Basic Information

  • MLS # A11595231
  • Type Retail
  • Status Sold
  • Year Built 1950
  • Total Sqft 7,877
  • Date Listed 05/29/2024
  • Days on Market 256
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.

Exterior Features

  • Waterfront No
  • Parking Spaces 0
  • Pool No
  • Parking Description

Interior Features

  • Adjusted Sqft 7,877Sq.Ft
  • Sqft 7,877 Sq.Ft

Property Features

  • Aprox. Lot Size 7,877
  • Furnished Info No
  • Short Sale Regular Sale
  • Subdivision Complex
  • Subdivision Info
  • Tax Amount $7,940
  • Tax Year 0

600 Payne Dr

Miami Springs, FL 33166

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