8925 148Th StPalmetto Bay, FL 33176

Property Details for 8925 148Th St

Year built

1973

Construction

CONCRETE

Lot size

0.92 AC

Property size (Sq ft)

25,135 SF

Zone code

6100:COMMERCIAL,NEIGHBRHD

Property type

Office properties

Property subtype

Office buildings

APN

33-5021-032-0010

APU

3350210320010

Description

This two-story, 22,884 square foot Class B office building in Palmetto Bay, Florida, presents a compelling investment opportunity. Located at 8925 SW 148th St, 33176, this multi-tenant property boasts 29 units and 75 parking spaces on a 0.92-acre lot. Currently 77.1% occupied with 23 tenants, the property offers a pro-forma NOI of $526,034 and a pro-forma cap rate of 9.27%. The asking price is $5,675,000 ($247.99/sq ft). Built in 1973, the building recently passed its 50-year recertification. The property features a mix of office suites, primarily under 1,000 square feet, ideal for small businesses. Its strategic location provides easy access to major thoroughfares, including the Palmetto and Dolphin Expressways, Miami International Airport, and Downtown Miami. The B-1 zoning allows for flexibility, and the property benefits from ample on-site parking and strong tenant demand. Lease terms are gross, with rent bumps projected at 3% - 5%. Seller financing is available at 60% LTV for two years at 7% interest only. This stabilized, value-add investment is well-positioned for future appreciation in a growing market. The property's strong cash flow, combined with the potential for rent increases and future value appreciation, makes it an attractive investment for both owner-users and investors. The building's excellent visibility along South Dixie Highway provides prominent signage opportunities. The property's well-maintained condition and ease of management further enhance its appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $17,921,542

  6.5%

  $16,542,963

  7%

  $15,361,322

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,118,894

  Geo Method

  $8,118,894

• Alternative Use

  Use

  Valuation

  Residential

  $20,513,274

  Hospitality

  $18,790,048

  Educational

  $15,633,100

  Medical

  $16,170,746

  Retail

  $24,318,156

Location Insight

City

Palmetto Bay

County

Miami-dade

State

Florida

Latitude

25.633

Longitude

-80.3382

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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