78 SW 13th Ave - Medical FOR SALE


Miami, FL 33135
$12,000,000 USD
917-544-1100
78 SW 13th Ave, Miami, FL for Sale
$12,000,000 USD
Medical - FOR SALE
1/5
null | 5.96% Cap Rate

78 SW 13th Ave
Miami, FL 33135


HIGHLIGHTS

  • Triple net lease with long-standing cancer treatment tenant - 2024 NOI of $657,000 with over 7 years remaining on lease and 3% annual rent increase
  • Five lot assemblage of 0.83 acres in the heart of Little Havana. Favorable T6 8-O zoning.
  • Estimated NOI of $717,000 post completion of new surface parking lot and lease up of second existing building
  • Very attractive annual free cash flow while waiting to develop this five lot corner assemblage

OVERVIEW

Unique Little Havana Assemblage Offering Attractive, Triple-Net Medical Office Lease and Additional Development Opportunity Five lot corner assemblage totaling 36,250 square feet (0.83 acres) in the heart of Little Havana. Properties located between Flagler Terrace and SW 1st Street, comprising approximately half the block from the corner of SW 13th Avenue towards SW 14th Avenue. Favorable T6-8 O Urban Core Zone inside Urban Development Boundary. Folio addresses: 78 SW 13th Avenue, 28 SW 13th Avenue, 1313 SW 1st Street, 1325 SW 1st Street and 1335 SW 1st Street. The two corner lots (14,500 square feet) are developed, with a 13,388 sg ft GLA, cancer treatment and radiation therapy center (the “Cancer Center”), which consists of two floors of medical offices, including two radiation-therapy vaults (each encased in seven feet of concrete). Building was substantially renovated in 2009, at a cost of $3.8 million. Tenant (GenesisCare) is a leading, multi-state cancer treatment and radiation therapy provider. Tenant or its predecessors have occupied the Cancer Center continuously since its extensive build-to-suit renovation in 2009. Ten-year triple net lease commenced October 1, 2021 (two five-year renewal options). Annual triple net rent increases to $656,252 on October 1, 2024, with annual 3% increases thereafter. Landlord responsible for maintenance of roof and building exterior only. All taxes, insurance, maintenance, and operating expenses of the leased building paid by tenant. Triple net base rent of approximately $50 per square foot reflects the substantial investment the owner has made in the radiation treatment infrastructure. Landlord estimates the cost of the two radiation vaults at over $2 million in 2009, with a substantially higher replacement cost today. Building completed its latest 40-year recertification in April 2024 The three remaining lots (the “Development Lots), totaling 21,750 square feet, consist of: o A one-story approximately 2,300 square Feet GLA medical office building that is partially occupied by a long-standing tenant on a month-to-month lease (tenant willing to enter into a longer-term lease with a kick-out provision). Building ideally suited for medical office, with plumbed exam rooms and offices (prior use as an Urgent Care Center at one point). Located at 1325 SW 1st Street. o A two-story building for which the owners have a demolition permit application pending with City of Miami, with the intent of creating additional parking until the time of redevelopment, to facilitate the leasing of its aforementioned mostly vacant medical office property. Located at 1313 SW 1st Street. o A surface parking lot located at 1325 SW 1st Street. Owner is in the process of undoing unity of title through a covenant in lieu, which will likely require the owner of the Development Lots to offer parking to the Cancer Center, with a rental rate to be negotiated by the parties. Refer to historical and pro forma financial summary in the Document Section for owner estimate of 2024 and pro forma NOI. The DLR assemblage represents an attractive covered land play with three distinct purchase options. Owner accepting offers for any of the following, with preference give to any offer(s) that maximize overall purchase price, giving consideration to sale conditions, timing and certainty of closing: o The five properties together with or without their TDRs o The Cancer Center, with or without its TDRs o The Development Lots with their TDRs and potentially the TDRs of the Cancer Center Sale Process • Interested potential buyers to execute LoopNet/CoStar standard NDA for access to selected financial and other due diligence materials. • In addition, tenant financials, including site-specific results, will be made available after execution of a second, tenant-specific NDA. Tenant financial data will not be provided to competitors of tenant. • Property showings by appointment only, accompanied by listing agent. Active medical practices with numerous patient visits throughout the day.

FOR SALE DETAILS

PRICE

$12,000,000 USD

PRICE/SF

$910 USD /SF

CAP RATE

5.96%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1963

SPRINKLERS

-

PARKING SPACES

46

LAND DETAILS

LAND ACRES

0.83 AC

LAND SF

36,155 SF

ZONING

T6-8 O

APN/PARCEL ID

01-4102-006-0810

ASK ABOUT THIS PROPERTY

Peter OlaynackPatricia Burnside RealtyMore Info
917-544-1100

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Peter OlaynackPatricia Burnside RealtyMore Info
917-544-1100

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.