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.
Valuation by Paperhouses methods
Valuation date:
Dec 11, 2024
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
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
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