600 Payne Dr
Miami Springs, FL 33166
#A11595231
Description
The subject property includes three contiguous parcels totaling 7,877 SF and a 4,000 SF building, which encompasses outdoor dining. There are 15 parking spaces available. The offering is a single-tenant NNN retail occupied by Woody’s Tavern Grill, which just signed a new 10-year NNN lease with (1) 5-Year Option with 4% annual increases. The first year of the lease operates under a gross rent model, transitioning to a NNN lease from Year 2 onwards, yielding an 8% cap rate. This shift significantly reduces landlord responsibilities for operating expenses, taxes, and insurance. This property offers a robust investment opportunity with a strong tenant in place, a renovated structure.
Property Details
- CountyMiami-Dade County
- MLS #A11595231
- MLS #A11595231
- Property TypePurchase
- Cost1250000
- Property SubtypeRetail
- Year Built1950
Location
Legal
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Last Updated: . Source: MAOR
Listing Courtesy
Listing Agent: Rayza Perez (#3288548)
Listing Office: Dwntwn Realty Advisors LLC (#DWRA01)
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