Junction Little River Nw 82Nd St John F Kennedy Cswy Littlene 79Th St River Nw 79Th St
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JUNCTION @ LITTLE RIVER OFFERING MEMORANDUM JUNCTION @ LITTLE RIVER TABLE OF CONTENTS I THE OFFERING II ASSEMBLAGE PHOTOS III DEMAND DRIVERS IV INVESTMENT HIGHLIGHTS V DEVELOPMENT OVERVIEW VI LOCATION OVERVIEW VII AREA DEMOGRAPHICS VIII MARKET OVERVIEW IX MARKET COMPARABLES NE 82nd Terrace THE OFFERING 1 2 he Junction @ Little River is a true covered land play in one of the fastest growing and most promising markets in South Florida. The site currently consists of 8 apartment buildings with a total of 59 units that are currently 100% occupied on short term leases. The T-shaped Tsite fronts both NE 82nd Street and NE 82nd Terrace and is situated on 2.07 acres. The entire site has been rezoned to T6-8-O under the City of Miami’s Miami21 Zoning Code. The site’s zoning is very flexible and allows for a wide array of potential uses, including: Multifamily, Hotel, Commercial Office, Commercial Retail, Restaurant, Live-Work Space, Affordable/Workforce 3 4 5 6 7 Housing and more. Furthermore, the sites proximity to the future 79th Street Brightline Station affords it with the highly sought-after Transit Oriented Development NE 4th Place 4th NE (“TOD”) designation which allows for a significant reduction in parking requirements, among other incentives. Altogether, this offering presents a rare opportunity to acquire a cash flowing assemblage while positioning the property for future ground-up development. NE 82nd Street PARCEL ADDRESS FOLIO ZONING BUILDING SIZE LOT SIZE 1 460 NE 82nd Terrace 01-3207-054-0120 T6-8-O 4,797 SF 8,800 SF NE 82ND TERR 2 500 NE 82nd Terrace 01-3207-054-0130 T6-8-O N/A 11,440 SF 3 421 NE 82nd Street 01-3207-023-0070 T6-8-O 11,332 SF 26,698 SF 460 NE 82nd Terr 4 433 NE 82nd Street 01-3207-023-0060 T6-8-O 7,060 SF 8,656 SF 425 NE 82nd St NE 4TH PL 5 437 NE 82nd Street 01-3207-023-0050 T6-8-O 7,180 SF 8,645 SF 505 NE 82nd St 433 NE 82nd St 437 NE 82nd St 439 NE 82nd St 429 NE 82nd St 421 NE 82nd St 6 439 NE 82nd Street 01-3207-023-0040 T6-8-O 3,802 SF 8,635 SF 7 505 NE 82nd Street 01-3207-023-0020 T6-8-O 5,917 SF 17,238 SF NE 82ND ST TOTAL: 42,088 SF 90,112 SF 4 5 ASSEMBLAGE PHOTOS JUNCTION @ LITTLE RIVER 1 460 NE 82nd Terrace 2 500 NE 82nd Terrace 3 421 NE 82nd Street 4 433 NE 82nd Street 5 437 NE 82nd Street 6 439 NE 82nd Street 7 505 NE 82nd Street 6 7 ^ N JUNCTION @ LITTLE RIVER 7 BISCAYNE BLVD 4 The Citadel - 60,000 SF hub for dining, The Anderson - Miami icon. A local shopping, and working with a food hall favorite 80’s inspired bar with artful cocktails and beer served in a casual and Midpoint Center - Midpoint is a 347,000 NE 79th Street comfortable setting. 3 SF mixed-use (retail and office) property 6 sitting on 18-acres of land. 2 DEMAND DRIVERS 5 1. Junction @ Little River 2. The Citadel 3. Brightline Station Brightline Station - Inter-city higher speed rail between Miami and West Palm Beach, 4. Midpoint Center Florida. Triton Center - Mixed use development project - 25,000 5. Miami Ironside SF of commercial space, a 139 room hotel with 325 loft style apartments and an additional 12 story apartment 6. Triton Center Miami Ironside - Mixed-use urban center with 60+ building. 7. The Anderson design showrooms, salons, boutiques, shops, studios, cafes, playrooms, galleries and a wellness center. 8 9 INVESTMENT 90,112 SF development site west of Biscayne Boulevard & 100 feet from the upcoming 79th HIGHLIGHTS 2.07 Street/Little River Train Station. Currently ACRE SITE producing nearly $850,000 in gross annual income - collect income while finalizing plans. COVERED LAND PLAY WITH SIGNIFICANT IN-PLACE REVENUE The Junction @ Little River is a true covered land play producing significant gross revenue of over $850,000 annually with below market rents and tremendous development upside. The Liberal zoning, with close proximity to Biscayne Boulevard & transit, promotes a assemblage encompasses 59 multifamily units with a 100% occupancy rate. This property is T-6-8-O dense, mixed-use development. Build up to ideal for an efficient and cost effective redevelopment with the ability to receive supplemental ZONING 12 stories with 80% lot coverage. cash flow throughout the planning and approval process. TRANSIT ORIENTED DEVELOPMENT DESIGNATION WITH T6-8-O REZONING Site has official TOD designation with Miami-Dade County. Reduction in parking The Junction @ Little River is positioned less than 100 feet from the planned Brightline station, TOD requirements translates directly into huge offering residents high speed transportation access to all surrounding major neighborhoods. DESIGNATION construction cost savings. This proximity affords the site with official TOD designation which allows up to a 30% to 50% reduction in parking requirements, greatly reducing a developer’s construction costs. The maximum FLR and unit density can each be boosted through participation in the City EXCELLENT LOCATION AND POPULATION GROWTH 25% of Miami’s Public Benefits Program. The height can also be increased from 8 to 12 Accessibility is everything in Miami as traffic becomes similar to major Metropolitan cities like BONUS DENSITY stories. New York and Los Angeles. The Junction @ Little River sits within close proximity to Biscayne Boulevard and the MiMo district, a highly trafficked corridor with walkable access to shops, restaurants, and just a block away from the planned Brightline Station. In the height-restricted Upper East Side, TO an area of mostly single family homes, The area has high density demographics with over 160,000 residents living within a 3-mile 8 12 this location is the only pocket in the area radius and over 460,000 people withing a 5-mile radius. Renter demand continues to grow as supportive of future transit, multifamily, and STORIES commerce initiatives. new households are formed through population growth which has recently been fueled by record setting migration from high-tax states. This is of course just one of South Florida and Miami’s many demand drivers. With TOD designation, density bonuses, +150 parking reductions, an urban core location, & a hard corner, the site is perfectly suited for UNITS PER ACRE mixed use / multifamily development. 10 11 UNIT & INCOME ZONING OVERVIEW JUNCTION @ LITTLE RIVER ANALYSIS The T6 zoning district consists of the highest density and greatest UNIT BREAKDOWN variety of uses available within the Miami21 Zoning Code. A refined BUILDING ADDRESS LIVING UNITS 2 BED/2 BATH 2 BED/1 BATH 1 BED/1 BATH STUDIO list of allowable use includes: 1-3 421-429 NE 82nd Street 12 - 12 - - 4 433 NE 82nd Street 11 1 - 7 3 5 437 NE 82nd Street 11 1 - 7 3 • Multifamily 6 439 NE 82nd Street 4 - 4 - - • Hotel 7 505 NE 82nd Street 12 - - 12 - • Commercial (Office) 8 460 NE 82nd Terrace 9 - - 4 5 • Commercial (Retail, Restaurant, etc.) TOTAL 59 2 16 30 11 • Live-Work INCOME & OCCUPANCY OVERVIEW • Affordable / Workforce Housing ANNUAL MONTHLY MONTHLY REVENUE BUILDING ADDRESS LIVING UNITS OCCUPIED UNITS OCCUPANCY REVENUE REVENUE PER UNIT T6 emphasizes a network of blocks of streets with wide sidewalks. In 1-3 421-429 NE 82nd Street 12 12 100% $208,800 $17,400 $1,450 4 433 NE 82nd Street 11 11 100% $154,185 $12,849 $1,168 T6 zones there is consistent street tree planting, and buildings with 5 437 NE 82nd Street 11 11 100% $149,268 $12,439 $1,131 short setbacks (set close to the frontage) with frequent windows 6 439 NE 82nd Street 4 4 100% $63,540 $5,295 $1,324 and doors to encourage pedestrian activity. 7 505 NE 82nd Street 12 12 100% $160,812 $13,401 $1,117 8 460 NE 82nd Terrace 9 9 100% $115,500 $9,625 $1,069 TOTAL 59 59 100% $852,105 $71,009 $1,204 T6-8-O ZONING SUMMARY SUMMARY NE 82nd Terrace OPERATING EXPENSES Lot Coverage 80% max EXPENSE AMOUNT 1 2 Real Estate Taxes $100,000 Maximum Height 8 / 12 with Public Benefit Insurance $45,000 Property Management $40,000 Floor Lot Ratio (FLR) 5.0 / 25% additional Public Benefit Utilities $40,000 3 4 5 6 7 Repairs & Maintenance $25,000 Density (Units / Acre) 150-300 / 25% additional Public Benefit Total $250,000 Place 4th NE The maximum height, FLR and density can each be boosted through NE 82nd Street participation in the City of Miami’s Public Benefits Program. 12 13 DEVELOPMENT POTENTIAL DEVELOPMENT SCENARIO SUMMARY Depicted below is an example development scenario for a mixed-use project that achieves the following: 1. Maximizes the site’s allowable density through participation in the City of Miami’s Public Benefits Program Under the Miami21 Zoning Code a developer can construct an 8-story tower with 2. Minimizes the site’s parking requirements because of the valuable TOD designation. a FLR of 5. Density varies across the different allowable uses but ranges from 150 units per acre for standard residential developments, to 300 units per acre for A developer can add 4 stories with an additional 78 residential units and 112,640 square feet, with up to 380 fewer parking hotel and affordable/workforce or senior housing developments. The maximum spaces than would be required outside of a TOD. height, FLR and density can each be boosted through participation in the City of Miami’s Public Benefits Program.