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Office

5203 NW 36th

5203 NW 36th St, Miami Springs, FL 33166

Listing Price: $3,200,000

Cap Rate
1.97%
Gross SF
16,450
Rentable SF
16,450
Price/Gross SF
$194.53
Lot Size
0.64 acres
Year Built
1956

Investment Overview

Marcus & Millichap is proud to present 5203 Northwest 36th Street, a freestanding office building located in Miami Springs, Florida. This office building is approximately 16,450 square feet of rentable area, situated on a 0.64-acre (27,832 square feet) parcel and is currently 53% occupied with a mix of professional tenants. The subject property is zoned MUB, which allows for a variety of uses including office, mixed-use, retail, hospitality, and cultural or recreational facilities such as urban plazas, libraries, and art galleries. The subject property has approximately 48 surface parking spaces equating to a parking ratio of 2.92:1000 feet of rentable area.
The office building is located directly on Northwest 36th Street (SR 948) also know as Doral Boulevard, boasting traffic counts of 51,500 VPD (Vehicles Per Day), two and a half miles east of the Palmetto Expressway (SR 826) with traffic counts of 247,000 VPD and approximately four miles to the west of Interstate 95 with traffic counts of 246,000 VPD.
The tremendous upside in occupancy and below market rents make this value-add opportunity an investors dream.
Miami Springs office vacancies have remained low throughout the coronavirus pandemic due to the lack of inventory in the submarket. Throughout the past three years less than 300,000 square feet of speculative office space has been built in the submarket and there is less than 100,000 square feet currently under construction. Miamis overall vacancy rate has outperformed the national 10-year average by more than 150 basis points and rent growth continues to surpass the national average.

Investment Highlights

  • Tremendous Upside in Occupancy and Rents
  • Value-Add Opportunity with Below Market Rents
  • Located Directly on 36th Street Which has Over 50,000 VPD

Exclusively Listed By

Financing By

Listing Price: $3,200,000

Cap Rate
1.97%
Gross SF
16,450
Rentable SF
16,450
Price/Gross SF
$194.53
Lot Size
0.64 acres
Year Built
1956

Investment Highlights

  • Tremendous Upside in Occupancy and Rents
  • Value-Add Opportunity with Below Market Rents
  • Located Directly on 36th Street Which has Over 50,000 VPD

Investment Overview

Marcus & Millichap is proud to present 5203 Northwest 36th Street, a freestanding office building located in Miami Springs, Florida. This office building is approximately 16,450 square feet of rentable area, situated on a 0.64-acre (27,832 square feet) parcel and is currently 53% occupied with a mix of professional tenants. The subject property is zoned MUB, which allows for a variety of uses including office, mixed-use, retail, hospitality, and cultural or recreational facilities such as urban plazas, libraries, and art galleries. The subject property has approximately 48 surface parking spaces equating to a parking ratio of 2.92:1000 feet of rentable area.
The office building is located directly on Northwest 36th Street (SR 948) also know as Doral Boulevard, boasting traffic counts of 51,500 VPD (Vehicles Per Day), two and a half miles east of the Palmetto Expressway (SR 826) with traffic counts of 247,000 VPD and approximately four miles to the west of Interstate 95 with traffic counts of 246,000 VPD.
The tremendous upside in occupancy and below market rents make this value-add opportunity an investors dream.
Miami Springs office vacancies have remained low throughout the coronavirus pandemic due to the lack of inventory in the submarket. Throughout the past three years less than 300,000 square feet of speculative office space has been built in the submarket and there is less than 100,000 square feet currently under construction. Miamis overall vacancy rate has outperformed the national 10-year average by more than 150 basis points and rent growth continues to surpass the national average.

Exclusively Listed By

Financing By

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