North Miami Beach Financial Center
Closed16051 W Dixie Highway, North Miami Beach, FL 33160
Property type
Office
Price
$9,300,000
Building size
30,647 sf
Rentable area
30,647 SF
Year built
1972
Year renovated
Property class
A
Occupancy
Zoning code
Lot size
2.47 Acres
Sold/status
Sold · Date unknown
Sale price
$9300000
CAP
4.17%
Property description
Franklin Street is pleased to present the North Miami Beach Financial Center, which is comprised of 107,422 SF (2.47 Acres) of land in an Opportunity Zone within South Florida. Located in North Miami Beach, Florida, this redevelopment opportunity boasts over 675 feet of excellent frontage along West Dixie Highway. Being only two blocks away from the signalized intersection of Biscayne Boulevard and NE 163rd Street, which experiences traffic counts of 49,500 VPD and 43,500 VPD respectively. North Miami Beach Financial Center allows an investor to acquire two highly credited tenants (Regions Bank & SAE Institute of Technology) and in addition, the property has available site plans* for 3 additional retail buildings and office space. The retail buildings are planned to have 10,322 SF of rentable area, and in addition, the vacant space in the back is planned to be built out into a 9,214 SF office space. The area surrounding the Subject Property in North Miami Beach has transformed from a quiet beachfront municipality to being home to over 430,000 civilians within a 5-mile radius. Just over 2 miles from the North Miami Beach Financial Center is the affluent coastline town of Sunny Isles. There have been vast amounts of development happening in the Sunny Isles area, therefore increasing the amount of wealthy individuals residing in the area. Sunny Isles is well above the national average for household income, having an income of $105,263 per household. This rare opportunity provides investors the chance to be able to develop new retail and office space in a prime North Miami Beach location, while also maintaining an NOI of $421,812 on the property. The Subject Property has excellent visibility on West Dixie Highway, having over 675 feet of frontage on the throughway. In addition, the Regions Bank Redevelopment Opportunity is located in the MU/EC zoning district, which allows the development of multi-family, retail, office, hotels/motels, and residential townhouses. *Please See Page 10
Property highlights
- Generated multiple offers and closed all-cash to a local owner & developer
- Property located within an Opportunity Zone providing multiple tax benefits such as tax deferral, tax deduction, and tax forgiveness (all depending on hold period)
- Property is currently occupied by Regions (with a drive-through) and SAE Institute
- Franklin Street exclusively represented the seller in this transaction