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Commercial

Miller Drive Redevelopment Opportunity

8800 SW 56th St, Miami, FL 33165

Listing Price: $4,000,000

Lot Size
1.87 acres
Price/Acre
$2,138,255
Land Type
Redevelopment
Buildable Square Feet
81,487

Investment Overview

Marcus & Millichap is pleased to present for sale the property located at 8800 SW 56th Street | Miami, FL | 33165. The property consists of one free-standing restaurant building totaling 9,527 SF and sits on a 1.87-acre parcel that is zoned BU-1A. This turn-key free-standing restaurant building recently underwent a nearly complete gut renovation and expansion. The property was designed with a basement and has substantial outdoor decking. Additionally, the building has two elevators; one passenger, and one service. The seating capacity is 250 for the indoor dining area, and 150 for the outdoor area, bringing the total seating capacity of the restaurant to 400. Furthermore, there are over 82 surface parking spaces with a current parking ratio of 8.61 spaces per 1,000 SF. This site is one of the last 2-Acre sites remaining in Westchester. Currently, the land has a restrictive covenant in effect that allows only for a single tenant restaurant. However, we are currently in negotiations with the neighboring home-owner association to modify the covenant in order to allow for a 21,500 SF in line retail strip center. Given the huge void of national retail tenants along Miller Drive, and rents averaging over $30 per square foot Net, this site has major upside for a developer. The property is situated in the Westchester area and is just one mile West of Miami’s 826-Palmetto Expressway which has an average annual daily traffic count of approximately 122,000 vehicles per day along 826 & Miller Drive (SW 56th Street). The property also benefits from being centrally located near the neighborhoods of Olympia Heights, Glenvar Heights, Sunset, and South Miami.

Investment Highlights

  • Approximately 490 Linear Feet of Frontage along SW 56th ST
  • Multiple Means of Ingress with A Left Turn In Heading West on Miller Drive (SW 56th ST)
  • Rare Opportunity to Acquire 1.86 Acres of Land in Westchester
  • Void of National Retail Tenants Along Miller Drive
  • Average Household Income of $86,000 within a 3-Mile Radius

Exclusively Listed By

Commercial

Miller Drive Redevelopment Opportunity

Listing Price: $4,000,000

Lot Size
1.87 acres
Price/Acre
$2,138,255
Land Type
Redevelopment
Buildable Square Feet
81,487

Investment Highlights

  • Approximately 490 Linear Feet of Frontage along SW 56th ST
  • Multiple Means of Ingress with A Left Turn In Heading West on Miller Drive (SW 56th ST)
  • Rare Opportunity to Acquire 1.86 Acres of Land in Westchester
  • Void of National Retail Tenants Along Miller Drive
  • Average Household Income of $86,000 within a 3-Mile Radius

Investment Overview

Marcus & Millichap is pleased to present for sale the property located at 8800 SW 56th Street | Miami, FL | 33165. The property consists of one free-standing restaurant building totaling 9,527 SF and sits on a 1.87-acre parcel that is zoned BU-1A. This turn-key free-standing restaurant building recently underwent a nearly complete gut renovation and expansion. The property was designed with a basement and has substantial outdoor decking. Additionally, the building has two elevators; one passenger, and one service. The seating capacity is 250 for the indoor dining area, and 150 for the outdoor area, bringing the total seating capacity of the restaurant to 400. Furthermore, there are over 82 surface parking spaces with a current parking ratio of 8.61 spaces per 1,000 SF. This site is one of the last 2-Acre sites remaining in Westchester. Currently, the land has a restrictive covenant in effect that allows only for a single tenant restaurant. However, we are currently in negotiations with the neighboring home-owner association to modify the covenant in order to allow for a 21,500 SF in line retail strip center. Given the huge void of national retail tenants along Miller Drive, and rents averaging over $30 per square foot Net, this site has major upside for a developer. The property is situated in the Westchester area and is just one mile West of Miami’s 826-Palmetto Expressway which has an average annual daily traffic count of approximately 122,000 vehicles per day along 826 & Miller Drive (SW 56th Street). The property also benefits from being centrally located near the neighborhoods of Olympia Heights, Glenvar Heights, Sunset, and South Miami.

Exclusively Listed By

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