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JLL Capital Markets (“JLL”) is pleased to exclusively offer for sale the condominium interest in Chase Bank Building Parking Garage 150 SE 2nd Avenue (the "Property” or the "Parking Garage”), a 118-space parking garage located in the heart of Downtown Miami. Located on SE 2nd Street and attached to the recently renovated Chase Bank Building, the Parking Garage offers direct access to I-95 allowing for increased accessibility from all locations throughout Miami. It is comprised of three stories with 118 parking spaces which is currently managed by Park 1 through May 2022, South Florida’s leading provider of parking services. The Parking Garage serves as primary parking for the Chase Bank Building, a fully remodeled, 14-story condominium office and retail building with 140,000 square feet that is currently 90.8% occupied.
- Infill Parking Garage in the heart of downtown Miami immediately surrounded by 16.6 million SF of commercial space, 10,200 residential units and 2,500 hotel keys, and Florida's top performing Whole Foods.
- Offered well below recent parking garage sales exceeding $47,500 per space in Miami.
- Immediate income growth potential from capturing resurging transient income, activating night/weekend use, and easily adding additional parking capacity.
- Direct and highly convenient access onto I-95 providing key competitive advantage.
- Favorable ownership structure mitigating real estate tax, operating expense increases and capital requirements for new ownership.
- Stable cash flow largely supported by monthly contractual income comprising 77.8% of NOI.
- Within 140,000 SF fully remodeled and renovated office building with ground floor retail (separately owned and not a part of the offering).