600 Payne Dr Miami Springs, FL 33166
SOLD FOR
$1,150,000
$1,550,000
(19.4%)
Overview
- Status: Closed
- Bed(s) No info
- Bath(s)
- Half Bath(s) 0
- Parking No info
- Size: 4,000 ft2/371.61 m2
- Price Per: $312.50 ft2/$3,363.72 m2
- Type: Commercial/Investment
- Built: 1950
- HOA: No info
- MLS Number: A11595231
- View No info
- On Site: 281 days
- Updated: Listing Refreshed: 23 Days Ago
The subject property includes three contiguous parcels totaling 7,877 SF and a 4,000 SF building, which encompasses outdoor dining. There are 15 parking spaces available. The offering is a single-tenant NNN retail occupied by Woody’s Tavern Grill, which just signed a new 10-year NNN lease with (1) 5-Year Option with 4% annual increases. The first year of the lease operates under a gross rent model, transitioning to a NNN lease from Year 2 onwards, yielding an 8% cap rate. This shift significantly reduces landlord responsibilities for operating expenses, taxes, and insurance. This property offers a robust investment opportunity with a strong tenant in place, a renovated structure.
Price History
| Date | Event | Price | Change Rate | Price Per |
|---|---|---|---|---|
| 02/10/2025 | Sold | $1,150,000.00 | 8.0% | $287.50 ft2/$3,094.63 m2 |
| 10/29/2024 | Price Reduced | $1,250,000.00 | 10.7% | $312.50 ft2/$3,363.72 m2 |
| 09/06/2024 | Price Reduced | $1,399,000.00 | 9.7% | $349.75 ft2/$3,764.68 m2 |
| 05/29/2024 | Listed | $1,550,000.00 | $387.50 ft2/$4,171.02 m2 |
Contact Information
Tracey Schmitt
Real Estate Advisor
Office: (305) 407-1657
Specialties:
Luxury Oceanfront Communities, Waterfront Single Family Homes
Memberships:
Master Brokers, Luxury Real Estate Marketing, Million Dollar Guild
This property is courtesy of the Dwntwn Realty Advisors LLC. The data relating to real estate for sale/lease on this web site come in part from a cooperative data exchange program of the multiple listing service (MLS) in which this real estate firm (Broker) participates. The properties displayed may not be all of the properties in the MLS's database, or all of the properties listed with Brokers participating in the cooperative data exchange program. Properties listed by Brokers other than this Broker are marked with either the listing Broker's logo or name or the MLS name or a logo provided by the MLS. Detailed information about such properties includes the name of the listing Brokers. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. The Florida Association of Realtors and its cooperating MLSs do not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing.