1003-1037 NW 3rd Ave
Miami, FL 33136
Terrain À vendre · 1,38 AC

Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a the ground lessor interest of a land lease with 29 years remaining, located at 1003 – 1037 NW 3rd Avenue in Miami, Florida (the “Property”). The Property is comprised of two adjacent parcels of land totaling 60,000 square feet (1.38-acres) in the heart of Miami’s Overtown neighborhood. The Property is subject to a long term Absolute NNN Ground Lease that commenced in 1956 and expires on September 30, 2055 (29+ years) without any options to renew. The Tenant is responsible for all operating expenses (real estate taxes, insurance (including windstorm coverage, common area maintenance) as well as all general repairs and maintenance and all capital repairs. The lease generates $16,000 per year in passive income. The Property has been improved by the Arena Square Apartments, a mixed- use complex that features street level retailers along NW 3rd Avenue and one- hundred-twenty-two (122) residential apartments.. The apartment units operate under a Land Use Restriction Agreement (LURA) requiring rental to low-income residents for the remainder of the lease term. The improvements are owned by the Tenant for the duration of the lease and will become the Property of the Landlord upon the expiration of the Absolute NNN Ground Lease. The offering presents a rare opportunity to acquire a prime parcel of land in one of the most highly sought-after real estate markets in the world. The parcel is subject to a long term Absolute NNN Ground Lease that requires no management responsibilities. The Property allows an investor to generate passive income and appreciation from the asset for the next 29+ years, with the significant upside occurring when the improvements revert to the Landlord at the termination of the lease. The Property is positioned in a quiet residential enclave that provides outstanding access to Downtown Miami and the employment, education, and entertainment venues the city offers. Additionally, Brickell, Biscayne Bay, Miami Beach, and the Miami Medical District are all within a few miles of the Property. The Property provides a rare opportunity to own a minimal cash flowing asset with no management responsibilities or expenses whatsoever, long-term upside potential, and unparalleled access to Downtown Miami.