2055 SW 8th St
Miami, FL 33135
Retail Property For Sale

Please email julian@lombardiproperties.com for the Offering Memorandum. Lombardi Properties is pleased to present the opportunity to acquire 2055 SW 8 Street (“2055” or the “Property”), a 7,272-square foot retail center on a 20,250-square foot site in the heart of Little Havana in Miami, Florida. Little Havana is Miami’s second densest residential neighborhood, is centrally located between all major employment areas and is relatively affordable; all of which explains the continued residential development and redevelopment the area has seen over the past several years. Intown, the 312-unit apartment building across the street is fully stabilized. One block west is the site for the proposed 224-unit Altis Little Havana, which recently received site plan approval. This has placed pressure on the area’s service retail to meet the evolving needs of Little Havana’s new residents. In line with those new demands 2055’s owners recently signed leases with Sanguich, a contemporary Cuban sandwich concept and Sprint Corporate. The Property is currently 100% leased to seven tenants, 55% being legacy tenants providing substantial rental upside, with expiring leases over the next several years. Through this opportunity 2055 should achieve a 12% growth in NOI by year 3 and 32% growth in NOI by year 5. There is no site better positioned for service retail in the Little Havana market. The Property’s small bay retail spaces allow for attractive price point rents, the service entrance and exit in the rear of each space creates extremely functional spaces and the corner location and above average parking on site provides excellent visibility and accessibility. In addition to this the site is zoned T6-8 O allowing the site to one day be redeveloped into high density mixed use project. All of these characteristics give the Property a competitive advantage and make it a very attractive investment opportunity with great upside.