Conduct an online search for the term “Condo Office” in the Webster’s Dictionary and you will not find a definition. The same goes for Wikipedia. So what are condo-offices?
Condo-offices are a new trend in real estate investment.
This real estate investment opportunity is very similar in concept to the traditional residential real estate. Purchasing an office-condo unit is investing in a part of the pie.
As in residential real estate, all expenses are shared amongst the owners of the units. Of course, the fees vary depending on the use features and size.
There are numerous reasons to invest in an asset of this type. Earlier this week, the Miami Herald commercial real estate /broker’s view reported on the popularity of office-condos and pointed out the following advantages of this type of investment:
As with residential real estate, the opportunity to “flip” these units is very profitable. According to Fernando Ley-HaraA developer and principal of the Aventura -based McKafka Development group…
You can buy at $180 /square foot and turnaround and sell it at $300.
The recent pioneer of office-condos in Miami, One Flagler is nearly sold out. This unique opportunity in downtown Miami is similar to the condo conversions that proved popular several years ago. This building offered numerous advantages including sitting tenants.
Plans were announced this week by a group of Argentine developers who have submitted plans to develop an office-condo in Aventura. Land for Forum Aventura was purchased in February of 2015. The target date to break ground for this commercial real estate investment is the first quarter of 2016.
Heading south in Miami-Dade County, the City of Coral Gables received and a permit application for a office-condo development in their fair city. If approved, a 16-story Mediterranean-style building, with over 97,000 square feet on offering is slated for a completion in the early months of 2017.
We have a varied selection of available commercial real estate office condos offered for sale in the Magic City and surrounding areas. If you are considering expanding your portfolio to include commercial real estate contact us here.
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