663-667 Lincoln Road - Miami Beach, FL 33139

Listing Price:	$12,950,000
CAP Rate:	3.02%
Proforma CAP Rate:	6.56%
Price per SF:	$2,597.27
Year Built:	1935
Rentable SF:	4,986 SF

INVESTMENT HIGHLIGHTS

• Priced Under $2,600 Per Foot Upon Sale Will Be up to 50% of Peak Lincoln Road Value per Square Foot
• 55% Occupied Retail Property Offers Immediate Upside by Leasing Last Vacant 2,264 SF Bay
• 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, Nespresso, J Crew & Aldo Shoes
• 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 being offered at a significant discount from the peak value of Lincoln Road. 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, Aldo Shoes, J Crew, Nespresso and many more.

The property has two of the three bays rented, one to Haagen Dazs Ice Cream, on a short term below market lease, the other is a new lease to a Cuban Restaurant. The vacant bay comprises of 45% of the property and was formerly occupied by Steve Madden Shoes. This is an incredible opportunity for an investor looking for a distressed retail asset in a trophy location with immediate upside. The current in-place income allows for low leverage financing, and once stabilized an investor can enjoy over 6.5% cash return on investment.