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Lincoln Road 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 AVE. WASHINGTON JEFFERSON AVE. COLONY AVE. PENNSYLVANIA 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 H IE IX D • 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 www.blancacre.com 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.
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