78 13Th AveMiami, FL 33135

Property Details for 78 13Th Ave

Year built

1963

Construction

CONCRETE

Lot size

0.22 AC

Property size (Sq ft)

14,610 SF

Zone code

6101

Property type

Medical offices

Property subtype

Medical centers

APN

01-4102-006-0810

APU

141020060810

Description

This exceptional Little Havana investment opportunity presents a 36,250 square foot, multi-tenant medical office complex situated on a five-lot, 0.83-acre assemblage at 78 SW 13th Ave, Miami, FL 33135. The property includes a 13,388 square foot, two-story cancer treatment center with two radiation therapy vaults, substantially renovated in 2009 at a cost of $3.8 million. This building is under a triple-net lease with a 10-year term (commencing October 1, 2021) and two five-year renewal options, featuring annual 3% rent escalators. The current annual triple-net rent is approximately $50 per square foot, increasing to $656,253 on October 1, 2024. The landlord is responsible for roof and exterior maintenance only

• CAP approach

  CAP return

  Valuation

  6%

  $12,614,030

  6.5%

  $11,643,720

  7%

  $10,812,026

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,593,584

  Geo Method

  $5,593,584

• Alternative Use

  Use

  Valuation

  Residential

  $14,438,213

  Hospitality

  $13,225,326

  Educational

  $11,003,316

  Medical

  $11,381,737

  Retail

  $17,116,268

Location Insight

City

Miami

County

Miami-dade

State

Florida

Latitude

25.7727

Longitude

-80.2166

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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