1870 BRICKELL AVENUE DEVELOPMENT SITE OPPORTUNITY 1870 Brickell Avenue • Miami , FL 33129 NON - ENDORSEMENT and DISCLAIMER NOTICE
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Offering Memorandum 1870 BRICKELL AVENUE DEVELOPMENT SITE OPPORTUNITY 1870 Brickell Avenue • Miami , FL 33129 NON - ENDORSEMENT AND DISCLAIMER NOTICE Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap Real Estate Investment Services of Florida, Inc. ("Marcus & Millichap") and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. Non-Endorsement Notice Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. 1870 BRICKELL AVENUE Miami , FL ACT ID ZAA0390655 2 1870 BRICKELL AVENUE TABLE OF CONTENTS SECTION INVESTMENT OVERVIEW 01 Property Overview Regional Map Local Map Aerial Photo FINANCIAL ANALYSIS 02 Pricing Detail BRICKELL DEVELOPMENTS 03 Development Pipeline MARKET OVERVIEW 04 Market Analysis Demographic Analysis 3 1870 BRICKELL AVENUE INVESTMENT OVERVIEW 4 1870 BRICKELL AVENUE OFFERINGOFFERING SUMMARY SUMMARY EXECUTIVE SUMMARY OFFERING SUMMARY Price $7,500,000 MAJOR EMPLOYERS Down Payment 100% / $7,500,000 Loan Type All Cash EMPLOYER # OF EMPLOYEES * Lot Size (SF) 17,500 Cable Wrless Cmmunications Inc 6,156 Land Price/SF $428.57 HIG Surgery Centers LLC 5,100 Lot Size (Acres) 0.40 acre(s) Royal Caribbean International 4,965 Price/Acre $18,668,571 Ibt Group LLC 4,442 Number of Lots 1 Bursars Office 4,418 Price/Lot $7,500,000 County Miami Dade AVI Dept 4,000 Type of Ownership Fee Simple Miami Dade Transit 4,000 Development Type Residential Development Nephrology Division 4,000 Zoning T5-R Kimpton Epic Miami 3,724 Floor Area Ratio (FAR) N/A ROYAL CARIBBEAN 3,400 Density 26-Dwelling Units Keystone Holdings 3,076 (Proposed) Buildable SF 79,711 Miami Vamc 3,000 (Proposed) Leasable SF 32,361 Price/SF $232 DEMOGRAPHICS Height 5-Stories Additional Height Benefit 1-Story 1-Miles 3-Miles 5-Miles 2018 Estimate Pop 38,415 198,620 451,252 2010 Census Pop 32,514 177,237 406,118 2018 Estimate HH 20,142 86,415 190,768 2010 Census HH 16,915 76,433 170,965 Median HH Income $55,909 $34,818 $37,734 Per Capita Income $48,102 $29,697 $30,562 Average HH Income $91,692 $67,653 $71,772 * # of Employees based on 5 mile radius 5# 1870 BRICKELL AVENUE PROPERTY OVERVIEW PROPERTY OVERVIEW Marcus & Millichap is proud to present 1870 Brickell Avenue, a new development site containing 17,500 square feet of land (0.40-acre acres) located in Miami, Florida. This development site is one of the last remaining vacant parcels of land with direct frontage on Brickell Avenue which boasts high traffic counts of approximately 27,000 Vehicles Per Day (VPD). The property is conveniently located in Brickell, which is the financial heart of South Florida and has become a top destination location for many South American visitors. Brickell is home to the largest concentration of international banks in the United States and is the second- largest financial hub outside of New York City’s financial district. This location provides easy access to Interstate-95, Downtown Miami Central Business District (CBD), and Miami International Airport (MIA). This Brickell avenue development sire is in a well-established, mixed-use(zoning) area within the Brickell market. 1870 Brickell Avenue is zoned T5-R, Urban Center Transect under the City of Miami’s Miami 21 Zoning Code. This zoning consists of higher density and allows a variety of uses including mixed-use buildings that accommodate retail, office, and apartment uses. The zoning allows for a density of 26 dwelling units with a maximum building height of five stories. Current Ownership has development plans on the property which call for a five-story, 26-unit luxury condominium building with underground parking and an active roof deck. The building will consist of 79,711 buildable square feet with units ranging from 1,575 – 2,130 square feet for a total of 32,361 square feet of habitable space. At an acquisition price of $7,500,000 this equates to $232 per square foot. Construction cost is estimated to be approximately $200 - $250 per square foot and the estimated sales price (per square foot) is $650 - $800 per square foot. This represents a profit potential of $5.4 Million to $10.3 Million. PROPERTY OVERVIEW ▪ Rare Brickell Development Site Zoned T5-R ▪ Premier Frontage on Brickell Avenue, Which Has Over 27,000 VPD ▪ Strong Residential, Professional, and Retail Presence in the Surrounding Area ▪ Current Ownership Has Development plan for a Five-Story, 26-Unit Luxury Development ▪ .40-Acre Parcel (17,500 Square Feet) ▪ Proximity to I-95, I-395, FL-836, Macarthur Causeway, and Rickenbacker Causeway 6 1870 BRICKELL AVENUE PROPERTY OVERVIEW PROPERTY OVERVIEW One mile north of the subject property is Brickell City Centre, a $1.05 billion shopping and mixed-use project. When fully finished, this major project will span up to five blocks to the west of Brickell Avenue and to the south of the Miami River, in the Brickell District of Greater Downtown. Approximately two miles north is the Florida Brightline (All Aboard Florida) Miami station. Florida Brightline (Brought to you by All Aboard Florida) is a $2.5 billion railroad project that is in the works to provide service between Miami, Fort Lauderdale, West Palm Beach, and Orlando. This development site offers robust demographics. There is a population of 43,502 and an average household income of $97,010 within a one-mile radius. With the great exposure this property possesses, this Brickell Avenues development site is set to substantially benefit from sustained household and job growth over the next 20 years The attractive zoning, strong demographics, and high construction activity provides an investor with the opportunity to purchase an asset with great development and economic potential. This is an excellent opportunity for a develop looking to develop in this exploding Brickell submarket. PROPERTY OVERVIEW ▪ Great Exposure With Excellent Visibility ▪ Flexible Development Options ▪ Attractive Acquisition Price Point ▪ Robust Demographics With a Population of 43,502 and an Average Household Income of $97,010 Within a One-Mile Radius ▪ Rapid Growth of High-Rise Buildings and Mixed-Use Developments in the Brickell Submarket ▪ AAA Location in an exploding Brickell Submarket 7 1870 BRICKELL AVENUE OFFERING SUMMARY PROPERTY SUMMARY THE OFFERING Property 1870 Brickell Avenue Price $7,500,000 Property Address 1870 Brickell Avenue , Miami , FL Assessors Parcel Number 01-4139-001-2150 Zoning T5-R Lot Size Dimensions 100' X 175' Utilities City of Miami Ingress/Egress Brickell Ave Access Brickell Ave SITE DESCRIPTION Lot Size (SF) 17,500 Price/SF $428.57 Lot Size (Acres) 0.4000 Price/Acre $18,668,571 (Proposed) Buildable SF 79,711 (Proposed) Leasable SF 32,361 Number of Units 26 Price/SF $232 Estimated Construction Costs/SF $200 - $250 FAR N/A Density 26 Dwelling Units Number of Lots 1 Price/Lot $7,500,000 Type of Ownership Fee Simple PUBLIC UTILITIES Sanitary Sewer Yes, City of Miami Storm Sewer yes, City of Miami Potable Water Yes, City of Miami 8 1870 BRICKELL AVENUE SURVEY 9 1870 BRICKELL AVENUE DEVELOPMENT PLAN FLOOR PLAN 10 1870 BRICKELL AVENUE DEVELOPMENT PLAN INFORMATION 11 1870 BRICKELL AVENUE RENDERING 12 1870 BRICKELL AVENUE ZONING 13 1870 BRICKELL AVENUE ZONING SUBJECT PROPERTY 14 1870 BRICKELL AVENUE ZONING 15 1870 BRICKELL AVENUE ZONING 16 1870 BRICKELL AVENUE ZONING R Allowed By Right W Allowed By Warrant: Administrative Process - CRC (Coordinated Review Committee) E Allowed By Exception: Public Hearing - granted by PZAB (Planning, Zoning & Appeals Board) Boxes with no designation signify Use prohibited. Uses may be further modified by Supplemental Regulations, State Regulations, or other provisions of this Code. See City Code Chapter 4 for regulations related to Alcohol Beverage Service Estab.