Are you looking for a real estate investment opportunity in Miami? An exciting new retail space has just hit the market, and according to a recent article from The Real Deal, the triple-net retail space has a net operating income of $420,000. The listing includes seven retail spaces on the ground floor of 900 Biscayne, a 63-story mixed-use tower. The asking price of $10.4 million works out to be $811 per square foot. The units are 85% occupied with tenants that include Libar Steakhouse, Star Foods Market & Bistro and a Venegas International Group office.

The building was completed in 2008 which was when LLCs managed by Antonio E. Magraner purchased the properties for a combined $9.5 million. Currently, Libar Asian is working on the buildout for a 3,600-square-foot space in unit 101 on the southeast corner. This unit is divided into three spaces, including the space being leased by Star Foods (1,700 square feet) and a vacant business center (1,700 square feet). Libar Steakhouse is in units 102 and 103, totalling about 2,400 square feet. Unit 104 is occupied by Venegas who is working on the buildout of their 1,800-square-foot space. Elia Group, a Greek restaurant, occupies unit 105, a 1,200-square-foot space.

900 Biscayne includes three floors of retail and restaurant space, topped by 513 luxury condos. Kevin Durant, basketball star for the Oklahoma City Thunder, previously owned a penthouse in the tower that sold for $3.15 million last May. The building sits adjacent to the future site of Zaha Hadid’s One Thousand Museum, an 83-unit condo tower with units starting at $5.5 million. This triple-net investment property is perfect for the hands-off landlord looking for a property in an up-and-coming Miami location.  

For more information about available Miami properties, please contact Oceanica Real Estate at (786) 270-1743 or info@oceanicarealestate.com.