Miami Springs, FL 33166,600 Payne Dr
Miami Springs, FL 33166,600 Payne Dr
Miami Springs, FL 33166,600 Payne Dr
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$1,250,000
Est. payment /mo
4,000 SqFt

UPDATED:

10/29/2024 07:21 PM

Key Details

Property Type Commercial

Sub Type Retail

Listing Status Active

Purchase Type For Sale

Square Footage 4,000 sqft

Price per Sqft $312

MLS Listing ID A11595231

HOA Y/N No

Year Built 1950

Annual Tax Amount $7,940

Lot Size 7,877 Sqft

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.

Location

State FL

County Miami-dade

Area 30

Others

Tax ID 05-30-24-001-0830

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional


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Listed by Dwntwn Realty Advisors LLC

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600 Payne Dr

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