A bid deposit of $100,000 will be required to participate in the auction.
Please see the Escrow Agreement in the DD Vault for more details.
Investment Highlights
- REO opportunity on Lincoln Road, the most visited destination in South Florida
- Conceptual site plan for mixed use office/retail redevelopment (see document vault for details)
- Irreplaceable frontage along Lincoln Road strategically located just one block from world renowned South Beach in between Collins Avenue and Washington Avenue
- Neighboring retailers: H&M, CB2, Anthropologie, Pottery Barn, Swatch, Sugar, Nike, Crocks, CVS, Walgreens, Starbucks, GAP, Lululemon, Guess, Macy's, ZARA, Forever 21, ALDO, Steve Madden and more
- Nearby office tenants: WeWork, Morgan Stanley, NY Film Academy, Raymond James, Sony Music, Starwood, LNR and Jeffrey Group
- Attractive demographics within a 5-mile radius - $455K median home value, $95,718 average household income, and ±236,878 residents
Offering Details
CBRE and KARSON & CO, in cooperation with RealINSIGHT Marketplace, are pleased to present the opportunity to acquire a premier generational REO opportunity located at 298 Lincoln Road in Miami Beach, FL (the ‘Property’ or ‘Offering’). The Property presents an investor the perfect opportunity to acquire a South Beach asset at a significant discount and tap into a dynamic trade area with various leasing and redevelopment opportunities.
The Offering is comprised of one three-story commercial building totaling ±8,602 SF positioned on a ±0.10 AC parcel (±4,000 SF). The building has a ±4,023 SF ground floor retail unit, a ±3,886 SF second floor unit, and a ±693 SF third floor unit. The Property has historic designation (Miami Beach Architectural District) and designated at local level (Flamingo Park Historic District). This unique property is positioned in a world-class trophy location offering an unprecedented amount of value for investors with immediate value add via repositioning and long-term lease-up at market rates. The Property has favorable/flexible CD-3 zoning (Commercial High-Intensity District) and offers a redevelopment opportunity into a mixed-use retail/office asset by maximizing the allowed 2.75 floor area ratio (FAR).
This Lincoln Road asset is positioned in a trophy/flagship location for retailers in the heart of South Beach, just one block west of the high-end hotel corridor on Collins Avenue. The pedestrian friendly Lincoln Road District is considered one of the most prestigious retail corridors in the country with some of the highest volumes of foot traffic welcoming 11 million visitors in 2019. The site is surrounded by an abundance of hospitality, restaurants, and amenities as well as numerous condominiums and high-end residential developments. There are over 8,000 hotel rooms within a five-minute walk of Lincoln Road and over 20,000 rooms servicing the greater Miami Beach. Additionally, the Convention Center Hotel has been recently approved and will be another key traffic driver for Lincoln Road. The Property’s location further benefits from strong demographics with a population of ±236,878 and an average household income of $95,718 within a 5-mile radius. The Property offers an unbeatable branding opportunity to lease retail and office space conveniently located between Collins and Washington Avenue with irreplaceable Lincoln Road frontage.
