Marcus & Millichap Brokers Sale Of Vacant Retail Property In Miami Beach For $739 PSF

Marcus & Millichap announced the sale of a vacant 3,018-square-foot retail and restaurant property in Miami Beach for $2,225,000.

The property was formerly occupied by Chase Bank.

“1025 71st Street has incredible frontage and visibility facing both eastbound and westbound traffic on 71st Street and Normandy Drive,” said Drew A. Kristol, senior managing director investments in Marcus & Millichap’s Miami office. “The property also benefits from additional allowable outdoor seating in front of the historic Normandy Fountain.”

Kristol, along with Kirk Olson, senior managing director, exclusively marketed the property on behalf of the seller, NBF1 LLC, a private South Florida-based investor. Dillon Maya and Aaron Butler of Avenue Realty procured the buyer, RK Centers.

Located at 1025 71st St., the property is positioned within the Normandy Fountain district, a revitalized public plaza that recently underwent a $350,000 renovation. It offers exclusive patio rights with no city rental fee, high signage visibility, and sits next to a public parking lot. More than 41,000 vehicles per day pass the site via 71st Street, a key corridor linking Miami Beach to the mainland.