Business for Sale in Miami, FL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Business
  • Location: Miami, FL 33135

Description

Marcus & Millichap is pleased to present the opportunity to acquire a covered land play located at 2742 SW 8th St & 833 SW 29th Ave. This property consists of 40,245 SF of gross leasable area sitting on a 75,923 SF lot (1.74 Acres). It is situated on SW 8th St and right off 27th Ave which is exposed to over 35,000 vehicles per day. 27th Avenue strategically leads directly into the heart of Coconut Grove which is 2.5 miles south. The current zoning allows for a 280-unit multifamily building by right or a 300-unit multifamily building utilizing the Live Local Act. This property currently consists of 36 tenants that are all on short term leases and generates over $850,000 a year in NOI giving developers a steady cash flow while they await permits for redevelopment. The subject property is centrally located near Miami’s most desirable neighborhoods such as Coral Gables, Brickell, Coconut Grove, and Downtown Miami. It is less than 3 miles from Brickell City Center and Coconut Grove’s Coco Walk and within 1.5 miles from Little Havana’s world-famous Ball and Chain night club and Café La Trova. Little Havana is one of the most densely populated neighborhoods in Miami-Dade County with a 1-mile density of roughly 40,000 residents and over 300,000 residents within a 3-mile radius. Additionally, the vacancy rates in Little Havana are some of the lowest in Miami-Dade County boasting multifamily vacancy rates of below 5%. Investment Highlights: • 40,000+ SF of Existing Improvements on 75,923 SF of Land | Rare Covered Land Opportunity in Miami's Urban Core | Generating $850,000+ NOI with all tenants on month-to-month leases . • Attractive Owner Financing Available: Seller willing to provide up to $10,000,000 in seller financing at 6% interest-only for 3 years with no prepayment penalty. • Current zoning allows, as-of-right, for a minimum of 280 residential units, excluding any additional density incentives available under the Live Local Act. • Ownership has engaged Bercow Radel

Market Context

This mixed use in Miami, FL is listed for sale. It is offered at an approximate 4.8% capitalization rate, a key benchmark for income-producing mixed use assets. It has been on the market for 68 days. Compare it against other mixed use listings for sale in Miami, FL — <a href="/search/sale/mixed-use/florida/miami">view the full market</a>.

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