1450 NW 17th Ave 16,510 SF Retail Building Miami, FL 33125 $4,150,000 ($251.36/SF) 8.09% Cap Rate

1450–1462 NW 17th Avenue represents a major value add, multi-tenant retail and office asset along the Miami River central Miami market, offering clear and immediate pathway to NOI growth through rent adjustments, strategic re-merchandising, and targeted capital improvements. The property totals 16,510 square feet across multiple contiguous storefronts along NW 17th Avenue and NW 15th Street, a heavily trafficked corridor located just half a mile from SR-836 and minutes from Wynwood, the Civic Center employment hub, Allapattah, and the Health District.
The building has a GLA of 13,601 square feet. This includes 5,120 square feet of retail space, 4,000 square feet of upstairs offices, 2,695 square feet of warehouse area, and 1,786 square feet of ground-floor storage and office use. The 2,909-square-foot differential between the gross footprint and the net leasable area is attributed to common areas such as circulation corridors, restrooms, and mechanical rooms, resulting in a rent loss factor of approximately 17.6%.
The tenant roster is diversified across essential service industries, retail, professional uses, logistics, and communications, providing inherent stability and reduced rollover risk. Existing rents average $17.60 per square foot on an annualized basis—nearly a 50 percent discount to the submarket average of roughly $34.80 per square foot and more than 70 percent below comparable corridors that now exceed $60 per square foot. This pricing gap presents a compelling opportunity for investors to reposition the rent roll toward market levels as leases roll or as vacant suites are leased.
Strategically situated within a dense urban environment with a Walk Score of 82, the property benefits from more than 9,000 to 26,000 daily vehicles along surrounding arterials, strong neighborhood foot traffic, and close proximity to major employment centers. With three current vacancies representing approximately 18 percent of the net rentable area, investors have multiple levers to unlock value, including re-tenanting, elevating rents through strategic lease structuring, and implementing façade, storefront, and signage improvements to enhance visibility and curb appeal.
Overall, the property offers the rare combination of diversified in-place income, immediate and quantifiable value-add potential, and a location benefiting from accelerating urban redevelopment—positioning it as a compelling acquisition opportunity in one of Miami’s most dynamic growth corridors.