UPDATED 10:37 a.m., Oct. 2: Principals of the Barlington Group just listed an office building and future development site in east Little Havana.
Property records show 1393 LLC, led by Barlington’s Martin A. Pinilla and William Fuller, owns the four-story, 25,000-square-foot building at 1393 Southwest First Street. It’s on the market for $6.75 million with an average 10-year cap rate of 7.92 percent, according to Marcus & Millichap’s Alex Zylberglait, who has the listing.
The site is zoned T6-12-O, which allows for at least 12 stories of development. It includes the 14,000-square-foot lot that houses the office building and a 14,000-square-foot parking lot at 120 Southwest 14th Avenue.
Pinilla and Fuller’s company paid $1.45 million for the properties in 2012 and invested $1.6 million into renovating the building last year, including new electric, plumbing, flooring, elevator and fixtures. It’s leased to Family Resource Center of South Florida, which takes up the entire building. The child welfare service center has nine years left on its 10-year lease with “very generous annual rent increases,” said Zylberglait, who declined to provide specifics.
Barlington owns stakes in 40 retail, residential and hotel buildings in Little Havana, the majority of which can be found along Southwest Eighth Street.
Despite increased interest from developers and investors, some complain that the city’s zoning regulations hamper the construction of new affordable apartments on small lots that have been vacant for decades.
Zylberglait said the building, with Miami 21 zoning and a stable tenant in place, is a rarity in east Little Havana.
An earlier version of this story incorrectly identified the owner as the Barlington Group and the square footage of the parking lot. Barlington Group principals own the building, and the separate parking lot is 14,000 square feet.