Amazing Property in the Heart of Downtown Miami
The Porosoff Group is proud to present The Ralston Building in the center of Downtown Miami, now known as the World Precious Metals, an 8 story, 22,490 rentable square foot property built in 1906 & 1915.
The property sits on a 3,125 square foot lot on the signalized corner of NE 1st Avenue and NE 1st Street.
The property had been significantly renovated in the early 2000’s and again over the last several years.
Currently the building has several offices leased out to jewelry companies and ground floor retail.
There are plans to convert floors 2-8 to hospitality use resulting in 18 hotel rooms with a mix of one bedroom + dens to two bedroom rooms.
The ground floor rooms have recently been renovated and are currently leased.
Downtown Miami has seen a resurgence in recent years.
Wynwood Investor, Moishe Mana has purchased over 50 buildings on or near Flagler Street since 2014 for a total of over $375 Million.
In October of 2019, Moishe Mana revealed the timeline for his Downtown Miami plans.
Mana will begin by renovating the 13-story building at 155 S. Miami Ave.
Built in 1980 and totaling about 166,000 square feet, the building formerly house federal immigration offices and it looks the part of a staid government office.
And Mana wants the building to house office and technology tenants.
While many of Mana’s properties are zoned for 50 to 80 stories, that’s not his vision.
Mana will follow with another project on the same block, at South Miami Avenue and S.W. 2nd Street.
That includes a modest-sized new building along with renovations to the parking garage.
some historic structures that could house restaurants.
- Located in the Heart of Downtown, the Miami Central Business District. Walking Distance to Brickell, The Court House, Miami Airlines, Miami World Center, Brickell City Center, American Airlines Arena, Bayfront Park, and Brightline Virgin Miami Central Station
- Tipsy Flamingo Cocktail Bar Recently Opened In The Retail Bay
- LOI With Sextant Stays – A Short Term Hospitality Operator
- Immediately across the street from the Historic Downtown Miami Post Office-A planned conversion into a food and beverage complex that will Include downtown Miami’s first brewery
- Adjacent to the Seybold Jewelry Building and Across the street from Metro Mall which is undergoing a $35 Million renovation
- Main & Main Location
- Country: United States
- Province / State: Florida
- City / Town: Miami
- Property ID 3293
- Price $8,000,000
- Property Type Hotel, Office, Retail
- Property status For sale
- Year Built 1906/1915
- Size 17,160 SqFt
- Units 18
- Cap Rate 4.45%
- Zoning T6-80-O
- Lot Area 3,125(sq ft)
- Price Per Sqft $466.20
- Investment Type Value Add
- Class B
- Tenancy Multi
- Net Rentable (sq ft) 17,160
- NOI $355,728
- Buildings 2
- Stories 8
- APN 01-0111-060-1020, 01-0111-060-1010
- Down Payment $4,000,000