By JM Padron, CCIM, CCP, CCIM, CCP, International Commercial Broker
(THE JMTEAM NETWORK)
Lincoln Road the Next Fifth Avenue?A retail building at 635-639 Lincoln Road has traded for $34.8 million, this is. $6,527 per square feet. The building was built in 1935 and currently has two tenants in the 5,332 square feet premises.The Seller is Camelot of Miami, LLC, the buyer is a Canadian investment firm.If you do the math, at a 5% CAP rate, NNN rent should be around $330 per square feet, in other words the concept for these premises should sell at least $4,000 per square feet to be profitable.As a reference Apple stores sell $6,000 per square feet and Tiffany & Co $3,000 per square feet.Lincoln Road escalating prices place it in one of the most expensive sites in the US.