Lombardi PROPERTIES
Retail Property FOR SALE 169 NW 23rd Street | Miami, FL 33127 WYNWOOD, MIAMI’S PREMIER ENTERTAINMENT NEIGHBORHOOD
PRESENTED BY Julian Oquendo | Commercial Associate Lombardi PROPERTIES 305.586.7360 cell | 305.695.1600 office [email protected] 1 Lombardi 169 NW 23rd Street | Miami, FL 33127 PROPERTIES WYNWOOD PROPERTY SUMMARY
DESIGN DISTRICT 19595
27 NW 36th St MIDTOWN MIAMI
169 NW 23rd Street NW 29th St SUBJECT PROPERTY 441
WYNWOOD
NW 12th Ave Ave 12th 12th NW NW EDGEWATER
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NW 2nd Ave 2nd NW NE 2nd Ave 2nd NE
NE 20th St Ave Miami N Biscayne Bay
OFFERING SUMMARY PROPERTY OVERVIEW NE 15th St Venetian Cswy PERFORMANCE ART 39595 Sale Price $4,950,000 Lombardi Properties is proud to offer for saleDISTRICT a 3,960 SF fullyA1A renovated retail building with patio space on a 5,250 SF lot. The property went through anWatson extensive Park Year Built 1970 renovation in early 2019 and has been fully leased (NNN) to two established Year Renovated 2019 restaurant concepts: La Sandwicherie & Baccano. With both tenants on 8 year base term leases seeing 4% annual increases, this a very rare opportunity to acquire a Building Price Per SF $1,250 stabilized, cash-flowing property in Wynwood. The building is located just steps off Land Price Per SF $942.85 of NW 2nd Avenue and sits next to El Patio, 1-800 Lucky & The Freehold. Just minutes to any part of Miami’s Urban Center: Health District, Design District, Midtown, Zoning T-5 O Beaches, Brickell, Miami River, Port of Miami and Miami International Airport.
TENANCY
PROPERTY HIGHLIGHTS
Located in the heart of Wynwood
Stabilized, Absolute NNN deal that requires minimal management
Potential to re-develop the land on a longer timeframe
Lombardi Properties | 160 NW 26th Street #201 | Miami, FL 33127 2 Lombardi 169 NW 23rd Street | Miami, FL 33127 PROPERTIES WYNWOOD PROPERTY SUMMARY
SITE PLAN FLOOR PLAN
NW 24th STREET
WEST EAST TENANT TENANT
EXIT
CORRIDOR
EXIT
CORRIDOR NW 2nd AVENUE 2nd NW NW 2nd AVENUE 2nd NW WEST EAST TENANT TENANT (Not Included) (Not Included) EXIT ONE STORY CORRIDOR
BUILDING EXIT 169 NW 23rd St CORRIDOR ELECT ELECT ROOM EAST ROOM EAST TRASH TRASH ROOM ROOM
ONLY WEST WEST TRASH TRASH BUS ROOM ROOM
Outdoor Patio
ELECT ELECT ROOM EAST ROOM EAST TRASH TRASH ROOM ROOM
WEST WEST TRASH MAIN BUILDING TRASH MAIN BUILDING NW 23rd STREETROOM LIFE SAFETY PLAN ROOM PROPOSED FLOOR PLAN
MAIN BUILDING MAIN BUILDING LEASE SUMMARIES LIFE SAFETY PLAN PROPOSED FLOOR PLAN Base Rent Escalations/Options Rent Lease Lease Rent Annual Exepense Address Tenant Name SF Start Expiration Per SF Base Rent Date Base Rent Per SF Recoveries Suite 101 Cafe Babbo, LLC 1,882 3/27/2019 7/31/2027 $65.00 $122,330.00 8/1/2020 $67.60 NNN 8/1/2021 $70.30 3% Cap on Controllable 8/1/2022 $73.12 Expenses Per Year 8/1/2023 $76.04 8/1/2024 $79.08 8/1/2025 $82.25 8/1/2026 $85.54 8 Year Option 8/1/2027 90% of FMR 4% annual increases Suite 102 Croque Au Sel, LLC 1,845 3/27/2019 6/30/2027 $65.00 $119,925.00 8/1/2020 $67.60 NNN 8/1/2021 $70.30 8/1/2022 $73.12 8/1/2023 $76.04 8/1/2024 $79.08 8/1/2025 $82.25 8/1/2026 $85.54 8 Year Option 8/1/2027 95% of FMR 4% annual increases 3,727 $242,255
Lombardi Properties | 160 NW 26th Street #201 | Miami, FL 33127 3 Lombardi 169 NW 23rd Street | Miami, FL 33127 PROPERTIES WYNWOOD TENANCY MAP
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PRESENTED BY Julian Oquendo | Commercial Associate Lombardi PROPERTIES 305.586.7360 cell | 305.695.1600 office [email protected] 4