Miami Gardens office complex listed at $88 per square foot

Brokerage firm Marcus & Millichap said the $16.9 million asking price for the property is "significantly below" its replacement cost

Sep.September 29, 2018 01:55 PM

18425 Northwest Second Avenue (Credit: LoopNet | CBRE)

An office complex in Miami Gardens has been listed for sale with a $16.9 million asking price, or $88 per square foot.

Despite its 74 percent occupancy rate, the three-building complex yields net operating income equal to 7 percent of the asking price, according to brokerage firm Marcus & Millichap.

Marcus & Millichap investment specialist Alex D. Zylberglait has the exclusive listing to market the Miami Gardens office property at 18425 Northwest Second Avenue, called Lincoln & Washington Square.

“There’s limited lease-expiration exposure over the next few years, very strong upside in occupancy and rental rate growth with a solid rent roll in place,” Marcus & Millichap said in a press release. “The buildings have undergone numerous recent capital improvements.”

The brokerage firm also said the asking price of $88 per square foot for the 191,378-square-foot office complex is “significantly below replacement cost.” – Mike Seemuth

Related Articles

The Center at Miami Gardens (Credit: iStock)

Latigo Group scores $50M loan for Miami Gardens apartments

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Daily Digest Miami

Scaramucci slashes his sights on his Opportunity Zone fund, Florida’s first LGBTQ+ senior housing development breaks ground: Daily digest

1000 Park Centre Boulevard, Joe Le Bas

Miami Gardens commercial site sells for $19M

Daily Digest Miami

Aston Martin condo tower adds superyacht marina amenity, Sapir wants to sell Edgewater site: Daily digest

Blackstone CEO Stephen A. Schwarzman and 5120 Northwest 165 Street

Blackstone buys two Miami Gardens industrial properties for $14M

Marcus & Millichap’s Alex D. Zylberglait and 16320 Northwest 2nd Avenue

Toyota of North Miami locks up former FBI building near Miami Gardens for $13M

Northwest 167th Street and Ernesto Lopes of ahs Residential (Credit: Google Maps)

AIDS Healthcare Foundation sells three vacant lots in Miami Gardens