New York's Springhouse Partners recently acquired 1700 Alton Road fro $21 million. The space holds apartments and retail space and was last traded for $1 million. This is one of the most drastic examples of how high mixed use properties are selling for in Miami Beach. Originally built in 1923, the building is five stories tall and was valued in 2014 at $3.5 million. The former property owner holds a hotel license, which could mean that Springhouse could develop a hotel above the retail space, which currently holds a Vespa store. As it stands, there is 8,165 sqaure feet of retail space with 68 studio apartments and 33 parking spaces.

The location of this building is very significant since it is only one block from Lincoln Road, one of the busiest pedestrian shopping areas of Miami Beach. Lincoln Road commercial properties have been steadily increasing in value and selling in the tens of millions range, with no sign of slowing. Dining and shopping on Lincoln Road are some of the most popular tourist attractions, further adding to the value. For more information on commercial listings or residential listings near Lincoln Road, do not hesitate to contact me today!