840 1st St
Miami Beach, FL 33139
IL Mulino Building · Retail Property For Sale

Marcus & Millichap has been selected to exclusively market for sale the Il Mulino Restaurant Building, a 2,288 square-foot single tenant trophy retail property located in the exclusive South of Fifth submarket of Miami Beach. The single-story iconic retail property was built in 1957 and completely remodeled in 2012. Il Mulino, an internationally known Italian restaurant chain with other successful locations in New York, Atlantic City, Orlando, and Nashville, has occupied the entire property since 2013. In anticipation of their opening, restaurant ownership invested upwards of three million dollars into the interior space. The restaurant is incredibly popular with both the local South Beach residential community and the many tourists that visit from out of state. The building is located at 840 1st Street amongst several of the most popular other dining spots on the Southern tip of South Beach in the exclusive South of Fifth neighborhood. The building is surrounded by multiple high-end condominium buildings providing a constant wealthy in-fill customer base. In recent years several new mixed-use development projects have broken ground in the immediate area that have both increased density and demand for more retail in the South of Fifth submarket. Other notable neighboring restaurants are Fogo de Chao, Milos, Planta and Joe’s Stone Crab. The Il Mulino Building is a rare investment opportunity that allows an investor management free cash flow for several years, in a space that has millions of dollars of tenant invested buildout and the benefit of aggressive annual base rental increases. The South of Fifth commercial retail market remains one of the most dynamic and growing rental markets in all of South Florida.