600 Payne Dr Miami Springs, FL 33166-4975

This exceptional Miami Springs investment opportunity presents a single-tenant, 4,000 square foot NNN retail property located at 600 Payne Dr, Miami Springs, FL 33166. The property, built in 1950 and renovated in 2004, sits on a 7,877 square foot lot and includes 15 parking spaces. Currently 100% occupied by Woody's Tavern Grill, the property boasts a newly signed 10-year NNN lease with a 5-year option, featuring 4% annual rent increases. The lease structure transitions to a true NNN lease from year two, significantly reducing landlord responsibilities for operating expenses, taxes, and insurance. The asking price is $1,250,000, representing a compelling $312.50 per square foot and an 8.92% cap rate based on a current NOI of $111,500. The building includes outdoor dining space, adding to its appeal. This is a turnkey investment with a well-established tenant and a secure long-term lease, making it an ideal addition to any portfolio. The property consists of three contiguous parcels. The first year of the lease operates under a gross rent model.