Single-Tenant Office

Chase Parking Garage Downtown Miami

Listing Price: $4,700,000

Cap Rate
5.11%
Gross SF
472
Rentable SF
472
Price/Gross SF
$9,957.63
Lot Size
0.23 acres
Year Built
1965

Investment Overview

Marcus & Millichap is pleased to exclusively offer the Chase Building Parking Garage (Property or Subject Property), located in the CBD submarket of downtown Miami at 150 SE 2nd Ave, Miami, FL and attached to the Chase Bank Office Building, a fully remodeled 12- floor office condo anchored by Chase Bank on the ground floor. The Subject Property is located on the west side of the block with access onto SE 2nd Street one block north of the Downtown Distributer which connects through to I-95. The Property offers three floors comprised of 118 parking spaces and potentially allows the ability to add more spaces through the development of an additional floor which is approved under current zoning. The Subject Property is a true urban parking gem in a dynamic and fast growing market which is extremely parking constrained.

The Subject Property is currently contracted by Park 1, a prominent parking operator which manages the valet in front of the building as well as parking operations for daily parking and monthly tenant parking. The garage is limited currently to only business hours offering an opportunity to greatly increase revenue through automating the parking garage allowing 24/7 parking for both week and weekends. This provides current steady cashflow with significant upside to an investor looking to park money.

The Chase Building Parking Garage benefits greatly due to its location in the heart of the CBD, downtown Miami. The front of the building along 2nd avenue feeds directly into Brickell and its proximity to the Downtown Distributer one block south which flows onto I-95 provides incredible connection throughout all of Miami. The garage is blocks from Epic Hotel, Whole Foods, Hyatt, JW Marriott and several hundred apartment units which drive parking demand in the area currently under parked due to true urban environment. Additionally, the Property is 2 blocks from E Flagler Street, currently being developed by Moisha Mana into Miamis epicenter.

Investment Highlights

  • Rare Parking Garage Investment in Miami
  • Attached to Office building anchored by Chase Bank
  • Heart of CBD downtown Miami
  • Blocks from Whole Foods, Epic Hotel, Hyatt Convention Center, JW Marriott, FedEx
  • Walking Distance to Miami World Center, Bayfront Park. Brickell Centre and Brickell
  • Excellent Income Investment

Exclusively Listed By

Single-Tenant Office

Chase Parking Garage Downtown Miami

Listing Price: $4,700,000

Cap Rate
5.11%
Gross SF
472
Rentable SF
472
Price/Gross SF
$9,957.63
Lot Size
0.23 acres
Year Built
1965

Investment Highlights

  • Rare Parking Garage Investment in Miami
  • Attached to Office building anchored by Chase Bank
  • Heart of CBD downtown Miami
  • Blocks from Whole Foods, Epic Hotel, Hyatt Convention Center, JW Marriott, FedEx
  • Walking Distance to Miami World Center, Bayfront Park. Brickell Centre and Brickell
  • Excellent Income Investment

Investment Overview

Marcus & Millichap is pleased to exclusively offer the Chase Building Parking Garage (Property or Subject Property), located in the CBD submarket of downtown Miami at 150 SE 2nd Ave, Miami, FL and attached to the Chase Bank Office Building, a fully remodeled 12- floor office condo anchored by Chase Bank on the ground floor. The Subject Property is located on the west side of the block with access onto SE 2nd Street one block north of the Downtown Distributer which connects through to I-95. The Property offers three floors comprised of 118 parking spaces and potentially allows the ability to add more spaces through the development of an additional floor which is approved under current zoning. The Subject Property is a true urban parking gem in a dynamic and fast growing market which is extremely parking constrained.

The Subject Property is currently contracted by Park 1, a prominent parking operator which manages the valet in front of the building as well as parking operations for daily parking and monthly tenant parking. The garage is limited currently to only business hours offering an opportunity to greatly increase revenue through automating the parking garage allowing 24/7 parking for both week and weekends. This provides current steady cashflow with significant upside to an investor looking to park money.

The Chase Building Parking Garage benefits greatly due to its location in the heart of the CBD, downtown Miami. The front of the building along 2nd avenue feeds directly into Brickell and its proximity to the Downtown Distributer one block south which flows onto I-95 provides incredible connection throughout all of Miami. The garage is blocks from Epic Hotel, Whole Foods, Hyatt, JW Marriott and several hundred apartment units which drive parking demand in the area currently under parked due to true urban environment. Additionally, the Property is 2 blocks from E Flagler Street, currently being developed by Moisha Mana into Miamis epicenter.

Exclusively Listed By

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