Industrial•Flex Space•For Sale

170 NW 24th STREET

170 NW 24th St, Miami, Florida 33127

Sale Price $7,100,000
Zoning T5-O/NRD-1
Year Renovated 2018
Gross Bldg 6,000 SqFt
RBA 6,000 SqFt
Land Area .24 Acres
Ceiling Height 14.0 Ft
Wynwood's 170 NW 24 St is now available for purchase for the first time in a decade. The subject property is comprised of a 6,000 SF of building on a combined 10,500 SF of land. The two contiguous parcel offering includes both 170 NW 24 St & 165 NW 23 St, constituting a flow-through property with 50' of frontage on two of Wynwood's highly activated streets. In-place income from three fully entitled restaurant tenants, the largest and longest-running of which is at dramatically below market rental rate. The estimated 6.1% cap on a 3 year proforma is grounded in rental rates already being achieved in the Wynwood sub-market. Given both the lot size and building improvements, this opportunity presents multiple approaches for both investor & developer including a covered land play & maintaining a long term income producing property benefiting from near term market rate adjustments. All impact fees have been paid. Tenant's are separately metered for both electric and water. Property is connected to a 12" water main. Major upgrades to electric service and plumbing have been recently completed. 14' ceilings, Twin-T construction. 40 year re-certification completed in 2019. Located adjacent to 1-800-Lucky, one half block east of Panther Coffee & directly across the street from the site of PMG's X Wynwood. This property is truly in the geographical center of Wynwood's Neighborhood Revitalization District. Zoned T5-O/NRD-1 Central Commercial Real Estate is pleased to present the opportunity to purchase a fully stabilized asset in the entertainment center of Wynwood's NRD. 170 NW 24 St provides frontage on two of Wynwood's highly activated streets. On 24th St, this site is 150' east of Panther Coffee and directly across the street from PMG's mixed-use development site. On 23rd St, this site rests between 1-800-Lucky and El Patio. This opportunity will provide investors with significant near term upside due to fmv lease adjustments. Comprised of two contiguous parcels, 170 NW 24th Street and 165 NW 23 St consists of approximately 6,000 Sf of building situated on a combined 10,500 SF of land. All three tenants are fully entitled food and beverage operators. The mechanical, electrical and plumbing have all been updated. Tenants are individually metered for both water and electric. 50' of frontage on both NW 23rd & 24th Streets. The subject property benefits from close proximity to NW 2nd Ave, Wynwood's primary retail artery, where unique boutique businesses blend with an increasing number of national and credit-rated tenants. Population density in Wynwood's NRD is forecast to rise significantly in the near to mid term due to a rising number of mixed-use projects in various stages of development. Wynwood's 170 NW 24 St is now available for purchase for the first time in a decade. The subject property is comprised of a 6,000 SF of building on a combined 10,500 SF of land. The two contiguous parcel offering includes both 170 NW 24 St & 165 NW 23 St, constituting a flow-through property with 50' of frontage on two of Wynwood's highly activated streets. In-place income from three fully entitled restaurant tenants, the largest and longest-running of which is at dramatically below market rental rate. The estimated 6.1% cap on a 3 year proforma is grounded in rental rates already being achieved in the Wynwood sub-market. Given both the lot size and building improvements, this opportunity presents multiple approaches for both investor & developer including a covered land play & maintaining a long term income producing property benefiting from near term market rate adjustments. All impact fees have been paid. Tenant's are separately metered for both electric and water. Property is connected to a 12" water main. Major upgrades to electric service and plumbing have been recently completed. 14' ceilings, Twin-T construction. 40 year re-certification completed in 2019. Located adjacent to 1-800-Lucky, one half block east of Panther Coffee & directly across the street from the site of PMG's X Wynwood. This property is truly in the geographical center of Wynwood's Neighborhood Revitalization District. Zoned T5-O/NRD-1
2/17/2020 2:53:35 PM 5/26/2020 2:26:25 PM
Diamela Burguera
Realtor
Central Commercial Real Estate
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