128-138 1St Ave, Miami, FL 33132
12,782 SF | 100% Leased | Office Building | Miami, FL 33132 | $6,800,000 ($532/SF)
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $6,800,000
- Property Type
-
Office
- Square Feet
- 12,782 SF
- Price / Square Foot
- $532
Listing Contacts
Raphael Hillis
Verified Profile
- Property Info
Property Overview
The property is positioned to capitalize on Downtown’s rapid revitalization. It is adjacent to the Historic Post Office, half a block south of 1400 units under construction, and half a block north of the Diamond District. The property is composed of three floors + a basement, totaling ca. 18,500 square feet. All floors have already been gutted. Permits will soon be approved to renovate the facade, install a grease trap, and whitebox the ground floor and basement. Once completed, a retail tenant will be sought.
Over the last year, numerous new food & beverage tenants have opened in Downtown. Among them Tam Tam, MODE, Jolene’s, and Miami Sound Bar. Similar properties are commanding upwards of $50+ NNN rents, and several successful F&B concepts are also located in basements. A prospective buyer can acquire the property, lease the basement and ground floor to an operator, and decide whether to convert the upper two floors into offices, multifamily, or hospitality. The timing synergizes with the recently launched Downtown Miami RFP, and a local developer's plan to revitalize the neighborhood. A successful ground floor and basement lease-out would already exceed the listing price, with any monetization of the second and third floor remaining as upside.
The property is attractive for Food and Beverage uses because it is located in the Flagler specialty district. There are no distance separation requirements from other liquor vendors, schools, or religious facilities. Liquor may be sold until 5AM.
Alternatively, the property is zoned T6O-80. Density allows for 110 units. No parking is required at all due to the property’s proximity to the Metro Mover.
The seller will consider owner financing, a joint venture, or any other creative proposals that can benefit both parties.
Over the last year, numerous new food & beverage tenants have opened in Downtown. Among them Tam Tam, MODE, Jolene’s, and Miami Sound Bar. Similar properties are commanding upwards of $50+ NNN rents, and several successful F&B concepts are also located in basements. A prospective buyer can acquire the property, lease the basement and ground floor to an operator, and decide whether to convert the upper two floors into offices, multifamily, or hospitality. The timing synergizes with the recently launched Downtown Miami RFP, and a local developer's plan to revitalize the neighborhood. A successful ground floor and basement lease-out would already exceed the listing price, with any monetization of the second and third floor remaining as upside.
The property is attractive for Food and Beverage uses because it is located in the Flagler specialty district. There are no distance separation requirements from other liquor vendors, schools, or religious facilities. Liquor may be sold until 5AM.
Alternatively, the property is zoned T6O-80. Density allows for 110 units. No parking is required at all due to the property’s proximity to the Metro Mover.
The seller will consider owner financing, a joint venture, or any other creative proposals that can benefit both parties.
Property Details
- Class
- B
- Year Built/Renovated
- 1937/2024
- Stories
- 3
- Property Subtype
- Office/Residential, Other Restaurants, Loft/Creative Space
- Lot Size (sq. ft)
- 4,792 SF
Highlights
- Central location with high visibility: property received a perfect transit scored and rated a Walker's Paradise and a Rider's Paradise.
- 245,200 residents live within a 3-square mile radius. Forecasts predict that population growth of 4.34% will be experienced within a mile of property.
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