7101-7165 W Flagler St
Miami, FL 33144
Flagler Shops · Retail Property For Sale

Colliers International is pleased to present for sale in Miami 7101 W Flagler Street, a ±37,000 SF shopping center that is 100 percent occupied by a mix of local and regional tenants. The property has historically maintained a strong occupancy level above 95 percent. The strong, in place NOI of $809,000 equates to an average base rent of just over $20.00 PSF NNN for the entire center. Market rents in the Miami Airport submarket are nearing $30.00 PSF NNN. All existing leases have been set to expire in 2021. The building recently had a completely new roof installed with a new 20-year warranty, which will be transferred to the buyer upon closing. The property sits on 2.28 acres of land directly along West Flagler Street, near 72nd Avenue. The lot is zoned T6 – 8 O, which allows 342 apartments by right, with a total of 497,020 buildable SF on up to eight stories. Further, the property is located on a Transit Oriented Development Corridor due to the rapid bus service from the Flagler Max, on West Flagler Street. As a result, the property would qualify for bonuses from the city, which further enhance the development viability of the project. The property provides a great stream of income, and serves as great covered land until the time the new owner decides to monetize the property and develop it to its full potential. The site is strategically located between the entrance of the Blue Lagoon business park; the 826/836 expressway interchange, with easy access to both, going north, south, east, or west; and the Miami International Airport. The Miami Airport submarket has one of the lowest vacancy rates for retail and apartments, due to the excess demand and limited supply of new stock delivered this cycle to meet the needs of the growing population. As a result, rents have experienced over 5 percent growth year over year since the beginning of the cycle, making this a very attractive and unique future development.