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5960 NE 2nd Ave 5952-5960 NE 2nd Ave 4,979 SF 100% Leased Retail Building Miami, FL 33137 $8,576,462 CAD ($1,722.53 CAD/SF) 6.50% Cap Rate
Investment Highlights
- Five independent commercial kitchen suites
- Walk-in cooler/freezer + reach-in units
- Future proof layout design
- Private grease trap, meters, and trash room
- 16 Ft. hood
- Minutes from Design District, Wynwood, Little River & I-95
Executive Summary
The U.S. food production, delivery, and prepared-meal sectors are expanding steadily, driving strong demand
for well-located, fully built commercial kitchens. Operators across ghost kitchens, premium catering, and
prepared-meal services increasingly depend on centralized, high-capacity facilities—supporting consistent
leasing activity and long-term tenancy within this specialized asset class.
Nationwide, the ghost kitchen market is projected to grow from $71B (2021) to over $177B by 2030, while
delivery now accounts for 15–20% of restaurant revenue, up from ~5% pre-COVID. Prepared-meal services are
following a similar trajectory, with the U.S. market expected to reach $14.8B by 2028 and consumer adoption
up 28% since 2020. These operators require reliable production infrastructure and typically invest heavily in
equipment, contributing to stronger renewals and reduced turnover for landlords.
Catering and event-driven food production remain another major demand driver, with the U.S. catering
sector surpassing $73B in 2023 and forecasting annual growth of 5–6%. Miami’s expanding hospitality and
luxury event economy further supports high-capacity operators seeking dedicated, professionally equipped
facilities.
High entry costs—ranging from $300–$600/SF and 12–18 months to build a compliant kitchen—combined
with impact fees and complex permitting create meaningful barriers to new supply. As a result,
second-generation commercial kitchens command premium rents, maintain low vacancy, and show high
tenant retention, as operators become anchored by equipment investment and mission-critical operational
continuity.
The continued growth of delivery-first dining, catering, and prepared-meal operators—combined with the
scarcity of professionally built kitchen infrastructure—positions commercial kitchen real estate as a resilient
and consistently leased asset class. Properties like 5960 NE 2nd Avenue, oering modern systems, fully built
production capacity, and long-term NNN tenancy, are well aligned with these national trends.
for well-located, fully built commercial kitchens. Operators across ghost kitchens, premium catering, and
prepared-meal services increasingly depend on centralized, high-capacity facilities—supporting consistent
leasing activity and long-term tenancy within this specialized asset class.
Nationwide, the ghost kitchen market is projected to grow from $71B (2021) to over $177B by 2030, while
delivery now accounts for 15–20% of restaurant revenue, up from ~5% pre-COVID. Prepared-meal services are
following a similar trajectory, with the U.S. market expected to reach $14.8B by 2028 and consumer adoption
up 28% since 2020. These operators require reliable production infrastructure and typically invest heavily in
equipment, contributing to stronger renewals and reduced turnover for landlords.
Catering and event-driven food production remain another major demand driver, with the U.S. catering
sector surpassing $73B in 2023 and forecasting annual growth of 5–6%. Miami’s expanding hospitality and
luxury event economy further supports high-capacity operators seeking dedicated, professionally equipped
facilities.
High entry costs—ranging from $300–$600/SF and 12–18 months to build a compliant kitchen—combined
with impact fees and complex permitting create meaningful barriers to new supply. As a result,
second-generation commercial kitchens command premium rents, maintain low vacancy, and show high
tenant retention, as operators become anchored by equipment investment and mission-critical operational
continuity.
The continued growth of delivery-first dining, catering, and prepared-meal operators—combined with the
scarcity of professionally built kitchen infrastructure—positions commercial kitchen real estate as a resilient
and consistently leased asset class. Properties like 5960 NE 2nd Avenue, oering modern systems, fully built
production capacity, and long-term NNN tenancy, are well aligned with these national trends.
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
4,979 SF
Building Class
C
Year Built
1950
Price
$8,576,462 CAD
Price Per SF
$1,722.53 CAD
Cap Rate
6.50%
NOI
$557,470 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.60
Lot Size
0.19 AC
Opportunity Zone
Yes
Zoning
T5-O - General Commercial
Parking
6 Spaces (1.2 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Signage
Walk Score®
Very Walkable (84)
Bike Score®
Very Bikeable (89)
Nearby Major Retailers
Property Taxes
| Parcel Number | 01-3113-022-0130 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,820,140 CAD |
Property Taxes
Parcel Number
01-3113-022-0130
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,820,140 CAD
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5960 NE 2nd Ave | 5952-5960 NE 2nd Ave
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