venice medical office off i-75 and jacaranda...jacaranda 435 commercial court venice, fl 34292 n/a...
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For Sale | Office Space
PROPERTY HIGHLIGHTS
• Excellent Investment or Owner/User Opportunity
• Owner financing available
• 65% NNN Lease to Sarasota Orthopedics Associates
• 6 Years Remaining with Step Up Annual Escalations
• Well Built Concrete Structure with High Impact Windows
• I-75 Visiblity and Quick access
435 Commercial Court, Venice, FL 34292
CONFIDENTIAL OFFER ING MEMORANDUM
Venice Medical Office Off I-75 And Jacaranda
PRESENTED BY:
GAIL BOWDENSenior Commercial Real Estate Advisor
941.525.8283
gailbowden@michaelsaunders.com100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
TABLE OF CONTENTS
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
3SECTION 1: PROPERTY INFORMATIONExecutive Summary
Property Description
Property Details
Additional Photos
8SECTION 2: LOCATION INFORMATIONLocation Maps
Aerial Map
11SECTION 3: FINANCIAL ANALYSISFinancial Summary
Income & Expenses
Rent Roll
15SECTION 4: RENT COMPARABLESRent Comps
Rent Comps Summary
Rent Comps Map
19SECTION 5: DEMOGRAPHICSDemographics Report
Demographics Map
22SECTION 6: ADVISOR BIOSBiography 1
Back Page
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
S E C T I O N 1
Property Information
EXECUTIVE SUMMARY
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 4
DEMOGRAPHICS 1 Mile 3 Miles 5 Miles
Total Households: 1,369 13,226 31,728
Total Population: 2,605 25,608 64,660
Average HH Income: $67,122 $63,281 $61,639
PROPERTY HIGHLIGHTS
• Excellent Investment or Owner/User Opportunity
• Owner financing available
• 65% NNN Lease to Sarasota Orthopedics Associates
• 6 Years Remaining with Step Up Annual Escalations
• Well Built Concrete Structure with High Impact Windows
• I-75 Visiblity and Quick access
• Covered Drop off and Pick up Entry
OFFERING SUMMARY
Sale Price: $2,950,000
Price / SF: $163.18
Lot Size: 1.27 Acres
Year Built: 2007
Building Size: 18078 SF
Renovated: 2014
Zoning: CHI - Commercial
Highway Interchange
Market: Venice
Submarket: SW Florida
PROPERTY DESCRIPTION
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 5
PROPERTY OVERVIEW
Stable cash flow opportunity for owner/user or investor. Free standingClass "A" Medical property with 65% leased to Sarasota OrthopedicAssociates. Very well constructed building with a canopy covered dropoff and pick up entry. Proximity to I-75 is perfect for practices with aregional client base. The vacant 3rd floor is completely built out andready for immediate occupancy.
LOCATION OVERVIEW
I-75 exposure on the Jacaranda Interchange. Immediate area consists of3 quality brand hotels, McDonald's, Cracker Barrel, various otherrestaurants and offices next door.
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 6
PROPERTY DETAILS
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
PROPERTY NAME: Venice Medical Office off I-75 and Jacaranda
PROPERTY ADDRESS: 435 Commercial Court
Venice, FL 34292
PROPERTY TYPE: Office
APN: 0400 09 0004
PRICE / SF: $163.18
LOT SIZE: 1.27 AC
BUILDING CLASS: A
ZONING: CHI - Commercial Highway Interchange
PARKING SPACES: 58
PARKING RATIO: 3.22
BUILDING FRONTAGE:
CROSS STREETS: Jacaranda Boulevard & I-75
YEAR BUILT: 2007
CONSTRUCTION TYPE:
NUMBER OF STORIES: 3
AVERAGE FLOOR SIZE:
FOUNDATION: Concrete Slab
WALLS:
NUMBER OF UNITS: 3
ROOF: Built up tar and gravel - Low Pitch Shed Roof
ADDITIONAL PHOTOS
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 7
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
S E C T I O N 2
Location Information
LOCATION MAPS
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 9
AERIAL MAP
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 10
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
S E C T I O N 3
Financial Analysis
FINANCIAL SUMMARY
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 12
INVESTMENT OVERVIEW CLASS A MEDICAL
Price $2,950,000
Price per SF $163.18
CAP Rate -
Cash-on-Cash Return (yr 1) - %
Total Return (yr 1) -
Debt Coverage Ratio -
OPERATING DATA CLASS A MEDICAL
Gross Scheduled Income $262,187
Other Income -
Total Scheduled Income -
Vacancy Cost -
Gross Income -
Operating Expenses -
Net Operating Income -
Pre-Tax Cash Flow -
FINANCING DATA CLASS A MEDICAL
Down Payment -
Loan Amount -
Debt Service -
Debt Service Monthly -
Principal Reduction (yr 1) -
INCOME & EXPENSES
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 13
INCOME SUMMARY CLASS A MEDICAL PER SF
SOA $134,050 $7.42
GROSS INCOME $134,050 $7.42
EXPENSE SUMMARY CLASS A MEDICAL PER SF
GROSS EXPENSES - -
NET OPERATING INCOME - -
RENT ROLL
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 14
TENANTNAME
UNITNUMBER
UNITSIZE (SF)
LEASESTART
LEASEEND
MARKETRENT
ANNUALRENT
% OFBUILDING
PRICEPER SF/YR
Sarasota Orthopedic Associates 1st & 2nd Floor 9,575 $86,175 52.96 $9.00
Pro Forma - TBN 3rd Floor 4,993 $89,874 27.62 $18.00
Totals/Averages 14,568 $0 $176,049 $12.08
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
S E C T I O N 4
Rent Comparables
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 16
RENT COMPS
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
SUBJECT PROPERTY
435 Commercial Court | Venice, FL 34292
$12.08 SFLease Rate: NNNLease Type:1,312 - 5,466 SFSpace Size: 2007Year Built:
1.27 ACLot Size: 3No. Units:
VENICE COMMONS OFFICE
1497 E. Venice Ave | Venice, FL 34292
$15.00 SFLease Rate: NNNLease Type:
1,937 SFSpace Size: 2007Year Built:
5,000 SFBldg Size:
1
1
1200 JACARANDA BLVD
Venice, FL 34292
$17.00 SFLease Rate: NNNLease Type:
5,600 SFSpace Size: 96,000 SFBldg Size:
95%Occupancy:
2
2
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 17
SUBJECT PROPERTY PRICE/SF/YEAR AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %
Venice Medical Office off I-75 andJacaranda435 Commercial CourtVenice, FL 34292
N/A 1,312 - 5,466 SF 18,078 SF 3 65.0%
RENT COMPS PRICE/SF/YEAR AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %
1Venice Commons office1497 E. Venice AveVenice, FL 34292
$15.00 1,937 SF 5,000 SF - -
2 1200 Jacaranda BlvdVenice, FL 34292
$17.00 5,600 SF 96,000 SF - 95%
PRICE/SF/YEAR AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %
TOTALS/AVERAGES $16.00 3,769 SF 50,500 SF 0 95%
RENT COMPS SUMMARY
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 18
RENT COMPS MAP
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
435 Commercial Court | Venice, FL 34292
SUBJECT PROPERTY
1 1497 E. Venice AveVenice, FL 34292
VENICE COMMONS OFFICE2 1200 Jacaranda Blvd
Venice, FL 34292
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
S E C T I O N 5
Demographics
DEMOGRAPHICS REPORT
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 20
* Demographic data derived from 2010 US Census
1 MILE 3 MILES 5 MILES
Total households 1,369 13,226 31,728
Total persons per hh 1.9 1.9 2.0
Average hh income $67,122 $63,281 $61,639
Average house value $342,286 $344,176 $291,526
1 MILE 3 MILES 5 MILES
Total population 2,605 25,608 64,660
Median age 65.6 64.6 60.0
Median age (male) 66.3 64.1 59.5
Median age (female) 64.9 65.0 60.7
DEMOGRAPHICS MAP
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 21
* Demographic data derived from 2010 US Census
POPULATION 1 MILE 3 MILES 5 MILES
TOTAL POPULATION 2,605 25,608 64,660
MEDIAN AGE 65.6 64.6 60.0
MEDIAN AGE (MALE) 66.3 64.1 59.5
MEDIAN AGE (FEMALE) 64.9 65.0 60.7
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
TOTAL HOUSEHOLDS 1,369 13,226 31,728
# OF PERSONS PER HH 1.9 1.9 2.0
AVERAGE HH INCOME $67,122 $63,281 $61,639
AVERAGE HOUSE VALUE $342,286 $344,176 $291,526
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
S E C T I O N 6
Advisor Bios
T 941.525.8283
C 941.223.1525gailbowden@michaelsaunders.com
100 South Washington BlvdSarasota, FL 34236
18,078 SF • 435 COMMERCIAL COURT • VENICE, FL
Senior Commercial Real Estate Advisor
GAIL BOWDEN Professional BackgroundGail Bowden brings a unique blend of strategic creativity and expertise to the MichaelSaunders & Company team. Drawing on more than thirty years of experience, Bowdenis well known for her business ingenuity and ability to navigate the complexities ofventure capital, project finance, construction, and development. Her project list isextensive as well as her list of accomplishments as an expert and industry leader.Bowden was named one of Real Estate Forum’s 2016 Women of Influence. Prior tojoining the MS&C Commercial Division, she ranked #3 in SVN’s commercial realestate advisors worldwide, and #1 in Florida for 2015. Bowden also achieved one ofSVN’s most prestigious honors “Partners Circle” in 2015 and 2014, several of SVN’smost esteemed honors, including her fourth “Top Commercial Real Estate Advisor ofthe Year”, “Top Producer” and “Top Sale Transaction” awards.Ms. Bowden is well-known for closing complex and varied commercial investmentprojects, specializing in medical office, multifamily, and industrial properties from$500,000 to $60 million +. Gail’s propensity for guiding clients to appropriate financingcoupled with her skill for identifying the most suitable investors for each deal hascontributed to her career sales total of over $200 million.From contract to closing, Gail handles each client with exceptional care, ensuring thatevery element of a transaction is presented in a clear and logical manner. Skilled indigital marketing, Gail collaborates with her daughter and assistant, Allison, on effectiveadvertising strategies. Known for thorough research, stamina, and patience, Gail’s abilityto communicate clearly with all sides in any negotiation has established her as a trueprofessional in the field. A passion for travel has enhanced Gail’s ability to develop andcultivate long-standing relationships with real estate and development professionals allover the world.Originally from Utah where she attended the University of Utah, Gail graduated with aB.A. in Business Administration. Since moving to Sarasota over fourteen years ago, Gailhas become an active member of the community and has established herself as an expertin commercial real estate sales & investment. Gail is a volunteer and auxiliary memberof SPARCC (Safe Place & Rape Crisis Center) and also volunteers her time andexpertise to Habitat for Humanity. Gail’s daughter, son-in-law and two grandchildrenlive in Utah, where she visits whenever possible. Her friends and family lend joy andbalance to her life and work.
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
Page 23
100 SOUTH WASHINGTON BLVD | SARASOTA, FL | 941.957.3730
PRESENTED BY:
GAIL BOWDENSenior Commercial Real Estate Advisor
941.525.8283
gailbowden@michaelsaunders.com
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