18055 S Dixie Highway - Palmetto Bay, FL 33157

Listing Price:	$5,750,000
CAP Rate:	4.96%
Proforma CAP Rate:	7.74%
Lot Size:	1.24 Acres
Price per SF:	$308.03
Year Built:	1973
Rentable SF:	18,667 SF

INVESTMENT HIGHLIGHTS 

• Value-Add, Infill Retail Strip Center on South Dixie Highway in Miami
• Eighty-Nine Percent Occupied with Multiple Below Market Rents and Short-Term Leases
• Dunkin’ Donuts Outparcel with Pylon Sign Included
• Recent Capital Improvements Include New Silicone Coating on Roof, Renovated Facade, Re-Sealed and Striped Parking Field and NewRecent Capital Improvements Include New Silicone Coating on Roof, Renovated Facade, Re-Sealed and Striped Parking Field and NewPylon Sign

LOCATION HIGHLIGHTS

• Located in Exclusive Palmetto Bay Municipality of Miami-Dade County with Three Mile Population Over 136,000
• Excellent Frontage and Visibility on South Dixie Highway (US1)
• Over 28,000 Average Daily Traffic Count on Northbound Lanes of South Dixie Highway
• Average Household Income Over 81,000 Within One Mile of Subject Property

PROPERTY DESCRIPTION

Marcus & Millichap is proud to Exclusively Market the Palmetto Bay Center, an 18,667 Square-foot Value-Add neighborhood retail strip center located within the exclusive Palmetto Bay Municipality of Miami, Florida. The eighty-nine percent occupied property sits on the Northbound side of heavily traveled South Dixie Highway (US-1) with over 28,000 vehicles passing the property daily. Anchored by a Dunkin’ Donuts outparcel building, the property is ideally configured with multiple small bays, short term leases and below market rents through-out the center. The owners of Palmetto Bay Center have recently re-coated the entire roof, renovated the facade, resealed and striped the parking field and replaced the pylon sign. Palmetto Bay is one of the densest municipalities in Miami-Dade County with over 135,000 people living within three miles, and an average household income of over $81,000 within one mile of the subject property. This is a rare Value-Add retail property that allows an investor the opportunity to significantly increase the NOI by leasing up the two vacant spaces and raising rents on the existing tenants to market rate within the first few years of ownership.