FOR SALE/LEASE

25,300 SF (0.58 ACRES) WITH 4,361 SF OF BUILDINGS (2) 25-101 NW 57th Ave - , FL

SUBSTANTIAL Potential Multi-Family Redevelopment, Auto Dealer, PRICE Restaurant, Medical Offices, Urgent Care Facilitites REDUCTION W Flagler St - 43,000 VPD

NW 57th Ave (Red Rd) - 24,000 VPD

25-101 NW 57th Avenue, Miami, FL 33126 TABLE OF CONTENTS

1 Executive Summary Investment Summary Investment Highlights

2 Property Overview Neighborhood Analysis Zoning Sales Comps Demographics Aerial Area Market Overview

3 Disclaimers

25-101 NW 57th Avenue, Miami, FL 33126 1 EXECUTIVE SUMMARY INVESTMENT SUMMARY 4

CBRE is pleased to exclusively offer for sale or lease seven contiguous land parcels totaling 25,300 square feet, improved with two buildings of 3,381 and 980 square feet. 25, 31, 45, 71, 81, 91, 101 NW The property is located on busy NW 57th Avenue (Red Road) Address 57th Avenue just north of . The property is zoned T6-8 City Miami, FL 33126 of Miami allowing the construction by right of 87 units with Parcel Size 25,300 SF (0.58 acres) a maximum of 8 stories. It may also serve for other various Two buildings uses such as auto sales, restaurant, urgent care medical 1. 3,381 SF facilities, etc. Building Size 2. 980 SF The Red Road corridor is one of the busiest north-south T6-8 arteries in Miami-Dade County leading all the way from the Zoning Miami International Airport and the 836 Expressway south 2019 Real Estate to South Miami and Coral Gables. 24,000 vehicles per day $31,977.14 (7 parcels) Taxes transit on Red Road every day. West Flagler Street also has a high rate of traffic with 43,000 vehicles per day. There is a $2,999,995 Sale Price large Publix-anchored shopping center blocks away from (reduced from $3,750,000) the site to the north. Burger King just completed their new headquarters at the NWC of Blue Lagoon Drive and Red Asking Rent $27.00 + $7.00 PSF Road. Access to the 836 Expressway is readily accessible from Red Road just one mile north of the site. Demographics show a population of 187,784 with an average household income of $72,307 within a three-mile radius of the property.

25-101 NW 57th Avenue, Miami, FL 33126 INVESTMENT SUMMARY 5

CAR DEALERSHIP OFFICE

SIDE OF DEALERSHIP OFFICE

25-101 NW 57th Avenue, Miami, FL 33126 INVESTMENT SUMMARY 6

REAR OF FRONT OF DEALERSHIP OFFICE RETAIL BUILDING

REAR OF RETAIL BUILDING PARKING LOT

25-101 NW 57th Avenue, Miami, FL 33126 INVESTMENT HIGHLIGHTS 7

MIAMI, MARKET The Miami – Fort Lauderdale – Palm Beach Metropolitan Statistical Area (MSA Population: 6.0 Million) consists of Broward, Miami-Dade and Palm Beach Counties and is situated along the southeastern coast of Florida. The CORE INFILL DEMOGRAPHICS MSA contains over 5,775 square miles. With over 6 Population of 187,784 and million residents, South Florida is home to 29% of average household income the state’s population and is the most populated ZONING of $72,307 MSA in Florida. The area population is projected Flexible T6-8 zoning within 3 miles. grow by 1.2% annually. allows multiple uses

EXCELLENT LOCATION BUILT-IN CUSTOMER BASE TRAFFIC COUNTS Located on Red Road (NW The property benefits from a 43,000 VPD on West 57th Avenue) just north of substantial built-in customer Flagler Street and 24,000 Flagler Street, two main base due to its proximity to VPD on Red Road (NW arteries in Miami-Dade the Miami International 57th Avenue) County. Airport. The property is 10 miles from and Downtown Miami.

25-101 NW 57th Avenue, Miami, FL 33126 2 PROPERTY OVERVIEW NEIGHBORHOOD ANALYSIS 9

The subject neighborhood is located south of the Miami Approximately 1 mile east of the subject a Milton International Airport, an area with a mix of residential and Construction affiliated company is proposing an apartment commercial uses, and approximately 95% developed. Most building on a 0.89-acre site at 3900 NW 7th Street. The of the development in the area occurred between the general contractor filed plans for Baccarat Residential, an 1940s and 1990s, with residential development in the eight-story 120-aparmtent development with 4,425 square vicinity of the subject occurring between the 1940s and feet of commercial space, 204 parking spaces, and a pool. the 1970s, and commercial development occurring Sixteen apartments currently on site would be demolished. between 1950s and 1990s. Approximately 1/2 mile northeast of the subject is Soleste Land uses adjacent to the subject include service station Blue Lagoon at 5375 NW 7th Street, which is a 330 to the south, residential uses to the east, a religious facility apartment project in eight stories (currently under to the west across NW 57th Avenue and an apartment construction), with units ranging from 400-square-foot building to the north. The area is also developed with a studios to 1,000-square-foot units with three bedrooms, number of multi-tenant commercial uses. situated on a 2.2-acre site.

Although most of the subject’s vicinity is developed, there Overall, the subject is located in a well-established is a handful of proposed projects on some of the remaining neighborhood within Miami-Dade County. The prospects undeveloped parcels, or some properties are being for near-term and long-term growth in the neighborhood redeveloped. To the east of the subject, along NW 42nd are very good. Given the history of the area and the growth Avenue at 850 LeJeune road, Century Homebuilders is trends, we expect property values will continue to grow in planning to build an apartment/office project on a 4.3- the near future. acre site called Century Parc Place. This project features 230 apartment in six stories, 201,003 square feet of office space on two five-story buildings, and 735-space parking garage.

25-101 NW 57th Avenue, Miami, FL 33126 ZONING 10

The property is zoned T6-8 O; Urban Core Zone Open by the Miami-Dade County. A summary of the subject’s zoning is provided in the following table:

Municipality Governing Zoning SUBJECT ZONING REQUIREMENTS CODE COMPLIANCE Miami-Dade County Minimum Lot Area 5,000 SF Complying Current Zoning Maximum Lot Area 40,000 SF T6-8 O; Urban Core Zone Open Minimum Lot Width 50 feet Maximum Building Height 8 Stories Complying Current Use Maximum Density 150 du/ac Retail/Commercial/Residential Maximum Lot Ratio (FLR) 5 / 25% Complying Maximum Lot Coverage (% of lot area) 80.0% Complying Is Current Use Permitted? Minimum Yard Setbacks Yes 10’, 20’ above 8th Principal Front (Feet) Permitted Uses story 10’, 20’ above 8th Secondary Front (Feet) Complying Permitted uses within this district include, but are not story limited to, several residential uses (except ancillary units 0’, 30’ above 8th Rear (Feet) Complying and work-live); bed & breakfast, inn, and hotels; office; story entertainment establishment; food service establishment; 0’, 30’ above 8th Side (Feet) Complying general commercial; place of assembly; recreational story establishment; religious facility; regional activity complex; Required On-Site Parking learning center; pre-school; and research facility. Various other uses allowed by warrant or exception. Minimum Spaces per 1,000 Square Feet 3.0 per 1,000 Complying

25-101 NW 57th Avenue, Miami, FL 33126 ZONING 11

The subject is allowed by zoning to develop a maximum of 87 units in 8 stories. However, the property has a prior development agreement with the adjoining apartment complex to the north. The agreement is for the redevelopment of a total site area of 1.062 acres and allows for a maximum of 150 units in 11 stories with the first 3 stories being a parking garages. The apartment portion was sold to another operator which leaves the subject with a pro-rata share of 87 units. Additionally, the subject abuts T3-0 (Sub-Urban) which removes the potential of any bonus density. The prior project approvals will help to cut the approval time and indicates the number of units allowed on the site.

The owner of the subject property occupies the 3,381-sf office building and pays $12,000 per month in rent. In addition, he leases 8 small offices of approximately 150 sf to individual businesses for $2,300 per month. The 980-sf building is leased on a month to month basis to a travel agency. They pay $1,712 per month. Once a sale is closed the owner will vacate the property.

25-101 NW 57th Avenue, Miami, FL 33126 SALES COMPARABLES ADJUSTED TO SUBJECT PROPRETY 12

Economic Adjustments (Cumulative) Property Characteristic Adjustments (Additive)

Price PSF Market(1) PSF Land Adj. Price No. Location Location Size Other Overall Land & Date Conditions Subtotal PSF Land Wen- $131.88 Inferior $132.68 Similar Smaller Similar $126.04 1 Superior 2370 SW 8th St, Miami, FL 12/18 0.6% 0.6% 0.0% -5.0% 0.0% -5.0% 935 Flagler site $109.40 Inferior $110.71 Similar Similar Similar $110.71 2 Similar 935 W. Flagler St, Miami, FL 10/18 1.2% 1.2% 0.0% 0.0% 0.0% 0.0% 0.34 Acre Commercial Site $106.67 Inferior $109.01 Inferior Smaller Superior $109.01 3 Similar 35 SW 6th Ave, Miami, FL 6/18 2.2% 2.2% 15.0% -5.0% -10.0% 0.0% 0.15 Acre Site $96.84 Inferior $99.55 Similar Smaller Inferior $104.53 4 Inferior 1550 SW 7th St, Miami, FL 3/18 2.8% 2.8% 0.0% -10.0% 15.0% 5.0% Tierra Nueva Apartment Assemblage $159.32 Inferior $164.90 Similar Similar Similar $164.90 5 Similar 545-553 SW 8th St, Miami, FL 1/18 3.5% 3.5% 0.0% 0.0% 0.0% 0.0% 1.12 Acre Commercial Site $104.06 Inferior $109.26 Similar Larger Inferior $125.65 6 Inferior 61 NW 37th Ave, Miami, FL 7/ 1 7 5.0% 5.0% 0.0% 10.0% 5.0% 15.0%

STATISTICS

$96.84 LOW LOW $104.53

$159.32 HIGH HIGH $164.90

$108.04 MEDIAN MEDIAN $118.18

$118.03 AVERAGE AVERAGE $123.47

(1) Market Conditions Adjustment Footnote Compound annual change in market conditions: 3.00% Date of Value (for adjustment calculations): 11/2019

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

25-101 NW 57th Avenue, Miami, FL 33126 SALES COMPARABLES ADJUSTED TO SUBJECT PROPRETY 13

The sales comparables give an average value of $123.47 per square foot for the subject property. This value multiplied by the number of square feet of the lot; 25,300 sf gives a land value of $3,123,791. The subject property is improved with two commercial buildings of 3,381 square feet and 980 square feet totaling 4,361 square feet. If we give a value of $150 per square feet to the 4,361 square feet of existing property we come with an added value of $654,150. Adding the land value of $3,123,791 to the building value of $654,150 we come with the asking price of $3,750,000. The sales price has been reduced to $2,999,995 which is $118.57 PSF. This means the property is being sold for land value, not giving any value to the existing buildings.

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

25-101 NW 57th Avenue, Miami, FL 33126 DEMOGRAPHICS 14

2019 Demographics 1 Mile 3 Miles 5 Miles Population 2019 Population - Current Year Estimate 34,929 187,784 569,336 2024 Population - Five Year Projection 36,125 194,559 595,900 2010 Population - Census 33,487 179,038 528,691 2000 Population - Census 29,701 167,101 507,166 Households 2019 Households - Current Year Estimate 12,965 68,501 203,877 2024 Households - Five Year Projection 13,337 70,744 212,675 2010 Households - Census 12,587 65,844 190,889 2000 Households - Census 10,741 60,652 181,339 2019 Average Household Size 2.69 2.72 2.74 Household Income 2019 Households 12,965 68,499 203,870 2019 Average Household Income $58,442 $72,307 $69,469 2024 Average Household Income $68,127 $83,739 $79,859 2019 Per Capita Income $21,554 $26,281 $24,983 2024 Per Capita Income $24,998 $30,331 $28,612 Daytime Population 2019 Daytime Population 35,300 255,831 751,756 Daytime Workers 17,975 165,573 466,061 Daytime Residents 17,325 90,258 285,695

25-101 NW 57th Avenue, Miami, FL 33126 AERIAL 15

W Flagler St - 43,000 VPD

NW 57th Ave (Red Rd) - 24,000 VPD N AREA MARKET OVERVIEW 16

MIAMI, FLORIDA

The Miami – Fort Lauderdale – Palm Beach Metropolitan trends fuse to create an ideal arena for investment in real Statistical Area (MSA Population: 6.0 Million) consists estate. With projections for continued population growth of Broward, Miami-Dade and Palm Beach Counties and and a limited supply of new development sites, existing is situated along the southeastern coast of Florida. properties in the South Florida MSA should benefit from Bordered by the Florida Keys to the south, Martin County high occupancy rates, growing tenant sales and increasing to the north, to the west and the market rents well into the foreseeable future. Along with the Atlantic Ocean to the east, the South Florida MSA contains city’s ever-booming construction sector, professional and over 5,775 square miles. With over 6 million residents, business services are expected to substantially contribute South Florida is home to 29% of the state’s population to Miami’s annual growth rate. Investment in South Florida and is the most populated MSA in Florida. Although many continues to climb each year, including a rapid escalation South Florida communities are densely developed, the over the past two years. area’s population is still projected grow by 1.2% annually for the foreseeable future. Given the city’s proximity to South America, it is highly attractive to foreign investors who invested nearly $2.9 Tourism and the service industry are among the top billion in its real estate last year. The Miami MSA boasts employers in the area – over 20 million tourists per three major international passenger and cargo airports, year visit South Florida, including 6 million foreign two modern deep water ports, extensive rail service and a visitors. The area is also well known for its international large trucking network. The area has numerous museums business climate and is home to over 1,200 multinational and cultural institutions and benefits from the presence of corporations. South Florida residents enjoy a high quality the , Florida Atlantic University, Nova of life and low local taxes. Its primary employment centers, Southeastern University, Florida International University, growing population, highly developed transportation the Miami Performing Arts Center, the Broward Center for infrastructure and strong and diverse economy make it Performing Arts and the Raymond F. Kravis Center for the Florida’s dominant MSA. Favorable income and spending Performing Arts in West Palm Beach.

25-101 NW 57th Avenue, Miami, FL 33126 3 DISCLAIMERS DISCLAIMERS 18

CBRE, Inc. operates within a global family of companies with many the Owner, and does not purport to be all-inclusive or contain all or part of the subsidiaries and related entities (each an “Affiliate”) engaging in a broad information which prospective investors may require to evaluate a purchase range of commercial real estate businesses including, but not limited to, of the Property. The information contained in this Memorandum has been brokerage services, property and facilities management, valuation, investment obtained from sources believed to be reliable, but has not been verified for fund management and development. At times different Affiliates, including accuracy, completeness, or fitness for any particular purpose. All information CBRE Global Investors, Inc. or Trammell Crow Company, may have or is presented “as is” without representation or warranty of any kind. Such represent clients who have competing interests in the same transaction. For information includes estimates based on forward-looking assumptions example, Affiliates or their clients may have or express an interest inthe relating to the general economy, market conditions, competition and other property described in this Memorandum (the “Property”), and may be the factors which are subject to uncertainty and may not represent the current or successful bidder for the Property. Your receipt of this Memorandum future performance of the Property. All references to acreages, square constitutes your acknowledgement of that possibility and your agreement that footages, and other measurements are approximations. This Memorandum neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such describes certain documents, including leases and other materials, in Affiliates’ interest or involvement in the sale or purchase of the Property. In all summary form. These summaries may not be complete nor accurate instances, however, CBRE, Inc. and its Affiliates will act in the best interest of descriptions of the full agreements referenced. Additional information and an their respective client(s), at arms’ length, not in concert, or in a manner opportunity to inspect the Property may be made available to qualified detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their prospective purchasers. You are advised to independently verify the accuracy respective businesses in a manner consistent with the law and all fiduciary and completeness of all summaries and information contained herein, to duties owed to their respective client(s). consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. Your receipt of this Memorandum constitutes your acknowledgement that (i) ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY it is a confidential Memorandum solely for your limited use and benefit in AT YOUR OWN RISK. determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not The Owner expressly reserves the right, at its sole discretion, to reject any or disclose it or its contents to any third party without the prior written authorization all expressions of interest or offers to purchase the Property, and/or to of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use terminate discussions at any time with or without notice to you. All offers, any part of this Memorandum in any manner detrimental to the Owner or counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by If after reviewing this Memorandum, you have no further interest in purchasing the Owner. the Property, kindly return it to CBRE, Inc. © 2020 CBRE, Inc. All Rights Reserved This Memorandum contains select information pertaining to the Property and

25-101 NW 57th Avenue, Miami, FL 33126 PACO DIAZ Senior Vice President +1 305 381 6411 [email protected]

CBRE Inc., Licensed Real Estate Broker

© 2020 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.