Location Summary

• The Offices at 1790 is part of the South Florida MSA, the largest statistical area South of Atlanta and within the Coral Way Submarket. The Coral Way Submarket covers the area of Miami between the Brickell Avenue's Financial District and Coral Gables and links with Coconut Grove to the South. The Coral Way corridor, also referred to as SW 22nd Street extends into the City of Coral Gables. Coral Gables is one of the most affluent areas of Miami Dade County and offers residential, office and professional centers. On the other end is Brickell Avenue's Financial District, the area's center for banking and financial service firms with hundreds of companies as well thousands of residential units. It is also home to the newly built Brickell Citi Centre, a million sf project with retail, hotel, offices and residential units. The Coral Way Submarket has 2,368,836 RSF of office space with less than 4.7% of that total vacant and available. The bulk of the office product is Classified as B & C product, with less than 7.8% overall classified as Class A. New construction in the area is limited and thus vacancies do not have the supply side pressure of new spaces, such as nearby Coral Gables or Brickell's Financial District. With these factors, vacancies have remained relatively low and rents in the Class B & C product have seen increases nearing 5%. Overall, rents for Class A space in the submarket are upwards of $32-36 PSF which are in line with the Miami market, while Class B & C have rents range from $24-28 PSF. With the growth of the Brickell Avenue's Financial District, the influx of additional housing at and near Coral Gables, demand for smaller office space in the corridor has been increasing. The majority of the lease deals are for 2,000 SF or less, with the largest deal being 4,500 SF signed in 2017. Transportation access to the area is provided by I-95 to the East and US-1 to the South. Major nearby intersections include 17th Avenue, 27th Avenue and 37th Avenue, each of which go North to Miami International Airport and South to Coconut Grove and Coral Gables. Bus services lines are found throughout the corridor, with the nearest stop located less than a 3-minute walk from the property. The Offices at 1790 is in the right location for growth, stability and demand.
• Miami Real Estate Group & The RE Commercial Team has been selected as the exclusive agents to market the sale of The Offices at 1790 located at 1790 Coral Way in Miami, Florida. The Offices at 1790 is a 16,092 SF building situated along the infamous tree-lined Coral Way corridor, that leads West to the City of Coral Gables and East to the premier financial district of Miami, FL. Brickell Avenue. The Offices at 1790 has been meticulously maintained and provides its tenants onsite parking, elevator service, onsite maintenance staff, secured access, gated parking, hurricane impact windows and doors and a modern décor that has helped differentiate the property from its neighboring competitors. With 3-stories and a corner location, The Offices at 1790 offers excellent signage opportunities for its tenants to showcase their business to the +/- 38,500 vehicles that travel by the property everyday. Built of concrete block on concrete slab, the property is enveloped in a smooth exterior stucco finish, giving it a very modern look. Floors are finished in marble with drywall interior walls. Entry doors are metal with office finishes completed in wood, glass and marble throughout. The asset is professionally managed and proactively maintained to its Class A status for the Coral Way corridor. With two tenants, the property is completely leased. Rents are slightly below market, providing an upside potential for a savvy long term investor. Leases provide for the pass-through of all utilities and service expenses except for real estate taxes. A potential increase in income would be to include real estate taxes, either as a whole or as a portion of the pass-thru. The property is also suitable for a single tenant owner/user. Its efficiencies in floor layouts, low cost of ownership, centralized location and its excellent curb appeal, make the property a prime candidate for customer outreach and potential growth. Overall rents for similar Class A space along the Coral Way Corridor average between $27 - $34 PSF Gross. Rents for the Offices at 1790 are projected to increase in 2019 to an average of $30 PSF Gross. The current owner has secured approved plans to expand the second floor footprint of the building for an additional 2,937 RSF. Additional parking requirements would be met with the construction of an onsite parking lift that will allow for up to 12 parking spaces to be located at the property. With area rents for modern space in the corridor at +/- $32 PSF Gross, the potential space is projected to be leased at $30 PSF Gross, with a potential increased value of +/- $1.9 MM at the purchase cap rate. A proforma analysis of this expansion is provided along with a copy of the proposed expansion space layout. A full set of plans, can be provided upon acceptance of a contract offer. According to Co-star, the property enjoys a very high walkability score with local restaurants, shops and medical offices nearby. Bus transit is located at 17th Avenue, less than a 3-minute walk for the property, which provides quick trips to the nearby City of Coral Gables or the Brickell Avenue Financial District. With a fully leased investment, a modern look, a great location, curb appeal, signage and a high traffic count, The Offices at 1790 is the premier property for the savvy investor looking to expand their portfolio or for the owner/occupier looking for an iconic building that will help solidify their brand and reach in Miami. For an exclusive package and to receive additional information on this wonderful asset, please complete the Broker or Principal Confidentiality Agreement.