A property with dual frontage on two of Wynwood highly activated streets

$8,300,000
For sale

4540

Property ID

6,000 SqFt

Size

Description

The subject property consists of a +/-6,000 SF building on a 10,500 SF combined lot.​ The two contiguous parcels, 170 NW 24 St & 165 NW 23 St, provide dual frontage on two of Wynwood highly activated streets.​

Demised into 3 fully entitled restaurant spaces.​

The estimated 4.73% cap in year one is grounded on F&B rental rates now being achieved in the Wynwood sub-market.​

Given both the lot size and current positioning, this opportunity is well suited for investor & developer alike as a covered land benefiting from an income producing property with mid-term upside.​

Located adjacent to 1-800-Lucky, one half block east of Panther Coffee & directly across the street from the site of PMG’s Society Wynwood.​

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Address

Address: 170 NW 24th St, Miami, FL 33127
  • Country: United States
  • Province / State: Florida
  • City / Town: Miami
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  • Property ID 4540
  • Price $8,300,000
  • Property Type Retail
  • Property status For sale
  • Year Built 1959
  • Size 6,000 SqFt
  • Units 3
  • Zoning T5-O/NRD-1
  • Price Per Sqft $1,383.33
  • Subtype Restaurant
  • Investment Type Core
  • Class B
  • Tenancy Multi
  • Net Rentable (sq ft) 10,500
  • Pro-Forma Cap Rate 4.91%
  • Occupancy 100%
  • Pro-Forma NOI $407,779
  • Year Renovated 2019
  • Buildings 1
  • Stories 1
  • Price/Sq Ft (Land Value) $619.05/SF
  • APN 01-3125-037-0480

Contact

Zena Bardawell Farah

Property Agent
+1 305-967-7200
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