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Miami Beach Central Hardware Store & Paint Store

Listing was updated on: 10/04/2019
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Property Overview

Price/Rent PSF $ 550,000.00
Asset Type Retail
Trade Type Sale & Lease
SQ. FT. Available 13,310
Spaces Show
Date Available 10/04/2019
Additional URL Link
Floors 1
Additional parameters Show
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Description

Location
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.

Sale
Legacy Hardware Store on 99 Year Land Lease ending 2044

Lease
Retail Buildings (Hardware Store and Paint Store) on 99-Year Land 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)

Location

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