Office
9115 Galleria Ct
9115 Galleria Ct, Naples, FL 34109
Listing Price: $3,605,000
Investment Overview
Marcus & Millichap is pleased to present the exclusive listing for 9115 Galleria Ct (the "Property"), an elite upscale 2-story, single-tenant or two-tenant office building in Naples, Florida. The Property is across the street from 2 Ritz Carlton properties and an upscale regional retail center (the Shoppes @ Vanderbilt). It is prominently positioned as the centerpiece property in the Plaza at the Galleria condominium office park. The Property is currently leased to an interior design group that occupies the entire building. The Lease expire in March 2025.
The Property represents a rare opportunity for either: 1) an investor to acquire an asset with a below market rent lease wherein they can increase to market upon expiration and generate a 10.0% average cash on cash return (levered) over a 10 year hold period, or 2) an Owner-User the ability to acquire a property at an acquisition price below replacement cost. By acquiring now, an Owner-User could; secure a one-of-a-kind asset, mitigate buyer competition (when the lease is closer to expiring), and lower their acquisition cost basis from the current cash flow. As the tenant has expressed interest in the past in a potential downsize, there is an opportunity to potentially lease a portion of the building and continue leasing the remainder to the tenant.
The Naples Office market has a mere 5.6% vacancy rate with only 120,000 square feet of new product under construction, all of which is slated for medical use with 40% already pre-leased. The in-place rental rate on the existing lease is $19.07 NNN in a market where comparable properties are leasing between $30 per square foot (NNN) to $40 per square foot (NNN). Given the current impediments to market entry for new supply, the Naples office for comparable areas is well positioned for continued rent growth with low vacancy.
Investment Highlights
- Below Market Rent Provides Investors Considerable Upside Once Rent is increased to Market
- Over a 3.5X Equity Multiple (10 Year Hold)
- Irreplaceable Location
- Acquisition Price is Well Below Replacement Cost
Exclusively Listed By
Broker of Record
Listing Price: $3,605,000
Investment Highlights
- Below Market Rent Provides Investors Considerable Upside Once Rent is increased to Market
- Over a 3.5X Equity Multiple (10 Year Hold)
- Irreplaceable Location
- Acquisition Price is Well Below Replacement Cost
Investment Overview
Marcus & Millichap is pleased to present the exclusive listing for 9115 Galleria Ct (the "Property"), an elite upscale 2-story, single-tenant or two-tenant office building in Naples, Florida. The Property is across the street from 2 Ritz Carlton properties and an upscale regional retail center (the Shoppes @ Vanderbilt). It is prominently positioned as the centerpiece property in the Plaza at the Galleria condominium office park. The Property is currently leased to an interior design group that occupies the entire building. The Lease expire in March 2025. The Property represents a rare opportunity for either: 1) an investor to acquire an asset with a below market rent lease wherein they can increase to market upon expiration and generate a 10.0% average cash on cash return (levered) over a 10 year hold period, or 2) an Owner-User the ability to acquire a property at an acquisition price below replacement cost. By acquiring now, an Owner-User could; secure a one-of-a-kind asset, mitigate buyer competition (when the lease is closer to expiring), and lower their acquisition cost basis from the current cash flow. As the tenant has expressed interest in the past in a potential downsize, there is an opportunity to potentially lease a portion of the building and continue leasing the remainder to the tenant. The Naples Office market has a mere 5.6% vacancy rate with only 120,000 square feet of new product under construction, all of which is slated for medical use with 40% already pre-leased. The in-place rental rate on the existing lease is $19.07 NNN in a market where comparable properties are leasing between $30 per square foot (NNN) to $40 per square foot (NNN). Given the current impediments to market entry for new supply, the Naples office for comparable areas is well positioned for continued rent growth with low vacancy.
Exclusively Listed By
Broker of Record

