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120 Ocean Dr
Miami Beach, FL 33139

Unit COMM · Multifamily Property For Sale · 10 Units

Investment Highlights

  • Net Leased Retail Condo NNN investment.
  • Lease has minimal landlord responsibilities and aggressive 3% annual rent increases
  • Ability to convert use to cafe or food use in the future
  • Occupied by world renown residential brokerage company Douglas Elliman
  • Priced at over 6.5% return on cash investment
  • Located at ground floor entrance to Glass Miami Beach luxury condominium

Executive Summary

Marcus and Millichap is proud to exclusively market the 120 Ocean Drive Net Leased Retail Condo investment located in the exclusive South of Fifth neighborhood of world famous South Beach (Miami Beach) Florida. The 668 square foot commercial space is occupied by Douglas Elliman, one of the most well-known and successful residential real estate brokerage companies in the world. The commercial condominium is located at the ground floor entrance to the Glass Miami Beach condominium building. Glass is a 10 floor, 18 unit luxury residential building developed in 2015 with residential units selling between $5,000,000 to $8,000,000 in purchase price. Included with the space is a rare 663 square foot outdoor courtyard that sits on Ocean Drive. This is a ideal opportunity to own a well located fully leased single tenant commercial property that allows for management free cash flow and aggressive 3% annual base rental increases for the remaining 4 years of the current lease.

PROPERTY FACTS

No. Units 10
Property Type Multifamily
Property Subtype Apartment
Apartment Style High Rise
Building Class B
Lot Size 0.13 AC
Building Size 40,800 SF
No. Stories 18
Year Built 2015
Parking Ratio 0.12/1,000 SF
APN / Parcel ID
02-4203-003-0190
  • 02-4203-003-0200
  • 02-4203-003-0210
  • 02-4203-367-0110

Amenities

Unit Amenities

  • Air Conditioning
  • Wheelchair Accessible (Rooms)

Site Amenities

  • Clubhouse
  • Fitness Center
  • Security System
  • Elevator

zoning

Zoning Code MF (Multiple Family)
  • Listing ID: 25553172

  • Date on Market: 4/26/2022

  • Last Updated:

  • Address: 120 Ocean Dr, Miami Beach, FL 33139