• An Award Winning Net Lease & Retail Commercial Real Estate Group

Downtown Miami Fee Simple Sherwin Williams with Air Rights

2615 Biscayne Blvd, Miami, FL 33137, USA
$2,538,666

Description

Marcus & Millichap is pleased to present for sale the Fee Simple interest in the Sherwin Williams located on 2615 Biscayne Boulevard just north of world famous Downtown Miami.
The 3,900 square foot building benefits from its strategic corner location and visibility to the highly trafficked Biscayne Boulevard, one of Miami’s major North – South thoroughfares, with over 34,500 vehicles daily. The Biscayne Boulevard corridor is one of the most desirable retail corridors in Miami Dade County. There are over 232,000 full time residents living within a three-mile
radius and well over 519,000 in a five-mile radius.
Sherwin Williams is operating with 3 years remaining on the base term and two options to extend for five years each. The lease is guaranteed by The Sherwin Williams Company, an investment grade tenant (S&P BBB), with over 4,694 locations. Neighboring national tenants include Starbucks, McDonald’s, Taco Bell, Pizza Hut, Papa Johns, Staples, Walgreens, among others.
Current zoning (T6-36) and below market rents provide an investor with substantial upside if the tenant vacates.

  • Sherwin William Corporate Guarantee (NYSE: SHW) – Investment Grade Tenant (S&P BBB)
  • Located on High Trafficked Biscayne Boulevard – 34,500+ Vehicles Per Day
  • Fee Simple Allowing for Depreciation
  • Miami T6-36 Zoning
  • Significantly Below Market Rent
  • High Density Demographics – 232,000 within 3 Miles more than doubles to 519,000 within 5 Miles
  • Potential for Future Upside

Property Documents

  • Sherwin-Williams-Miami-FL-om-ib
  • City: Miami
  • State/county: Florida
  • Zip/Postal Code: 33137
  • Country: United States

Detail

  • Price: $2,538,666

Additional details

  • CAP Rate: 4.50%
  • NOI: $114,240

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