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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
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