Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Little Havana - Hard Corner with income located in Miami, FL, according to Kirk A. Felici, first vice president and regional manager of the firm’s Miami office. The asset sold for $1,840,000.
Jean-Baptiste Ramet, Kirk D. Olson, and Drew A. Kristol, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor.
Little Havana is one of Miami’s most popular neighborhoods. Close to Brickell and Downtown Miami, Little Havana is home to the Calle Ocho Festival that attracts over one million visitors each year. The neighborhood is also in proximity to Miami International Airport, Marlins Park, and the upcoming Sports and Management Academy of the soon to be Beckham United States Soccer Stadium.
“This property presented an investor with the rare opportunity to acquire a 24,242 square foot property in the heart of Little Havana. Along with the T6-8-O zoning that allows for up to 8 floors in height, this shopping strip shows wonderful potential for future development” said Jean-Baptiste Ramet.
The property is located at the signalized corner of NW 7th St. and 22nd Ave., two of Little Havana’s main retail corridors. The property is 100% occupied and consists of a mix of commercial and residential units. This prime corner is well known within Miami as the “Casa de Piedra” where it is believed Fidel Castro once stayed. The rental rates are below market, offering an investor the opportunity to increase the return before the site is likely and eventually redeveloped.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com