East Little Havana property sells for $1M

Located near Ball & Chain, Azucar Ice Cream and Domino Park

Jul.July 09, 2015 12:00 PM

1380 Southwest Eighth Street, Scott Sandelin and Jonathan de la Rosa

A neighborhood supermarket in East Little Havana sold for $1.06 million, Marcus & Millichap announced this week.

El Colon Supermarket, built in 1941, sits on an 11,050-square-foot lot zoned T6-8-O, which is an urban core zone. The 6,791-square-foot property at 1380 Southwest Eighth Street is also home to El Taquito II restaurant. It’s also near nightclub Ball & Chain, Azucar Ice Cream Company and the famous Maximo Gomez Park, aka Domino Park.

The property last sold in 2003, but a sale price was not recorded. Calvo LLC was the seller. The Pompano Beach-based company lists Juan Calvo and Valentina M. Perez de Calvo on its corporate records. Calvo owns properties in Shenandoah, Miami’s Arts & Entertainment District, Coral Gables and Medley, according to Miami-Dade County property records.

Marcus & Millichap’s Jonathan De La Rosa and Scott C. Sandelin brokered the latest deal.

“This is the fifth property we have brokered in the Little Havana submarket within the last nine months,” Sandelin said in a statement. “Investors are taking notice of the opportunities to capitalize on the urban renewal in eastern Dade County and we expect that the demand for properties will continue to escalate with new developments.”

The buyer is a Weston-based investor, according to a press release. The deed has not yet been recorded in Miami-Dade County records.

“This was a great value-add opportunity for the buyer to raise the rents to market levels and increase the return to an 8.94 percent cap rate,” De La Rosa said. “Currently the market rents on Calle Ocho are north of $18 per square foot.”

Related Article

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

Bill Fuller and a Barlington Group property on Southwest Eighth Street in Little Havana

Here’s a look at Little Havana developer Bill Fuller’s pipeline of new projects

Calle Ocho (Credit: iStock)

Little Havana could be redeveloped like Wynwood

120 Southwest Eighth Avenue, 1430 Southwest First Street, and 1023 Southwest Sixth Street, Ana Bozovic and Arthur Porosoff (Credit: Zillow, Truila, Google Maps, and Miami Girls Foundation)

Burke Leighton asks $45M for Little Havana apartments

Joe Carollo and Bill Fuller (Credit: Getty Images and iStock)

Little Havana developer calls commissioner Joe Carollo a fraud in ongoing feud

Amid rising demand, investors acquire apartment portfolio in Little Havana

Key International sells Little Havana apartments

Sons of “love hotels” magnate set to redevelop part of real estate portfolio