Investment Opportunity Design District Miami RETAIL BUILDING AT 59-85 NW 36TH STREET
Exclusively Offered by
RKF INVESTMENT SALES & ADVISORY SERVICES Table of Contents
Executive Summary 3
Investment Highlights 3
Site Plan 3
Property Overview 4
Floor Plans 4
Current Tenancy 5
Financial Overview 7
Approved Redevelopment 8
Market Overview 9
Surrounding Neighborhoods 10
Contact 10 Executive Summary
RKF Investment Sales & Advisory Services has been retained as the exclusive agent for the sale of 59-85 NW 36th Street, a 11,130-SF retail building with a 30-space, gated parking lot that is a total of 28,427 SF. The property is positioned at the center of three of the most exciting neighborhoods in Miami, the Design Disctrict, Midtown and Wynwood. The property has been recently remodeled as a home decor showroom that is used by the owner and will also be part of the new Miami Design Village encompassing the entire block on the north side of NW 36th Street in between NW 1st Avenue and N Miami Avenue. Investment Highlights
RECENTLY REMODELED SHOWROOM Situated in the Design District, this completely redone retail building offers unparalleled exposure and visibility on NW 36th Street.
FUTURE DEVELOPMENT The property is an excellent opportunity for an investor/developer to earn solid income with an eventual development in the future. With T5-O Zoning, the property can be developed to five stories with a gross development size of 113,708 SF. The property is uniquely part of the Design District zoning overlay and the owner already has approved plans for a redevelopment which would create 61,000 SF of leasable area, 4,000 SF of common areas, 4,000 SF restaurant deck, and a 18,000 SF below-grade parking garage.
EASILY ACCESSIBLE The property is located next to the main intersection of North Miami Avenue and 36th Street on main thoroughfare NW 36th Street (20,000 VPD), positioned directly off of the I-195 the Design District exit. The property is conveniently located just a five-minute drive from Wynwood, Midtown, and Design District.
DYNAMIC RETAIL ENVIRONMENT Part of Miami's Design District, the asset is surrounded by a diverse mix of high-end fashion, home decor, and restaurants. Well known luxury brands such as Louis Vuitton, Gucci, Fendi, Hermes, and Dolce & Gabanna all make for an unrivaled luxury retail destination. The Design District is also home to world-class home decor tenants such as Luminaire, Minotti, Armani Casa , Bulthaup and Fendi Casa. Site Plan
59-85 NW 36TH STREET | 3 Property Overview
Asset Type Retail Building Neighborhood Design District
Tract 2600 Zoning T5-O
Lot 18 Parking Spaces approx. 30 spaces
01-312-402-11790 Ceiling Height 12 FT Parcel Numbers 01-3124-021-1760 01-3124-021-1750 Site Frontage 300 FT Lot Size 28,427 SF Building Frontage 100 FT Ground Floor 10,500 SF
Mezzanine 630 SF
Total Area 11,130 SF
Floor Plans
GROUND FLOOR 1 5 3 6 2 4
10,500 SF NW 1ST AVENUE
UP
PARKING
100 FT NW 36TH STREET
59-85 NW 36TH STREET | 4 Exterior Photos
APPROVED REDEVELOPMENT FOR 59 NW 36TH STREET 28,427 SF
ADDISON HOUSE
PARKING 30 Spaces
VPD - 20,000
59-85 NW 36TH STREET | 5 Interior Photos
59-85 NW 36TH STREET | 6 Financials
Space Details Assumptions Floor Size LEASING ASSUMPTIONS Lot 28,427 SF Market Rent $60.00 Retail Area 11,142 SF Increase per Year 3% Ground Floor 10,500 SF Lease Term 5 years CAM Expenses Pass-through Leasing Commissions 4% Real Estate Taxes Pass-through Downtime 6 months Subletting Right to sublet without consent
Cash Flow Projections FOR YEARS ENDING Year 1 Year 2 Year 3 Year 4 Year 5 2018 2019 2020 2021 2022
POTENTIAL GROSS REVENUE Retail Space - Ground Floor $668,520 $688,576 $709,233 $730,510 $752,425 Total Income $668,520 $688,576 $709,233 $730,510 $752,425 Total Gross Income $668,520 $688,576 $709,233 $730,510 $752,425 OPERATING EXPENSES Real Estate Taxes CAM Expenses NONE - All charges will be passed on to tenant Total Expenses NET OPERATING INCOME $668,520 $631,194 $709,233 $730,510 $752,425 Less Downtime $334,260 Less Leasing Commisions $141,970 Less Tenant Improvement Allowance NOI After Leasing Costs $192,290 $631,194 $709,233 $730,510 $752,425
*Figures are approximate
59-85 NW 36TH STREET | 7 Approved Redevelopment Renderings
View from west
CONCEPTUAL RENDERING
View from south
CONCEPTUAL RENDERING
59-85 NW 36TH STREET | 8 Market Overview
The Design District is one of the fastest-growing luxury high street retail markets in the United States. The entire areas has undergone a remarkable transformation into a center of fashion, art, luxury, design, and culture. Conveniently located in the middle of Miami, the district invited a diverse group of locals and tourists attracted by the unique vibrancy of the area's restaurants, boutiques, and galleries.
Elements that made the Design District so appealing were its pedestrian friendly environment, easy access to the highway that connects Miami to Miami Beach and the Miami International Airport, proximity to Downtown Miami, and the great visibility from the highway.
Louis Vuittion, Hermes, Fendi, Rolex, Cartier, Dolce & Gabanna, Tesla, Gucci, Louis Buitton, Harry Winston, Tiffany & Co., Bvlgari are just come of the tenants that make up the district.
59-85 NW 36TH STREET | 9 Surrounding Neighborhoods
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T © 2018 RKF All information supplied is from sources deemed reliable and is furnished subject to errors, omissions, modifications, removal of the listing
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principals, the terms of which are available to principals or duly licensed brokers. This information may include estimates and projections prepared by
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