600 Payne DrMiami Springs, FL 33166

Property Details for 600 Payne Dr

Year built

1950

Construction

CONCRETE

Lot size

0.06 AC

Property size (Sq ft)

1,250 SF

Zone code

6300:COMMERCIAL,RESTRICT

Property type

Turn key restaurants

APN

05-3024-001-0830

APU

530240010830

Description

This exceptional Miami Springs investment opportunity presents a single-tenant, 4,000 square foot NNN retail property located at 600 Payne Dr, Miami Springs, FL 33166. The property, built in 1950 and renovated in 2004, sits on a 7,877 square foot lot and includes 15 parking spaces. Currently 100% occupied by Woody's Tavern Grill, the property boasts a newly signed 10-year NNN lease with a 5-year option, featuring 4% annual rent increases. The lease structure transitions to a true NNN lease from year two, significantly reducing landlord responsibilities for operating expenses, taxes, and insurance. The asking price is $1,250,000, representing a compelling $312.50 per square foot and an 8.92% cap rate based on a current NOI of $111,500. The building includes outdoor dining space, adding to its appeal. This is a turnkey investment with a well-established tenant and a secure long-term lease, making it an ideal addition to any portfolio. The property consists of three contiguous parcels. The first year of the lease operates under a gross rent model.

• CAP approach

  CAP return

  Valuation

  6%

  $520,977

  6.5%

  $480,902

  7%

  $446,552

• Comparable approach

  Method

  Valuation

  Relative Method

  $444,276

  Geo Method

  $444,276

• Alternative Use

  Use

  Valuation

  Residential

  $405,659

  Hospitality

  $371,581

  Educational

  $309,151

  Medical

  $319,783

  Retail

  $480,902

Location Insight

City

Miami Springs

County

Miami-dade

State

Florida

Latitude

25.8188

Longitude

-80.3051

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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