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- LoopNet Team
2678 Tigertail Ave
Miami, FL 33133
Jet Set Coconut Grove NNN Retail Condo · Retail Property For Sale
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
- 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.
PROPERTY FACTS
