$1,399,000
600 Payne Dr Miami Springs, FL 33166
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$1,399,000
Est. payment /mo
4,000 SqFt
Price Dropped by $151K
600 Payne Dr Miami Springs, FL 33166
UPDATED:
09/30/2024 08:59 PM
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
Square Footage 4,000 sqft
Price per Sqft $349
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
Listed by Dwntwn Realty Advisors LLC
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