Kitchens Leases 4,500 SF Luxury Retail Space In Miami's Design District
3740 Northeast 2nd Avenue, Miami, FL 33137
Building Size
4,500 SF
Asset Type
Retail
Closing
Apr 5, 2021
AI
3740 NE 2nd Avenue in Miami has recently been leased to Kitchens, a high-end and bespoke kitchen solutions provider. With their expertise and years of experience, Kitchens will now share their concepts and designs with the refined tastes of Miami's Design District. The retailer will occupy 4,500 square feet of luxury retail space in the unforgettable showroom located at 3740 NE 2nd Avenue.
Summary of transaction details
- Property Type: Retail
- Asking Rent: $111/ft.
- Square Footage: 4,500
- Tenant: Kitchens
- Landlord: 3740 NE 2nd Avenue
- Brokers: Tony Arellano, P.A. & Joe Fernandez - DWNTWN Realty Advisors; Alex Cesar - CBRE
Leading the deal were Tony Arellano, P.A. and Joe Fernandez from DWNTWN Realty Advisors, along with Alex Cesar from CBRE. Their expertise and extensive networks played a crucial role in facilitating this lease agreement between Kitchens and the landlord of 3740 NE 2nd Avenue.
Players
Miami Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93