605 LINCOLN ROAD
FULL FLOOR OFFICE CONDO FOR SALE 2 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale
ABOUT THE ASSET
605 Lincoln Road is a boutique office building located in the heart of South Florida’s premier outdoor shopping, dining, and entertainment destination.
The 5th floor office condo being offered for sale features the following:
▪▪ Central location in boutique office building in South Beach located on the corner of Lincoln Road and Pennsylvania Avenue
▪▪ Steps away from the New World Center and the newly renovated Miami Beach Convention Center ▪▪ 10,033 SF full floor with abundant natural light 605 LINCOLN R0AD ▪▪ Elevator opens directly into the private reception area
▪▪ Flexible single-tenant floor plan that can be easily converted for multi-tenant use
▪▪ 7 transferable parking spaces available leased from the City of Miami Beach in adjacent parking garage
www.blancacre.com 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale 3 FEATURES
PRIVATE CONFERENCE RECEPTION ROOM
EXECUTIVE ABUNDANT OFFICE NATURAL LIGHT
WRAP AROUND PRIME VIEWS LINCOLN ROAD LOCATION
www.blancacre.com 4 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale
by the List Price: $4,950,000 02-3234-168-0330, 02-3234-168-0360, Folio Number: 02-3234-168-0370, 02-3234-168-0410, numbers 02-3234-168-0430, 02-3234-168-0440 Office Space: 10,033 SF (Entire 5th Floor)
Parking Spaces: 7 Spaces (Rear of Building)
Year Built: 1932; Renovated 2010
2018 Real Estate Taxes: $50,079.47
Zoning: CD-3 (Miami Beach)
Demographics 1 Mile 3 Miles Population 31,648 59,085 Households 18,461 32,684 Average Age 41.70 43.20 Median HH Income $52,462 $55,426 Daytime Employees 36,029 73,157 Projected Population Growth ‘18-’23 2.7% 3.6% Projected Household Growth ‘18-’23 2.1% 3.1%
www.blancacre.com 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale 5 location
▪▪ An upscale business environment strategically located in the heart of Lincoln Road Mall, one of the world’s top destinations for business, entertainment and dining MIAMI BEACH
▪▪ One block away from Miami Beach Convention CONVENTION CENTER P Center, home to events including Art Basel, DADE BLVD. eMerge Americas, and International Auto Show
▪▪ Quick and easy access to MacArthur Causeway, CITY FILMORE I-95, Port of Miami, and Miami’s most dynamic neighborhoods HALL THEATER 17TH STREET P P ▪▪ Nearby office tenants: WeWork, Morgan Stanley, P P P NY Film Academy, Raymond James, and Jeffrey P Group 605 LINCOLN RD.
▪▪ Neighboring retailers: H&M, Swatch, Sugar, Nike, LINCOLN ROAD MALL WASHINGTON AVE. JEFFERSON AVE.
COLONY PENNSYLVANIA AVE. MICHIGAN AVE. Crocks, New World Symphony, Starbucks, Spris, MERIDIAN AVE. LENOX AVE.
Sushisamba, Lulu Lemon, Guess, Zara, Forever 21 THEATER and more 16TH STREET ALTON ROAD ALTON
15TH STREET
www.blancacre.com 6 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale NEARBY NEIGHBORHOODS
South Beach: Recognized worldwide as a mecca of beautiful beaches and glamorous lifestyle
Cultural District: Arts and Entertainment 605 district which is home to Adrienne Arscht LINCOLN Center for the Performing Arts ROAD
Downtown Miami: the city’s central business district
Brickell: Miami’s Financial District
Wynwood: Home to art galleries, retail stores, antique shops, eclectic bars, artisanal eateries and one of the largest open-air street-art installations in the world
Design District: A neighborhood dedicated to innovative fashion, design, architecture and dining experiences
www.blancacre.com 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale 7 access BROWARD COUNTY DADE COUNTY
NW 67TH AVENUE MIAMINW 47TH AVENUE GARDENS DRIVE 75
826
OKEECHOBEE ROAD Opa-Locka Airport NW 135TH STREET
NW 119TH STREET Access to all major highways, including NW 103RD STREET
I-95, SR-836 and SR-826 95 INTERSTATE NW 79TH STREET
Drive Times: 826 NW 58TH STREET
ARD
LEJEUNE ROAD V mia NW 7TH AVENUE NW 27TH AVENUE N MIAMI AVENUE E • Miami International Airport 112 L miami international airport U 605 NW 177TH AVENUE Miami O B International
18 Minutes 95 E LINCOLN RD. Airport N
XPRE Y IN E SSW A
LPH AY C 836 DO S
836 I
B downtown
FLORIDA’S TURNPIKE FLORIDA’S • Downtown Miami 1 NW 8TH STREET BRICKELL 17 Minutes CORAL WAY
PALMETTO EXPRESSWAY PALMETTO Y NW 87TH AVENUE A NW 107TH AVENUE HW IG BIRD ROAD E H XI DI • Brickell District H T U SO
20 Minutes coral gables SW 8 AVE
SUNSET DRIVE coconut grove
• Coconut Grove Biscayne 25 Minutes SW 22 RD Bay 874
SW 24 RD SW 137TH AVENUE Tamiami Airport
SW 152ND STREET
Laidlaw Creative BLANCA
ID - Signature ver: 02.28.09 Final SW 184TH STREET
Pantone Process Blue
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SW 264TH STREET 8 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale
OFFICE MARKET SNAPSHOTMARKET SNAPSHOT Miami Beach Highlights
Miami Beach Class A Historical Performance
YEAR-OVER-YEAR HIGHLIGHTSYEAR OVER YEAR HIGHLIGHTS
▪▪ Miami Beach weighted. Miami average Beach weighted asking average rents asking have increased morerents than have 40% increased since more 2008 than 40% since 2008 ▪▪ Miami Beach enjoys the lowest direct . vacancy rate within theYear relevantto date, Miami submarkets; Beach has completed 24,000 SF in office lease transactions currently at 5.5% for Class A space . Miami Beach enjoys the lowest direct ▪▪ No new office deliveries scheduled for the vacancy rate within the relevant next 24 months submarkets; currently at 5.5% for Class A space
. No new office deliveries scheduled the next 24 months
PAGE | 7
www.blancacre.com 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale 9 drivers
Nearby redevelopment renaissance Stability
Greater Miami Beach Convention Center and Favorable interest rates provide stability to surrounding areas occupancy costs
Strategic Location Growing Business Community
Access to all major highways and prime Community of innovators, entrepreneurs and commercial corridors global companies
Foreign Investments Design
One of the top submarkets in the United States Attractively designed boutique building in for foreign investment good operating condition
www.blancacre.com 10 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale
The financial benefits of owning the 5th floor at 605 Lincoln Road, include: financial ■■ An estimated 41.43% in net occupancy savings vs. leasing a suite on Miami Beach over a 5 year 10033 period Ownership Lease Own 1 2 3 4 5 $ PSF Gross Occupancy Cost $ PSF 5 Year ■■ Fixed Debt Service benefit vs. FMV Base Rent with 3% annual increases Market Rent (Gross) $484,092 $48.25 Estimated Operating Expenses $180,594.00 $18.00 $18.54 $19.10 $19.67 $20.26 Estimated OPEX $25,083 $2.50 benefitsAnnual Mortgage Payment $229,393.13 $22.86 $22.86 $22.86 $22.86 $22.86 Net Occupancy Cost $509,175 $50.75 Gross Occupancy Cost $409,987 $40.86 ■■ Operating expense$41.40 $41.96 control$42.53 benefit$43.12
Net Occupancy Cost PSF Tax Savings $ PSF ■■ Tax benefit of real estate depreciation, mortgage interest and operating expense deductions Lease $509,175 $50.75 Operating Expenses $180,594 $18.00 $902,970.00 $18.54 $19.10 $19.67 $20.26 Own $296,397.72 $29.54 Annual Depreciation Deduction $111,794.87 $11.14 $558,974.36 $11.14 $11.14 $11.14 $11.14 Total Savings $212,777.03 $21.21 Annual Interest Deduction $161,968.78 $16.14 $773,537.84■■ Equity growth$15.80 benefit$15.44 realized$15.06 upon$14.66 proceeds of an eventual refinancing or sale transaction % Savings 41.79% Gross Occupancy Cost adjusted for Tax Items $454,357.65 $45.29 $2,235,482.20 $45.48 $45.68 $45.87 $46.06 ■ Opportunity to benefit from value of surrounding new infrastructure and development projects Tax Rate 25% ■ Tax Savings $113,589.41 $11.32 $558,870.55 in Miami Beach$11.37 $11.42 $11.47 $11.52 Net Occupancy Cost Lease $2,545,873.75 Gross Occupancy Cost $409,987 $41 $2,049,935.66 $41.40 $41.96 $42.53 $43.12 Own $1,491,065.11 Less: Tax Savings $113,589.41 $11.32 $558,870.55 $11.37 $11.42 $11.47 $11.52 Total Savings $1,054,808.64 Net Occupancy Cost $296,397.72 $29.54 $1,491,065.11 $30.03 $30.54 $31.07 $31.61 41.43%
Building Value $4,360,000.00 Depreciation $111,794.87 lease vs. buy analysis Lease vs. Own Analysis NET OCCUPANCY COST OVER 5 YEARS $57.12 Own Lease $53.84 $55.46 Year 1 $29.54 $50.75 $52.27 LEASE: $2,545,873.75 Year 2 $30.03 $52.27 $50.75 Year 3 $30.54 $53.84 41.43% Year 4 $31.07 $55.46 TOTAL SAVINGS OWN: $1,491,065.11 Year 5 $31.61 $57.12 TO OWN TOTAL SAVINGS $31.61 $29.54 $30.03 $30.54 $31.07 TO OWN: $1,054,808.64 41.43%
Lease Assumptions: ▪▪ Currently marketed full service lease rate ▪▪ Operating expenses of $18.00 PSF and 3% annual increases
Ownership Assumptions: YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 ▪▪ Operating Expenses of $18.00 PSF and 3% annual Own Lease increases ▪▪ Financing assumption: Note: This analysis does not factor in the initial equity (down payment) required to purchase the asset nor the funds received from the recovery 60% LTV of initial equity in year 5. If included, the overall cost to own would be lower. 5% Interest Rate 25 Year Amortization
www.blancacre.com 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale 11 photos
select features
2 Executive Offices 2 Private Restooms (Men and Women) 16 Private Offices Storage Closet 2 Conference Room Dedicated IT Room Employee Lounge Wrap Around Views
www.blancacre.com 12 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale floor plan
Flexible, single tenant floor plan that can be easily converted for multi-tenant use.
TENANT 2 3,622 RSF
TENANT 1 6,411 RSF
TENANT 2 2,987 RSF
TENANT 1 4,410 RSF
TENANT 2 2,637 RSF
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DISCLAIMER
Blanca Commercial Real Estate(“Blanca”) has been retained as exclusive real estate agent regarding the sale of 605 Lincoln Road, 5th Floor, Miami Beach, Florida 33139 (“Property”).
This confidential Offering Memorandum was prepared by Blanca Commercial Real Estate, and has been reviewed by Owner. It contains selected information pertaining to the Property and does not purport to be all-inclusive, nor to contain all the information that a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors that, therefore, are subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers.
Sources of information contained within this Offering Memorandum include, but are not limited to: Beacon Council, CoStar, Florida Department of Labor, and the US Census Bureau.
In this Offering Memorandum, certain documents including leases and other materials, are described in summary form and do not purport to be complete, nor necessarily accurate, descriptions of the full agreements involved, nor do they constitute a legal analysis of such document. Interested parties are expected to independently review all documents.
This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the value of the Property by Blanca Commercial Real Estate or the Owner. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.
The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Offering Memorandum or making an offer to purchase the Prop- erty unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Owner and any conditions to Owner’s obligations thereunder have been satisfied or waived. Blanca Commercial Real Estate is not authorized to make any representations or agreements on behalf of Owner.
This Offering Memorandum is-the property of Blanca Commercial Real Estate and may be used only by parties approved by Blanca Commercial Real Estate. The Property is privately offered and by accepting this Offering Memorandum, the party in possession hereof agrees that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Blanca Commercial Real Estate and Owner. The terms and conditions set forth apply to this Offering Memorandum in its entirety.
www.blancacre.com CONTACT infoRMATION CARY COHEN 305.377.6590 [email protected]
DANET LINARES 305.577.8852 [email protected]
JUAN RUIZ 305.577.0251 [email protected]
1450 BRICKELL AVE., SUITE 2060 MIAMI, FL 33131
LICENSED REAL ESTATE BROKER WWW.BLANCACRE.COM