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Urban Core Miami Shopping Center Redev. 2742 SW 8th St 40,245 SF 100% Leased Retail Building Miami, FL 33135 $26,342,361 CAD ($654.55 CAD/SF) 4.54% Cap Rate
INVESTMENT HIGHLIGHTS
- 40,000+ SF of Existing Buildings on 75,923 SF of Land | Rare Covered Land Opportunity Generating $850,000+ NOI | 90% of Tenants MTM or Rolling by 2026
- Little Havana ranks among the most densely populated submarkets in Miami-Dade County, nearly 40,000 residents within 1 mile and over 300,000 radius.
- Rare opportunity to acquire a long-held asset—owned for more than 40 yrs— all leases structured to roll within 24 months, for immediate repositioning.
- Current zoning allows, as-of-right, a minimum of 280 residential units, without factoring in additional density permitted under the Live Local Act.
- Property sits along Calle Ocho—one of Miami’s most iconic and highly traveled corridors—close to Brickell and Coconut Grove's CocoWalk.
- Catty-corner to Miami Dade College’s Padrón Campus — part of the Miami Dade College network serving 120,000+ students annually.
EXECUTIVE SUMMARY
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%.
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%.
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PROPERTY FACTS
Sale Type
Investment
Property Type
Building Size
40,245 SF
Building Class
C
Year Built/Renovated
1977/1988
Price
$26,342,361 CAD
Price Per SF
$654.55 CAD
Cap Rate
4.54%
NOI
$1,195,648 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.53
Lot Size
1.74 AC
Zoning
T6-8-O
Parking
103 Spaces (2.56 Spaces per 1,000 SF Leased)
AMENITIES
- Bus Line
- Pylon Sign
Walk Score®
Very Walkable (87)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,669,990 CAD | |
| Land Assessment | $7,400,588 CAD | Total Assessment | $12,832,145 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$7,400,588 CAD
Improvements Assessment
$2,669,990 CAD
Total Assessment
$12,832,145 CAD
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Urban Core Miami Shopping Center Redev. | 2742 SW 8th St
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