900 Biscayne Bay Unit R-102/103 Miami, FL
KEY FEATURES/HIGHLIGHTS MARCOS PUENTE C. 305 851 1947 >>Low price point of $2,500,000 O. 786 517 4859 [email protected] >>Aggressive annual increases of 3% >>Direct Frontage on Biscayne Boulevard directly across from COLLIERS INTERNATIONAL American Airlines Arena SOUTH FLORIDA, LLC 801 Brickell Avenue, Suite 850# >>Additional covered patio area of ± 500 SF for exclusive use Miami, FL 33131 305 359 3690 of unit owner included with unit sale (not included in SF www.colliers.com/southflorida calculation) >>Projected market rent growth as World Center, All Aboard, and neighboring developments are completed.
Property Summary
Asking Price $2,500,000 Address 900 Biscayne Blvd Unit R-102 & R-103, Miami, FL
NOI $114,000 Cap Rate 4.56% Total Area 2,435 SF Price Per SF $1,026.69
Tenant Sagrado Brigadeiro
Type of Lease NNN
Rent increase 3%
Option 2 5-year Rent Commencement 2017
Paying Rent Since Feb. 1, 2017
Lease Term 5 years
Advance Rent N/A
Security Deposit $20,330
Current Monthly Rent $9,500 FOR SALE > Prime Retail Location
Colliers International is please to exclusively offer for sale the retail condominiums at 900 Biscayne Bay - Unit R-102 & R-103 (“900 Biscayne”). The property offers any investor the opportunity to purchase a world class retail condominium, located on the ground floor of the 900 Biscayne Bay luxury condominium project on Biscayne Boulevard directly across from the American Airlines arena in the heart of Downtown Miami.
New developments currently under construction within a short walking distance of 900 Biscayne include Paramount at Miami World Center; One Thousand Museum by the late Zaha Hadid, at which units are priced between $5,800,000 and $22,000,000; and All Aboard Florida connecting Broward, Palm Beach, and Orlando directly with Downtown Miami nearby 900 Biscayne.
PURCHASE PRICE: $2,500,000 Cap Rate: 4.56%
CURRENT INCOME/EXPENSES Income/Expenses
Source 2016 Total Base Rent Unit PSF Sagrado R102 & R103 $ 114,000 Total Base Rent $ 114,000 $ 46.82
Additional Income CAM/Association Reimbursement $ 26,781 $ 11.00 Property Tax Reimbursement $ 28,633 $ 11.76 Sales Tax Reimbursement $ 7,980 $ 3.28 Total Additional Income $ 63,394 $ 26.03
Effective Gross Income $ 177,394 $ 72.85
Operating Expenses Recoverable Expenses CAM/Association $ 26,781 $ 11.00 Property Taxes $ 28,633 $ 11.76 Sales Tax $ 7,980 $ 3.28
Total Recoverable Expenses $ 63,394 $ 26.03
NOI $ 114,000 SITE PLAN
R-102 R-103
MARCOS PUENTE C. 305 851 1947 O. 786 517 4859 [email protected]
COLLIERS INTERNATIONAL SOUTH FLORIDA, LLC 801 Brickell Avenue, Suite 850# Miami, FL 33131 305 359 3690 www.colliers.com/southflorida