The building currently has a few month to month tenants and is functional with active certificate of occupancies. The subject property is a valueadd opportunity with two paths. Renovating this office building in its current form. The recommended upgrades included paint both interior and exterior, new flooring, new roof, and new landscaping. The estimated costs of these renovations along with the new roof is $300,000. After stabilization based on current market rents in the area ($22 a sf net), this property is projected to net $954,368 per year. Which will provide a strong 18% proforma capitalization rate. The second scenario would be to convert this existing building to a 100 unit, 126 bed licensed assisted living facility. Full city approvals to do this conversion.
Courtesy of: RE/MAX 5 Star Realty MIAMI Association of REALTORS® is not responsible for the accuracy of the information listed above. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange Program and the South East Florida Regional MLS and is provided here for consumers' personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than the office owning this website are marked with the IDX logo and detailed information about them includes the name of the listing brokers. Data provided is deemed reliable but not guaranteed. Copyright MIAMI Association of REALTORS®, MLS All rights reserved. Updated: 15th June, 2021 3:53 PM
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