The Real Deal Miami

Design District commercial site up for sale at $11M

4,176 sf site on North Miami Avenue last sold for $1.3M

May 01, 2015 12:00PM
By Sean Stewart-Muniz

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Design District One

Design District One at 3819 North Miami Avenue

Yet another commercial property is up for sale in Miami’s Design District, this time an office building, for $11 million.

Design District One is a two-story, 6,000-square-foot building at 3819 North Miami Avenue. It’s occupied by a marketing company, but listing brokerage Marcus & Millichap said the building can be sold empty — and that there’s plenty of opportunity for development.

“The property is currently occupied by LGD Communications but can be delivered vacant as an owner-user asset or as an extremely rare redevelopment opportunity fronting North Miami Avenue within the exploding Miami Design District market,” Benjamin Silver, one of the listing agents, said in a statement. “The building is perfect for any high-end retail business.”

Silver is co-listing the property with Douglas Mandel, also of Marcus & Millichap.

The office was built in 1924 on a 4,176-square-foot lot. A slender outdoor courtyard on the second floor runs alongside the building’s southern wall. Inside, the first floor has 10-foot ceilings, while the second has 22-foot ceilings.

Its last recorded sale price is $1.3 million, which means the owner — a local investor — will see a hefty profit if the building sells anywhere near the ask.

All indications show that the Design District is expanding. Local investors are buying up commercial properties on the area’s outskirts, and big-name firms such as Thor Equities are following developer Dacra’s lead as it transforms the district into an upscale shopping and living destination.