Miami Retail Property Sells for $4.85M

A retail property located at 174 Northeast 24th Street in Miami, Florida has been sold for 4.85 million. The property spans 6,724 square feet and was sold at a price of 721 per square foot. The sale was completed on April 21, 2022.

The buyer and seller have not been disclosed. The property is located in the Wynwood Arts District, which has become a popular destination for art galleries, restaurants, and retail stores. The area has seen significant growth in recent years, with many new developments and businesses opening up.

The property is a single-story building that was built in 1950. It is currently occupied by a retail tenant, but it is unclear whether the tenant will remain in the space under new ownership. The property is situated on a 5,000 square foot lot and has 10 parking spaces.

The brokers involved in the sale have not been disclosed. However, the sale price of 4.85 million is above the average sale price for retail properties in the area. According to data from CoStar, the average sale price for retail properties in the Wynwood Arts District is 500 per square foot.

The sale of this property is indicative of the strong demand for retail properties in the Wynwood Arts District. The area has become a popular destination for both locals and tourists, and the demand for retail space has increased as a result. The sale also highlights the potential for investors to generate strong returns in the area, as property values continue to rise.

Overall, the sale of this retail property in Miami is a positive sign for the commercial real estate market in the Wynwood Arts District. The strong demand for retail space in the area is expected to continue, and investors are likely to see strong returns on their investments in the coming years.