Coral Gables NNN Retail (Attractive Owner Financing)
Established Dry Cleaner & Restaurant on Alhambra Circle with Below Market Rents
Marketing description
Marcus & Millichap is pleased to present the opportunity to acquire a prime two-tenant net leased asset located at 274 Alhambra Circle in Coral Gables, Florida. Positioned along one of the city's most prominent business corridors, this 4,850-square-foot building sits on a 5,000-square-foot parcel, offering a rare investment opportunity in a high-barrier-to-entry market.
Strategically situated in the heart of Coral Gables, the property boasts exceptional walkability and is just two blocks from Miracle Mile, the area’s premier destination for dining, shopping, and entertainment. The asset presents significant future upside, as current rental rates average $39 per square foot NNN, well below the prevailing market rates.
Additionally, the property is enrolled in the Florida Department of Environmental Protection (FDEP) providing state-funded remediation and liability protection related to dry cleaning solvent contamination, minimizing environmental risk for ownership.
This generational asset has remained under single ownership since 1992, underscoring its stability and long-term value. Coral Gables is one of the most affluent submarkets in Miami-Dade County, with a median household income exceeding $118,000 per year, further enhancing the property’s desirability and investment potential.
Investment highlights
- Attractive Owner Financing
- Two Tenant Retail Building on NNN Leases with Below Market Rents.
- Fully Built-out restaurant occupied by Cafe Vialetto, a well established operator in Coral Gables for over 25 years.
- Established Dry Cleaner with Over 30 Years of Operation (FDEP Enrolled)
- Enrolled in the Florida Department of Environmental Protection (FDEP) – Provides environmental liability protection and state-funded remediation for potential drycleaning solvent contamination, minimizing risk for property owners.
- Pierre's Dry Cleaner installed a new Hydrocarbon machine in 2016 to minimize environmental impact.
- Located on Alhambra Circle, one of Coral Gables' most prominent streets, with a significant influx of professionals during working hours—home to 27 office buildings totaling over 2.8 million square feet.
- Coral Gables is one of Miami’s most affluent neighborhoods: Median household income exceeding $118,000 | Population exceeding 245,000 within a 3-mile radius
- Two blocks from Miracle Mile, Coral Gables’ premier destination for dining, shopping, and entertainment.
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