Aventura Park EXCLUSIVE 179th & West Dixie Hwy. LISTING Development Miami, FL 33160 Opportunity
ACTUAL PROPERTY PHOTO The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is in- CONFIDENTIALITY tended to be reviewed only by the party receiving it from Tiktin Real Estate Investment Services and should not be made available to any other person or entity without the written consent of Tiktin Real Estate Investment AND DISCLAIMER Services. 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. Tiktin Real Estate Investment Services 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 finan- cial 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, Tiktin Real Estate Investment Services has not verified, and will not verify, any of the information contained herein, nor has Tiktin 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.
NON-ENDORSEMENT NOTICE:
Tiktin Real Estate Investment Services, Inc. (“Tiktin”) is not affiliated with, sponsored by, or endorsed by any com- mercial 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 Tiktin, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Tiktin, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
Tiktin is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this mar- keting 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 Tiktin, its affiliates or subsidiaries, or any agent, prod- uct, service, or commercial listing of Tiktin, 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 TIKTIN REAL ESTATE INVESTMENT SERVICES AGENT FOR MORE DETAILS.
2 FINANCIAL ANALYSIS Pricing Analysis ...... 5 TABLE OF Pro-Forma Analysis 6-7 EXECUTIVE SUMMARY CONTENTS Investment Overview 9 Zoning Analysis ...... 10 PROPERTY DESCRIPTION Property Details ...... 11 Local Aerial ...... 12 Site Plan ...... 13-14 Local Photo/Aerial Photo 15-16 Regional Map ...... 17 MARKET OVERVIEW Market Overview ...... 19-23 COMPETITIVE PROPERTY SET Rent Comparables Map - Retail ...... 25 Rent Comparables - Retail ...... 26-28 Sales Comparables Map - Retail ...... 30 Sales Comparables - Retail ...... 31-34 Sales Comparables Map - Multifamily ...... 36 Sales Comparables - Multifamily ...... 37-39 Sales Comparables Map - Land 41 Sales Comparables - Land ...... 42-44 DEMOGRAPHIC Demographic Summary ...... 46-47
3 FINANCIAL ANALYSIS PRICING ANALYSIS
AVENTURA PARK DEVELOPMENT OPPORTUNITY FINANCIAL 179th & West Dixie Hwy, Miami, FL 33160 OFFERING PRICE ANALYSIS Price $10,500,000 Down Payment 100% / $10,500,000 Lot Size (SF) 133,126 SF Price/SF $78.87 Lot Size (Acres) 3.06 Price/Acre $3,431,372.54 Type of Ownership Fee Simple
SITE DESCRIPTION
Assessor's Parcel Number 30-2209-010-0030; 30-2209-010-0010; 30-2209-010-0010 Zoning OJUS URBAN CENTER - UC-RM Center, UC-MC Center, UC-MC Core
5 PRICING AND FINANCIAL ANALYSIS - PRO FORMA
AVENTURA PARK DEVELOPMENT OPPORTUNITY- RETAIL SPACE
179th & West Dixie Hwy, Miami, FL FINANCIAL Total SF: 10,570 SF
ANALYSIS Rents Monthly Annual Available Space (NNN): $40.00 $35,233 $422,800
Net Income: $422,800 / 5.50%
Sales Price: $7,687,272 Construction Cost ($180/SF) ($1,902,600) Soft Cost (Rental Commission)* ($253,680) Net Profit: $5,530,992
AVENTURA PARK DEVELOPMENT OPPORTUNITY- MULTIFAMILY
179th & West Dixie Hwy, Miami, FL
Units 223 Average SF: 1,050 SF Rentable SF: 234,150 SF Common Area SF: 65,850 SF Total SF: 300,000 SF
Rents Monthly Annual Units - 223 $2,415 ($2.30/SF) $538,545 $6,462,540 Expenses (35%) ($2,261,889) Net Income: $4,200,651/5.00%
Sales Price: $84,013,020 Construction Cost ($200/SF NET) ($46,830,000) Soft Cost (Rental Commission) ($590,950) Net Profit: $36,592,070
*Tenant Improvements and Leasing Commissions calculated using a 6% fee and a 5 year lease. 6 PRICING AND FINANCIAL ANALYSIS - PRO FORMA
AVENTURA PARK DEVELOPMENT OPPORTUNITY AGGREGATED
179th & West Dixie Hwy, North Miami Beach, FL FINANCIAL TOTAL BUILD OUT VALUE: MULTIFAMILY: $84,013,020 ANALYSIS RETAIL : $7,687,272 $91,700,292 APPROXIMATE NET PROFIT TO DEVELOPER: MULTIFAMILY: $36,592,070 RETAIL: $5,530,992 PARKING GARAGE:* ($5,940,550) LAND COST: ($10,500,000) NET PROFIT: $25,682,512
*Parking Garage includes 390 parking spaces and a total 118,811 square feet. Cost calculated to build based upon $50 a square foot. 7 EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS ■■ Direct Access Immediately Off of Biscayne Blvd. via 179th Street in Aventura, FL ■■ Can Develop Approximately 223 Residential Units ■■ Incredible Views Overlooking Greynolds EXECUTIVE Park SUMMARY ■■ Projects Is "By Right" and Ready To Build ■■ Corner Location ■■ Tremendous Exposure Along Heavily Traveled West Dixie Hwy. ■■ 133,126 Square Feet of Land for Development
INVESTMENT OVERVIEW Tiktin Real Estate Investment Services is pleased to present Aventura Park Development Opportunity. This development opportunity consists of three parcels totaling 133,126 square feet. The parcel is part of the OJUS Urban Center and the zoning consists of UC-RM Center, UC-MC Center, and UC-MC Core. This zoning allows for approximately 223 residential units by right. The subject property is located just southwest of the Aventura Mall, an upscale super-regional shopping mall in Aventura, Florida. Aventura Mall is the largest conventional shopping mall in Florida, having a gross leasable area of 2,700,000 square feet, and is the third largest shopping center in the United States. Just to the north of Aventura, along Biscayne Blvd., is Gulfstream Park which is one of the most highly sought after venues for horse racing in America. The large volume of visitors traveling to and from these destinations results in traffic counts in excess of 62,000 vehicles per day along Biscayne Blvd. located just east of the subject property.
9 EXECUTIVE SUMMARY
ZONING ANALYSIS
Property Name Aventura Park Development Opportunity Property 179th & West Dixie Hwy., Miami, FL Property Type Development Opportunity Number Of Parcels 3 Zoning Code UC-MC and UC-RM Uses Multifamily, Retail, and Mixed Use Lot Area Combined 133,126 SF (3.06 Acres) Minimum Lot Size 10,000 SF Minimum Lot Width 100' Setback Front 15' Minimum Setback Rear 10' (When no alley or easement) Maximum Height Seven Stories Maximum Density 82 du/ac Maximum Lot Coverage 80%
MIXED USE: The vertical or horizontal integration of residential, business and office, and institutional uses shall be permitted as provided herein. Vertical integration allows any combination of primary uses, with business uses typically located on the ground floor and office and/or residential uses on the upper floors. Horizontal integration allows any combination of parcels with different primary uses within the same block.
10 PROPERTY DETAILS
THE OFFERING Property Aventura Park Development Opportunity Property Address 179th & W Dixie Hwy., Miami, FL PROPERTY SITE DESCRIPTION DESCRIPTION Lot Size: 133,1260 SF (3.06 Acres) Ownership: FEE SIMPLE
PARCELS Number of Tax Parcels 3 Parcel ID 30-2209-010-0030; 30-2209-010-0010; 30-2209-010-0010 Zoning OJUS URBAN CENTER - UC-RM Center, UC-MC Center, UC-MC Core
ACCESS POINTS W. Dixie Hwy.
11 PROPERTY DESCRIPTION
LOCAL MAP
SUBJECT PROPERTY
12 PROPERTY DESCRIPTION LOCAL AREA DEVELOPMENT - SOUTH
5 - PARK
SUBJECT PROPERTY
MARINA PALMS
NOMA - MIXED USE
THE HARBOR
THE CANOPIES CAMBRIA HOTEL
UPTOWN 163 13 PROPERTY DESCRIPTION LOCAL AREA DEVELOPMENT - NORTH
FORUM AVENTURA
NOMA - MIXED USE AC HOTEL
AVENTURA DISTRICT
PARK SQUARE
AVENTURA SQUARE
AVENTURA MALL'S NEW 315,000 SF
PRIVE GREYNOLDS VILLAGE
SUBJECT PROPERTY 14 PROPERTY DESCRIPTION
AERIAL PHOTO
SUBJECT PROPERTY
15 PROPERTY DESCRIPTION
AERIAL PHOTO 2
SUBJECT PROPERTY
16 PROPERTY DESCRIPTION
REGIONAL MAP
SUBJECT PROPERTY
17 MARKET OVERVIEW NORTH MIAMI BEACH OVERVIEW
In 1912 Lafe Allen, a former newspaper owner, came to Florida. He and an associate purchased Captain Fulford's original grant plus additional property with MARKET the idea of developing and selling lots. Eventually, they purchased 557 acres of land. In 1917, Mr. Allen OVERVIEW made plans for a "perfect city" calling for 80-foot wide residential streets and 100 and 125-foot wide business thoroughfares. North Miami Beach's street layout is as the pioneer pictured it in 1917 with wide avenues named Fulford Boulevard (now known as NE 172nd Street) and Flagler Boulevard (now known as NE 19th Avenue). The Fulford-by-the- Sea Company began selling lots in 1922. During the Florida land boom of the 1920's, lots were sometimes sold eight times before ever being recorded.
The hurricane of 1926 essentially ended the South Florida boom, and in an effort to alleviate their losses and the damage to the city, the local residents came together as the Town of Fulford. That is why in 1927, the city was incorporated as the City of Fulford.
In 1931, the state legislature authorized a new charter for the city. Beachfront property was annexed and the name of the municipality was changed from Fulford to North Miami Beach to reflect the 1931 boundaries and to take advantage of the nationwide advertising associated with the Miami Beach area in an effort to capitalize on that city's growing fame. At that time there were about three miles of beach property from Sunny Isles south that were in the incorporated area, so it was a legitimate name. By 1933 there was a councilman form of government with five council members and a mayor as the capital head.
Located midway between Miami and Ft. Lauderdale and adjacent to the Golden Glades Interchange where I-95, Florida's Turnpike, and the Palmetto Expressway meet, North Miami Beach is truly at the "Crossroads of South Florida". The central location and easy access has made North Miami Beach one of South Florida's best known regional shopping areas and one of its most popular sites for office users.
19 OJUS OVERVIEW
Ojus is a census-designated place and formerly incorporated town in Miami-Dade County, Florida, United States. The population was 16,642 at the MARKET 2000 census. Ojus is bordered by Aventura to the east, I-95 to the west, North Miami Beach to the OVERVIEW south and Broward County to the north. People have been living in the Ojus area for thousands of years. Paleo-Indians have been documented in south Florida dating back to over 13,000 years ago. Archaeologists have uncovered ancient sites at Arch Creek and along the Oleta River. According to archaeologist Robert Carr, although the largest Tequesta settlement was located at the mouth of the Miami River, by 750 BCE approximately 100 Native Americans routinely inhabited the local area which was just a one-hour canoe trip north of the main settlement. The Oleta River, which cuts through Ojus, was one of the Tequesta’s primary “roadways” for millennia. Subsequent people, to include Seminoles, European explorers, and early settlers, would also use the Oleta River to traverse from Miami to the New River in Ft. Lauderdale.
During the late nineteenth century, settlers established farms along Oleta River. These settlers grew peas, beans, sugar cane, and tomatoes. Seminoles set up a trading post near present-day Greynolds Park to conduct business with the Ojus settlers. In 1897, Albert Fitch named the area Ojus after the Seminole word for "plenty" or "lots of." After the turn of the century, rock was discovered in the area that was ideal for road building. Many of the neighborhood lakes were created during the early part of the twentieth century to support construction of the area’s infrastructure.
Two landmarks were created in the early part of the twentieth century, but only one still survives today. In 1925, Carl Fischer constructed the Fulford-Miami Speedway in the present-day Sky Lake neighborhood. The wooden race track was then billed as the world’s fastest. It was unfortunately destroyed by the devastating 1926 hurricane. One of the region’s most notable features, Greynolds Park, was established in 1936 as part of President Franklin Roosevelt’s Civilian Conservation Corps (CCC) ‘New Deal’ programs. The park was named after Mr. A.O. Greynolds, owner of the Ojus Rock Company, who donated 110 acres of his property in exchange for naming the park after him. Over the years, the park has expanded to include a golf course, a boathouse, and has even hosted popular musical acts during the 1960s such as the Grateful Dead. Greynolds Park was declared a historic site in 1983.
20 AVENTURA OVERVIEW
Aventura is a planned, suburban city located in northeastern Miami-Dade County, Florida, United States. The city name is from the Spanish word MARKET for "adventure", and was named "Aventura" after one of the developers of the original group of OVERVIEW condominiums in the area remarked to the others, "What an adventure this is going to be." The name predates the well known mall (Aventura Mall) built near the condominium developments. According to the U.S. Census estimates of 2010, the city had a population of 35,762. Aventura is located 18 miles north of the city of Miami.
Shoppers and commuters find they can reach North Miami Beach from virtually all of South Florida in less than 30 minutes. However, North Miami Beach isn't all business. Prospective homeowners can find everything from cozy starter homes to elegant waterfront properties. Condominiums and rental apartments in an array of convenient and attractive locations are also available. Parks, beaches, and bays abound, along with a wide assortment of recreational, cultural, and dining opportunities.
Aventura began its development during the early 1970s. The area was initially referred to as Turnberry. Aventura became an incorporated city in 1995. The Aventura Police Department was formed in 1997.
Aventura is home to the luxury resort Turnberry Isle, where the yacht Monkey Business was docked during the Gary Hart/Donna Rice incident, which contributed to Hart ending his 1988 bid for presidency.
The Aventura Mall, the fifth-largest shopping mall in the US, is also located here,.
In early 2001, Former President Bill Clinton delivered one of his first speeches after leaving the White House at Aventura-Turnberry Jewish Center.
21 MIAMI DADE COUNTY OVERVIEW
Miami Dade County has 2,400-square-miles which extends from the Florida Everglades east to the Atlantic Ocean. It is bordered to the north by Broward County and to the south by Monroe County. The main portion of the city of Miami lies on the shores of Biscayne Bay and is separated from the Atlantic Ocean by barrier islands, MARKET the largest of which holds the city of Miami Beach, Everglades National Park and Biscayne National Park are partially located within the county, as is a portion of Big Cypress National Preserve. Miami-Dade County is OVERVIEW situated on the Florida Platform, a carbonate plateau made of limestone and bryozoa. The Miami metro division, with a population of 2.6 million, is located entirely within Miami-Dade County. The metro includes 35 incorporated towns and cities and many unincorporated areas. Miami is the largest city, with 427,500 residents.
Market Highlights ■■ There are no local business or personal income taxes in Miami Dade. ■■ Miami is a gateway for international trade and immigration. ■■ The county contains the largest concentration of medical facilities in Florida. ■■ Excellent surrounding demographics
ECONOMY: The Miami economy relies heavily on tourism and the county’s standing as the gateway to Latin America and the Caribbean. Tourism, trade, in- ternational finance, healthcare and entertainment have become major industries in the local business community. Tourism and trade depend on a large transportation sector, with PortMiami and Miami International Airport both major contributors to employment and the economy. With its ties to Latin America and the Caribbean, Miami has attracted a community of businesses dealing with these regions. More than a thousand multinational corporations conduct business in Florida, and Miami has one of the largest concentrations of domestic and international banks on the East Coast after New York City. Miami has a number of medical facilities, such as Jackson Memorial Hospital and the University of Miami Hospital, which serve patients from the United States, the Caribbean and Latin America. Although the Miami gross metropolitan product (GMP) expansion lags the U.S. GDP, economic growth and retail sales for the county are rising. These gains will be bolstered by increased levels of tourism within the metro. 22 MIAMI DADE COUNTY OVERVIEW
LABOR: The Miami-Dade County employment base comprises more than 1 million workers. Through 2019, total jobs in the metro will expand 1.5 percent annually, above the U.S. average of 1.3 percent. Some of the fastest- MARKET growing job sectors during this time will be professional and business services, and leisure and hospitality. The metro’s largest employment sector is trade, transportation and utilities, which accounts for 26 percent of all OVERVIEW jobs. Many of these positions are associated with PortMiami, Miami International Airport and the region’s large retail segment. Employment in the sector totals roughly 288,000 jobs and will expand at a yearly pace of 1.2 percent during the next five years. Education and health services is the second-largest sector, with 167,000 employees, or 15 percent of total employment. The segment grew at an average annual rate of 1.0 percent over the past five years and is now expected to accelerate to a pace of 2.3 percent annually through 2019.
EMPLOYERS: Trade, transportation and utilities are the largest employment segments in the Miami economy. Significant companies in the sector include American Airlines; United Parcel Service; and Florida Power & Light Co. Tourism also accounts for a big share of employment in Miami. Noteworthy employers in the tourism sector are cruise ship operators such as Carnival Cruise Lines and Royal Caribbean International. Other large employers in the county are public-sector agencies and population-serving enterprises such as educational institutions, government services and healthcare facilities. Some of the major employers in the healthcare field are Mount Sinai Medical, Baptist Health South Florida, Miami Children’s Hospital and Mercy Hospital. Professional and business services companies, such as Precision Response Corp., a call center for outsourced e-commerce customer care, are becoming increasingly important to the local economy as it diversifies from a tourism base. Telecommunications is growing, as many Latin American TV programs are produced in the area. One of the larger telecommunications employers, MasTec, is a leading communications, intelligent traffic and energy infrastructure service provider for North America and Brazil. Other telecommunications companies include AT&T and Discovery Networks Latin America.
23 COMPETITIVE PROPERTY SET- RETAIL COMPETITIVE PROPERTY SET
RENT COMPARABLES MAP - RETAIL
1
2
3
SUBJECT PROPERTY 4
Rent Comparables
Subject Property
1 Gables Aventura 2 The Venture 3 Sprint - Aventura
4 Intercoastal Mall 25 COMPETITIVE PROPERTY SET
Average Occupancy
100.00% Average 95% 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Gables Aventura The Venture Sprint - Aventura Intercoastal Mall
Price SF
$70.00
$60.00
$50.00 Average $42.80
$40.00
$30.00
$20.00
$10.00
$- Gables Aventura The Venture Sprint - Aventura Intercoastal Mall
26 COMPETITIVE PROPERTY SET
RENT COMPARABLES - RETAIL
Subject Property 179th & West Dixie Hwy, Miami, FL 33160
Date Surveyed: 10/1/2018 Occupancy: 0% Rent/SF: $40.00 Gross Leasable Area: 10,570 SF Available SF: 10,570 SF Year Built: 2019 Lease Type: NNN
1 Gables Aventura 19960 West Dixie Hwy, Aventura, FL 33180
Date Surveyed: 10/1/2018 Occupancy: 90% Rent/SF: $38.00 Gross Leasable Area: 4,000 SF Available SF: 400 SF Year Built/Renovated: 2017 Lease Type: NNN
COMMENTS: The retail space is currently 90% leased with rents at $38.00 Triple Net (NNN).
2 The Venture 2775 NE 187th Street, Aventura, FL 33180
Date Surveyed: 10/1/2018 Occupancy: 93% Rent/SF: $38.00 Gross Leasable Area: 18,000 SF Available SF: 1,360 SF Year Built 2004 Lease Type: NNN 27 COMMENTS: The retail space is currently 93% leased with rents at $38.00 Triple Net (NNN). Tenants within the space include Mr. Chef's, Envogue Salon and Pause Cafe. COMPETITIVE PROPERTY SET
RENT COMPARABLES - RETAIL
3 Sprint - Aventura 17800 Biscayne Boulevard, Aventura, FL 33160
Date Surveyed: 10/1/2018 Occupancy: 100% Rent/SF: $65.20 Gross Leasable Area: 4,400 SF Available SF: 0 SF Year Built/Renovated 2015 Lease Type: NNN
4 Intercoastal Mall 3569-3885 NE 163rd Street, North Miami Beach, FL 33160
Date Surveyed: 10/1/2018 Occupancy: 97% Rent/SF: $30.00 Gross Leasable Area: 176,571 SF Available SF: 6,000 SF Year Built/Renovated 1986 Lease Type: NNN
COMMENTS: The retail space is currently 97% leased with rents at $30.00 Triple Net (NNN). Tenants within the space are Winn Dixie, T.J. Max, and Old Navy Outlet.
28 SALES COMPARABLES - RETAIL COMPETITIVE PROPERTY SET
SALES COMPARABLES MAP - RETAIL
7
SUBJECT PROPERTY 5
Recent Sales
Subject Property 6 1 Brickell Flatiron Retail 2 465 Brickell Avenue 3 888 Biscayne Blvd
4 401 Biscayne Blvd
3 5 Biscayne Redevelopment 4 6 TD Bank 1 2 7 OXXO Cleaners
30 COMPETITIVE PROPERTY SET
Cap Rate
6.00% 5.00% Average 4.40% 4.00%
3.00%
2.00%
1.00%
0.00%
Price SF
$2,000.00 $1,800.00 $1,600.00 $1,400.00 Average $1,118 $1,200.00 $1,000.00 $800.00 $600.00 $400.00 $200.00 $- Brickell Flatiron 465 Brickell 888 Biscayne 401 Biscayne Biscayne TD Bank OXXO Cleaners Retail Avenue Blvd Blvd Redevelopment 31 COMPETITIVE PROPERTY SET
SALES COMPARABLES - RETAIL
Subject Property 179th & West Dixie Hwy, Miami, FL 33160
Gross Leasable Area (GLA) 10,570 SF Lot Size: 3.06 Acres Year Built: 2019
1 Brickell Flatiron Retail 1001 South Miami Avenue, Miami, FL 33133
Close of Escrow: 8/8/2016 Sales Price: $22,500,000 Cap Rate: N/A Price/SF: $907.00 Gross Leasable Area (GLA): 24,800 SF Year Built: 2019
COMMENTS: The property is expected to be completed in 2019.
2 La Veinte Restaurant (Icon Brickell) 465 Brickell Avenue, Miami, FL 33131
Close of Escrow: 4/20/2015 Sales Price: $7,600,000 Cap Rate: 4.30% Price/SF: $686.48 Gross Leasable Area (GLA): 11,071 SF Year Built: 2008
COMMENTS: At the time of sale, the property was 100% Leased to a restaurant (Cantina La Veinte) with 17 years left on the lease. 32 COMPETITIVE PROPERTY SET
SALES COMPARABLES - RETAIL
3 Marina Blue 888 Biscayne Blvd, Miami, FL 33132
Close of Escrow: 9/30/2016 Sales Price: $14,940,000 Cap Rate: 4.22% Price/SF: $1,347 Gross Leasable Area (GLA): 11,090 SF Year Built: 2007
COMMENTS: At the time of sale, the property was 100% occupied. Major tenants within the center include CVS and Wine By The Bay.
4 Hard Rock Cafe/Off the Hookah 401 Biscayne Blvd, Miami, FL 33132
Close of Escrow: 1/30/2015 Sales Price: $35,262,699 Cap Rate: 5.00% Price/SF: $1,874.08 Gross Leasable Area (GLA): 38,400 SF Year Built: 1987
COMMENTS: At the time of sale, the property was 100% occupied. Major tenants within the space include the Hard Rock Cafe and Off the Hookah.
5 Biscayne Redevelopment Opportunity 15180 Biscayne Blvd, North Miami Beach, FL 33160
Close of Escrow: 9/28/2015 Sales Price: $14,900,000 Cap Rate: 3.21% Price/SF: $897.97 Gross Leasable Area (GLA): 16,593 SF Year Built: 1999
COMMENTS: At the time of sale, the property was 100% occupied. Major tenants within the space include the Edwin Watts Golf, Carwash and Lube and 33 Bertoni. COMPETITIVE PROPERTY SET
SALES COMPARABLES - RETAIL
6 TD Bank 9005 Biscayne Blvd, Miami, FL 33138
Close of Escrow: 3/1/2015 Sales Price: $5,555,600 Cap Rate: 4.00% Price/SF: $854.71 Gross Leasable Area (GLA): 6,500 SF Year Built: 2012
COMMENTS: At the time of sale, the property was 100% occupied.
7 OXXO Cleaners 20708 Biscayne Blvd, Aventura , FL 33180
Close of Escrow: 7/28/2015 Sales Price: $2,400,000 Cap Rate: 5.69% Price/SF: $1,261.17 Gross Leasable Area (GLA): 1,903 SF Year Built: 1990
COMMENTS: At the time of sale, the property was 100% occupied.
34 SALES COMPARABLES - MULTIFAMILY COMPETITIVE PROPERTY SET
SALES COMPARABLES MAP- MULTIFAMILY
4
3
SUBJECT PROPERTY 5 Recent Sales
Subject Property 1 The Miles at Coral Gables 2 Gables Grand Plaza 2 1 3 The Edge at Flagler Park
4 Berkshire Lauderdale 5 Advenir at Biscayne Shores 36 COMPETITIVE PROPERTY SET
SALES COMPARABLES - MULTIFAMILY Price/Unit
$450,000 $400,000 $350,000 Average $339,686 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $- The Miles at Coral Gables Grand Plaza The Edge at Flagler Berkshire Lauderdale Advenir at Biscayne Gables Apartments Park by the Sea Shores
Cap Rate
5.00% Average 4.67% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% The Miles at Coral Gables Grand Plaza The Edge at Flagler Berkshire Lauderdale Advenir at Biscayne Gables Apartments Park by the Sea Shores 37 COMPETITIVE PROPERTY SET
SALES COMPARABLES - MULTIFAMILY
Subject Property 179th & West Dixie Hwy, Miami, FL 33160
Number of Units: 139 Lot Size: 3.06 Acres Year Built: 2019 Zoning: OJUS URBAN CENTER - UC-RM Center, UC-MC Center, UC-MC Core
1 The Mile at Coral Gables 3622 Coral Way, Miami, FL 33145
Close of Escrow: 12/15/2015 Sales Price: $48,000,000 Number of Units: 120 Price/Door: $400,000 Cap Rate: 4.75% Year Built: 2016 Zoning: C-1
COMMENTS: The property sits on .88 Acre lot.
2 Gables Grand Plaza Apartments 353-383 Aragon Avenue, Coral Gables, FL 33134
Close of Escrow: 1/26/2016 Sales Price: $85,000,000 Number of Units: 195 Price/Door: $435,897 Cap Rate: N/A Year Built: 1998 Zoning: CC
COMMENTS: The property sits on 2.49 Acre lot. 38 COMPETITIVE PROPERTY SET
SALES COMPARABLES - MULTIFAMILY
3 The Edge at Flagler Park 475 N Federal Hwy, Fort Lauderdale, FL 33301
Close of Escrow: 4/14/2016 Sales Price: $114,395,000 Number of Units: 331 Price/Door: $345,604 Cap Rate: 4.50% Year Built: 2015 Zoning: RAC-CC
COMMENTS: The property sits on 3.35 Acre lot.
4 Berkshire Lauderdale by the Sea 2400 NE 65th Street, Fort Lauderdale, FL 33308
Close of Escrow: 4/7/2016 Sales Price: $78,500,000 Number of Units: 264 Price/Door: $297,348 Cap Rate: 4.42% Year Built: 2015 Zoning: CC
COMMENTS: The property sits on 1.58 Acre lot.
5 Advenir at Biscayne Shores 12016 NE 16th Avenue, North Miami, FL 33161
Close of Escrow: 6/16/2016 Sales Price: $52,700,000 Number of Units: 240 Price/Door: $219,583 Cap Rate: 5.00% Year Built: 2013 Zoning: CC 39 COMMENTS: The property sits on 9.64 Acre lot. SALES COMPARABLES - LAND COMPETITIVE PROPERTY SET
SALES COMPARABLES MAP - LAND
1
4 2 SUBJECT PROPERTY
3
Recent Sales
Subject Property 1 19640 W. Dixie Hwy.
2 2261 - 2290 NE 164th Street
3 3227 NE 163rd Street
4 2145 NE 164th Street
41 COMPETITIVE PROPERTY SET
SALES COMPARABLES MAP - LAND Price/Acre
6,000,000.00
5,000,000.00 Average $4,409,148 4,000,000.00
3,000,000.00
2,000,000.00
1,000,000.00
0.00 19640 W Dixie Hwy 2261-2299 NE 164th 3227 NE 163rd Street 2145 NE 164th Street Street
Price SF
$140.00
$120.00 Average $101.22 $100.00
$80.00
$60.00
$40.00
$20.00
$0.00 19640 W Dixie Hwy 2261-2299 NE 164th 3227 NE 163rd Street 2145 NE 164th Street Street
42 COMPETITIVE PROPERTY SET
SALES COMPARABLES - LAND
Subject Property 179th & West Dixie Hwy, Miami, FL 33160
Sales Price: $10,500,000 Price/Land SF: $78.87 Price/Acre: $3,431,372 Lot Size: 3.06 Acres Zoning: OJUS URBAN CENTER - UC-RM Center, UC-MC Center, UC-MC Core
1 19640 W Dixie Hwy, Miami, FL 33180
Close of Escrow: 7/1/2016 Sales Price: $8,500,000 Price/Land SF: $88.70 Price/Acre: $3,863,636 Lot Size: 2.20 Acres Zoning: OUAD
COMMENTS: The property is currently a mobile home, it will remain a mobile home until the buyer decides to develop it.
2 2261-2299 NE 164th Street, North Miami Beach, FL 33160
Close of Escrow: 1/27/2016 Sales Price: $8,300,000 Price/Land SF: $97.26 Price/Acre: $4,236,856 Lot Size: 1.96 Acres Zoning: B-2
COMMENTS: Buyer plans to redevelop the property. No immediate plans are available. 43 COMPETITIVE PROPERTY SET
SALES COMPARABLES - LAND
3 3227 NE 163rd Street, North Miami Beach, FL 33160
Close of Escrow: 11/28/2016 Sales Price: $11,500,000 Price/Land SF: $127.54 Price/Acre: $5,555,556 Lot Size: 2.07 Acres Zoning: B-2
COMMENTS: Buyer plans to redevelop the property into an Office Building.
4 2145 NE 164th Street, North Miami Beach, FL 33162
Close of Escrow: 12/03/2015 Sales Price: $10,230,000 Price/Land SF: $91.38 Price/Acre: $3,980,545 Lot Size: 2.57 Acres Zoning: FCC
COMMENTS: Buyer is developing the property into a Mixed-Use Apartment project with 347 Units called Noma.
44 DEMOGRAPHICS DEMOGRAPHICS DEMOGRAPHIC POPULATION 1-MILE 3-MILES 5-MILES SUMMARY 2023 Population 28,582 190,147 446,218 2018 Population 27,317 183,236 427,689 2010 Population 23,998 170,654 390,987
HOUSEHOLDS 1-MILE 3-MILES 5-MILES 2023 Households 12,374 76,584 176,265 2018 Households 11,878 73,963 169,150 2010 Households 10,684 69,463 155,012 Growth 2018 - 2023 4.18% 3.54% 4.21% Growth 2010 - 2018 11.18% 6.48% 9.12% Owner Occupied Housing Units 6,578 44,957 99,382 Renter Occupied Housing Units 5,300 29,006 69,767 2018 Avg Household Income $79,493 $74,768 $69,179 2018 Med Household Income $52,488 $48,924 $46,187
INCOME 1-MILE 3-MILES 5-MILES <$25,000 2,752 19,393 46,661 $25,000 - $50,000 2,968 18,278 43,725 $50,000 - $75,000 1,961 11,967 28,111 $75,000 - $100,000 1,500 8,883 18,673 $100,000 - $125,000 718 4,325 10,421 $125,000 - $150,000 463 2,645 5,615 $150,000 - $200,000 552 2,981 6,075 $200,000+ 963 5,490 9,869 Source: CoStar Demographics
46 DEMOGRAPHIC DEMOGRAPHICS SUMMARY Geography: 5 Miles
POPULATION In 2018, the population in your selected geography was 427,689. The population has changed by 9.39% since 2010. It is estimated that the population in your area will be 446,218 five years from now, which represents a change of 4.33% from the current year.
HOUSEHOLDS There are currently 169,150 households in your selected geography. The number of households has changed by 9.12% since 2010. It is estimated that the number of households in your area will be 176,265 five years from now, which represents a change of 4.21% from the current year.
INCOME In 2018, the median household income for your selected geography is $46,187, compare this to the U.S. average which is currently $51,972.
The current year per capita income in your area is $27,360, compare this to the U.S. average, which is $28,888. The current year average household income in your area is $69,179, compared this to the U.S. average which is $74.533.
SUBMARKET DATA: ZIP CODE 33160
HOUSING The median sales price for homes within this area is $328,300 compared to the U.S. average which is $234,200.
EMPLOYMENT In 2018, there are 13,499 employees with full time Earnings 5,808 with part time earning, and 13,901 with no earnings, in your selected area, this is also known as the daytime population.
Source: CoStar Demographics & United States Zip Codes.
47 EXCLUSIVELY LISTED BY: TIKTIN REAL ESTATE INVESTMENT SERVICES Tel: (305) 363-4750 Tel: (844) 4 - TIKTIN Fax: (305) 675-0774 www.TiktinRealEstate.com