Design District Retail sells for $2,443 per SF by JM Padron

By
Commercial Real Estate Agent with INTERNATIONAL COMMERCIAL ASSOCIATES BK3212919

The Carpet Creations building in Miami’s Design District has sold for $21.5 million. A 8,800 SF, two story building, built in 1954 and renovated in 2014, sits on a 5,000 SF lot.

The Sellers are Elizabeth and Neil Rosen, who owned and operated the carpet store for more than 40 years. The buyer is Harbor Group International, which has a large Real Estate owned portfolio with several properties in Florida.

If you do the math, the price comes to $2,443 per square feet, taking at conservative CAP of 6 % and considering ideal situation (100% occupied), the NNN rent should be $147.00 per square feet per year and the operating expenses should be around $49 in taxes plus insurance and maintenance.

The rent to the tenant should be in the neighborhood of $202.00 per square feet, this is for a 1,000 SF space, $16,800 per month. You have to have a heck of sales and profit to pay this rent.

 

 

 

 

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International Commercial Associates Group covering South Florida and Latin America, with offices in Mexico City, Tijuana, Monterrey, Guadalajara, Queretaro, Bogota, Santiago, Buenos Aires, Lima, Quito y Guayaquil.

A full service Commercial Brokerage Firm with more than 200 commercial certified brokers, holding the most prestigious certifications, CCIM & MRICS

Contact our president at joems@msn.com or +52 55 81011549

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