375 NE 54th Street is located a quick turn off of Biscayne Boulevard, Miami’s main corridor. The property sits at the intersection of Buena Vista, MiMo and Little Haiti, all growing neighborhoods due to their proximity to the Downtown Core. The property is also minutes from the Design District.

The property consists of two buildings – a two story shopping center and a one story food market. The shopping center has 9 units between 650-850 square feet, allowing for optimal per foot rental numbers. The food market is renovated and equipped with a hood, grease trap and walk in cooler.

The property has traditionally had below market leases. STL Commercial has since facilitated 3 new leases at $50/NNN for the ground floor and $30/NNN for the second floor. There is only one vacancy remaining on the entire property. There are two expired leases on the ground floor, currently on month-month that can be increased as well. There are also demolition/renovation clauses in every lease. This offers significant upside for a buyer.

The property is zoned T6-8-O – allowing for mid rise development. It allows for you to build a mixed-use project with 66 multi-family units or 132 hotel units. The property is an ideal buy and hold for someone looking to raise rents and cash in on the appreciation of the area before developing. A buyer can also elect to tear down the buildings and develop in the more immediate future.

Additionally, the new Live Local (SB102) legislation allows for even more height, density, and FAR allowances than what is allowed by right.

Seller Financing Available. Live Local Act (SB102) Eligible.

Agent Contact: Alex Tsoulfas, President

305-972-7217, Alex@stl-advisors.com