Price Reduced 19.35%


Price History

$1,550,000
5/28/2024

$1,399,000
9/6/2024

$1,250,000
10/29/2024


600 Payne Dr, Miami Springs, FL, 33166

600 Payne Dr, Miami Springs, FL, 33166

1950

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.


Status:

Active

Type:

Commercial

Zoning:

6300

Est. Taxes:

$7,940

Days on Market:

154

MLS #:

A11595231


Community Info

School Info

Walk Score

Yelp



Listing courtesy of Dwntwn Realty Advisors LLC Phone: 305-909-7343