For Sale
$2,891,424

14 1St AveMiami, FL 33132

City of Miami tenant, high NOI, value-add opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional Class A office space, totaling 11,390 square feet, occupies the entire second floor of the prestigious One Flagler Building at 14 NE 1st Ave, Miami, FL 33132. Currently 100% occupied by the City of Miami under a gross lease with a corporate guarantee and a credit-rated tenant, this investment presents a compelling value-add opportunity. The property boasts a strong net operating income (NOI) of $180,714, yielding a 6.25% cap rate. The asking price is $2,891,424, translating to a price per square foot of $253.86. The lease is structured as a single tenancy with two three-year renewal options. This prime location in downtown Miami places the property within close proximity to major developments such as Miami World Center and Aston Martin Residences, as well as the vibrant dining and entertainment scenes of Downtown and Brickell. The property's classification encompasses Creative, Executive, and Traditional Office subtypes, making it suitable for a variety of uses. The investment type is categorized as Value Add, reflecting the potential for future rent increases. This is a 1031 exchange eligible property. This fully leased, high-performing asset offers a secure income stream and significant upside potential for discerning investors.

Highlights

  • City of Miami lease in place.
  • Fully leased second floor, government agency tenant.
  • Significant value-add opportunity with below-market rents.
  • Prime downtown Miami location.
  • Excellent proximity to Downtown and Brickell's dining and entertainment options.

Property Details for 14 1St Ave

Property type
Office properties, Office space
Square Feet
11,390 SF
Class
A
Units
1

Location Insight

City
Miami
County
Miami-Dade
State
Florida
Latitude
25.774194108212
Longitude
-80.191914350246
14 1St Ave, Miami, Florida

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14 1St Ave
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