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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.
Address
Address:
170 NW 24th St, Miami, FL 33127
- Country: United States
- Province / State: Florida
- City / Town: Miami
- 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