palmetto expy commercial condo —bank 0wned reo!...meridian commercial 10101 w. sample road, suite...

Price

$359 K

Price / SF

$140

SF

2,559

Ceiling

16 FT

Built

1976

Sale Type

REO

Palmetto Expy Commercial Condo—Bank 0wned REO!

4788 NW 167th Street � Miami Gardens, Florida 33014

Doug Driver, CCIM, CMI

Executive Managing Director

℡ (954) 865-1453

[email protected]

Julie Abolafia, CCIM

Managing Director

℡ (954) 918-4902

[email protected]

Exclusively Listed by:

Investment Sales Advisors

Meridian Commercial � 10101 W. Sample Road, Suite 428 � Coral Springs, Florida 33065 � Web: www.Meridian-Commercial.com � Main Phone: (754) 900-1900 � Lic. #BK672274

meridian commercial

Unit 4788

1 Disclosure

2 Summary

3 Property

4 Location

9 Meridian

6 Photos

7 Comparables

8 Financials

Contents

Commercial Condominium � 4788 NW 167th St., Miami Gardens, FL 33014 meridian commercial

Unit 4788

Disclosure

Meridian Commercial (“Meridian”) has been exclusively retained by the Owner (or

“Seller”) to offer for sale a 2,559 square foot commercial condominium located at

4788 NW 167th Street, Miami Gardens, Florida 33014 (“Property”). The only party

authorized to represent the Seller in connection with the sale of the Property is

Meridian. The material contained in this offering brochure (“Brochure”) is furnished

solely for the purpose of considering the purchase of the Property and is not to be

used for any other purpose. This information should not, under any circumstances,

be copied, forwarded, or disclosed to any third party without the written consent of

the Meridian or Seller, or used for any purpose whatsoever other than to evaluate

the possible purchase of the Property.

Neither Meridian nor the Seller make any representation or warranty, express or

implied, as to the accuracy or completeness of the information contained herein,

and nothing contained herein is or shall be relied upon as a promise or representa-

tion as to the future representation of the Property. This Brochure may include

certain statements and estimates with respect to the Property. These assumptions

may or may not be proven to be correct, and there can be no assurance that such

estimates will be achieved. Analysis and verification of the information contained

herein is solely the responsibility of the prospective purchaser. Recipients of this

Brochure are advised and encouraged to conduct their own comprehensive review

and analysis of the Property. This Brochure is a solicitation of interest only and is

not an offer to sell the Property. The Seller expressly reserves the right, at its sole

discretion, to reject any or all expressions of interest to purchase the Property and

expressly reserves the right, at its sole discretion, to terminate negotiations with

any entity, for any reason, at any time without notice.

The Seller shall have no legal commitment or obligation to any entity reviewing the

Brochure or making an offer to purchase the Property unless and until the Seller

executes and delivers a signed purchase agreement on terms acceptable to Seller,

at Seller’s sole discretion. By submitting an offer, a prospective purchaser will be

deemed to have acknowledged the foregoing and agreed to release Meridian and

Seller from any liability with respect thereto.


1

Summary

Bank-Owned REO For Sale! This 2,559 square foot commercial condominium has

an amazing location fronting 167th Street and the Palmetto Expressway. The Prop-

erty can be accessed from either 167th Street, NW 47th Avenue, or the off-ramp of

the Palmetto Expressway. Zoning is PCD allowing for a wide range of office, show-

room, and retail uses; however heavy industrial or manufacturing is not permitted.

Great opportunity for an owner-user or investor!

Price $359,000 formal asking price

Price/SF $140 price per square foot

Type REO bank-owned sale

• Extremely Rare Bank-Owned REO Sale!

• Located Directly Fronting 167th Avenue & Palmetto Expressway!

• Great Property for Either Owner-User or Investor!

• Retail Store-Front with Rear Loading Door & Warehouse Area!

• Ceiling Clear Height is 16” throughout the Entire Unit!

• Offered at only $359,000 or $140 Per Square Foot!


2

Total Size 2,559 Square Feet

Office 1,616 SF

Warehouse 943 Square Feet

Built 1976

Construction CBS (Twin “T” Roof)

Ceiling Height 16’ Clear Height

Loading Doors 1 Street-Level Loading Door (10’ x 12’)

Restrooms 1/2 Bathroom

Electric 120/240 Volt

HVAC Central Air-Conditioning (non-operating)

Life Safety Security Gates (multiple types)

Parking Open Parking (113 spaces + 5 handicap spaces)

COA Fee $300/Month (Estimated)

Property


3

10’x12’ Street-Level Loading Door

W.C.

Warehouse Area

(943 SF)

110

’

23.26’

Office/Showroom Area

(1,616 SF)

Floor Plan

4788 NW 167th Street,

Miami Gardens, FL 33014

Palmetto Expressway Business Park

Condominium Unit #4788

Area Calculations:

Office/Showroom Area = 1,616 SF

Warehouse Area = 943 SF

Total Area = 2,559 SF

Location

Located in the northwest portion of Miami-Dade County within the City of Miami

Gardens, the property benefits from its location on 167th street directly fronting

the Palmetto Expressway. The Property has immediate access and visibility from

this heavily traveled highway, which has a traffic count of 139,500 vehicles per day

(per FDOT). The condominium is located within the Palmetto Expressway Business

Park, which is zoned PCD (Planned Corridor Development) allowing for a wide

range of office, retail and showroom type uses, but does not allow for any light or

heavy industrial uses. The Property can be accessed from 167th Street or directly

from the 46th Street exit ramp of the Palmetto Expressway!

Address 4788 NW 167th Street (#4788)

City, State & Zip Miami Gardens, Florida 33014

Condominium Palmetto Expressway Business Park

County Miami-Dade County

Legal Palmetto Expressway Business Park Condo Unit 4788

Folio 34-2118-033-0410

Property Tax $4,351.18 (2017)

Zoning PCD (City of Miami Gardens)


4


Palmetto Expressway

Palmetto Expressway Business Park

5

Suite 4788

Aerial Photograph

Photographs


6

Address Built SF Date Price $/PSF

1. 4960 NW 165 St. #B-9 2005 2,250 Oct-17 $272,000 $121

2. 4960 NW 165 St. #B-16 2005 2,250 Dec-17 $275,000 $122

3. 16600 NW 54 Ave. #4 1980 2,536 Jun-17 $375,000 $148

4. 16600 NW 54 Ave. #24 1980 2,431 Mar-17 $370,000 $152

5. 16600 NW 54 Ave. #25 1980 2,431 Jan-18 $370,000 $152

Average $128

Subject Square Footage 2,559 SF

$327,552 Subject Sales Comps Value

Comparables

Market Sales Comparables

The sales comparables below are confirmed arm’s length sale transactions of

commercial condominium units that are less than 5,000 square feet, that ae locat-

ed within a 1 mile radius of the Property and have closed within the past year.


7

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�

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Financials

Income Value

Below is the pro-forma income value of the property… $365,647

Commercial Condominium � 4788 NW 167th St., Miami Gardens, FL 33014

8

Rental Income: Annual Monthly PSF % Rent

Base Rent ($15 PSF) $38,385 $3,199 $15.00 100.0%

LESS: Vacancy (5.0%) $1,919 $160 $0.75 5.0%

Gross Rental Income: $36,466 $3,039 $14.25 95.0%

Operating Expenses: Annual Monthly PSF % Rent

Property Taxes (2017) $4,351 $363 $1.70 14.2%

Association Fees $3,600 $300 $1.41 11.7%

Maintenance & Repairs $500 $42 $0.20 1.6%

Management (5.0%) $1,919 $160 $0.75 5.0%

Legal & Accounting $500 $42 $0.20 1.6%

Total Expenses: $10,870 $906 $4.25 28.3%

Net Operating Income: $25,595 $2,133 $10.00 66.7%

Cap Rate: 7.00%

Income Value: $365,647 $142.89

For more information on this exclusive investment offering or to schedule a proper-

ty tour, please contact one of the marketing team members below:

Douglas E. Driver, CCIM, CMI

Executive Managing Director

℡ (954) 865-1453

[email protected]

Certified Commercial Investment Member (CCIM)

Certified Master Inspector (CMI)

Certified Professional Inspector (CPI)

Florida Licensed Real Estate Broker

Florida Certified General Contractor

Florida Licensed Home Inspector

Realtor

Julie Abolafia, CCIM

Managing Director

℡ (954) 918-4902

[email protected]

Certified Commercial Investment Member (CCIM)

Florida Licensed Real Estate Associate

Realtor

meridian commercial

Meridian Commercial is South Florida's premier full-service commercial real es-

tate firm. Since 2004, we have provided investment sales, project leasing, property

management, construction management and inspection services to institutional

and private clients for all types and sizes of commercial real estate assets through-

out Miami-Dade, Broward, and Palm Beach Counties. Executives of the firm have

been involved in over $1.0 billion in investment sales and leasing transactions,

having represented some of the largest institutions in the world. Our management

and consulting services are unsurpassed and have literally saved property owners

and investors millions. We pride ourselves on making our clients highly successful!

High profile clients of executives of the firm include:

AEW Capital Management | American Land Development | Ameriton Properties |

Archon Group | Archstone-Smith | Baxter Healthcare | CIGNA | Citizens Property

Insurance Corporation | City National Bank | Fannie Mae | First Market Properties

| Franklin Street | Glass Ratner | The Hartford | Highwoods Properties | Lloyds of

London | Ocwen Financial Corporation | Principal Capital Management | Pruden-

tial | Sarofim Realty Advisors | Secure Properties | State Farm Insurance Compa-

ny | Teachers Insurance and Annuity - College Retirement Equity Fund | Trammell

Crow Company | United Healthcare

Meridian Commercial

10101 W. Sample Road, Suite 428

Coral Springs, Florida 33065

www.meridian-commercial.com

Main: (754) 900-1900


9

palmetto expy commercial condo —bank 0wned reo!...meridian commercial 10101 w. sample road, suite...

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