For Sale
$3,500,000

280 60Th St Miami, FL 33137

4-bay warehouse, Miami, FL; high potential.

Overview

Added:
Dec 11, 2024
Days on market:
136
This 7,898 sq ft Miami warehouse, built in 1973, offers significant value-add potential. Located in a D1 Mixed Use zone, it features 18' ceilings and is situated near the Magic City Innovation District. The property consists of one single-story building with four units, currently leased at below-market rates, presenting a strong opportunity for lease-up or redevelopment. The asking price is $3,500,000, representing a $443.15/sq ft price and a 6.7% cap rate based on pro forma rents of $30/sq ft NNN. The land value alone is $215/sq ft. Significant redevelopment potential exists, allowing for up to 80,000 buildable square feet and up to eight stories. The property is ideal for an owner-user, investor seeking lease-up income, or a developer looking for a value-add opportunity. Current rents are below market, offering immediate upside. The property is a Net Lease (NNN) investment. The location benefits from proximity to major transportation arteries and the burgeoning Magic City Innovation District. This is a prime opportunity to capitalize on the growth of Miami's Little Haiti neighborhood.

Highlights

  • $3,500,000 asking price for a 7,898 SF industrial warehouse in Miami, FL.
  • Multi-tenant, Class B warehouse with 4 units, offering a 6.7% cap rate.
  • Located in Miami-Dade County, zoned D1 Mixed Use, allowing for redevelopment up to 80,000 buildable SF.
  • 18' ceiling height, built in 1973, situated near the Magic City Innovation District and within an Opportunity Zone.
  • NNN lease type, with potential for lease-up or value-add improvements, including adding upper levels for residential or commercial use.
  • $443.15 price per square foot, $215 per square foot land value, and $875,000 per unit.

Property Details for 280 60Th St

Property type
Warehouses, Industrial properties
Square Feet
7,898 SF
Class
B
Year Built
1973
Buildings
1
Stories
1
Units
4

Location Insight

City
Miami
County
Miami-Dade
State
Florida
Latitude
25.831413326389
Longitude
-80.190459330169

FAQs

What type of property is this?
Warehouse - 4-bay warehouse, Miami, FL; high potential.
Where is the warehouse located?
The property is located at 280 60Th St Miami, FL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: $3,500,000 asking price for a 7,898 SF industrial warehouse in Miami, FL.; Multi-tenant, Class B warehouse with 4 units, offering a 6.7% cap rate.; Located in Miami-Dade County, zoned D1 Mixed Use, allowing for redevelopment up to 80,000 buildable SF.
How can I contact the broker?
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280 60Th St
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