Miami Urban Core Shopping Center- Attractive Owner Financing
42K SF Retail/Office | 1.75 Acres | All Short Term Leases
Marketing description
Marcus & Millichap is pleased to present the opportunity to acquire a covered land play located at 2742 SW 8th St & 833 SW 29th Ave. This property consists of 40,245 SF of gross leasable area sitting on a 75,923 SF lot (1.74 Acres). It is situated on SW 8th St and right off 27th Ave which is exposed to over 35,000 vehicles per day. 27th Avenue strategically leads directly into the heart of Coconut Grove which is 2.5 miles south.
The current zoning allows for a 280-unit multifamily building by right or a 300-unit multifamily building utilizing the Live Local Act. This property currently consists of 36 tenants that are all on short term leases and generates over $850,000 a year in NOI giving developers a steady cash flow while they await permits for redevelopment.
The subject property is centrally located near Miami’s most desirable neighborhoods such as Coral Gables, Brickell, Coconut Grove, and Downtown Miami. It is less than 3 miles from Brickell City Center and Coconut Grove’s Coco Walk and within 1.5 miles from Little Havana’s world-famous Ball and Chain night club and Café La Trova.
Little Havana is one of the most densely populated neighborhoods in Miami-Dade County with a 1-mile density of roughly 40,000 residents and over 300,000 residents within a 3-mile radius. Additionally, the vacancy rates in Little Havana are some of the lowest in Miami-Dade County boasting multifamily vacancy rates of below 5%.
Investment highlights
- 42,000 SF of Existing Improvements on 75,923 SF of Land | Rare Covered Land Opportunity in Miami’s Urban Core | Generating $850,000+ NOI with all tenants on month-to-month leases or expiring within 12 months, creating immediate repositioning and redevelopment flexibility.
- Attractive Owner Financing Available: Seller willing to provide up to $10,000,000 in seller financing at 6% interest-only for 3 years with no prepayment penalty.
- Current zoning allows, as-of-right, for a minimum of 280 residential units, excluding any additional density incentives available under the Live Local Act. Ownership has engaged Bercow Radell Fernandez Larkin & Tapanes to complete a zoning study, available upon request to qualified buyers.
- Located in the heart of Little Havana, one of Miami-Dade County’s most densely populated urban submarkets, with nearly 40,000 residents within a 1-mile radius and more than 300,000 residents within 3 miles.
- Owned by the same family for more than 40 years, this generational asset presents a rare opportunity to acquire a true covered land play with near-term lease rollover, allowing investors to strategically reposition, re-tenant, or redevelop the property.
- Ideally positioned directly on Calle Ocho with exposure to more than 35,000 vehicles per day and catty-corner to Miami Dade College’s Padrón Campus, part of one of the nation’s largest college systems serving 120,000+ students annually.
- The property’s unique parcel configuration creates a highly efficient redevelopment opportunity, allowing for multifamily construction on the rectangular 2742 parcel while utilizing 833 SW 29th Avenue for a detached parking structure—6 potentially resulting in substantial development cost savings. Investment Overview
- Net Operating income: $869,398
- Pro-Forma NOI: $1,203,639
- Pro-Forma cap Rate: 6.69%
- Price Per SF: $429 per SF
- Land Value: $237 per SF
- Cash On Cash: 7.55%
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