East Little Havana property sells for $1M

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

Jul.July 09, 2015 12:00 PM

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.”

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