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    3500 17Th Ave Miami, FL 33142

    For Sale
    $5,300,000

    Miami medical office, high growth area

    Property size:
    11,600 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This 11,600 sq ft, two-tenant medical office building in Miami's Allapattah neighborhood is situated on a 21,060 sq ft lot with 173 feet of frontage on NW 17th Ave. Built in 1987 and renovated three years ago, the Class B property boasts 100% occupancy with a current NOI of $159,000 and a pro-forma NOI of $406,000, reflecting a 3% cap rate and a pro-forma cap rate of 7.66%. The asking price is $5,300,000 ($456.90/sq ft), and the land value is $251/sq ft. Currently leased under a gross lease with credit-rated tenants on a multi-tenant lease with rent bumps, the leases have a remaining term of 0.8 years, expiring August 31, 2025. The T6-8-O zoning allows for mid-rise development with potential for up to 72 multi-family units. This prime location offers significant value-add and development upside, benefiting from Allapattah's rapid expansion and strong demand. The property is located near major neighborhoods and offers ample parking. This is an owner-user opportunity with significant potential for future appreciation.

    Property Features for 3500 17Th Ave

    General Information

    Property type
    Medical offices
    Square Feet
    11,600 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1987/3
    Buildings
    1
    Stories
    2
    Units
    2

    HighLights

    • 11,600 SF medical office building on a 21,060 SF lot, Miami's Allapattah neighborhood.
    • Hard corner lot with 173' of frontage on NW 17th Ave.
    • Significant development potential; T6‑8‑O zoning allows for up to 72 multi‑family units.
    • Ample parking.
    • Located near major neighborhoods.
    • Opportunity Zone designation.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Blemur Pierre MD Pediatrician Med Plus Medical ... Family Practice Physician Dr. Laila Chagani Internist Dr. Alexander Blaise Podiatrist Mcnadental Dentist

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.2239945
    Latitude
    25.808767

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    FAQs

    What type of property is this?
    Medical office - Miami medical office, high growth area
    Where is this medical office located?
    The property is located at 3500 17Th Ave Miami, FL.
    What is the asking price?
    The asking price for this property is $5,300,000.
    What are key features of this property?
    This property features: 11,600 SF medical office building on a 21,060 SF lot, Miami's Allapattah neighborhood.; Hard corner lot with 173' of frontage on NW 17th Ave.; Significant development potential; T6-8-O zoning allows for up to 72 multi-family units.
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    Miami, FL 33142
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3500 17Th Ave Miami, FL 33142
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