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Miami Urban Core Shopping Center 2742 SW 8th St 42,000 SF 100% Leased Retail Building Miami, FL 33135 $17,999,999 ($428.57/SF) 4.83% Cap Rate
Investment Highlights
- 42,000 SF of Existing Improvements on 75,923 SF of Land | Rare Covered Land Opportunity in Miami’s Urban Core | Generating $850,000+ NOI.
- Current zoning allows, as-of-right, for a minimum of 280 residential units, excluding any additional density incentives available under the LLA.
- Owned by the same family for more than 40 years, this generational asset presents a rare opportunity to acquire a true covered land.
- 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.
- Located in the heart of Little Havana, one of Miami-Dade County’s most densely populated urban submarkets, with nearly 40,000 residents within a 1-mi.
- Ideally positioned directly on Calle Ocho with exposure to more than 35,000 vehicles per day and catty-corner to Miami Dade College’s Padrón Campus.
Executive Summary
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%.
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%.
Data Room Click Here to Access
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
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| Other Income |
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| Vacancy Loss |
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-
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| Effective Gross Income |
-
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-
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| Net Operating Income |
$99,999
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$9.99
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Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment
Property Type
Building Size
42,000 SF
Building Class
C
Year Built/Renovated
1977/1988
Price
$17,999,999
Price Per SF
$428.57
Cap Rate
4.83%
NOI
$869,398
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.55
Lot Size
1.74 AC
Zoning
T6-8-O - Commercial Business
Parking
103 Spaces (2.45 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Pylon Sign
Very walkable
80/100
Moderately drivable
70/100
Some public transit
50/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,926,678 (2025) | |
| Land Assessment | $5,340,300 (2025) | Total Assessment | $9,259,738 (2025) |
Property Taxes
Parcel Numbers
Land Assessment
$5,340,300 (2025)
Improvements Assessment
$1,926,678 (2025)
Total Assessment
$9,259,738 (2025)
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Miami Urban Core Shopping Center | 2742 SW 8th St
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