Prime Miami Beach Land Lease Investment 9521 Harding Ave 3,484 SF 100% Leased Retail Building Surfside, FL 33154 $3,873,268 CAD ($1,111.73 CAD/SF) 4.78% Cap Rate
INVESTMENT HIGHLIGHTS
- Prime Miami Beach Land Lease Investment
- 24 year land lease remaining
- Currently Generating $223,000 Annually
- LOW Vacancy Rates
EXECUTIVE SUMMARY
Prime Miami Beach Retail Investment Opportunity – Just One Block from the Beach! 9521 Harding Ave presents a rare opportunity to acquire a land lease with 24 years remaining and the land. This 3,600 sq. ft. retail strip center is located in one of Miami Beach’s most sought-after areas. The sub lease currently generates $223,000 in annual rental income. The center benefits from strong tenant demand, excellent visibility, and high foot traffic. The land lease term ends in December 2049 at which time all property and real improvements revert to the land owner. The land lease is $166/m. There are four tenants part of the sublease and leases end March 2027, January 2028, May 2028, and December 2028. This is a rare opportunity to own an income-producing asset as there has only been one sale since 2024 on Harding Ave! Selling for Land Value!
Retail rents have experienced significant growth. As of the second quarter of 2024, the average asking rent reached $48 per square foot, leading the state of Florida. Although rent growth has moderated to 4.1% during this period, it remains above the national average of 2.6%.
This sustained increase reflects the area's attractiveness to retailers and investors alike. In summary, Surfside's retail property market exhibits favorable conditions, characterized by low vacancies, rising rents, and continuous business growth, making it an attractive prospect for investors and retailers alike.
Retail rents have experienced significant growth. As of the second quarter of 2024, the average asking rent reached $48 per square foot, leading the state of Florida. Although rent growth has moderated to 4.1% during this period, it remains above the national average of 2.6%.
This sustained increase reflects the area's attractiveness to retailers and investors alike. In summary, Surfside's retail property market exhibits favorable conditions, characterized by low vacancies, rising rents, and continuous business growth, making it an attractive prospect for investors and retailers alike.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$290,296
|
$83.32
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$290,296
|
$83.32
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$105,132
|
$30.18
|
| Net Operating Income |
$185,164
|
$53.15
|
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Ground Lease (Leased Fee)
Property Type
Retail
Property Subtype
Storefront
Building Size
3,484 SF
Building Class
C
Year Built
1950
Price
$3,873,268 CAD
Price Per SF
$1,111.73 CAD
Cap Rate
4.78%
NOI
$185,164 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.73
Lot Size
0.11 AC
Zoning
B-1 - Commercial Business
Parking
4 Spaces (1.15 Spaces per 1,000 SF Leased)
Frontage
52’ on Harding Ave
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Carrot
- Accommodation and Food Services
- -
- -
- Jan 2028
- Chow Down Grill Restaurant
- Retailer
- -
- -
- May 2028
- Extension Dreams Salon & Spa
- Services
- -
- -
- Mar 2027
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Carrot | Accommodation and Food Services | - | - | Jan 2028 | ||
| Chow Down Grill Restaurant | Retailer | - | - | May 2028 | ||
| Extension Dreams Salon & Spa | Services | - | - | Mar 2027 |
Walk Score®
Very Walkable (83)
Bike Score®
Very Bikeable (70)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 14-2235-007-0360 | Improvements Assessment | $0 CAD (2024) |
| Land Assessment | $0 CAD (2024) | Total Assessment | $2,423,459 CAD (2024) |
