As long as your ROI is good, go for it. For a straight cash investment, my minimum ROI is 20% but I really like 30-40%. For leveraged deals, which of course involves more risk, a much higher return is more desirable.
You’d basically be in the “executive suite” business, by renting such small offices.
Personally I think you could make it more profitable by leasing a bigger block of space in a nice urban highrise, then subleasing the space into small offices. You don’t own the land or the building or the suite, but your cashflow may be higher and you may be in a much nicer location than a $150k office would be in…and that’d attract better clients for you, e.g. lawyers, real estate professionals, etc
Miami is a very interesting market though. The location that I was able to find a 150k office condo with 1500 sq feet of space is next to one of the nicest neighborhoods in the whole county and would attract small time lawyers without a problem.
Looks like a good deal. However, Miami has some bad areas. It all depends where the office is located. If it’s in a ghetto, then I probably wouldn’t recommend it. Price seems very cheap for city like Miami.
The advantages to Office Condominium ownership include freedom from the unpredictable and stressful renting cycle, flexibility of maintaining your own space and control of planning for the future with stable and predictable costs.