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Unit Size: 3,523 SF
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Condo Use: Retail
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Price: $5,521,000 USD
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Sale Type: Investment
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Price/SF: $1,567.13 USD
Description
Two ground-floor commercial condo units (CU-1 and CU-2) totaling 3,523 SF located within 250 Wynwood, a six-story, 11-unit luxury multifamily building completed in 2015. CU-1 comprises 1,730 SF and CU-2 comprises 1,793 SF, each with direct street-level access and prominent frontage along NW 24th Street. Both units feature open floor plans, high ceilings, and full restaurant build-outs. Located one block from Wynwood Walls in Miami's premier arts and entertainment district, with a Walk Score of 96.
Sale Notes
DWNTWN Realty Advisors is pleased to exclusively present for sale 250 NW 24th Street (the "Property"), two fee-simple ground-floor commercial condominium units totaling 3,713 rentable square feet at 250 Wynwood, a six-story luxury residential building at the intersection of NW 24th Street and NW 2nd Avenue in the heart of Miami's Wynwood Arts District. Delivered as new construction within one of the submarket's most architecturally distinctive buildings, the Property occupies a hard-corner retail position on Wynwood's primary pedestrian spine, benefiting from a Walk Score of 96 and direct frontage along the district's highest foot-traffic corridor.
The Property is 100% leased on absolute triple net terms to two established food-and-beverage operators, La Birra Bar and Doggi's Arepa Bar, with a weighted average lease term of 7.9 years and no remaining renewal options. La Birra Bar, ranked among the seven best burger restaurants in the world for three consecutive years, operates its flagship U.S. expansion from Commercial Unit CU-1 through July 2033. Doggi's Arepa Bar, five-time winner of Miami New Times' Best Arepas, occupies Commercial Unit CU-2 through June 2034. Both leases carry personal guaranties, contractual annual escalations averaging 2.5% to 3.0%, and full tenant responsibility for operating expenses, real estate taxes, and management fees, producing a truly passive income stream with zero landlord capital or maintenance obligations.
Priced at $5,521,000, the offering represents a 5.5% capitalization rate on 2027 contractual net operating income of $301,756, with embedded base rent growth expanding the yield on cost to 7.0% by 2035 without a single lease turnover. Set against Wynwood's 124% residential population growth since 2015, more than 6 million annual visitors, and a structurally supply-constrained retail inventory, the Property offers investors durable, escalating, management-free cash flow secured by proven operators in one of the most visited retail districts in the United States.
Tony Arellano
DWNTWN Realty Advisors