12
See all 12 photos
$1,250,000
Est. payment /mo
4,000 SqFt
Price Dropped by $149K
600 Payne Dr Miami Springs, FL 33166
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
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
Listed by Dwntwn Realty Advisors LLC
If you have been thinking about selling your home, or are looking to buy your dream home, Jenise welcomes the opportunity to meet you!! Feel free to reach out to me so we can discuss your real estate needs.