Anybody know of any closed restaurants for lease in South Beach?
This will probably be available soon http://blogs.miaminewtimes.com/riptide/2009/11/casa_casuarina_closed_thanks_s_1.php
A 1500 sq. ft. former pizzeria on Alton between Lincoln and 17th is 6500.00 per month with some key money, maybe 50K. On Lincoln north of Alton is another 5000-6000 sq ft space with two kitchens for 22K per month, no key money but major facelift required and must be part of the deal. Another large space on Washington between 11th and 14th for 25K per month. The new building, 1111 Lincoln Rd, is 160.00 per sq ft., so 2000 sq ft is 26K per month. You better have a great concept for that area as there are lots of options for the locals, and you need them to survive the summer.
Yeah, A friend of mine thats been doing talk radio here in South Florida for the past 30 Years is no longer on the air. And doesnt want to do talk radio anymore. So he asked me what I would be willing to do as a partner in a business. And I told him. The Melting Pot. But the only territory they have available is in South Beach. And now I see why. The rents are to much. Thanks
At those rates, you'd be better off buying an entire floor of foreclosed condos in a high-rise building and making a restaurant up there (zoning wouldn't permit ). That would be cheaper than those prices for sure...
You are welcome. Not only the rents are a problem, getting qualified workers on a startup is also a challenge: good waitresses and waiters are not available until you get an income stream for them, kitchen workers, training the staff, and you better speak Spanish or forget it. And you may not be aware of the sales tax on rent!! And figure on at least three months rent as a security deposit, lots of places ask for six months!?! That is why so many people buy a space. You need to have a concept that generates 5 million a year to make it there in a big way, or 100K per week. Pretty difficult in this environment. Everybody's sales are down.
Wow!!! I always wondered how any business can survive in sobe given the costs and how fast the trends change. That's crazy. Imagine how many slices/bagels/sandwiches/etc. you'd have to sell per day just to break even? I have been looking into opening a small retail/art gallery in FTL to supplement my art income and I still don't see how all these little shops survive let alone profit given the high overheads. I'm starting to understand why everyone just sells online only.
Some people that have been there a long time have competitive rents that they established 10 years ago, and thats how they make it. I had an aquatintence who had a French restaurant across from NEXTT, he bought an existing restaurant and the lease was 6700.00 per month. The month after they remodeled and spent 300K, the place burned down and crushed them financially, and they lost the lease. The landlord rebuilt and the space went for 11 to 12K per month. NEXTT is 9K per month and he has all that outdoor seating so thats how those guys get by. But to purchase a place with a competitive lease is going to be a couple of hundred grand at least. Two sides to every coin.
They lease most of South Beach, David is a friend and major car guy. David Comras Comras Company of Florida 407 Lincoln Rd. Ste. 9F Miami Beach Fl. 33139 305.532.0422 (O) [email protected]
