1973 NE 163rd St
North Miami Beach, FL 33162
1973-1991 NE 163 ST · Land For Sale
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0.86 AC
Investment Highlights
- Property is located within the boundaries of the North Miami Beach Community Redevelopment Agency's boundries
- Minutes away from the city of Aventura/Aventura Mall. 163rd St serves as a connector between Sunny Isles beaches, Eastern Shores and I-95
- Average rental rates for retail in this highly trafficked corridor average $30-40 PSF NNN
- Average Traffic of 60,000 VPD (AADT)
Property Facts
Description
APEX Capital Realty is pleased to present an income producing covered land play assemblage in North Miami Beach’s ultra-high-density corridor. The Property consists of 1973,1981, and 1991 NE 163 Street. The assemblage incorporates 3 different buildings for a total combined square footage of 10,430 Square Feet and a total land size of 37,240 Square Feet. The assemblage lends itself for two main purposes, Multifamily or mixed-use development and value add repositioning. The main play we identify is development. The site is in the Fulford Mixed-Use Town Center District, where the city hopes to encourage transit-oriented developments with the goal of creating an urban, pedestrian-oriented downtown. Approved developments in the nearby vicinity include Bizzi & Partner’s 33 story, 456-unit multifamily development on a 47,900 SF lot one block east of the assemblage. Cao Bakery’s leasehold interest at 1973 NE 163 Street is coming due in 2024 where an investor can raise rents to market rates ($55 PSF for second generation kitchen retail properties). Lastly, 1981-1991 NE 163 Street has short terms leases that can be raised to market rates ($40 PSF Gross).
Property Taxes
| Parcel Numbers | Improvements Assessment | $762,964 | |
| Land Assessment | $4,468,800 | Total Assessment | $5,231,764 |
Property Taxes
