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Shopping Center with Development Upside 375 NE 54th St 8,729 SF 73% Leased Retail Building Miami, FL 33137 $4,900,000 ($561.35/SF) 5.36% Cap Rate
INVESTMENT HIGHLIGHTS
- Just off Biscayne Boulevard: Located in and Near Major Neighborhoods.
- Value Add
- Opportunity Zone: Strong Development Potential
EXECUTIVE SUMMARY
375 NE 54th Street is located a quick turn off of Biscayne Boulevard, Miami’s main corridor. The property sits at the intersection of Buena Vista, MiMo and Little Haiti, all growing neighborhoods due to their proximity to the Downtown Core. The property is also minutes from the Design District.
The property consists of two buildings - a two story shopping center and a one story food market. The shopping center has 9 units between 650-850 square feet, allowing for optimal per foot rental numbers. The food market is renovated and equipped with a hood, grease trap and walk in cooler.
The property has traditionally had below market leases. STL Commercial has since facilitated 3 new leases at $50/NNN for the ground floor and $30/NNN for the second floor. There is only one vacancy remaining on the entire property. There are two expired leases on the ground floor, currently on month-month that can be increased as well. There are also demolition/renovation clauses in every lease. This offers significant upside for a buyer.
The property is zoned T6-8-O - allowing for mid rise development. It allows for you to build a mixed-use project with 66 multi-family units or 132 hotel units. The property is an ideal buy and hold for someone looking to raise rents and cash in on the appreciation of the area before developing. A buyer can also elect to tear down the buildings and develop in the more immediate future.
Additionally, the new Live Local (SB102) legislation allows for even more height, density, and FAR allowances than what is allowed by right.
Seller Financing Available. Live Local Act (SB102) Eligible.
The property consists of two buildings - a two story shopping center and a one story food market. The shopping center has 9 units between 650-850 square feet, allowing for optimal per foot rental numbers. The food market is renovated and equipped with a hood, grease trap and walk in cooler.
The property has traditionally had below market leases. STL Commercial has since facilitated 3 new leases at $50/NNN for the ground floor and $30/NNN for the second floor. There is only one vacancy remaining on the entire property. There are two expired leases on the ground floor, currently on month-month that can be increased as well. There are also demolition/renovation clauses in every lease. This offers significant upside for a buyer.
The property is zoned T6-8-O - allowing for mid rise development. It allows for you to build a mixed-use project with 66 multi-family units or 132 hotel units. The property is an ideal buy and hold for someone looking to raise rents and cash in on the appreciation of the area before developing. A buyer can also elect to tear down the buildings and develop in the more immediate future.
Additionally, the new Live Local (SB102) legislation allows for even more height, density, and FAR allowances than what is allowed by right.
Seller Financing Available. Live Local Act (SB102) Eligible.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
8,729 SF
Building Class
C
Year Built
1988
Price
$4,900,000
Price Per SF
$561.35
Cap Rate
5.36%
NOI
$262,397
Percent Leased
73%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.37
Lot Size
0.54 AC
Opportunity Zone
Yes
Zoning
C-1 - Commercial
Parking
10 Spaces (1.29 Spaces per 1,000 SF Leased)
Frontage
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- POSITION
- AVAILABLE
UNIT 3: 1ST FLOOR 650 SF Asking $3,166/mo all-in
2nd floor, 850 SF ASKING $2,125/mo + NNN expenses ($500/mo est.)
UNIT 8: 2nd floor Turns-Key Office 850 SF Asking $2,225 + NNN expenses
| Space | Size | Space Use | Position | Available |
| 3 | 650 SF | Office/Retail | - | Now |
| 6 | 850 SF | Office/Retail | - | Now |
| 8 | 850 SF | Office | - | Now |
3
| Size |
| 650 SF |
| Space Use |
| Office/Retail |
| Position |
| - |
| Available |
| Now |
6
| Size |
| 850 SF |
| Space Use |
| Office/Retail |
| Position |
| - |
| Available |
| Now |
8
| Size |
| 850 SF |
| Space Use |
| Office |
| Position |
| - |
| Available |
| Now |
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MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
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STREET
MAP
3
| Size | 650 SF |
| Space Use | Office/Retail |
| Position | - |
| Available | Now |
UNIT 3: 1ST FLOOR 650 SF Asking $3,166/mo all-in
6
| Size | 850 SF |
| Space Use | Office/Retail |
| Position | - |
| Available | Now |
2nd floor, 850 SF ASKING $2,125/mo + NNN expenses ($500/mo est.)
1 of 12
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
8
| Size | 850 SF |
| Space Use | Office |
| Position | - |
| Available | Now |
UNIT 8: 2nd floor Turns-Key Office 850 SF Asking $2,225 + NNN expenses
Walk Score®
Very Walkable (89)
Bike Score®
Very Bikeable (76)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 01-3218-061-0010 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,233,760 |
PROPERTY TAXES
Parcel Number
01-3218-061-0010
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,233,760
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
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Shopping Center with Development Upside | 375 NE 54th St
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