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Development Site With In-Place Income 375 NE 54th St
8,729 SF 90% Leased Retail Building Miami, FL 33137 $5,200,000 ($596/SF)
Investment Highlights
- Just off Biscayne Boulevard: Located in and Near Major Neighborhoods.
- Value Add
- Opportunity Zone: Strong Development Potential
Executive Summary
The property consists of two buildings - a two story shopping center and a one story food market. The shopping center has 9 units between 650-850 square feet, allowing for optimal per foot rental numbers. The food market is renovated and equipped with a hood, grease trap and walk in cooler.
The property has traditionally had below market leases. STL Commercial has since facilitated 3 new leases at $50/NNN for the ground floor and $30/NNN for the second floor. There is only one vacancy remaining on the entire property. There are two expired leases on the ground floor, currently on month-month that can be increased as well. There are also demolition/renovation clauses in every lease. This offers significant upside for a buyer.
The property is zoned T6-8-O - allowing for mid rise development. It allows for you to build a mixed-use project with 66 multi-family units or 132 hotel units. The property is an ideal buy and hold for someone looking to raise rents and cash in on the appreciation of the area before developing. A buyer can also elect to tear down the buildings and develop in the more immediate future.
Additionally, the new Live Local (SB102) legislation allows for even more height, density, and FAR allowances than what is allowed by right.
Seller Financing Available. Live Local Act (SB102) Eligible.
Property Facts
Space Availability
- Space
- Size
- Space Use
- Position
- Available
850 square foot unit available on second floor just off of Biscayne Boulevard. Unit is a flex space and can be used for office or retail space. Parking located immediately in front of building with elevator access to the second floor. Showings available for 1-3 year NNN leases. Call and leave a voicemail or text to inquire!
| Space | Size | Space Use | Position | Available |
| 9 | 850 SF | Office/Retail | - | Now |
9
| Size |
| 850 SF |
| Space Use |
| Office/Retail |
| Position |
| - |
| Available |
| Now |
9
| Size | 850 SF |
| Space Use | Office/Retail |
| Position | - |
| Available | Now |
850 square foot unit available on second floor just off of Biscayne Boulevard. Unit is a flex space and can be used for office or retail space. Parking located immediately in front of building with elevator access to the second floor. Showings available for 1-3 year NNN leases. Call and leave a voicemail or text to inquire!
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 01-3218-061-0010 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,121,600 |
PROPERTY TAXES
-
Alexandros Tsoulfas -
Joshua Jimenez -
STL Commercial
Presented by
Development Site With In-Place Income | 375 NE 54th St
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