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170 NW 24th STREET

Listing was updated on: 03/16/2020
170 NW 24th STREET 170 NW 24th STREET 170 NW 24th STREET

Property Overview

Price/Rent PSF $ 7,100,000.00
Asset Type Industrial
Trade Type Sale
SQ. FT. Available 6,000
Date Available 03/16/2020
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Description

Location
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

Sale
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

Location

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