700 SW 17th Avenue Retail
$2,500,000
700 SW 17th Ave, Miami, FL 33135
10,448 sqft
Building Size
0.43 acres
Lot Area
Details:
Description:
Marcus & Millichap is pleased to present for sale 700 SW 17th Ave, Miami, FL, 33135. The property consists of Seven Retail Bays & Six Office Bays totaling 10,448 Rentable Square Feet. The property has great curb appeal and is strategically located on the signalized intersection of SW 7th Street and SW 17th Avenue, one of Little Havanas busiest intersections with vehicular traffic amounting to 34,900 vehicles per day. Additionally, the property benefits from approximately 145 linear feet of frontage along SW 7th Street and 130 linear feet of frontage along SW 17th Avenue. Furthermore, the subject has a rare availability of 30 parking spaces averaging 3 parking spaces per 1,000 SF and has recently completed its 40/50 Year Recertification.
Currently, 6 out of the 9 tenants at the property are on a month to month lease with rents averaging approximately $13.01 Per Square Foot Gross for retail, and approximately $7.28 Per Square Foot Gross for Office. The subject propertys retail and office rents are respectively, 58% and 60% below market, minimizing the downside risk for an investor to reposition. Through repositioning current leases and backfilling the vacant retail & office bays to market rent, an investor will increase cash flow on the property significantly maximizing the yield.
The subject property is adjacent to Little Havanas Art & Entertainment District, and is centrally located near Coral Gables, Brickell, Coconut Grove, and Downtown Miami. The surrounding area consist of an array of major retailers and new developments.
T5-O Zoning, Multiple Uses allowed by right, Excellent Medical Reposition Opportunity
Strategically located on the signalized intersection of 17th Avenue and SW 7th Street
34,900 Vehicles Per Day, one of Little Havana's busiest intersections
Approximately 145 linear ft along SW 7th ST and 130 linear ft along SW 17th AVE
6 out of 9 tenants on Month to Month Leases
Property will be delivered with 40/50 Year Recertification prior to closing
UNIT MIX
Retail 7
Office 5
Location
Gallery
