Retail•Free Standing Building•For Sale or Lease

Miami Beach Central Hardware Paint Store

545 W 41st St, Miami Beach, Florida 33140

Sale Price $600,000
Lease Rate $39.00 /SqFt NNN
Sale Type Business for Sale
Zoning 6600 COMMERCIAL - LIBERAL
Bldg Type Multi-Tenant
Status Existing
Year Built 1937
Stories 2
Vacancy 100%
Gross Bldg 13,310 SqFt
Total Avail 13,310 SqFt
Avail 13,310 to 0 SqFt
RBA 10,310 SqFt
Contig Space 13,310 SqFt
Land Area .23 Acres
Improvements Two separate Land leases with two separate folios: 533 41st Street and 545 41st Street
Market Miami - Dade
Sub-Market Miami Beach
Legal Descr PID # 02-3222-001-1520 or 22-23 53 42 ORCHARD SUB NO 4 PB 25-30 LOTS 3 & 4 BLK 11 LOT SIZE 50.000 X 100 and PID # 02-3222-001-1530 or ORCHARD SUB NO 4 PB 25-30 LOTS 5-6 BLK 11 LOT SIZE 50.000 X 100
Legacy Hardware Store for Sale with Lease in-place ending 2044 Retail Buildings (Hardware Store and Paint Store) with lease through 2044 - West Building 5,000 SF Ground Level and 3,310 SF Mezzanine - East Building 5,000 Ground Level Third Extension on Lease June 1, 2020 to May 31, 2025 - West Building (8,310 SF) Rent Rate $12,000/Month plus Sales Tax ($17.33/SF NNN) - East Building (5,000 SF) Rent Rate $9,000/Month plus Sales Tax ($21.60/SF NNN) - Total Rent per Year $252,000 plus Sales Tax or Blended Rent Rate $18.93/SF NNN Forth Extension on Lease June 1, 2025 to May 31, 2030 - West Building (8,310 SF) Rent Rate $12,857/Month plus Sales Tax ($18.57/SF NNN) - East Building (5,000 SF) Rent Rate $9,643/Month plus Sales Tax ($23.14/SF NNN) - Total Rent per Year $270,132 plus Sales Tax or Blended Rent Rate $20.30/SF NNN Fifth Extension Period June 1, 2030 - May 31, 2044, Rent Rate equals 95% of Market Rate (TBD) Current Combined Expenses Approx. $7.00/SF or $93,121 per Year (RE Taxes & Insurance) Centrally located on the busiest business street in Miami Beach, 41st Street. Used retail, restaurant, or offices. The property includes separate entrances, central air conditioning, 41st Street is the business street on Miami Beach with 15 banks, many restaurants & shops linking Miami Beach with Miami via the Julia Tuttle Causeway.
  • Landmark Ace Hardware Store with Benjamin Moore Paint Store operated since 1947
  • Prime Location on Arthur Godfrey Boulevard off Prairie Road
  • Serves Mid-Beach residential Market and Miami Beach Hotels and Businesses
  • Rear Parking Public Lot and Loading areas
  • Off street Parking on 100 Feet of Store Frontage
  • Two Buildings on combined Land Leases operated as one store
  • Building can be demised into two separate buildings: East 5,000 SF and West 8,310 SF
  • The offering has two leases in place, one for each property address. The asking price for the lease assignments of $550,000.00 will convey both leases, or 545 41st Street for $300,000.00 and 533 41st Street for $300,000.00

1 Spaces

Strip Center
13,310 SqFt
$39.00 NNN
8/1/2019
5,000 SqFt
13,310 SqFt
10/8/2019 3:32:51 PM 5/24/2020 11:32:33 PM
Tony Ulloa
Director Private Real Estate Investments
The Keyes Company
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