South Miami Retail Building (2nd Gen Restaurant)

Highlights

• Prime South Miami Location
• 6,384 SF Bldg., 10.700 SF Lot
• Two Equipped Restaurant Spaces
• End-User Opportunity
• Zoning: Specialty Retail - Hometown District Overlay
• Near Avalon Bay South Miami project and Transformative Sunset Place

Description

Explore a distinctive commercial investment opportunity in the dynamic heart of South Miami, just off US-1 and close to the University of Miami. This standalone, multi-tenant building is perfectly positioned within the City of South Miami's Specialty Retail - Hometown District Overlay, offering flexibility and potential for growth. Covering 6,384 SF on a 10,700 SF lot, this property presents a significant development prospect with a Floor Area Ratio (FAR) of 1.6 and a permissible build height of up to 4 stories.

Currently, the building houses two fully equipped, second-generation restaurant spaces featuring complete kitchens, state-of-the-art hood-vent systems, and walk-in coolers. An inviting outdoor courtyard makes it ideal for open-air dining. Benefiting from multi-use zoning in an Opportunity Zone, it offers potential tax incentives and allows extended operations until 4 AM, with no on-site parking requirements.

The property can easily be leased at a market rate of $85.00 NNN, resulting in a Net Operating Income (NOI) of $542,640 and a 6% Cap Rate. The property's value is enhanced by the nearby redevelopment of Sunset Place, which is rejuvenating the area by promoting pedestrian-friendly environments with new residential, office, and retail spaces. Additionally, the forthcoming Avalon South Miami by AvalonBay promises to bring 290 luxury apartments and 31,000 square feet of retail space by the end of 2025. This property is a prime investment for those looking to tap into the vibrant and growing South Miami market.

5840 SW 71 ST is located in downtown South Miami at the US-1 and 71 ST intersection. The property is situated in a bustling area with a high traffic count of 81,500 average daily traffic count (ADTC). Additionally, the location is within walking distance to the University of Miami, and many eateries and shops, making it a convenient and attractive destination for both residents and visitors. With its prime location and proximity to major transportation routes, this property offers an excellent opportunity for businesses looking to establish a presence in a dynamic and growing part of the city.

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