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For Sale/Lease FOR SALE/LEASE 25,300 SF (0.58 ACRES) WITH 4,361 SF OF BUILDINGS (2) 25-101 NW 57th Ave - Miami, 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 Flagler Street. 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, FLORIDA 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 South Florida 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 Brickell 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-Little Havana $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.
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