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-famous Lincoln Road Mall in Miami Beach, Florida. This property is a lender-owned REO sale, and is being offered at a significant discount from peak value for Lincoln Road commercial properties. The strip is comprised of three retail condominiums which allows flexibility if an investor wants to be able to sell off individual bays to user buyers at some point in 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 for shoppers and tourists frequenting the area. The subject property is surrounded by multiple national retailers including Forever 21’s flagship store, Starbuck’s Coffee, Aldo Shoes and the anticipated opening of Amazon’s first Lincoln Road location directly across the street on the south side of Lincoln Road. This property is a REO sale, whereby the lender has taken possession of the property and is now marketing it for sale to the public. The seller is also offering very attractive interest only seller financing to qualified Buyers. Currently, there is one bay occupied by Haagen Dazs Ice Cream, on a short term below market lease. There are two additional small bay vacancies, one a former pizzeria, the second space was formerly Steve Madden Shoes. Both tenants are on modified percentage of sales with short term kick out clauses that benefit the seller. This is an incredible opportunity for an investor looking for a distressed retail asset in a trophy location with immediate upside. Based on the current in place income, the property is breaking even on an all-cash basis, allowing a Buyer time to market spaces and increase the cash flow while the retail market environment rebounds from the Covid pandemic.
