at over 6.5% return on cash investment
- Located at ground floor entrance to Glass Miami Beach luxury condominium
Executive Summary
Marcus and Millichap is proud to exclusively market the 120 Ocean Drive Net Leased Retail Condo investment located in the exclusive South of Fifth neighborhood of world famous South Beach (Miami Beach) Florida. The 668 square foot commercial space is occupied by Douglas Elliman, one of the most well-known and successful residential real estate brokerage companies in the world. The commercial condominium is located at the ground floor entrance to the Glass Miami Beach condominium building. Glass is a 10 floor, 18 unit luxury residential building developed in 2015 with residential units selling between $5,000,000 to $8,000,000 in purchase price. Included with the space is a rare 663 square foot outdoor courtyard that sits on Ocean Drive. This is a ideal opportunity to own a well located fully leased single tenant commercial property that allows for management free cash flow and aggressive 3% annual base rental increases for the remaining 4 years of the current lease.
Property Facts
| No. Units | 10 | Building Size | 40,800 SF |
| Property Type | Multifamily | No. Stories | 18 |
| Property Subtype | Apartment | Year Built | 2015 |
| Apartment Style | Hi-Rise | Parking Ratio | 0.12/1,000 SF |
| Building Class | B | APN / Parcel ID | 02-4203-367-0110 |
| Lot Size | 0.13 AC | ||
| Zoning | MF - Multiple Family | ||
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Hi-Rise |
| Building Class | B |
| Lot Size | 0.13 AC |
| Building Size | 40,800 SF |
| No. Stories | 18 |
| Year Built | 2015 |
| Parking Ratio | 0.12/1,000 SF |
| APN / Parcel ID | 02-4203-367-0110 |
| Zoning | MF - Multiple Family |
Amenities
Unit Amenities
- Air Conditioning
- Wheelchair Accessible (Rooms)
Site Amenities
- Clubhouse
- Fitness Center
- Security System
- Elevator
