exclusive listing - loopnet … · 7310 biscayne blvd., miami, fl 33138 managing director:...
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7310 Biscayne Blvd., Miami, FL 33138 Managing Director:
“Ur-Cousin” Emile Farah
Office: 305.967.7200
Mobile: 305.754.1000
Sales Director:
Zena M. Bardawell
Office: 305.967.7200
Mobile: 305.795.3933
Exclusive Listing
Advisory Note This document is delivered to you with the understanding that a confidentiality agreement has been signed by you or those individuals associated with you in making an evaluation of this opportunity. If you wish to pass this information on to individuals not directly associated with you, please ask for permission before
doing so. There are no responsibilities for the factualness of the material presented.
Confidentiality
This information is confidential and private, is subject to changes without any notice. Any changes made replace the information previously prepared. This report contains public information and information that is confidential in nature. The confidential information shall be exclusively utilized for private use and shall be limited to the study of financial and economic data regarding subject property. If you are not the direct or
indirect recipient of this report, we request that you notify immediately. You shall not, directly or indirectly, use, reveal, distribute, or copy any parts of this document because it can contain legally protected
information. This document shall not be considered as an offer.
Use of Information The information set forth in this report has been gathered from reputable sources. Nonetheless, it is
recommended that the recipients verify the information on an independent basis. The proponent reserves the right to alter any information set forth in the document, as a result of changing economic and financial
conditions, without notification. The members, directors, officers, executives, managers, employees and persons that worked to prepare this document do not assume any liability for the information of this report,
nor for its accuracy or effects, nor shall they be responsible for the acts and decisions based on this information.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
Table of Contents
• Investment Overview •Pictures • Pricing & Financial Summary • Sales Comparables •Rent Comparables
Property Overview
Address: 7310 Biscayne Blvd. Miami, FL 33138 Occupancy (Owner Occupied): 100% - Smiling Pets Lot Size: 6750 SF Building Size: 2861 SF Zoning: T5-O Height Restriction: 5 Stories Year Built: 1956 HVAC: Central Construction: CBS Roof: Flat/ Built Up Tar Folio: 01-3207-040-1790 Purchase Price (Real Estate): $2,300,000 Purchase Price-Optional (Business): $499,000
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
The Offering:
The Farah Group is pleased to be retained as exclusive real estate advisor for the disposition of this well located asset. The real estate is being offered for sale at $2,300,000 with the option to buy the existing veterinary business for $499,000. They can be purchased individually or together as the owner of the real estate also owns the business. Therefore, if the real estate is purchased without the business the current owner would consider a sale-leaseback providing the new owner with an in-place cash flow. The owner is willing to hold paper for a qualified buyer.
Property Overview
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
Property Overview: 7310 Biscayne Blvd was built in 1956 and is well situated directly on Biscayne Blvd. It sits in the “MiMo” or Miami Modern Historic District. The property consists of a one story building and is currently occupied by a veterinary business. The current tenant has operated in this location since 2000. This presents a great opportunity
for an owner/user to place their business.
The property is 4.5 miles to Miami Beach, 8 miles to Miami Int’l Airport, 3 miles to Wynwood/ Design District and 3 miles to I-95. The Biscayne Blvd corridor consists
mainly of retail and office buildings with single family residential sprawling on either side.
The property is zoned T5-O which can accommodate a multitude of uses including office, retail, restaurant, boutique hotel, and multi-family to name a few. The
opportunity provides the investor with an in place cash flow or the option to re-develop the property and increase the value by improving the current use. Another option is for an owner/user to place their business at the site and hold the property
while the area continues to appreciate in value.
Property Overview
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
T5-O Zoning:
Regulating use is an important part of any zoning code. Miami 21 Zoning Code prioritizes building form (shape and bulk) over the regulation of use to allow for mixed-use development. In T5 zones, the emphasis is on limited mixed-use and multi-family residences. T5 creates a small town centre feel and encourages pedestrian activity with options for tourist-driven businesses and small lodging. Restricted (R) single family, ancillary units, two family,& multifamily residences Limited (L) same as above, and limited commercial, office, lodging, & community centres Open (O) additional lodging and entertainment establishments permitted
R = the use is permitted by Right W = the use is permitted by Warrant E = the use is permitted by Exception
Property Overview
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
T5-O Zoning:
Property Overview
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
T5-O Zoning:
T5 Zoning density is 65 units/acre thus allowing approximately 10 units on this site.
Area Overview
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
The area along Biscayne Boulevard is the designated MiMo Architecture Biscayne Boulevard Historic District or also known as "MiMo on BiBo", for "Miami Modern on Biscayne Boulevard". MiMo Historic District runs roughly from
50th Street to 77th Street along Biscayne Boulevard, although MiMo can be found heavily in the Miami Design District and Midtown. Many annual festivals are held to promote MiMo architecture, such as "Cinco de MiMo" a
play on "Cinco de Mayo" in early May.
In the 2000s, preservation efforts began to bring development interest into the neighborhood, and Biscayne Boulevard began to improve. Today, the boulevard is in a fast upwards transition along with many other nearby
neighborhoods such as the Design District, Wynwood and Edgewater with strong preservation efforts to preserve the MiMo architecture.
MiMo is the architecture that defines the area north of the Design District on Biscayne Blvd. The neighborhood
includes some of Miami' s most popular restaurants Michy' s, Soyka, Blue Collar, Andiamos Pizza, and Moonchine as well as nightspots, eclectic retailers and shops. As the momentum of Miami' s urban core continues North, MiMo is
on the cusp of being the city' s next best thing with the arrival of Miami' s favorite independent coffee shop, Panther Coffee, and juice bar, Jugofresh Warehouse, and the newly renovated Vagabond Motel.
50 Eggs, the masterminds behind the popular restaurants Khong River House, Yardbird Southern Table & Bar and
Swine Southern Table & Bar, recently bought the Sunshine Motel as their headquarters and test kitchen. Additionally, some of the area' s landmark buildings are undergoing extensive renovations that are sure to attract
new residences, locals and tourists.
Vagabond Motel, a signature piece of MiMo architecture has refurbished and is primed to return to its heyday as a landmark boutique property. Slightly north of the MiMo district, the former INS building will soon be converted into
mixed-use with condos and retail space, and Biscayne Plaza on 79 Street and Biscayne Boulevard is undergoing substantial renovations by its new owners. This area is poised for expansive growth keeping with the trend of
Miami’s rapid development.
Aerials & Maps
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
Atlantic Ocean
Aerials & Maps
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
Aerials & Maps
Miami Beach
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
Aerials & Maps
Biscayne Bay
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
Demographics
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
Radius 1 Mile 3 Mile 5 Mile
Population:
2021 Projection 26,424 174,432 533,952
2016 Estimate 24,972 165,708 508,804
2010 Census 21,691 148,667 464,567
Growth 2016-2021 5.81% 5.26% 4.94%
Growth 2010-2016 15.13% 11.46% 9.52%
2016 Population Hispanic Origin 7,408 53,879 228,214
2016 Population by Race:
White 10,397 68,721 282,274
Black 13,496 90,919 208,499
Am. Indian & Alaskan 112 788 2,404
Asian 335 2,151 6,955
Hawaiian & Pacific Island 7 74 273
Other 625 3,056 8,398
U.S. Armed Forces: 2 59 211
Households:
2021 Projection 10,578 62,793 199,917
2016 Estimate 10,043 59,832 190,828
2010 Census 8,952 54,491 175,600
Growth 2016 - 2021 5.33% 4.95% 4.76%
Growth 2010 - 2016 12.19% 9.80% 8.67%
Owner Occupied 3,432 24,523 76,776
Renter Occupied 6,612 35,308 114,051
2016 Avg Household Income $52,449 $52,262 $55,830
2016 Med Household Income $28,641 $32,837 $34,551
2016 Households by Household Inc:
<$25,000 4,644 24,611 74,785
$25,000 - $50,000 2,234 15,232 48,107
$50,000 - $75,000 1,195 7,683 26,196
$75,000 - $100,000 604 4,333 14,202
$100,000 - $125,000 374 3,100 10,085
$125,000 - $150,000 209 1,482 4,400
$150,000 - $200,000 407 1,573 5,538
$200,000+ 377 1,817 7,515
Pricing & Financial Summary
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
Asking Price: $2,300,000 Price per Square Foot (Building): $803 Price Per Square Foot (Land): $341 CAP Rate: 4.33% Proposed Financing 30% Down Payment: $690,000 Proposed Mortgage: $1,610,000 Interest Rate: 5.25% Amortization Months: 360 Debt Service: ($8,890/Month) -$106,686
Pro Forma Income Gross Potential Rent ($50/SF) $143,050 Expenses Taxes $36,143 Insurance $1,700 Repairs & Maintenance $5,709 Total Expenses $43,552 Net Operating Income $99,498 2016 Taxable Value: $506,261
2016 Millage Rate: 21.8256
Sales Comparables
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
Subject: 7310 Biscayne Blvd. Miami, FL 33138 Purchase Price: $2,300,000 Price/SF (Land): $341 Price/SF (Bldg): $803 Land SF: 6750 Bldg SF: 2861 Year Built: 1956 Sale Date: On Market
Comparable 1: 7320 Biscayne Blvd. Miami, FL 33138 Purchase Price: $2,400,000 Price/SF (Land): $320 Price/SF (Bldg): $759 Land SF: 7500 Bldg SF: 3162 Year Built: 1953 Sale Date: 4/20/16
Comparable 2: 7521 Biscayne Blvd. Miami, FL 33138 Purchase Price: $1,450,000 Price/SF (Land): $227 Price/SF (Bldg): $746 Land SF: 6400 Bldg SF: 1943 Year Built: 1948 Sale Date: 1/25/16
Sales Comparables
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
Comparable 3: 6621 Biscayne Blvd. Miami, FL 33138 Purchase Price: $4,000,000 Price/SF (Land): $295 Price/SF (Bldg): $453 Land SF: 13551 Bldg SF: 8826 Year Built: 1936 Sale Date: 7/29/15
Rent Comparables
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
Comparable 2: 7521 Biscayne Blvd. Miami, FL 33138 Rent/SF/Yr: $59.23 NNN Leased SF: 1943 Bldg SF: 1943 Space Use: Retail Year Built: 1948 Lease Date: 6/9/16
Comparable 1: 7240 Biscayne Blvd. Miami, FL 33138 Rent/SF/Yr: $70 NNN Leased SF: 1200 Bldg SF: 1800 Space Use: Retail Year Built: 1934 Lease Date: 5/1/16
Subject: 7310 Biscayne Blvd. Miami, FL 33138 Rent/SF/Yr: Owner Occupied Leased SF: 2861 Bldg SF: 2861 Space Use: Medical Office Year Built: 1956 Lease Date: N/A
Rent Comparables
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
Comparable 4: 6630 Biscayne Blvd. Miami, FL 33138 Rent/SF/Yr: $36.96 NNN Leased SF: 1057 Bldg SF: 2157 Space Use: Retail Year Built: 1950 Lease Date: 9/1/16
Comparable 3: 6621 Biscayne Blvd. Miami, FL 33138 Rent/SF/Yr: $50 NNN Leased SF: 2000 Bldg SF: 8826 Space Use: Retail Year Built: 1936 Lease Date: 9/1/16
Comparable 5: 6630 Biscayne Blvd. Miami, FL 33138 Rent/SF/Yr: $45 NNN Leased SF: 1100 Available Bldg SF: 2157 Space Use: Retail Year Built: 1950 Lease Date: Currently Available
Rent Comparables
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com
Comparable 6: 6405 Biscayne Blvd. Miami, FL 33138 Rent/SF/Yr: $50 NNN Leased SF: 1382 Bldg SF: 6410 Space Use: Retail Year Built: 2016 Lease Date: 6/1/16
Managing Director: “Ur-Cousin” Emile Farah
Office: 305.967.7200 Mobile: 305.754.1000
Fax: 305.967.7208 [email protected]
Sales Director: Zena M. Bardawell
Office: 305.967.7200 Mobile: 305.795.3933
Fax: 305.967.7208 [email protected]
Senior Financial Analyst: David Reinke
Office: 305.967.7200 Mobile: 850.559.3234
Fax: 305.967.7208 [email protected]
The Team