Historic building in downtown Coral Gables up for sale

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

TRD MIAMI /
Oct.October 13, 2015 09:45 AM

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.


Related Articles

arrow_forward_ios
115 Arvida Parkway in Gables Estates, Irene Sáez (Credit: Gianni Ferrari/Cover/Getty Images and Douglas Elliman)

Ex-Venezuelan politician who won Miss Universe sells Gables Estates mansion

Ex-Venezuelan politician who won Miss Universe sells Gables Estates mansion
6312 Riviera Drive and Jeff Conry (Realtor)

Lift off: Charter airline prez buys waterfront Coral Gables mansion for $15M

Lift off: Charter airline prez buys waterfront Coral Gables mansion for $15M
340 Leucadendra Drive and Mocca's Alex Pirez (inset)

Mocca Construction pays $12M for half-built Gables Estates spec mansion

Mocca Construction pays $12M for half-built Gables Estates spec mansion
90 Leucadendra Drive with Lee Scott Millstein and Sylvie Millstein (David Hernandez - REWS, Getty)

Private equity exec, fashion designer pay $22M for Gables Estates mansion

Private equity exec, fashion designer pay $22M for Gables Estates mansion
From left: Brian Kingston, Irving Padron and Merrick Park

Brookfield sues to evict Irving Padron’s Submarket Realty from Merrick Park

Brookfield sues to evict Irving Padron’s Submarket Realty from Merrick Park
Samark Jose Lopez Bello, 325 Leucadendra Drive (Credit: Google Maps)

Seized home of alleged frontman for drug launderer sells for $12M

Seized home of alleged frontman for drug launderer sells for $12M
Frank Del Rio and 272 Marinero Court (LPG Lifestyle Production Group)

Norwegian Cruise Line CEO sells Cocoplum mansion for $7M

Norwegian Cruise Line CEO sells Cocoplum mansion for $7M
From left: Magnus Jennemyr, Timo Khammash, and Irving Padron

Engel & Völkers cuts ties with managing broker, expands to Coconut Grove

Engel & Völkers cuts ties with managing broker, expands to Coconut Grove
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...