The Real Deal Miami

Historic building in downtown Coral Gables up for sale

Property is near jugofresh, Bulla gastrobar, Wells Fargo, Wapo Taco and Fleming's

October 13, 2015 09:45AM
By Katherine Kallergis

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2506 Ponce de Leon Boulevard

2506 Ponce de Leon Boulevard

A commercial property in the center of downtown Coral Gables has been listed for sale at $2.6 million, The Real Deal has learned.

The 4,567-square-foot building, which is on the Coral Gables Register of Historic Places, is one block south of Miracle Mile at 2506 Ponce de Leon Boulevard. The two-story office building sits on a 5,250-square-foot lot and was built in 1920, according to Miami-Dade County property records.

Matt Martinez of Beacon Hill Property Group is the listing agent for the property. Zoning allows for uses including retail and restaurant use with the preservation of historic details, according to the listing. Up to 2,600 square feet can be added to the property, Martinez said.

“This is a value-add opportunity with significant upside. If the new owner were to activate the exterior patio area and part of the interior space … with a coffee shop or restaurant, one could potentially add another $52,000 a year to the bottom line,” he said.

2506 Ponce de Leon LLC owns the building, records show. The LLC lists David M. Dabby as its manager. His Dabby Group is based on the site. Its last recorded sale was in 1977 for $155,000. The main lobby is currently vacant.

The property is near jugofresh, Bulla gastrobar, Wells Fargo, Wapo Taco and Fleming’s Prime Steakhouse & Wine Bar. It’s also close to the Mediterranean Village at Ponce Circle, a 6.7-acre mixed-use development with a five-star hotel, Class A office space, high-end retail, 229 townhomes and condos, a rooftop restaurant and parks.

In September, a historically significant bank building at 270 Alhambra Circle sold for $2.25 million. The 4,044-square-foot property was built in 1925.