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Jet Set Coconut Grove NNN Retail Condo 2678 Tigertail Ave

3,281 SF Retail Building Miami, FL 33133 $3,412,240 ($1,040/SF) 6.25% Cap Rate

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Investment Highlights

Rare NNN Leased Retail Condominium Located in Exclusive Coconut Grove Submarket
JETSET Pilates Currently Operates 5 Locations in South Florida with Four More Under Development
The Subject Property is Located at the Base of Mr. C’s Residences, a 231 Unit, Two-Tower Luxury Condominium Project Being Developed by Terra Group in

JETSET Pilates Lease Has Full 10 Year Term with Aggressive 3% Annual Base Rental Increases
Easy To Manage Retail Condominium Offers Simple Cash Flow for Investors Looking to Simplify Their Investment Portfolio
The Retail Condominium Faces Tigertail Avenue, Just Minutes from Downtown Coconut Grove and Around the Corner from Bayshore Road and the Grove Harbor

Executive Summary

Marcus & Millichap is proud to exclusively market the JETSET Pilates Coconut Grove NNN Retail Condominium investment opportunity. This is a 3,281 square foot new construction retail condominium inside the exclusive Mr. C’s Residences located between Bayshore Drive and Tigertail Avenue in the heart of Coconut Grove. Developed by world-renowned Terra Group in partnership with the Cipriani Hospitality Family, Mr. C’s Residences is slated to be completed by the end of 2023. The two tower 21 story property will include 231 luxury condominiums ranging from one to five bedrooms along with a Cipriani branded restaurant space.
The JETSET Pilates retail condominium will be delivered with a brand new 10-year NNN lease, and aggressive three percent annual rental increases. JETSET Pilates is a well-known exercise chain that currently operates 5 locations with an additional four locations under development to open soon across Southeast Florida. This is a rare opportunity for an investor to own a cash flowing, net leased, single tenant new construction retail property in the exclusive Coconut Grove submarket. Due to lack of retail in the area and a densely populated wealthy customer base, there is very little vacancy with rental rates continuing to escalate. The current average household income within one mile of the subject property exceeds $121,000.
The retail condominium faces Tigertail Avenue in Coconut Grove just off of SW 27th Avenue, and a one-minute walk to the Grove Harbor Marina and Fresh Market on the Bay. The property includes 10 dedicated valet spaces for the customers of JETSET Pilates.