Offering Memorandum
BISCAYNE BOULEVARD DEVELOPMENT SITE 2650 Biscayne Boulevard • Miami, Florida 33137 NON - ENDORSEMENT AND DISCLAIMER NOTICE
Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap Real Estate Investment Services of Florida, Inc. ("Marcus & Millichap") and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
Non-Endorsement Notice Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
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BISCAYNE BLVD DEVELOPMENT SITE Miami, FL ACT ID ZAA0390551
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TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01 Offering Summary Regional Map Local Map Aerial Photo
FINANCIAL ANALYSIS 02 Pricing Detail
MARKET COMPARABLES 03 Sales Comparables
MARKET OVERVIEW 04 Market Analysis Demographic Analysis
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INVESTMENT OVERVIEW
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OFFERINGOFFERING SUMMARY SUMMARY EXECUTIVE SUMMARY
OFFERING SUMMARY Price $13,500,000 MAJOR EMPLOYERS Down Payment 100% / $13,500,000 Loan Type All Cash Lot Size (SF) 30,266 EMPLOYER # OF EMPLOYEES * Price/SF $446.05 HIG Surgery Centers LLC 5,100 Lot Size (Acres) 0.69 acre(s) Royal Caribbean International 4,965 Price/Acre $19,429,723 Ibt Group LLC 4,442 Zoning T6-36A-O Bursars Office 4,418 Allowable Buildable SF 363,192 County Miami Dade AVI Dept 4,000 Number of Lots 5 Miami Dade Transit 4,000 Price/Lot $2,700,000 Nephrology Division 4,000 Type of Ownership Fee Simple Kimpton Epic Miami 3,724
SITE OVERVIEW ROYAL CARIBBEAN 3,400 Parcel: Address Folio: Lot size (Acres) Lot Size (SF) County of Miami-Dade 3,169 1 2650 Biscayne Blvd 01-3230-020-0090 0.23 9,856 Miami Vamc 3,000 2 265 NE 26th Ter 01-3230-020-0080 0.12 5,340 Aluma Craft Products 2,800 3 255 NE 26th Ter 01-3230-020-0070 0.12 5,340 4 245 NE 26th Ter 01-3230-020-0060 0.10 4,450 5 250 NE 27th Ter 01-3230-018-0140 0.12 5,280 DEMOGRAPHICS Total 0.69 30,266
1-Miles 3-Miles 5-Miles 2018 Estimate Pop 27,891 232,285 522,938 2010 Census Pop 24,390 206,321 471,899 2018 Estimate HH 13,420 95,222 213,999 2010 Census HH 11,625 83,904 192,599 Median HH Income $43,467 $30,443 $34,275 Per Capita Income $34,518 $23,798 $26,822 Average HH Income $70,916 $57,186 $64,948
* # of Employees based on 5-mile radius
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OFFERING SUMMARY INVESTMENT OVERVIEW Marcus & Millichap is proud to present a five-parcel Biscayne development site located in Edgewater Miami, Florida. This development site opportunity is situated on .69-acres (or 30,266 square feet) of land and is zoned T6-36A-O under the Miami 21 form-based zoning code. This zoning consists of a high density and offers the greatest variety of uses including residential, commercial/retail, lodging, and civic & civil support. This zoning allows up to 104 buildable dwelling units, a maximum height of 36 stories with a bonus to 60 stories, and a floor to lot ratio of 12 (FLR) with a bonus of forty percent of building capacity, yielding the opportunity to develop over 363,000 square feet of space. This excellent development site is in a well-established, mixed- use (zoning) area within Edgewater Miami. Additionally, this land portfolio is situated in an Opportunity Zone. Opportunity Zones provides tax incentive to re-invest their unrealized capital gains into dedicated Opportunity Funds. This Biscayne land portfolio is in the heart of Edgewater with an entire block of frontage on busy Biscayne Boulevard, which has high traffic counts of over 34,500 VPD and one block east of Northeast 2nd Ave, with a traffic count of over 9,000 VPD. This property has easy ingress and egress access from Biscayne Boulevard, NE 26th Ter, and NE 27th St due to the contiguous layout of the parcels. With two hard corners of ownership, this property provides excellent exposure and visibility. This location provides easy access to the Macarthur Causeway, Interstate-95, 195, 395, and Dolphin Expressway (FL-836). Furthermore, this AAA location is walking distance to Wynwood, The Shoppes are Midtown Miami, Downtown Miami, and its surrounding neighborhoods.
East Edgewater is an exciting new area, emerging as a new hotspot for Miami’s cultural, commercial, and residential development. Edgewater’s loose borders are Northeast 17th Street to the south, Northeast 37th Street/I-195/the Julia Tuttle Causeway to the north, the Florida East Coast Railway to the west and Biscayne Bay to the east. The neighborhood has a unique bayfront position, dramatic views, and proximity to Miami’s ultimate offerings in terms of arts, luxury shopping, high-end hotels, entertainment, and corporate offices. With a strong condominium market and more retail and residential development in the pipeline, the area is experiencing a surge of growth and an influx of inhabitants.
INVESTMENT HIGHLIGHTS
▪ Great Exposure With Excellent Visibility ▪ Zoned T6-36A-O ▪ Situated Within an Opportunity Zone ▪ Strong Retail and Residential Presence in the Surrounding Area ▪ Full Block Frontage on Busy Biscayne Blvd. (US-1), Which Has High Traffic Counts of Over 34,500 VPD ▪ Proximity to the Macarthur Causeway, Julia Tuttle, I-95, I-195, I-395, and Dolphin Expressway (FL-836)
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OFFERING SUMMARY INVESTMENT OVERVIEW Edgewater has also evolved into a desirable neighborhood for families. It offers beautiful parks, including Margaret Pace Park — a stunning area with multiple acres along Biscayne Bay (just off Northeast 18th Street), equipped with a playground, running trails, open green space and a dog park. Miami- Dade County is also planning on investing more than $60 million in the school district, much of which will benefit the Edgewater area. Developments in East Edgewater are selling in record time as well, largely due to the central location and forward-thinking developers who built properties that fit the needs of young, active professionals inhabiting the neighborhood. Luxury developments like Biscayne Beach Residences, Paraiso Bay and Aria on the Bay are just some of the new residential projects rising in Edgewater, along with more commercial developments in the works. These projects elevate luxury in the area and offer an opportunity for investors and homebuyers alike to become one of the first in this newly established hot spot.
This Biscayne Development Site totals five-parcels. The largest parcel is currently owner occupied while the other lots include single-family homes and a parking lot. The attractive zoning, strong demographics, and rapid increase in developments coupled with the location, incentives, and easy access, provides an investor with the excellent opportunity to reposition the asset into a redevelopment opportunity. We believe, the highest and best use for this site will be a residential mixed-use project with a retail component.
INVESTMENT HIGHLIGHTS
▪ Rapid Growth of High-Rise Buildings and Mixed-Use Developments ▪ AAA Location in an Exploding Edgewater Market ▪ Rare Assemblage in Edgewater ▪ Attractive Acquisition Price Point ▪ Located in the Heart of the Biscayne Boulevard Corridor ▪ Excellent Opportunity to Reposition Asset ▪ Robust Demographics
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OFFERING SUMMARY PROPERTY SUMMARY
THE OFFERING AREA OVERVIEW Property Biscayne Blvd Development Site
Price $13,500,000 Subject Property is Within Walking Distance To: Property Address 2650 Biscayne Blvd, Miami, FL ▪ Wynwood Assessors Parcel Number 01-3230-020-0090,0080,0070,0060,018-0140 ▪ Miami Design District
Zoning T6-36A-O (Urban Open Area) ▪ The Shoppes at Midtown Miami ▪ Margaret Pace Park Floor Lot Ratio (FLR) a.12 b. 22/40% Additional Public benefit ▪ Adrienne Arsht Center For the Performing Arts Building Height (Stories) 36 Max, 60 Max With Bonus ▪ American Airlines Arena Lot Coverage 80% Max ▪ Perez Art Museum Miami Lot Area 5,000 sf Min. ▪ Frost Museum of Science
Access Biscayne Blvd / NE 26th Terrace / NE 27th St. ▪ Bayfront Park ▪ Bicentennial Park SITE DESCRIPTION
Lot Size (SF) 30,266
Price/SF $446.05
Lot Size (Acres) 0.694811
Price/Acre $19,429,723
Density 104 Dwelling Units
Number of Lots 5
Price/Lot $2,700,000
Type of Ownership Fee Simple
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PRICINGPRICING ANDANDLOCATIONLOCATION VALUATIONVALUATIONTENANT OVERVIEW OVERVIEWSUMMARY MATRIXMATRIX
2650 Biscayne Blvd, Miami, FL 33137
CLOSE PROXIMITY TO:
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REGIONAL MAP
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LOCAL MAP
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ZONING MAP
T6-36A-O SUBJECT PROPERTY
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ZONING
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ZONING
Regulation of Use in a T6 zone 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. The T6 zone has the greatest number and variety of uses.
Restricted (R) Single family, multifamily residences. Small lodging permitted by exception.
Limited (L) single family, multifamily residences, Hotels, Bed & Breakfasts, and Inns, Office space permitted in a limited capacity
Open (O) same as above without limitations
•Regulation of capacity in T6 The number located after each T6 is the number of stories that can be built in that transect zone by right.
T6-8 max. eight (8) stories •T6-12 max. twelve (12) stories •T6-24 max. twenty-four (24) stories •T6-36 max. thirty-six (36) stories •T6-48 max. forty-eight (48) stories •T6-60 max. of sixty (60) stories •T6-80 max. of eighty (80) stories
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ZONING
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ZONING
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ZONING
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ZONING
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OPPORTUNITY ZONE MAP
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OPPORTUNITY ZONES
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EDGEWATER
There is no denying Miami is on the rise. With a booming downtown, a bustling financial district in Brickell, and a beach that attracts visitors worldwide, now is the time to be in Miami. As the city continues to evolve and advance, lesser-known neighborhoods bordering the major districts are stepping forward, developing their own unique identities, and gaining international attention.
East Edgewater is one of those exciting new areas, emerging as a new hotspot for Miami’s cultural, commercial, and residential development. Edgewater’s loose borders are Northeast 17th Street to the south, Northeast 37th Street/I-195/the Julia Tuttle Causeway to the north, the Florida East Coast Railway to the west and Biscayne Bay to the east. The neighborhood has a unique bayfront position, dramatic views, and proximity to Miami’s ultimate offerings in terms of arts, luxury shopping, high-end hotels, entertainment, and corporate offices. With a strong condominium market and more retail and residential development in the pipeline, the area is experiencing a surge of growth and an influx of inhabitants.
The ascension of downtown Miami has been well documented, with billions of dollars in new development over the past decade. According to the Downtown Development Authority (DDA), there are currently 30 projects under construction in downtown Miami alone — including major developments transforming the Miami skyline, like the $2.7B mixed-use PARAMOUNT Miami Worldcenter and Zaha Hadid’s One Thousand Museum.
Since 2010, the population of downtown Miami has increased more than 30 percent. This steady growth has led to the increased popularity of neighborhoods like Edgewater and other bordering districts.
As South Florida continues to progress, we are confident that these emerging neighborhoods will have their times to shine in due course. In my opinion, Edgewater’s “moment” is right now, and I am advising my investors and buyers to give it their strongest consideration — while it’s still a (relatively!) hidden gem.
For Full Article Please visit: https://www.miamiherald.com/real-estate/article229167174.html
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EDGEWATER
After nearly a year of below ground work, the 57-story Missoni Baia condominium tower is beginning its skyward climb at 777 NE 26th Terrace in Edgewater.
The start of vertical construction follows some serious foundation work comprising more than 345 tons of steel-reinforcing bars, 2,250 cubic yards of poured concrete, and 190 individual piles driven a combined 12,000 feet into the earth.
Crews are already working on the columns and shear walls of the building’s amenity deck and roughly 400-car parking garage. The pace of work is expected to accelerate as the tower rises higher, with crews expected to pour roughly one residential floor per week.
Perched on the edge of Biscayne Bay, the glassy design from Asymptote Architecture will top out at 649 feet. It will include 249 residences offered in one- to five-bedroom layouts styled by New York interior designer Paris Forino.
The Edgewater project is the latest local development to partner with a luxury consumer brand—in this case Italian fashion house Missoni. Building amenities include five swimming pools, an elevated tennis court and fitness center, a spa, media room, children’s playroom, and a pet spa.
Missoni Baia comes from developer OKO Group and partner Cain International and represents OKO’s first Miami project. The Vladislav Doronin-led company plans three more local projects including Brickell’s 47-story Una Residences designed by Adrian Smith and Gordon Gill Architecture.
Construction on Missoni Baia is expected to be complete by late 2020, according to its developers.
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EDGEWATER
Another new condo project is nearing completion in Miami with 26 Edgewater expecting to open early next year.
Located at 321 Northeast 26th Street and designed by Modis Architects, the 10- story mixed-use development is currently over 90 percent sold. It’s comprised of 86 units, ranging from one to two bedrooms and 560 to 998 square feet. It’s the first boutique development in Edgewater.
Residences include porcelain flooring, stainless steel appliances, European- inspired cabinetry, and quartz countertops. Remaining units will be sold fully furnished. Amenities include a rooftop pool, a lounge with a full kitchen, a fitness center, and private lanais for select residences.
The project also includes a parking garage and 10,000 square feet of ground- floor retail space. One-bedroom units start at $330,000 and two-bedroom units start at $470,000.
The developer, Stripey Development, also plans to build 27 Edgewater, a 108- unit project with office space located off 27th Street and Second Avenue.
“Our goal was to create sophisticated intimate spaces encompassing the best of boutique living with equally upscale amenities as other high-rise developments but at a lesser, more attainable price,” says Alejandro Goldemberg, Principal of Stripey Development. “As a result, 26 Edgewater presents a unique opportunity for a new, wider audience to access the desired Edgewater lifestyle while inspiring continued growth for this burgeoning area.”
Sales and marketing for the residences is led by Monica DeFortuna of Fortune International Realty.
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EDGEWATER
The telescopic-shaped Elysee, a 57-story waterfront condo in Edgewater, plans to break ground next Wednesday morning, a couple of months after receiving a $16.5 million construction loan.
Developed by Two Roads Development, the project is set to rise at 700 Northeast 23rd Street and was designed by Arquitectonica. The building encompasses 100 half-floor residences starting at $1.5 million and ranging in size from 2,300 to 4,000 square feet.
The amenity spaces were designed by Jean Louis-Deniot, a regular on Architectural Digest’s AD 100. The seventh-floor amenity level includes a lap pool, a poolside bar, a fitness center, spa facilities, and a children’s lounge.
An Owners Sky Lounge will live on the 30th floor and feature a lounge area, a bar, a dining room, a chef’s kitchen, a library, a game room, and a wine room.
Elysee is expected to arrive in 2019.
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EDGEWATER
A trio of major projects in the Arts & Entertainment District, Edgewater and Brickell had no problem sailing through Urban Development Review Board. On Thursday, board members voted 7-0 to approve Edgewater Hotel, 17th Street Tower and 888 Brickell Plaza with some minor design tweaks.
The Edgewater Hotel Previously conceived as the Bentley Edgewater Hotel & Residences, the new Kobi Karp-designed project would be an eight-story hotel with 207 rooms, 139 valet-only parking spaces and a pool and amenity deck on the third floor.
Karp said the façade will be comprised of a mixture of glass and undulating aluminum louvers to cover the second-floor parking. The review board authorized design waivers related to loading docks, parking and lot coverage. Located at 410 Northeast 35th Terrace, the project has reverted to developer Amaury Martinez. The Heafey Group is no longer involved. 888 Brickell Plaza A proposed 50-story building with 940,000 square feet for primarily office use was granted waivers for upper level setback reductions, an increase in lot coverage and a minor reduction in the driveway width, among others. The applicant, Watson Brickell Development LLC, is an affiliate of Russian developer Vlad Doronin’s OKO Group. Carlos Lago, an attorney for OKO Group, said the property, at 888 Southeast Brickell Plaza, near Brickell City Centre, will be the first major office building in the urban core during the last 10 years.
The tower, designed by Adrian Smith of Adrian Smith + Gordon Gill Architecture, would have about 15,000 square feet of retail space, 490,000 square feet of office space, and a restaurant on the 53rd floor.
17th Street Tower Designed by Zyscovich Architects, 17th Street Tower is the latest residential project by NR Investments in the A&E District. The board approved waivers allowing micro units, one commercial loading berth instead of two residential berths, to extend the parking garage above the first floor and the primary frontage, and to reduce the number of required parking spaces by 30 percent.
The proposed 29-story building, at 90 Northeast 17th Street, would be the first NR Investments project with micro units, said Iris Escarra, a lawyer for NR Investments. The developer would also include more than 38,000 square feet of office space, 4,500 square feet of commercial space, and 224 parking spaces. The new building would rise on land rise immediately north of Canvas, a 37-story condominium tower recently completed by NR Investments, led by principals Ron Gottesmann and Nir Shoshani. Manny Del Monte, an architect with Zyscovich, said the site poses several design challenges that required the waivers to the garage and for one loading berth.
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EDGEWATER DEVELOPMENTS
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8 AERIAL PHOTO
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8 AERIAL PHOTO Brickell Port Miami Downtown Miami
NE 26th Ter
NE 27th St
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8 AERIAL PHOTO
Midtown
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8 AERIAL PHOTO
NE 26th Ter
NE 27th St
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FINANCIAL ANALYSIS
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FINANCIAL ANALYSIS PRICING DETAIL
THE OFFERING THE OFFERING Land Price $13,500,000 Number of Lots (Parcels) 5 Down Payment 100% Zoning T6-36A-O Lot Size (SF) 30,266 Frontage Biscayne Blvd / NE 26th Ter / NE 27h St Lot Size (Acres) 0.69 Land Price/SF $446.05 Land Price/Acre $19,429,723 Development Type Redevelopment
Floor Area Ratio (FAR) 12 / 40% Additional Public Benefit
Density 104 DU Type of Ownership Fee Simple
SITE OVERVIEW Parcel: Address Folio: Lot size (Acres) Lot Size (SF) Current Use 1 2650 Biscayne Blvd 01-3230-020-0090 0.23 9,856 Office 2 265 NE 26th Ter 01-3230-020-0080 0.12 5,340 SF-Home 3 255 NE 26th Ter 01-3230-020-0070 0.12 5,340 Parking Lot 4 245 NE 26th Ter 01-3230-020-0060 0.10 4,450 SF-Home 5 250 NE 27th Ter 01-3230-018-0140 0.12 5,280 SF-Home Total 0.69 30,266
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ACQUISITION FINANCING
MARCUS & MILLICHAP CAPITAL CORPORATION WHY MMCC?
CAPABILITIES Optimum financing solutions to enhance value MMCC—our fully integrated, dedicated financing arm—is committed to providing superior capital market expertise, precisely managed execution, and unparalleled access to capital sources providing the most competitive rates and Our ability to enhance buyer terms. pool by expanding finance options We leverage our prominent capital market relationships with commercial banks, life insurance companies, CMBS, private and public debt/equity funds, Fannie Mae, Freddie Mac and HUD to provide our clients with the greatest range of Our ability to enhance financing options. seller control • Through buyer Our dedicated, knowledgeable experts understand the challenges of financing qualification support and work tirelessly to resolve all potential issues to the benefit of our clients. • Our ability to manage buyers finance expectations • Ability to monitor and manage buyer/lender progress, insuring timely, predictable closings • By relying on a world class Closed 1,678 National platform 6.24 billion Access to more set of debt/equity sources debt and equity operating billion total capital sources financings within the firm’s national than any other and presenting a tightly in 2018 brokerage offices volume in 2018 firm in the underwritten credit file industry
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MARKET COMPARABLES
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SALES COMPARABLES MAP
BISCAYNE BLVD DEVELOPMENT SITE (SUBJECT)
1 Urbanica Edgewater
2 2521 Biscayne Blvd
3 530 NE 29th St
4 Blu27 (Biscayne 27)
SALES COMPARABLES
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SALES COMPARABLES SALES COMPS AVG SALES COMPARABLES
Average Price Per Square Foot
$600.00
$540.00 Avg. $506.83
$480.00
$420.00
$360.00
$300.00
$240.00
$180.00
$120.00
$60.00
$0.00 Biscayne Urbanica 2521 530 Blu27 Blvd Edgewater Biscayne NE 29th St (Biscayne Development Blvd 27) Site
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SALES COMPARABLES SALES COMPS AVG SALES COMPARABLES
Average Price Per Acre
$30,000,000
$27,000,000
$24,000,000 Avg. $22,077,206
$21,000,000
$18,000,000
$15,000,000
$12,000,000
$9,000,000
$6,000,000
$3,000,000
$0 Biscayne Urbanica 2521 530 Blu27 Blvd Edgewater Biscayne NE 29th St (Biscayne Development Blvd 27) Site
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SALESMARKETING COMPARABLES TEAM
SALES COMPARABLES
URBANICA EDGEWATER 2521 BISCAYNE BLVD BISCAYNE BLVD DEVELOPMENT SITE 3001 Biscayne Blvd, Miami, FL, 33137 2521 Biscayne Blvd, Miami, FL, 33137 2650 Biscayne Blvd, Miami, FL, 33137 1 2
rentpropertyname1 rentpropertyname1 rentpropertyname1
Asking Price $13,500,000 Close of Escrow 10/4/2018 Close of Escrow 2/15/2018 Down Payment 100% Sales Price $4,550,000 Sales Price $22,700,000 Zoning T6-36A-O Zoning T6-36A-O Zoning T6-36A-O FAR 12 FAR 12 FAR 12 Price/SF $446.05 Price/SF $580.30 Price/SF $469.48 Lot Size (Acres) 0.69 acre(s) Lot Size (Acres) 0.18 Lot Size (Acres) 1.11 Price/Acre $19,429,723 Price/Acre $25,277,778 Price/Acre $20,450,450
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
ENTITLED: YES | PERMIT READY: NO NOTES NOTES This comparable represents part of an assemblage purchased in 2018. The This comparable represents an 8-parcel assemblage purchased in 2016 adjacent parcels that completed the assemblage were purchased in 2019. and 2018. The project is in the design stages and will include a residential Combined, Urbanica will be a 220-room hotel with approximately 5,000 apartment building. square feet of retail on the ground floor and a 7,000 square-foot rooftop bar and entertainment space.
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SALESMARKETING COMPARABLES TEAM
SALES COMPARABLES
530 NE 29TH ST BLU27 (BISCAYNE 27) 530 NE 29th St, Miami, FL, 33137 333 - 417 NE 27th St, Miami, FL, 33137
3 4
rentpropertyname1 rentpropertyname1 rentpropertyname1
Close of Escrow 6/2/2016 Close of Escrow 5/5/2016 Sales Price $2,775,000 Sales Price $5,007,017 Zoning T6-36A-L Zoning T6-36A-O FAR 12 FAR 12 Price/SF $455.04 Price/SF $522.48 Lot Size (Acres) 0.14 Lot Size (Acres) .22 Price/Acre $19,821,429 Price/Acre $22,759,168
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
NOTES NOTES This comparable was purchased for land due to the redevelopment This comparable represents a portion of an assemblage that was opportunity available. No proposed plans disclosed. purchased in 2016 to develop Blu27 (Formerly Biscayne 27), a 330-unit eight-story apartment building with a 380-parking space garage and 7,000 square feet of retail. The entire development site cost approximately $30M.
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MARKET OVERVIEW
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MARKET OVERVIEW MIAMI-DADE OVERVIEW
Miami-Dade County is a gateway to South American and Caribbean markets and a tourist destination. The 2,400-square-mile county extends from the Florida Everglades east to the Atlantic Ocean. It is bordered to the north by Broward County and to the south by the Florida Keys. The main portion of the city of Miami lies on the shores of Biscayne Bay and is separated from the Atlantic Ocean by barrier islands, the largest of which holds the city of Miami Beach. The metro, with a population of roughly 2.7 million, is located entirely within Miami- Dade County. Miami is the most populous city, with slightly more than 443,000 residents, followed by Hialeah with roughly 237,000 people.
METRO HIGHLIGHTS
BUSINESS-FRIENDLY ENVIRONMENT The metro has no local business or personal income taxes, which attracts businesses and residents to the area.
INTERNATIONAL GATEWAY Miami is a gateway for international trading activities, tourism and immigration, connecting to airports and ports around the world.
MEDICAL COMMUNITY The county contains the largest concentration of medical facilities in Florida, drawing residents needing services throughout the state.
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MARKET OVERVIEW
ECONOMY ▪ Various industries provide a diverse economy. Trade, international finance, healthcare and entertainment have become major segments in the local business community. ▪ A strong tourism industry has developed with ties to Latin America and the Caribbean. ▪ Tourism and trade depend on a large transportation sector. PortMiami and Miami International Airport are both major contributors to employment and the economy. ▪ The Miami metro gross metropolitan product (GMP) expansion is expected to be on par with the U.S. GDP in 2019 and retail sales for the county are also rising.
MAJOR AREA EMPLOYERS
Baptist Health South Florida University of Miami American Airlines Miami Children’s Hospital Publix Supermarkets Winn-Dixie Stores Florida Power & Light Co. Carnival Cruise Lines AT&T * Forecast Mount Sinai Medical Center
SHARE OF 2018 TOTAL EMPLOYMENT
4% 14% 12% 12% 7% MANUFACTURING PROFESSIONAL AND GOVERNMENT LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES BUSINESS SERVICES
25% 5% + 16% 2% 4% TRADE, TRANSPORTATION CONSTRUCTION EDUCATION AND INFORMATION OTHER SERVICES AND UTILITIES HEALTH SERVICES
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MARKET OVERVIEW
DEMOGRAPHICS
▪ The metro is expected to add nearly 127,000 people over the next five years. During the same period, approximately 62,000 households will be formed, generating SPORTS demand for housing. ▪ The homeownership rate of 53 percent is below the national rate of 64 percent, maintaining a strong rental market. ▪ The cohort of 20- to 34-year-olds composes 21 percent of the population.
2018 Population by Age
6% 17% 6% 28% 27% 16% 0-4 YEARS 5-19 YEARS 20-24 YEARS 25-44 YEARS 45-64 YEARS 65+ YEARS EDUCATION
2018 2018 2018 2018 MEDIAN POPULATION: HOUSEHOLDS: MEDIAN AGE: HOUSEHOLD INCOME: 2.7M 954K 39.9 $45,300 Growth Growth U.S. Median: U.S. Median: 2018-2023*: 2018-2023*: 4.6% 6.5% 38.0 $58,800
QUALITY OF LIFE Miami-Dade County has developed into a cosmopolitan urban area offering a vibrant business and cultural community. The metro has an abundance of popular attractions. Miami hosts the Capital One Orange Bowl and is home to several professional sports teams, ARTS & ENTERTAINMENT including the Miami Dolphins, the Miami Marlins and the Miami Heat. The county has a broad array of cultural attractions, historic sites and parks. These include the Adrienne Arsht Center for the Performing Arts, Zoo Miami and Everglades National Park. The region is home to a vibrant and diverse culture, family-friendly neighborhoods, a plethora of shops and restaurants, and beautiful weather and beaches. It also offers easy access to Latin America and the Caribbean.
* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
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POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles ▪ 2023 Projection ▪ 2018 Estimate Total Population 30,967 245,560 541,117
▪ 2018 Estimate $250,000 or More 3.47% 2.60% 3.41%
Total Population 27,891 232,285 522,938 $200,000 - $249,999 2.27% 1.52% 1.82%
▪ 2010 Census $150,000 - $199,999 3.21% 2.61% 3.22% Total Population 24,390 206,321 471,899 $125,000 - $149,999 2.86% 2.07% 2.53% ▪ 2000 Census
Total Population 18,899 182,867 443,174 $100,000 - $124,999 7.29% 4.78% 5.00%
▪ Daytime Population $75,000 - $99,999 9.67% 6.79% 7.58% 2018 Estimate 46,722 392,457 784,450 $50,000 - $74,999 15.94% 12.19% 13.25% HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2023 Projection $35,000 - $49,999 13.65% 12.60% 12.49%
Total Households 15,467 104,467 228,017 $25,000 - $34,999 10.67% 11.52% 11.35% ▪ 2018 Estimate $15,000 - $24,999 10.54% 15.00% 14.61% Total Households 13,420 95,222 213,999
Average (Mean) Household Size 2.00 2.33 2.37 Under $15,000 20.43% 28.32% 24.75%
2010 Census ▪ Average Household Income $70,916 $57,186 $64,948 Total Households 11,625 83,904 192,599 Median Household Income $43,467 $30,443 $34,275 ▪ 2000 Census
Total Households 7,721 67,014 171,762 Per Capita Income $34,518 $23,798 $26,822
Source: © 2018 Experian
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POPULATION PROFILE 1 Miles 3 Miles 5 Miles POPULATION PROFILE 1 Miles 3 Miles 5 Miles ▪ Population by Age
0 to 4 Years 5.90% 6.39% 5.94% ▪ Population 25+ by Education Level 5 to 14 Years 7.28% 9.49% 9.30%
15 to 17 Years 1.97% 2.62% 2.68% 2018 Estimate Population Age 25+ 21,470 170,417 388,845
18 to 19 Years 1.30% 1.69% 1.74%
20 to 24 Years 6.57% 6.44% 5.97% Elementary (0-8) 8.26% 14.30% 12.17%
25 to 29 Years 12.50% 9.89% 8.70%
30 to 34 Years 13.92% 10.12% 9.00% Some High School (9-11) 9.74% 10.89% 10.09%
35 to 39 Years 10.95% 8.27% 7.75%
40 to 49 Years 15.11% 13.74% 14.23% High School Graduate (12) 21.37% 28.20% 29.16%
50 to 59 Years 12.15% 12.98% 13.62%
60 to 64 Years 4.09% 4.76% 5.17% Some College (13-15) 12.95% 12.08% 12.33%
65 to 69 Years 2.96% 3.95% 4.37%
Associate Degree Only 8.73% 6.29% 6.96% 70 to 74 Years 2.21% 3.30% 3.73%
75 to 79 Years 1.40% 2.59% 3.04% Bachelors Degree Only 23.31% 15.13% 16.10% 80 to 84 Years 0.91% 1.80% 2.22%
Age 85+ 0.78% 1.95% 2.55% Graduate Degree 13.70% 10.25% 10.72% Median Age 35.23 36.92 39.27
Source: © 2018 Experian
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Source: © 2018 Experian
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Population Race and Ethnicity In 2018, the population in your selected geography is 27,891. The The current year racial makeup of your selected area is as follows: population has changed by 47.58% since 2000. It is estimated that the 65.74% White, 21.35% Black, 0.05% Native American and 2.20% population in your area will be 30,967.00 five years from now, which Asian/Pacific Islander. Compare these to US averages which are: represents a change of 11.03% from the current year. The current 70.20% White, 12.89% Black, 0.19% Native American and 5.59% population is 52.75% male and 47.25% female. The median age of the Asian/Pacific Islander. People of Hispanic origin are counted population in your area is 35.23, compare this to the US average independently of race. which is 37.95. The population density in your area is 8,891.58 people per square mile. People of Hispanic origin make up 56.24% of the current year population in your selected area. Compare this to the US average of 18.01%.
Households Housing There are currently 13,420 households in your selected geography. The median housing value in your area was $266,307 in 2018, The number of households has changed by 73.81% since 2000. It is compare this to the US average of $201,842. In 2000, there were estimated that the number of households in your area will be 15,467 2,124 owner occupied housing units in your area and there were 5,597 five years from now, which represents a change of 15.25% from the renter occupied housing units in your area. The median rent at the current year. The average household size in your area is 2.00 time was $466. persons.
Income Employment In 2018, the median household income for your selected geography is In 2018, there are 24,612 employees in your selected area, this is also $43,467, compare this to the US average which is currently $58,754. known as the daytime population. The 2000 Census revealed that The median household income for your area has changed by 77.22% 54.25% of employees are employed in white-collar occupations in this since 2000. It is estimated that the median household income in your geography, and 45.09% are employed in blue-collar occupations. In area will be $52,486 five years from now, which represents a change 2018, unemployment in this area is 7.55%. In 2000, the average time of 20.75% from the current year. traveled to work was 29.00 minutes.
The current year per capita income in your area is $34,518, compare this to the US average, which is $32,356. The current year average household income in your area is $70,916, compare this to the US average which is $84,609.
Source: © 2018 Experian
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