151 SE 1st St
Miami, FL 33131
Centro-Office · Office Property For Sale

Marcus & Millichap is proud to present the second & third floor At Centro, located in the heart of Downtown Miami, Florida. This is a prime investment opportunity to own a brand new, three-story, 16,241 square foot office in a residential condominium offering a private elevator and ground floor entrances with direct access to Downtown Miami, amidst a dense commercial and residential market. This property is just street blocks away from Whole Foods, the newly approved Courthouse District, Brightline Train Station, and Miami World Center. Centro Condo office is currently vacant in shell conditions providing an excellent opportunity for an owner-user to built out the space as needed. Investors and users continue to flood into this high growth submarket as rents continue to increase. The condos are positioned to be well received and strongly sought after by both investors and owner users alike. Centro is located on the hard corner of Southeast first street and Southeast second avenue, which combined have high traffic counts of over 21,200 Vehicles Per Day (VPD). This property is in the heart of Miami’s booming Central Business District (CBD) with proximity to Interstate-95, Interstate 1-95, and Dolphin Expressway providing east access to Miami International Airport, Miami Beach, and the rest of Miami-Dade County. Centro is a 352-unit loft style residential tower with state-of-the art amenities including a triple-height lobby entrance, 24-hour reception desk, secured key fob entry access, full-service valet parking, ground-floor anchor restaurants, high-speed control elevators, exclusive outdoor per area, two-story Penthouse recreation area, health club and spa, skyline residents lounge, and a pool with panoramic 360 degrees views. This property offers robust demographics. With a population of over 48,000 people and an average household income of over $72,000, this property possess strong demand generators that benefit the strong local economy. Centro Office Condo is in the Downtown Miami Office submarket. Office rents in this submarket increased one percent year-over-year and have posted an average annual gain of four percent over the past three years. There is currently no office product underway, after a cumulative inventory expansion of 2.6 percent over the recent years. Over the past year, the Miami metro employment gains were in line with the five-year average: Total employment increased by three percent or about 28,700 jobs. Over the past five-years, employment has increased by three percent annually on average, compared to a 1.7 percent average increased nationally. The prolonging multi-year stretch of good investment conditions, and healthy employment, make this investment an excellent value-add opportunity for the upcoming year.