383-395 Alhambra Circle

  • $6.8M
Featured For Sale
395 Alhambra Circle, Coral Gables, FL 33134, USA
Featured

383-395 Alhambra Circle

395 Alhambra Circle, Coral Gables, FL 33134, USA
  • $6.8M

Description

Marketing Description
Marcus & Millichap is proud to present two Class B office buildings in the heart of Coral Gables, Florida. 383-395 Alhambra Circle is situated on two contiguous parcels, totaling .28 Acres (or 12,212 square feet) of land and offers a combined total of approximately 11,451 square feet of rentable space. 383-395 Alhambra Circle is located on the corner of LeJeune Road and Alhambra Circle, which has a combined traffic count of 45,000 vehicles per day (VPD). This is the most coveted intersection in Coral Gables given its easy access for customers and employees to and from Coral Gables, Dolphin Expressway (SR-836), Miami International Airport (MIA), Downtown Miami, Blue Lagoon Office Park, and Doral.

These office buildings have been well maintained and provide an investor/user the opportunity to acquire two strategically located office buildings in the heart of Coral Gables’ Financial District. The larger of the two buildings, 395 Alhambra Circle, is a three-story office building that contains approximately 8,303 square feet of rentable office space spread throughout the top two floors. The first (ground) floor offers a lobby and approximately a dozen covered parking spaces. The second property, 383 Alhambra Circle, is a one-story office building and offers 3,143 square feet of rentable space. The two parcels combined offer approximately 25 parking spaces. Combined, the properties are currently 43% occupied by professional tenants including Doctors, Lawyers, and SPA services. All tenants are short-term tenancy, allowing a new user/investor immediate occupancy. The interior of both properties has a combination of private offices and open floor space providing for a wide range of uses and easy configuration. 383-395 Alhambra Circle is ideal for investors looking to increase occupancy at competitive market rates or a professional owner-user. These assets are extremely easy to manage and there is typically a long list of tenants looking to occupy these buildings given the location, convenience, and overall condition of the properties.

The City of Coral Gables recently completed a $25 million project to rejuvenate Miracle Mile. The street was transformed into a pedestrian-friendly plaza with fine dining and beautiful landscaping, accompanied by public art installations to be enjoyed by shoppers. The City also increased the Floor Area Ratio (FAR) from 1.45 to 3.0 allowing business owners and developers to add additional square footage to their properties. This may provide additional value-add to this prestigious property. For the first time in 60 years, the City of Coral Gables has initiated such an increase for the Miracle Mile area and are fast-tracking this change.

Investment Highlights
Preeminent Location in Coral Gables With Unparalleled Exposure
Private Offices & Open Floor Plan
Located on the Corner of LeJeune Road and Alhambra Circle, Which Has a Combined Traffic Count of 47,000 VPD
Easy Access To Downtown Miami, SR-836, Miami International Airport, and Doral

Details

Updated on June 11, 2019 at 11:08 pm
  • Property ID: 10605
  • Price: $6.8M
  • Property Type: Office
  • Property Status: For Sale
  • Number of Buildings: 2
  • Number of Stories: 3
  • Tenancy: Multi
  • Investment Type: Value Add

Additional details

  • Lease Type: Modified
  • Net Rentable (sq ft): 11,451
  • Pro-Forma Cap Rate: 4.70%
  • Pro-Forma NOI: $317,009
  • Units: 6
  • Parking (spaces): 25
  • Address 395 Alhambra Circle, Coral Gables, FL 33134, USA
  • City Coral Gables
  • State/county Florida
  • Zip/Postal Code 33134
  • Area Coral Gables Section
  • Country United States

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Contact Information

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Alex Zylberglait
  • Alex Zylberglait
  • 786.522.7000

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Alex Zylberglait
  • Alex Zylberglait