663-667 Lincoln Rd. - Miami Beach, FL 33139

Listing Price:	$12,950,000
CAP Rate:	2.89%
Proforma CAP Rate:	6.43%
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
• Haagen Dazs Recently Extended Lease for Ten Additional Years
• Pizza Tua Recently Signed Brand New Ten Year Lease
• 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 HIGHLIGHTS

• 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

PROPERTY DESCRIPTION

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-famousMarcus & 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-famousLincoln Road Mall in Miami Beach, Florida. This property is being offered at a significant discount from the peak value of Lincoln Road. The strip iscomprised of three retail condominiums which allows flexibility if an investor wants to be able to sell off individual bays to user buyers at some pointin 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 forshoppers and tourists frequenting the area. The subject property is surrounded by multiple national retailers including Forever 21’s flagship store, AldoShoes, J Crew, Nespresso and many more.The property is 55% occupied, with Haagen Dazs Ice Cream and and a brand new pizza restaurant called Pizza Tua occupying two of the three retailbays. Haagen Dazs has been a tenant since 2017 and recently extended their lease for 5 additional years. Pizza Tua recently signed a 10 year leaseand is operated by a successful Miami Beach restaurant operator who owns Limoncello Restaurant on Washington Avenue.