Marcus & Millichap Brokers $2.23 Million Sale of Vacant Miami Beach Retail Property
A vacant retail and restaurant property in Miami Beach has been sold for $2.225 million, or approximately $739 per square foot, in a deal brokered by Marcus & Millichap.
The 3,018-square-foot building, formerly occupied by a Chase Bank branch, is located at 1025 71st Street in the Normandy Fountain district—a pedestrian-friendly plaza that recently underwent a $350,000 renovation aimed at revitalizing the neighborhood.
Drew A. Kristol and Kirk Olson, both senior managing directors of investments at Marcus & Millichap’s Miami office, represented the seller, NBF1 LLC, a private investor based in South Florida. The buyer, North Miami Beach-based retail developer RK Centers, was represented by Dillon Maya and Aaron Butler of Avenue Realty.
“1025 71st Street offers exceptional visibility and frontage for both eastbound and westbound traffic along 71st Street and Normandy Drive,” said Kristol. “The site’s exclusive patio rights and proximity to the historic Normandy Fountain make it a rare opportunity.”
In addition to prominent signage exposure, the property includes outdoor seating rights at no cost to the operator and is adjacent to a city-owned parking lot. The area benefits from daily traffic counts exceeding 41,000 vehicles, serving as a key connector between the Miami Beach barrier island and the mainland.
The sale underscores investor demand for high-visibility retail assets in emerging submarkets within South Florida.
