3500 17Th AveMiami, FL 33142

This 11,600 sq ft, two-tenant medical office building in Miami's Allapattah neighborhood is situated on a 21,060 sq ft lot with 173 feet of frontage on NW 17th Ave. Built in 1987 and renovated three years ago, the Class B property boasts 100% occupancy with a current NOI of $159,000 and a pro-forma NOI of $406,000, reflecting a 3% cap rate and a pro-forma cap rate of 7.66%. The asking price is $5,300,000 ($456.90/sq ft), and the land value is $251/sq ft. Currently leased under a gross lease with credit-rated tenants on a multi-tenant lease with rent bumps, the leases have a remaining term of 0.8 years, expiring August 31, 2025. The T6-8-O zoning allows for mid-rise development with potential for up to 72 multi-family units. This prime location offers significant value-add and development upside, benefiting from Allapattah's rapid expansion and strong demand. The property is located near major neighborhoods and offers ample parking. This is an owner-user opportunity with significant potential for future appreciation.