This exceptional Class A, 14,630 square foot medical office building in Coral Gables, Florida, presents a compelling investment opportunity. Located at 3280 Ponce de Leon Boulevard, this single-tenant property is fully occupied by DaVita Dialysis under an absolute NNN lease with a corporate guarantee. The lease, originally commencing June 30, 1994, has a remaining term of approximately 1.9 years, followed by two, five-year options. The building, constructed in 1960 and extensively renovated in 2008, boasts 45 parking spaces and sits on a 20,157 square foot lot with MX1 zoning. The property features a two-story building with a strong NOI of $574,863, resulting in a 5.23% cap rate and a price per square foot of $751.88. Significant tenant improvements were completed in 2008 and 2021, including a new elevator, impact windows, HVAC systems, and updated interiors. The property's prime location on a busy commercial corridor offers excellent visibility and proximity to key business and retail hubs, including The Plaza and Miracle Mile. The MX1 zoning allows for significant future development potential, including multifamily units. This fee-simple offering is priced at $11,000,000 and is suitable for a 1031 exchange. The property's strong tenant, favorable lease terms, and development potential make it an attractive investment. APN: 03-4117-007-0640
Highlights
Prime Coral Gables location, blocks from Merrick Park and The Plaza shopping center.
1994-built medical office building with over $1M in recent upgrades (2006 & 2021), including new elevator, HVAC, and impact windows.
Rare freestanding medical building in Coral Gables; below-market rent, 34 on-site + 11 off-site parking spaces, excellent accessibility.
Strong, creditworthy tenant: DaVita Dialysis (NYSE: DVA) with significant recent capital investment.
High demand for healthcare services in Coral Gables due to aging and affluent population (20% over 65).
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Contacts
Jonathan De La Rosa
Eddie Toledo
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3280 Ponce De Leon Rd, Coral Gables, Florida, 33134
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3280 Ponce De Leon Rd
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