AVAILABILITY DETAILS
- Size
- 6,384 SF
- Price/SF
-
Show Pricing $
- Listing ID
- SA519813
- Notes
- Explore a distinctive commercial investment opportunity in the dynamic heart of South Miami, just off US-1 and close to the University of Miami. This standalone, multi-tenant building is perfectly positioned within the City of South Miami's Specialty Retail - Hometown District Overlay, offering flexibility and potential for growth. Covering 6,384 SF on a 10,700 SF lot, this property presents a significant development prospect with a Floor Area Ratio (FAR) of 1.6 and a permissible build height of up to 4 stories.
Currently, the building houses two fully equipped, second-generation restaurant spaces featuring complete kitchens, state-of-the-art hood-vent systems, and walk-in coolers. An inviting outdoor courtyard makes it ideal for open-air dining. Benefiting from multi-use zoning in an Opportunity Zone, it offers potential tax incentives and allows extended operations until 4 AM, with no on-site parking requirements.
The property can easily be leased at a market rate of $85.00 NNN, resulting in a Net Operating Income (NOI) of $542,640 and a 6% Cap Rate. The property's value is enhanced by the nearby redevelopment of Sunset Place, which is rejuvenating the area by promoting pedestrian-friendly environments with new residential, office, and retail spaces. Additionally, the forthcoming Avalon South Miami by AvalonBay promises to bring 290 luxury apartments and 31,000 square feet of retail space by the end of 2025. This property is a prime investment for those looking to tap into the vibrant and growing South Miami market.
- Uses
- Retail
Other Availability in this Property
Space/Suite |
Square Feet |
Type |
Uses |
Asking Rent/Price |
|
6,384 SF |
Lease |
Retail |
$TBD
|
|
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- Space/Suite
-
- Square Feet
- 6,384 for lease
- Uses
- Retail
- Asking Rent/Price
-
$TBD
This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.
Listing provided courtesy of
Billy Planes, RE/MAX 360 Real Estate