Little Haiti | Miami for Sale

FOR SALE 5955 NE 2 AVE LITTLE HAITI | MIAMI

PRESENTED BY:

CONCEPTUAL RENDERING 5955 NE 2 AVE EXECUTIVE SUMMARY

ASKING PRICE: BUILDING SIZE: LOT SIZE: $1,550,000 4,950 SF 7,750 SF TRAFFIC: ZONING: NE 2 AVE: 11,000 VPD T5-O LOCATED WITHIN AN GROSS DEVELOPMENT SF: DENSITY: OPPORTUNITY 31,000 SF 12 D/U ZONE

Metro 1 Commercial is pleased to present the opportunity to acquire a retail building located in the heart of Little Haiti. The building formerly housed a coin laundry and is ready to be adaptively repurposed into a single or multi-tenant retail and or office building.

NE 2nd Avenue is the main connector to Buena Vista, the Miami Design District and Little River neighborhoods. The building is adjacent to The Magic City Innovation District, The Little MIAMI SHORES Haiti Cultural Center and The Caribbean Marketplace. Join successful businesses like Sixty 10, Craft Food & Beer, Fiorito, and Inhale Miami. The building is also close to the upcoming Avenues School, and Ironside, with direct access to I95 via NE 61 & 62 Street.

SUBJECT 30 MINS 20 MINS 10 MINS PROPERTY INVESTMENT HIGHLIGHTS:

This is a unique opportunity to purchase a building for $313.13 PSF, perform a full renovation DESIGN which has been estimated at $70 PSF, then lease it for $25-30 NNN PSF. This strategy would DISTRICT yield attractive returns between 6% - 7%. The building can also be subdivided into smaller ALLAPATTAH WYNWOOD MIAMI INTL. spaces and features a large parking area. Additional public parking is available on NE 59 ST. AIRPORT

The building is an excellent option for an investor or owner user looking to establish their SOUTH BEACH business in this emerging neighborhood, located within an Opportunity Zone which would DOWNTOWN

allow a tenant or user a possibility to defer capital gains taxes through the investment of an PORT MIAMI

Opportunity Fund, which also eliminates capital gains taxes on a future sale if held for 10 years. BRICKELL

NE 4 AVENUE

ON POINT

COOL CREATIVE MANMAR BABY COTTON SALTY DONUT NE 61 STREET NE 61 NE 62 STREET NE 59 STREET NE 59 NE 59 TERRACE NE 59

NE 2 AVENUE - 11,000 VPD NE 62 STREET

TOUSSAINT LOUVERTURE ELEMENTARY SCHOOL

PROCURING BROKER SHALL ONLY BE ENTITLED TO A COMMISSION, CALCULATED IN ACCORDANCE WITH THE RATES APPROVED BY OUR PRINCIPAL ONLY IF SUCH Andres Nava Tony Cho PROCURING BROKER EXECUTES A BROKERAGE AGREEMENT ACCEPTABLE TO US AND OUR PRINCIPAL AND THE CONDITIONS AS SET FORTH IN THE BROKERAGE VP President/CEO AGREEMENT ARE FULLY AND UNCONDITIONALLY SATISFIED. ALTHOUGH ALL INFORMATION FURNISHED REGARDING PROPERTY FOR SALE, RENTAL, OR FINANCING IS 5955 NE FROM SOURCES DEEMED RELIABLE, SUCH INFORMATION HAS NOT BEEN VERIFIED AND NO EXPRESS REPRESENTATION IS MADE NOR IS ANY TO BE IMPLIED AS TO THE ACCURACY THEREOF AND IT IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR ADDRESS: WEBSITE: CONTACT: EMAIL: WITHDRAWAL WITHOUT NOTICE AND TO ANY SPECIAL CONDITIONS IMPOSED BY OUR PRINCIPAL. 2 AVE 5955 NE 2 AVE | metro1.com | 305.571.9991 | [email protected] 3 OWNER Magic City Properties XII, LLC 1st SE 3rd Avenue Miami, FL 33131 t: 954.630.8880

PROJECT TITLE LAUNDROMAT Selective Demolition

PROJECT ADDRESS 5955 NE 2ND AVE MIAMI FL 33138

ARCHITECT

3611 SW 17th Street Miami, FL 33145 t: 305.814.5350 www.studioartefacto.com

Proposed West Elevation View From Street CONSULTANTS Structural Engineer: 5955 NE 2 AVE : SCHEMATICS RH ENGINEERING GROUP 531 NE 76th Street Miami, FL 33138 t: 786.600.3300

Renovation plans have been submitted to the City for permit and will be transferred to buyer upon closing. Mechanical/Electrical/Plumbing Engineer:

RALES ENGINEERING 3611 SW 17th Street Miami, FL 33145 t: 305.814.5350

REVISIONS

DESCRIPTION DATE

2 Revision 2 Date 2 " 4 / 1

0 1

NOTES 13 ' THIS DOCUMENT, AS AN INSTRUMENT OF SERVICE, IS THE SOLE PROPERTY OF STUDIO ARTEFACTO. ITS USE BY THE OWNER FOR OTHER PROJECTS OR FOR COMPLETION OF THIS PROJECT BY OTHERS IS STRICTLY FORBIDDEN. DISTRIBUTION IN CONNECTION WITH THIS PROJECT SHALL NOT BE CONSTRUED AS A WAIVER OF THE ARCHITECT'S RIGHTS.

FOR DESIGN PURPOSES ONLY. NOT FOR CONSTRUCTION.

2' - 7" 2' - 5" 6' - 0" 5' - 0" ADA RAMP ARCHITECT'S SEAL ] "

0 P

- UP M

5' A T S 'S N

ILSO W T R E S N [ I

DRAWING TITLE PROPOSED PLAN & ELEVATIONS

PROJECT NUMBER 1801

GROUND LEVEL - SCHEMATIC PLAN BM DATE 5/06/2018 N DRAWN BY: SA

CHECKED BY: WOH

DRAWING No: CONCEPT DESIGN - NOT FOR CONSTRUCTION A2.1

OWNER Magic City Properties XII, LLC 1st SE 3rd Avenue Miami, FL 33131 t: 954.630.8880

PROJECT TITLE LAUNDROMAT Selective Demolition

PROJECT ADDRESS 5955 NE 2ND AVE MIAMI FL 33138

ARCHITECT

3611 SW 17th Street Miami, FL 33145 t: 305.814.5350 www.studioartefacto.com

Proposed West Elevation View From Street CONSULTANTS Structural Engineer: RH ENGINEERING GROUP 531 NE 76th Street Miami, FL 33138 t: 786.600.3300

Mechanical/Electrical/Plumbing Engineer:

RALES ENGINEERING 3611 SW 17th Street Miami, FL 33145 t: 305.814.5350

PROCURING BROKER SHALL ONLY BE ENTITLED TO A COMMISSION, CALCULATED IN ACCORDANCE WITH THE RATES APPROVED BY OUR PRINCIPAL ONLY IF SUCH Andres Nava Tony Cho PROCURING BROKER EXECUTES A BROKERAGE AGREEMENT ACCEPTABLE TO US AND OUR PRINCIPAL AND THE CONDITIONS AS SET FORTH IN THE BROKERAGE VP President/CEO AGREEMENT ARE FULLY AND UNCONDITIONALLY SATISFIED. ALTHOUGH ALL INFORMATION FURNISHED REGARDING PROPERTY FOR SALE, RENTAL,REVIS IOORNS FINANCING IS FROM SOURCES DEEMED RELIABLE, SUCH INFORMATION HAS NOT BEEN VERIFIED AND NO EXPRESS REPRESENTATION IS MADE NOR IS ANY TO BE DIMPLIEDESCRIPTIO ASN TO THE DATE 5955 NE 2 Revision 2 Date 2 ACCURACY THEREOF AND IT IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR ADDRESS: WEBSITE: CONTACT: EMAIL: WITHDRAWAL WITHOUT NOTICE AND TO ANY SPECIAL CONDITIONS IMPOSED BY OUR PRINCIPAL. 2 AVE 5955 NE 2 AVE | metro1.com | 305.571.9991 | [email protected] 4 " 4 / 1

0 1

FOR DESIGN PURPOSES ONLY. NOT FOR CONSTRUCTION.

2' - 7" 2' - 5" 6' - 0" 5' - 0" ADA RAMP ARCHITECT'S SEAL ] "

0 P

- UP M

5' A T S 'S N

ILSO W T R E S N [ I

DRAWING TITLE PROPOSED PLAN & ELEVATIONS

PROJECT NUMBER 1801

GROUND LEVEL - SCHEMATIC PLAN BM DATE 5/06/2018 N DRAWN BY: SA

CHECKED BY: WOH

DRAWING No: CONCEPT DESIGN - NOT FOR CONSTRUCTION A2.1 5955 NE 2 AVE : CONCEPTUAL RENDERING

5955 NE 2 Ave Aging Summary 2019-2024 Purchase Price $ 1,550,000 Tenant Market Rent Size 2019 2020 2021 2022 2023 2024 Land Size 7,750 5955 NE 2 AVE $ 28 4,950 $ 136,125 $ 140,209 $ 144,415 $ 148,747 $ 153,210 $ 157,806 Land Price PSF $ 200.00 Building Size 4,950 Net Operating Income -$ 2,088,862 $ 136,125.00 $ 140,208.75 $ 144,415.01 $ 148,747.46 $ 153,209.89 $ 157,806.18 Building Price PSF $ 313.13 CapEx PSF $ 70.71 Capital Expenditures $ 350,000 Leasing Commissions $ 43,362 Carrying Costs $ 31,000 Investment Analysis 2019 2020 2021 2022 2023 2024 Closing Costs $ 15,500 Cash Flow $ (2,088,862.37) $ 136,125.00 $ 140,208.75 $ 144,415.01 $ 148,747.46 $ 153,209.89 $ 157,806.18 Tenant Improvement Allowance $ 99,000 Cap Rate 6.52% 6.71% 6.91% 7.12% 7.33% 7.55% Adjusted Basis $ 2,088,862 Adjusted Basis PSF $ 421.99 Yield To Cost 6.52% Vacancy Loss and Collection (5%) $ 37,219

NE 79 STREET TO MIAMI BEACH NW 2 AVENUE N MIAMI AVENUE BISCAYNE BOULEVARD N E 2 AVENUE I-95

MiMo

TENOVERSIX

RAIL JIMMY’S TOO EASTSIDE Little River DINER FEC TRAIN Studios Passeo TRACKS NE 71 STREET

Miami INDUSTRIAL DISTRICT

BISCAYNE BAY NE 4 COURT

NE 62 STREET

SUBJECT PROPERTY

March 3, 2015 NE 59 STREET Passeo Miami: 448,000 SF 294 Residential 27,000 SF Retail

NE 54 STREET

Avenues: The World School (coming soon)

NE 50 STREET

PROCURING BROKER SHALL ONLY BE ENTITLED TO A COMMISSION, CALCULATED IN ACCORDANCE WITH THE RATES APPROVED BY OUR PRINCIPAL ONLY IF SUCH Andres Nava Tony Cho PROCURING BROKER EXECUTES A BROKERAGE AGREEMENT ACCEPTABLE TO US AND OUR PRINCIPAL AND THE CONDITIONS AS SET FORTH IN THE BROKERAGE VP President/CEO AGREEMENT ARE FULLY AND UNCONDITIONALLY SATISFIED. ALTHOUGH ALL INFORMATION FURNISHED REGARDING PROPERTY FOR SALE, RENTAL, OR FINANCING IS 5955 NE FROM SOURCES DEEMED RELIABLE, SUCH INFORMATION HAS NOT BEEN VERIFIED AND NO EXPRESS REPRESENTATION IS MADE NOR IS ANY TO BE IMPLIED AS TO THE ACCURACY THEREOF AND IT IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR ADDRESS: WEBSITE: CONTACT: EMAIL: WITHDRAWAL WITHOUT NOTICE AND TO ANY SPECIAL CONDITIONS IMPOSED BY OUR PRINCIPAL. 2 AVE 5955 NE 2 AVE | metro1.com | 305.571.9991 | [email protected] 7 Magic City Innovation District is a new urban community dedicated to technology, sustainability, health & wellness, and art & entertainment. Located just north of Wynwood and the Design District, Magic City Innovation District encompasses 17.75 acres of contiguous land and in its current phase includes over 200,000 square feet of renovated rentable space within 20 unique buildings, warehouses, and mixed- use spaces.

Phase II will include the development of a walkable campus consisting of retail, office, residential, hotel, parks and other public spaces bordering a central linear urban park and walkway. The office component will consist of incubators, shared workspaces and laboratories for content providers, software developers, graphic designers, and other diverse tenants. Commencement of this second phase is currently estimated for 2020 and will take place over many years.

The Project will include approximately 2,490 residential units, 1.7 million square feet of office space, 432 hotel rooms, 313,000 square feet of retail space, and 5,547 parking spaces.

PROPOSED CONDITIONS MAGIC CITY_SOUTHEAST VIEW - proposed context 05

MAGIC CITY INNOVATION DISTRICT SAP - SOUTH EAST VIEW  March 23, 2018  30

















































 



 





    













 



























 

 

   

  































 









 PROPOSED BUILDINGS

 SUBJECT  EXISTING BUILDINGS





 RAILWAY PLATFORM



 PROPERTY BIKE LANES  PARALLEL PARKING PROPERTY LINE  (26) TREES TO REMAIN IN PLACE   (82) TREES TO BE RELOATED NOTE: ILLUSTRATIVE CONCEPT ONLY; FINAL   LOCATIONS TO BE PROVIDED PER REGULATING PLAN



 

   







     

 MAGIC CITY INNOVATION DISTRICT SAP - MASTER PLAN

March 23, 2018 16 PROCURING BROKER SHALL ONLY BE ENTITLED TO A COMMISSION, CALCULATED IN ACCORDANCE WITH THE RATES APPROVED BY OUR PRINCIPAL ONLY IF SUCH Andres Nava Tony Cho PROCURING BROKER EXECUTES A BROKERAGE AGREEMENT ACCEPTABLE TO US AND OUR PRINCIPAL AND THE CONDITIONS AS SET FORTH IN THE BROKERAGE VP President/CEO AGREEMENT ARE FULLY AND UNCONDITIONALLY SATISFIED. ALTHOUGH ALL INFORMATION FURNISHED REGARDING PROPERTY FOR SALE, RENTAL, OR FINANCING IS 5955 NE FROM SOURCES DEEMED RELIABLE, SUCH INFORMATION HAS NOT BEEN VERIFIED AND NO EXPRESS REPRESENTATION IS MADE NOR IS ANY TO BE IMPLIED AS TO THE ACCURACY THEREOF AND IT IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR ADDRESS: WEBSITE: CONTACT: EMAIL: WITHDRAWAL WITHOUT NOTICE AND TO ANY SPECIAL CONDITIONS IMPOSED BY OUR PRINCIPAL. 2 AVE 5955 NE 2 AVE | metro1.com | 305.571.9991 | [email protected] 9 FOR SALE 5955 NE 2 AVE LITTLE HAITI | MIAMI

PRESENTED BY:

CONCEPTUAL RENDERING