For Sale
$11,000,000

3280 Ponce De Leon RdCoral Gables, FL 33134

High-yield, NNN-leased medical office

Overview

Added:
Dec 11, 2024
Days on market:
114
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).
  • Lease features healthy annual rent increases.

Property Details for 3280 Ponce De Leon Rd

Property type
Retail properties, Office properties
Square Feet
14,630 SF
Class
A
Year Built/Renovated
1960/2008
Buildings
1
Stories
2
Units
1

Location Insight

City
Coral Gables
County
Miami-Dade
State
Florida
Latitude
25.741193922821
Longitude
-80.258396054729
3280 Ponce De Leon Rd, Coral Gables, Florida

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
3280 Ponce De Leon Rd
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message