Offering Memorandum BISCAYNE BOULEVARD DEVELOPMENT SITE 2650 Biscayne Boulevard • Miami, Florida 33137 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. BISCAYNE BLVD DEVELOPMENT SITE Miami, FL ACT ID ZAA0390551 2 BISCAYNE BLVD DEVELOPMENT SITE TABLE OF CONTENTS SECTION INVESTMENT OVERVIEW 01 Offering Summary Regional Map Local Map Aerial Photo FINANCIAL ANALYSIS 02 Pricing Detail MARKET COMPARABLES 03 Sales Comparables MARKET OVERVIEW 04 Market Analysis Demographic Analysis 3 BISCAYNE BLVD DEVELOPMENT SITE INVESTMENT OVERVIEW 4 BISCAYNE BLVD DEVELOPMENT SITE OFFERINGOFFERING SUMMARY SUMMARY EXECUTIVE SUMMARY OFFERING SUMMARY Price $13,500,000 MAJOR EMPLOYERS Down Payment 100% / $13,500,000 Loan Type All Cash Lot Size (SF) 30,266 EMPLOYER # OF EMPLOYEES * Price/SF $446.05 HIG Surgery Centers LLC 5,100 Lot Size (Acres) 0.69 acre(s) Royal Caribbean International 4,965 Price/Acre $19,429,723 Ibt Group LLC 4,442 Zoning T6-36A-O Bursars Office 4,418 Allowable Buildable SF 363,192 County Miami Dade AVI Dept 4,000 Number of Lots 5 Miami Dade Transit 4,000 Price/Lot $2,700,000 Nephrology Division 4,000 Type of Ownership Fee Simple Kimpton Epic Miami 3,724 SITE OVERVIEW ROYAL CARIBBEAN 3,400 Parcel: Address Folio: Lot size (Acres) Lot Size (SF) County of Miami-Dade 3,169 1 2650 Biscayne Blvd 01-3230-020-0090 0.23 9,856 Miami Vamc 3,000 2 265 NE 26th Ter 01-3230-020-0080 0.12 5,340 Aluma Craft Products 2,800 3 255 NE 26th Ter 01-3230-020-0070 0.12 5,340 4 245 NE 26th Ter 01-3230-020-0060 0.10 4,450 5 250 NE 27th Ter 01-3230-018-0140 0.12 5,280 DEMOGRAPHICS Total 0.69 30,266 1-Miles 3-Miles 5-Miles 2018 Estimate Pop 27,891 232,285 522,938 2010 Census Pop 24,390 206,321 471,899 2018 Estimate HH 13,420 95,222 213,999 2010 Census HH 11,625 83,904 192,599 Median HH Income $43,467 $30,443 $34,275 Per Capita Income $34,518 $23,798 $26,822 Average HH Income $70,916 $57,186 $64,948 * # of Employees based on 5-mile radius 5# BISCAYNE BLVD DEVELOPMENT SITE OFFERING SUMMARY INVESTMENT OVERVIEW Marcus & Millichap is proud to present a five-parcel Biscayne development site located in Edgewater Miami, Florida. This development site opportunity is situated on .69-acres (or 30,266 square feet) of land and is zoned T6-36A-O under the Miami 21 form-based zoning code. This zoning consists of a high density and offers the greatest variety of uses including residential, commercial/retail, lodging, and civic & civil support. This zoning allows up to 104 buildable dwelling units, a maximum height of 36 stories with a bonus to 60 stories, and a floor to lot ratio of 12 (FLR) with a bonus of forty percent of building capacity, yielding the opportunity to develop over 363,000 square feet of space. This excellent development site is in a well-established, mixed- use (zoning) area within Edgewater Miami. Additionally, this land portfolio is situated in an Opportunity Zone. Opportunity Zones provides tax incentive to re-invest their unrealized capital gains into dedicated Opportunity Funds. This Biscayne land portfolio is in the heart of Edgewater with an entire block of frontage on busy Biscayne Boulevard, which has high traffic counts of over 34,500 VPD and one block east of Northeast 2nd Ave, with a traffic count of over 9,000 VPD. This property has easy ingress and egress access from Biscayne Boulevard, NE 26th Ter, and NE 27th St due to the contiguous layout of the parcels. With two hard corners of ownership, this property provides excellent exposure and visibility. This location provides easy access to the Macarthur Causeway, Interstate-95, 195, 395, and Dolphin Expressway (FL-836). Furthermore, this AAA location is walking distance to Wynwood, The Shoppes are Midtown Miami, Downtown Miami, and its surrounding neighborhoods. East Edgewater is an exciting new area, emerging as a new hotspot for Miami’s cultural, commercial, and residential development. Edgewater’s loose borders are Northeast 17th Street to the south, Northeast 37th Street/I-195/the Julia Tuttle Causeway to the north, the Florida East Coast Railway to the west and Biscayne Bay to the east. The neighborhood has a unique bayfront position, dramatic views, and proximity to Miami’s ultimate offerings in terms of arts, luxury shopping, high-end hotels, entertainment, and corporate offices. With a strong condominium market and more retail and residential development in the pipeline, the area is experiencing a surge of growth and an influx of inhabitants. INVESTMENT HIGHLIGHTS ▪ Great Exposure With Excellent Visibility ▪ Zoned T6-36A-O ▪ Situated Within an Opportunity Zone ▪ Strong Retail and Residential Presence in the Surrounding Area ▪ Full Block Frontage on Busy Biscayne Blvd. (US-1), Which Has High Traffic Counts of Over 34,500 VPD ▪ Proximity to the Macarthur Causeway, Julia Tuttle, I-95, I-195, I-395, and Dolphin Expressway (FL-836) 6 BISCAYNE BLVD DEVELOPMENT SITE OFFERING SUMMARY INVESTMENT OVERVIEW Edgewater has also evolved into a desirable neighborhood for families. It offers beautiful parks, including Margaret Pace Park — a stunning area with multiple acres along Biscayne Bay (just off Northeast 18th Street), equipped with a playground, running trails, open green space and a dog park. Miami- Dade County is also planning on investing more than $60 million in the school district, much of which will benefit the Edgewater area. Developments in East Edgewater are selling in record time as well, largely due to the central location and forward-thinking developers who built properties that fit the needs of young, active professionals inhabiting the neighborhood. Luxury developments like Biscayne Beach Residences, Paraiso Bay and Aria on the Bay are just some of the new residential projects rising in Edgewater, along with more commercial developments in the works. These projects elevate luxury in the area and offer an opportunity for investors and homebuyers alike to become one of the first in this newly established hot spot. This Biscayne Development Site totals five-parcels. The largest parcel is currently owner occupied while the other lots include single-family homes and a parking lot. The attractive zoning, strong demographics, and rapid increase in developments coupled with the location, incentives, and easy access, provides an investor with the excellent opportunity to reposition the asset into a redevelopment opportunity. We believe, the highest and best use for this site will be a residential mixed-use project with a retail component. INVESTMENT HIGHLIGHTS ▪ Rapid Growth of High-Rise Buildings and Mixed-Use Developments ▪ AAA Location in an Exploding Edgewater Market ▪ Rare Assemblage in Edgewater ▪ Attractive Acquisition Price Point ▪ Located in the Heart of the Biscayne Boulevard Corridor ▪ Excellent Opportunity to Reposition Asset ▪ Robust Demographics 7 BISCAYNE BLVD DEVELOPMENT SITE OFFERING SUMMARY PROPERTY SUMMARY THE OFFERING AREA OVERVIEW Property Biscayne Blvd Development Site Price $13,500,000 Subject Property is Within Walking Distance To: Property Address 2650 Biscayne Blvd, Miami, FL ▪ Wynwood Assessors Parcel Number 01-3230-020-0090,0080,0070,0060,018-0140 ▪ Miami Design District Zoning T6-36A-O (Urban Open Area) ▪ The Shoppes at Midtown Miami ▪ Margaret Pace Park Floor Lot Ratio (FLR) a.12 b. 22/40% Additional Public benefit ▪ Adrienne Arsht Center For the Performing Arts Building Height (Stories) 36 Max, 60 Max With Bonus ▪ American Airlines Arena Lot Coverage 80% Max ▪ Perez Art Museum Miami Lot Area 5,000 sf Min.