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Miami Retail and Adjacent Land

8001 Biscayne Blvd : Miami, FL 33138

Miami-Dade County, Florida

0.37 Acre
Land Auction
February 22, 2021 11:00 AM
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Property Description

Miami Retail & Adjacent Land with Development Rights

Investment Highlights

• ±3,100 SF, free standing, restaurant positioned on a total of ±0.37 acres with prime frontage as well as ingress/egress on Biscayne Blvd in Miami, Fl

• 100% occupied by Sottosale, an Italian Restaurant owned by a 20-unit operator, on a Nnn-Lease through 8/2024 with annual escalations

• Tenant spent $200,000 in upgrades including large hood and stove replacement, interior renovation and exterior landscaping; lease states all Ff&E belongs to landlord

• Unique value-add investment opportunity via redevelopment with the potential to build a high-rise office, residential and/or hospitality tower while continuing to collect cash flow from operations while planning for redevelopment

• Zoned T6-8-O Urban Core Zone offering flexible and favorable zoning under Miami 21 allowing for the highest density and greatest variety of uses

• Coveted MiMo District location with front parking and a contiguous ±5,720 SF lot directly behind the building that can potentially be used for additional parking or further development

• Central infill location along one of Miami's main north-south thoroughfares just minutes away from the Design District, Wynwood, Midtown Miami, Miami Beach and the downtown Cbd/Brickell

• Dense and compelling demographics with over 160,000 people living within 3-miles and nearly 500,000 people living within 5-miles

Offering Details

CBRE and RealINSIGHT Marketplace are proud to offer a ±3,100 SF restaurant and redevelopment opportunity located at 8001 Biscayne Boulevard (the “Property”) in Miami, FL. Well located within the MiMo District, the Property presents an investor the opportunity to acquire a piece of irreplaceable real estate in one of the most coveted and trafficked areas of Miami at an attractive basis.

The offering is positioned on two parcels: the parcel fronting Biscayne Blvd containing ±10,412 SF (0.239 acres) and a contiguous second back lot which is ±5,720 SF (0.131 acres) located directly behind the building, off 80th street (615 NE 80th Street) that can potentially be used for additional parking or further development. The existing building contains ±3,100 SF and has front parking with ingress and egress right off Biscayne Boulevard, which is extremely rare and coveted. The entire building was completely renovated in 2015 and brought up to code at that time. On the Property, there is a large billboard sign facing northbound traffic on Biscayne which can also be used by the tenant or leased to a commercial tenant for additional cash flow.

The Property is currently 100% occupied by Sottosale, an Italian Restaurant owned by a 20-unit operator, on a Nnn-Lease through 8/2024. The tenant has spent $200,000 recently on kitchen equipment, interior renovations, and exterior landscaping. All Ff&E belongs to the landlord per the lease. The Property offers investors an income producing asset and upside via annual rent escalations, two five (5) year renewal options, and redevelopment potential. Future owners have the ability to capitalize on the appreciating market via strategic leasing plans upon rollover capturing higher quality tenancy at long term market rates. Additionally, investors can choose to adaptively re-use the property or plan for future redevelopment. The Property benefits from favorable zoning under Miami 21 and is zoned T6-8-O allowing for a wide array of uses at various densities.

The Property is positioned in the heart of the MiMo District on the corner of Biscayne Boulevard and 80th. The site boasts direct frontage along Biscayne Boulevard, a trait ideal for street-level retail or food & beverage. The Property offers excellent accessibility to the greater Miami area and is strategically located just a few minutes to the east of heavily traveled I-95 along the 79th street commercial corridor. Additionally, this infill location along one of Miami's main north-south thoroughfares is just minutes away from the Design District, Wynwood, Midtown Miami, Miami Beach and the downtown Cbd/Brickell. The walkable neighborhood is going through a major change and has drawn recent interest as evidenced by the development in the immediate area. The Property features an attractive location and benefits from location near numerous area amenities including retail, hospitality, entertainment, and medical/educational facilities. The Property's surrounding area features strong and compelling demographics with a population over 160,000 people living within 3-miles and nearly 500,000 people living within 5-miles. Additionally, the Property is positioned near a diverse group of area businesses producing significant daytime traffic in excess of ±210K employees within a 5-mile radius.

8001 Biscayne Boulevard offers investors the unique opportunity to purchase a cash flowing asset with various value enhancement opportunities in an unmatched location within the MiMo District.

Auctioneer:

Lamar P. Fisher

Fisher Auction Company Inc.

License: Au93 Fisher Auction Co: Ab106

Commercial Details

Type : Retail
Zoning : T6-8-O
100% Occupancy
1941 Built
2015 Renovated
3,100 Sq Ft

More Property Details

Has Commercial Building
Commercial Zoning
COMMERCIALFLIP ID
265041
Posted on COMMERCIALFLIP
8 Days Ago
Last Updated
2 Days Ago
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