600 Payne Dr, Miami Springs, FL 33166

$1,250,000
List Price
$1,250,000
Price Change
▼ $149,000 1730248061
MLS#
A11595231
Status
ACTIVE
Type
Commercial

Property 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.

Additional Information

Days on Market
162
Tax Amount
$7,940
Parcel Number
05-30-24-001-0830
Lot Size
7,877
Address
600 Payne Dr, Miami Springs
Year Built
1950
Section
24

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Listing Courtesy of Dwntwn Realty Advisors LLC, Contact: