Warehouse

19TH Ave Business Park

13700 NW 19th Ave, Opa-locka, FL 33054

Listing Price: $11,000,000

Cap Rate
6.04%
Gross SF
81,600
Price/Gross SF
$134.80
Lot Size
3.30 acres
Year Built
1972
Rentable SF
81,600

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present for sale 19th Avenue Business
Park located at 13700-13740 NW 19th Avenue (the Property), a 81,600 square-foot small-bay
industrial warehouse property is situated on 3.30 acres and located in Miami, Florida. The property
is comprised of 36 warehouse spaces averaging roughly 2,200 square feet each. The Property has
historically operated at or near capacity with current occupancy at 100 percent consisting of 18 total
tenants within ideally configured spaces each with grade level overhead doors, 18-foot clear heights
and concrete twin-t roofs. The park provides a secure and clean atmosphere with newly striped surface
parking, and freshly painted facades. This impeccably maintained asset is the best in class option
for local businesses and has a loyal tenant base; in the event that space ever becomes available, its
immediately filled at a higher rent due to huge demand for the product.
The Property is extremely well located off the Golden Glades Interchange which merges the
major roadways in South Florida including Interstate-95, the Palmetto Expressway, and The Florida
Turnpike. The proximity to these roadways provides an ideal location for local business as an accessible
outlet throughout Miami Dade. Additionally, the Property is just west of the Opa-Locka Executive
Airport and within a short distance to South Floridas major international airports as well as the Port of
Miami and Port Everglades.
The configuration of the warehouse spaces, best-in-class product and strong local market has
helped the current ownership push rents at the property to an average rate of $12.05 per foot with new
leasing activity at even higher rates. This positive and reliable trend will allow a new owner to capture
additional upside into the foreseeable future as leases turnover. Within the strong local market, vacancy
has dramatically decreased over the last decade from over 10 percent to now under 3.0 percent. The
local vacancy rate was recently reported at 2.8 percent as of Q1 2020 with no future pipeline of
warehouse construction to deliver more product. The makeup of both the local market, configuration of
the small bays and increasing demand for warehouse space provides a reliable and steady cash flow
for a new owner which should continue to outperform and grow over time and continue its trend as the
preferred real estate asset to own.

Investment Highlights

  • Best-In-Class, Small-Bay Warehouse Park
  • Ideal Small-Bay Configuration with Average Unit Sizes of 2,200 SF
  • Impeccably Maintained Asset with Freshly Painted Parking Surface and Facades
  • High Quality Construction with 18 Clear Heights and Concrete Twin-T Roofs
  • Current Leasing Activity Provides Additional Income to Capture for New Owner
  • Excellent Location Near Golden Glades Interchange and Opa-Locka Executive Airport

Exclusively Listed By

Listing Price: $11,000,000

Cap Rate
6.04%
Gross SF
81,600
Price/Gross SF
$134.80
Lot Size
3.30 acres
Year Built
1972
Rentable SF
81,600

Investment Highlights

  • Best-In-Class, Small-Bay Warehouse Park
  • Ideal Small-Bay Configuration with Average Unit Sizes of 2,200 SF
  • Impeccably Maintained Asset with Freshly Painted Parking Surface and Facades
  • High Quality Construction with 18 Clear Heights and Concrete Twin-T Roofs
  • Current Leasing Activity Provides Additional Income to Capture for New Owner
  • Excellent Location Near Golden Glades Interchange and Opa-Locka Executive Airport

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present for sale 19th Avenue Business
Park located at 13700-13740 NW 19th Avenue (the Property), a 81,600 square-foot small-bay
industrial warehouse property is situated on 3.30 acres and located in Miami, Florida. The property
is comprised of 36 warehouse spaces averaging roughly 2,200 square feet each. The Property has
historically operated at or near capacity with current occupancy at 100 percent consisting of 18 total
tenants within ideally configured spaces each with grade level overhead doors, 18-foot clear heights
and concrete twin-t roofs. The park provides a secure and clean atmosphere with newly striped surface
parking, and freshly painted facades. This impeccably maintained asset is the best in class option
for local businesses and has a loyal tenant base; in the event that space ever becomes available, its
immediately filled at a higher rent due to huge demand for the product.
The Property is extremely well located off the Golden Glades Interchange which merges the
major roadways in South Florida including Interstate-95, the Palmetto Expressway, and The Florida
Turnpike. The proximity to these roadways provides an ideal location for local business as an accessible
outlet throughout Miami Dade. Additionally, the Property is just west of the Opa-Locka Executive
Airport and within a short distance to South Floridas major international airports as well as the Port of
Miami and Port Everglades.
The configuration of the warehouse spaces, best-in-class product and strong local market has
helped the current ownership push rents at the property to an average rate of $12.05 per foot with new
leasing activity at even higher rates. This positive and reliable trend will allow a new owner to capture
additional upside into the foreseeable future as leases turnover. Within the strong local market, vacancy
has dramatically decreased over the last decade from over 10 percent to now under 3.0 percent. The
local vacancy rate was recently reported at 2.8 percent as of Q1 2020 with no future pipeline of
warehouse construction to deliver more product. The makeup of both the local market, configuration of
the small bays and increasing demand for warehouse space provides a reliable and steady cash flow
for a new owner which should continue to outperform and grow over time and continue its trend as the
preferred real estate asset to own.

Exclusively Listed By

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