3280 Ponce De Leon RdCoral Gables, FL 33134

Property Details for 3280 Ponce De Leon Rd

Year built

1960

Property size (Sq ft)

14,630 SF

Property type

Retail properties

Property subtype

Office properties

Description

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

Location Insight

City

Coral Gables

County

Miami-Dade

State

Florida

Latitude

25.7412

Longitude

-80.2584

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