Wynwood 328-330-342 Northwest 29th Street

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    Dollar Amount

    N/A
    Wynwood Existing Office/Retail with Development Opportunity

    Retail / Land / Office
    Miami, FL
    For Sale
    11,000 SF

    Highlights

    Prime development opportunity in the Miami neighborhood of Wynwood – Rated one of the most alluring areas in the country

    Offering Price: To Be Determined By Market

    Two Renovated, Incoming-Producing Office Buildings & Adjacent Parking Lot (21,000 SF of Total Land & 11,000 SF Building)

    Existing Zoning & Incentives Allow 196,800 SF Building W/12 Stories

    Central to Wynwood’s Top Attractions

    CLICK HERE TO BE TAKEN TO OUR PROPERTY LANDING PAGE WHERE YOU CAN ACCESS THOROUGH DUE DILIGENCE LOCATED IN OUR VIRTUAL DEAL ROOM.

    Description

    Located at the intersection of 29th Street and NW 3rd Avenue, this collection of properties is walking distance from both Miami Avenue — the connector of Miami’s primary urban neighborhoods including Midtown, Wynwood, Downtown and Brickell — and NW 2nd Avenue, the principal commercial corridor of the Wynwood Arts District.

    Furthermore, the portfolio is central to Wynwood’s most coveted and innovative sights, showcasing countless restaurants, breweries, cafés, art galleries, boutiques and an energetic nightlife, while revered establishments, such as the Rubell Family Collection, Wynwood Walls and O Cinema, thrive.

    • Two income-producing buildings on three city lots
    • Current gross rental income is $263,273, approximately $24 per SF, well below market rates (tenancy expires 2018, allowing for flexible redevelopment)
    • Current NOI $211,834, Proforma NOI $528,460 (w/Market Rents at $50/SF)
    • High-density flexible zoning, T6-8, with city incentives available – uses include multifamily residential, general commercial (including most retail and services), office uses, lodging, and others
    • Recently updated zoning regulations and workforce housing eligiblity allow for a building of 196,800 SF and 12 stories of residential development

     

    CLICK HERE TO GO TO OUR PROPERTY LANDING PAGE WHERE YOU CAN ACCESS THOROUGH DUE DILIGENCE LOCATED IN OUR VIRTUAL DEAL ROOM.

    Contact Broker

    Maximo Rodriguez
    (P) - (305) 345-0815
    (E) - mrodriguez@hilcoglobal.com

    Jeff Azuse
    (P) - (847) 418-2703
    (E) - jazuse@hilcoglobal.com