Marcus & Millichap Brokers $5.9M Sale Of Two-Parcel Property In Miami’s Little Havana

Marcus & Millichap announced the sale of a two-parcel mixed-use property along Calle Ocho in Miami’s Little Havana neighborhood for $5.9 million.

The assemblage includes 1340 SW 8th St. and 825 SW 13th Court, totaling approximately 12,144 square feet on a 23,790-square-foot corner lot. The property contains retail, office and residential buildings and is located in Little Havana’s Art & Entertainment District. Zoned T6-8-O and T4-R, the site allows for high-density mixed-use development and sits along Calle Ocho, a major tourist and cultural corridor that draws millions of visitors annually.

“The iconic Optica Lopez on Calle Ocho operated at this location for more than 50 years, serving as a cornerstone business in the heart of Little Havana. As the neighborhood continues to evolve, the property’s highest and best use has shifted beyond traditional retail or office. The site is planned for redevelopment into an eight-story mixed-use project featuring more than 80 residential units, approximately 7,000 square feet of ground-floor retail and a public parking lot,” said Jonathan De La Rosa, senior managing director investments. “The Arts and Entertainment District is expected to benefit significantly from increased residential density and the introduction of new Class A retail. Food-and-beverage rents in the district are currently reaching as high as $100 per square foot, underscoring the strength of demand and the long-term viability of premium retail uses in the corridor.”

De La Rosa and Eddie Toledo, investment specialists in Marcus & Millichap’s Miami office, represented the sellers, Lopez Optical and Ray Optical, in a transaction involving a buyer planning an 11-story, mixed-income residential building with approximately 114 apartments under Florida’s Live Local Act.