600 Payne Dr ,Retail for Sale & Rent

600 Payne Dr for Sale & Rent

Price $1,250,000.00

• Lot size 7877
• Year Build 1950
• Waterfront
• Zip 33166
• Style
• Parking Description
• Pool Yes
• Status Active

Description

The subject property includes three contiguous parcels totaling 7,877 SF and a 4,000 SF building, which encompasses outdoor dining. There are 15 parking spaces available. The offering is a single-tenant NNN retail occupied by Woody?s Tavern Grill, which just signed a new 10-year NNN lease with (1) 5-Year Option with 4% annual increases. The first year of the lease operates under a gross rent model, transitioning to a NNN lease from Year 2 onwards, yielding an 8% cap rate. This shift significantly reduces landlord responsibilities for operating expenses, taxes, and insurance. This property offers a robust investment opportunity with a strong tenant in place, a renovated structure.

FEC ADD TO HIA PB 20-14 BEG NE COR OF BLK 24 WLY50FT SLY 25.5FT ELY50FT NLY25.5FT TO POB LOT SIZE 25.500 X 50 OR 19151-0028 0500 2(2)

The subject property includes three contiguous parcels totaling 7,877 SF and a 4,000 SF building, which encompasses outdoor dining. There are 15 parking spaces available. The offering is a single-tenant NNN retail occupied by Woody?s Tavern Grill, which just signed a new 10-year NNN lease with (1) 5-Year Option with 4% annual increases. The first year of the lease operates under a gross rent model, transitioning to a NNN lease from Year 2 onwards, yielding an 8% cap rate. This shift significantly reduces landlord responsibilities for operating expenses, taxes, and insurance. This property offers a robust investment opportunity with a strong tenant in place, a renovated structure.

City:Miami Springs,Zoning:6300,List A O R:A-Miami Association of REALTORS,Latitude:25.8188139,List Price:1250000,Listing Id:A11595231,Longitude:-80.3051474,Mls Status:Active,Year Built:1950,Postal Code:33166,Street Name:Payne Dr,Coordinates:1:25.8188139,Photos Count:12,Business Type:1:Retail Space,Days On Market:154,Listing Terms:1:Conventional/Refinance,Lot Size Units:Square Feet,M I A M I R E_ Area:30,On Market Date:2024-05-28,Parcel Number:05-30-24-001-0830,Property Type:Commercial Sale,Street Number:600,Public Remarks:The subject property includes three contiguous parcels totaling 7,877 SF and a 4,000 SF building, which encompasses outdoor dining. There are 15 parking spaces available. The offering is a single-tenant NNN retail occupied by Woody?s Tavern Grill, which just signed a new 10-year NNN lease with (1) 5-Year Option with 4% annual increases. The first year of the lease operates under a gross rent model, transitioning to a NNN lease from Year 2 onwards, yielding an 8% cap rate. This shift significantly reduces landlord responsibilities for operating expenses, taxes, and insurance. This property offers a robust investment opportunity with a strong tenant in place, a renovated structure.,County Or Parish:Miami-Dade County,List Office Name:Dwntwn Realty Advisors LLC,Standard Status:Active,Living Area Units:Square Feet,Major Change Type:Price Decrease,Postal Code Plus4:4975,Property Sub Type:Retail,State Or Province:FL,Tax Annual Amount:7940,Unparsed Address:600 Payne Dr, Miami Springs FL 33166,Listing Agreement:Exclusive Right To Sell,Building Area Total:4000,Building Area Units:Square Feet,Lot Size Square Feet:7877,Original List Price:1550000,Previous List Price:1399000,Public Survey Range:30,I D X Participation Y N:1,Syndication Remarks:The subject property includes three contiguous parcels totaling 7,877 SF and a 4,000 SF building, which encompasses outdoor dining. There are 15 parking spaces available. The offering is a single-tenant NNN retail occupied by Woody?s Tavern Grill, which just signed a new 10-year NNN lease with (1) 5-Year Option with 4% annual increases. The first year of the lease operates under a gross rent model, transitioning to a NNN lease from Year 2 onwards, yielding an 8% cap rate. This shift significantly reduces landlord responsibilities for operating expenses, taxes, and insurance. This property offers a robust investment opportunity with a strong tenant in place, a renovated structure.,Listing Contract Date:2024-05-28,Originating System I D:miamire,Public Survey Section:24,Showing Instructions:24 Hour Notice,Call Listing Agent,Street Number Numeric:600,Tax Legal Description:FEC ADD TO HIA PB 20-14 BEG NE COR OF BLK 24 WLY50FT SLY 25.5FT ELY50FT NLY25.5FT TO POB LOT SIZE 25.500 X 50 OR 19151-0028 0500 2(2),Public Survey Township:30,Originating System Name:Miami Association of REALTORS?,M I A M I R E_ Internet Remarks:The property includes 3 parcels totaling 7,877 SF with a 4,000 SF building. 8% Cap Rate new 10-year NNN lease, offering a great investment.,Contract Status Change Date:2024-05-28,Internet Address Display Y N:1,Internet Consumer Comment Y N:1,M I A M I R E_ Ok To Advertise List:No,Internet Entire Listing Display Y N:1,Internet Automated Valuation Display Y N:1,