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274-276 Alhambra Cir
Miami, FL 33134
Coral Gables NNN Retail · Retail Property For Sale
Investment Highlights
- Attractive Owner Financing
- Fully built-out restaurant occupied by Cafe Vialetto, a well-established operator in Coral Gables for over 25 years.
- Pierre's Dry Cleaner installed a new Hydrocarbon machine in 2016 to minimize environmental impact.
- Two Tenant Retail Building on NNN Leases with Below Market Rents.
- Established Dry Cleaner with Over 30 Years of Operation (FDEP Enrolled)– Provides environmental liability protection and state-funded remediation.
- Located on Alhambra Circle, one of Coral Gables' most prominent streets, with a significant influx of professionals during working hours.
Executive Summary
Marcus & Millichap is pleased to present the opportunity to acquire a prime two-tenant net leased asset located at 274 Alhambra Circle in Coral Gables, Florida. Positioned along one of the city's most prominent business corridors, this 4,850-square-foot building sits on a 5,000-square-foot parcel, offering a rare investment opportunity in a high-barrier-to-entry market.
Strategically situated in the heart of Coral Gables, the property boasts exceptional walkability and is just two blocks from Miracle Mile, the area’s premier destination for dining, shopping, and entertainment. The asset presents significant future upside, as current rental rates average $39 per square foot NNN, well below the prevailing market rates.
Additionally, the property is enrolled in the Florida Department of Environmental Protection (FDEP) providing state-funded remediation and liability protection related to dry-cleaning solvent contamination, minimizing environmental risk for ownership.
This generational asset has remained under single ownership since 1992, underscoring its stability and long-term value. Coral Gables is one of the most affluent submarkets in Miami-Dade County, with a median household income exceeding $118,000 per year, further enhancing the property’s desirability and investment potential.
Strategically situated in the heart of Coral Gables, the property boasts exceptional walkability and is just two blocks from Miracle Mile, the area’s premier destination for dining, shopping, and entertainment. The asset presents significant future upside, as current rental rates average $39 per square foot NNN, well below the prevailing market rates.
Additionally, the property is enrolled in the Florida Department of Environmental Protection (FDEP) providing state-funded remediation and liability protection related to dry-cleaning solvent contamination, minimizing environmental risk for ownership.
This generational asset has remained under single ownership since 1992, underscoring its stability and long-term value. Coral Gables is one of the most affluent submarkets in Miami-Dade County, with a median household income exceeding $118,000 per year, further enhancing the property’s desirability and investment potential.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront
Building Size
4,850 SF
Building Class
C
Year Built
1940
Price
$3,595,000
Price Per SF
$741.24
Cap Rate
5.57%
NOI
$200,252
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.97
Lot Size
0.11 AC
Zoning
MX-3 - MX3 ZONING IS THE HIGHEST INTENSITY OF DEVELOPMENT AND ALLOWS FOR A VARIETY OF RETAIL AND PROFESSIONAL OFFICE USES
Frontage
47’ on Alhambra Cir
Amenities
- Bus Line
Property Taxes
| Parcel Number | 03-4108-006-2960 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,491,058 |
Property Taxes
Parcel Number
03-4108-006-2960
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,491,058
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