663-667 Lincoln Road - Miami Beach, FL 33139

Listing Price:	Unpriced - Open Bid
Year Built:	1935
Rentable SF:	4,986 SF

INVESTMENT HIGHLIGHTS

• Lender Owned REO Sale – Price Per Foot Upon Sale Will Be up to 50% of Peak Lincoln Road Value per Square Foot
• Attractive Interest Only Seller Financing Available
• Three Tenant Small Bay Retail Site with Short Term Leases Allows for Immediate Upside
• Retail Condo Ownership Allows for Investor to Sell Off Small Bays Separately in Future
• Property Ideal for Self-Management with Only Three Bays

LOCATION OVERVIEW

• Trophy Lincoln Road Mall Location
• Neighboring National Retailers include Forever 21, Starbucks, Aldo Shoes and Upcoming Amazon Flagship Store Directly Across from Subject Property
• 600 Block of Lincoln Road Mall is One of Busiest Walking Locations on the Street
• Lincoln Road Renovation Project Will Drive Increased Customer Walking Traffic
• Around Corner from Newly Renovated Miami Beach Convention Center
• Small Bays Ideal for Current Retailers Looking to Downsize
• Haagen Dazs Tenant Has Agreement with Miami Beach for Outdoor Seating Allowing for Higher Sales Capacity

INVESTMENT OVERVIEW

Marcus & Millichap is proud to exclusively market 663-667 Lincoln Road, a 4,986 SF three bay trophy retail strip located in the heart of the world-famous Lincoln Road Mall in Miami Beach, Florida. This property is a lender-owned REO sale, and is being offered at a significant discount from peak value for Lincoln Road commercial properties. The strip is comprised of three retail condominiums which allows flexibility if an investor wants to be able to sell off individual bays to user buyers at some point in the future. Located on the 600 block of Lincoln Road, just west of the intersection with Euclid Avenue, this strip is a major walking destination for shoppers and tourists frequenting the area. The subject property is surrounded by multiple national retailers including Forever 21’s flagship store, Starbuck’s Coffee, Aldo Shoes and the anticipated opening of Amazon’s first Lincoln Road location directly across the street on the south side of Lincoln Road.

This property is a REO sale, whereby the lender has taken possession of the property and is now marketing it for sale to the public. The seller is also offering very attractive interest only seller financing to qualified Buyers. Currently there are two bays that are occupied by tenants on short term very below market leases. There is also one 2,269 square foot vacant space that was formerly occupied by Steve Madden Shoes. The existing tenants include Pizza Rustica and a local Haagen Dazs franchisee. Both tenants are on modified percentage of sales with short term kick out clauses that benefit the seller. This is an incredible opportunity for an investor looking for a distressed retail asset in a trophy location with immediate upside. Based on the current in place income, the property is breaking even on an all-cash basis, allowing a Buyer time to market spaces and increase the cash flow while the retail market environment rebounds from the Covid pandemic.