Offering Memorandum MIDTOWN PLAZA 235 Northeast 29th Street 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. RYAN NEE 235 NE 29TH ST Broker Miami, FL License: FLBK 3154667 ACT ID ZAA0390947 2 MIDTOWN PLAZA TABLE OF CONTENTS SECTION INVESTMENT OVERVIEW 01 Property Overview Regional Map Local Map Aerial Photo FINANCIAL ANALYSIS 02 Tenant Summary Operating Statement Pricing detail MARKET COMPARABLES 03 Sales Comparables Lease Comparables DEVELOPMENT PIPELINE 04 Edgewater Developments MARKET OVERVIEW 05 Market Analysis Demographics Analysis 3 MIDTOWN PLAZA INVESTMENT OVERVIEW INVESTMENT OVERVIEW 4 MIDTOWN PLAZA OFFERING SUMMARY EXECUTIVE SUMMARY VITAL DATA PRO FORMA MAJOR EMPLOYERS Price $5,650,000 CAP Rate 6.41% Down Payment 100% / $5,650,000 Net Operating Income $362,177 EMPLOYER # OF EMPLOYEES Loan Type All Cash Net Cash Flow After Debt Service 6.41% / $362,177 HIG Surgery Centers LLC 5,100 Gross Leasable Area (GLA) 12,075 SF Royal Caribbean International 4,965 Price/ Gross SF $467.91 Ibt Group LLC 4,442 Net Leasable Area 9,730 SF Bursars Office 4,418 Price/Net SF $580.68 County Miami Dade AVI Dept 4,000 Current Occupancy 0.00% Miami Dade Transit 4,000 Year Built / Renovated November 2018 Nephrology Division 4,000 Lot Size 0.13 acre(s) Kimpton Epic Miami 3,724 ROYAL CARIBBEAN 3,400 MAJOR TENANTS County of Miami-Dade 3,169 Miami Vamc 3,000 PRO FORMA RENT ROLL NLA LEASE EXPIRATION LEASE TYPE Aluma Craft Products 2,800 1st Floor Tenant 3,425 - NNN 2nd Floor Tenant 3,635 - NNN Rooftop Add-On to 2nd Floor 2,670 - NNN DEMOGRAPHICS 1-Miles 3-Miles 5-Miles 2018 Estimate Pop 29,296 231,440 531,734 2010 Census Pop 25,891 205,810 480,049 2018 Estimate HH 13,801 94,164 216,502 2010 Census HH 12,083 83,144 194,936 Median HH Income $42,230 $29,524 $34,290 Per Capita Income $33,198 $23,148 $26,576 Average HH Income $69,674 $56,002 $64,660 #5 MIDTOWN PLAZA PROPERTY OVERVIEW INVESTMENT OVERVIEW Marcus & Millichap is proud to present Midtown Plaza, a brand-new ground-up retail development located in Edgewater Miami, Florida. This three-story retail / restaurant / showroom / office building offers approximately 12,075 gross square feet of which 9,730 square feet is net leasable space. The property is situated on a .13-acre lot (5,641 square feet) built in November 2018. 235 Northeast 29th Street is currently vacant, providing an excellent value-add investment opportunity in leasing and occupancy. This property is in shell condition and ready for any owner-user to move in. Equipped with three grease traps, this property is ideal for a restaurant user. This asset is located within an opportunity zone providing tax incentive to re-invest their unrealized capital gains into dedicated Opportunity Funds. Midtown Plaza is in the epicenter of Midtown and Edgewater, on the corner lot of Northeast 29th St and Northeast 2nd Court with excellent exposure and visibility. This property is in between Biscayne Blvd (US-1), which has high traffic counts of over 34,500 Vehicles Per Day (VPD) and Northeast 2nd Avenue, which has a 9,000 daily vehicle count. 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 at Midtown Miami, Downtown Miami, and its surrounding exploding residential 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 OVERVIEW ▪ Great Exposure With Excellent Visibility ▪ Excellent Value-Add Opportunity With Upside in Leasing and Occupancy ▪ Situated Within an Opportunity Zone ▪ Offers Approximately 9,730 Square Feet of Net Leasable Space With a Rooftop Add-in ▪ Strong Retail and Residential Presence in the Surrounding Area ▪ Proximity to the Macarthur Causeway, Julia Tuttle, I-95, I-195,I-395, and Dolphin Expressway (FL-836) 6 MIDTOWN PLAZA OFFERING SUMMARY LOCATION 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. Adjacent to the property, Crescent Heights is in the planning stages to develop a mixed-use project to include 800 residential units and over 600,00 square feet of office and retail space. 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 the property to capture consumer spending in this market. INVESTMENT OVERVIEW ▪ Rapid Growth of High-Rise Buildings and Mixed-Use Developments ▪ Major Mixed-Use Project Planned Adjacent to the Subject Property to Include 800 Residential Units and 600,000 Square Feet of Office and Retail ▪ Ideal for an Owner/User Restaurant or Bar ▪ AAA Location in an Exploding Edgewater Market ▪ Attractive Acquisition Price ▪ Robust Demographics #77 MIDTOWN PLAZA OFFERING SUMMARY PROPERTY SUMMARY THE OFFERING Price $5,650,000 Property Name Midtown Plaza Property Address 235 NE 29th St, Miami, FL 33137 Assessors Parcel Number 01-3230-013-1330 Zoning T6-36A-O, City of Miami SITE DESCRIPTION Number of Stories 3 Year Built/Renovated 2018 Gross Leasable Area 12,075 Ownership Fee Simple Lot Size 0.13 acre(s) Parking Street Parking Topography Level Access Points NE 29th St & NE 2nd Ct UTILITIES Gas Gas Line stub ins provided to future meter location Utilities Electric through FPL, W&S through Miami Dade Water and Sewer Dept. Electric House panel with 3 separate services connected to shell building linked to FPL Water 3 domestic and 1 irrigation services connected to Miami Dade Water & Sewer Dept. 3 grease traps and sanitary stub ins to building connected to Miami Dade