POTENTIAL COVERED LAND PLAY 2143 NW 1 AVENUE FOR SALE WYNWOOD PRESENTED BY

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Moses Booth
5 years ago
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1 POTENTIAL COVERED LAND PLAY FOR SALE PRESENTED BY

2 EXECUTIVE SUMMARY PROPERTY DETAILS 26,388 SF 23,580 SF Lot Asking Price: Zoning: Density: Gross Development SF: Lot Coverage: Height: To be determined by market T5 O NRD 81 du 162 keys 169,776 SF 80% - 90% w/bonuses 5-8 Stories w/bonuses Ideal for adaptive reuse as well as development DOWNLOAD ZONING FLOOR PLAN NW NW 22 STREET ONE STORY DOUBLE-HEIGHT DOWNLOAD MARKET REPORT PARKING 10 SPACES DESCRIPTION Metro 1 Commercial is proud to present for sale 1 Avenue ( The Property ). The Property consists of a 26,388 SF building on a 23,580 SF lot, which can be adaptively repurposed to capture an active large-tenant base, or develop an office or hotel in Miami s fastest growing office and hotel market. Located in the SE quadrant of Wynwood, The Property is surrounded by Redsky, Baz Baz, Soho Studios, The Wynwood Arcade, and Ford s new selfdriving car facility. Wynwood s SE Quadrant is getting the highest amount of construction activity in Wynwood in the next 3 years as Carpe RE Partners (The Oasis), CIM Group (Wynwood Square), Redsky, and BazBaz, will develop within that time frame. DOUBLE STORY 1 Avenue metro1.com info@metro1.com 2

3 PROFORMA ADAPTIVE REUSE DOWNLOAD EXCEL 1 Ave Land Size 23,580 Building Size 26,388 Proforma Rents 2020 $45.00 Recommended Purchase Price $ 12,000,000 CapEx PSF $ 50 CapEx $ 1,319,400 Leasing Fees 6% of 5 Years Base Rent $ 382, Annual Lease Increases 3.50% FINANCIAL SUMMARY Adjusted Basis $ 13,319,400 Terminal Cap Rate 6.50% Terminal Value $ 20,963,656 Profit $ 12,015,022 IRR 10.74% Proforma Rent Y1 Y2 Y3 Y4 Y5 Y6 Y7 Use Size Proforma Rent Exit Single Tenant 26,388 $45.00 $ 1,187,460 $ 1,229,021 $ 1,272,037 $ 1,316,558 $ 1,362,638 Total $ 1,187,460 $ 1,229,021 $ 1,272,037 $ 1,316,558 $ 1,362,638 $ 20,963,656 EXPENSES (Assumes Mod Gross Leases) Y1 (2019) Y2 (2020) Y3 (2021) Y4 (2022) Y5 (2023) Y6 (2024) Y7 (2025) Taxes $ 112,387 $ 216,000 $ 222,480 $ 229,154 $ 236,029 $ 243,110 $ 250,403 Insurance $ 20,000 $ 20,600 $ 21,218 $ 21,855 $ 22,510 $ 23,185 $ 23,881 Management $ 6,600 $ 6,798 $ 7,002 $ 7,212 $ 7,428 $ 7,651 $ 7,881 Waste $ 1,836 $ 1,891 $ 1,948 $ 2,006 $ 2,066 $ 2,128 $ 2,192 Dept of Revenue $ 5,720 $ 5,892 $ 6,068 $ 6,250 $ 6,438 $ 6,631 $ 6,830 FPL $ 886 $ 913 $ 940 $ 968 $ 997 $ 1,027 $ 1,058 Total Expenses PSF $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total $ 147,429 $ 252,093 $ 259,656 $ 267,446 $ 275,469 $ 283,733 $ 292,245 TOTALS Y1 (2019) Y2 (2020) Y3 (2021) Y4 (2022) Y5 (2023) Y6 (2024) Exit GROSS INCOME $ - $ 1,187,460 $ 1,229,021 $ 1,272,037 $ 1,316,558 $ 1,362,638 EXPENSES NNN (Reimbursed by Tenant) $ 529,492 $ - $ - $ - $ - $ - NOI $ (13,319,400.00) $ (529,492) $ 1,187,460 $ 1,229,021 $ 1,272,037 $ 1,316,558 $ 1,362,638 $ 20,963,656 Cap Rate 8.92% 9.23% 9.55% 9.88% 10.23% Return Metrics Investment Analysis Exit (Closing Costs 2% Commissions 5%) Unlevered Cash Flow $ (13,319,400) $ (529,492) $ 1,187,460 $ 1,229,021 $ 1,272,037 $ 1,316,558 $ 1,362,638 $ 19,496,200 IRR 10.74% Cap Rate 9.90% 10.24% 10.60% 10.97% 11.36% Equity Multiple 1.46x Net Gain/Loss $ 12,015,022 Duration 6 Years Debt Value $ 12,000, Investment Analysis Levered LTV 50% Year Exit Principal $ 6,000, Debt Service -$ 442,143 -$ 442,143 -$ 442,143 -$ 442,143 -$ 442,143 -$ 442,143 $ 5,099,372 Equity $ 6,000, Cash Flows $ (6,000,000.00) -$ 971,635 $ 745,317 $ 786,878 $ 829,894 $ 874,415 $ 920,495 $ 14,396,828 Term (Yrs) 25 DSCR Payment per term 12 Cash on Cash Return 12.42% 13.11% 13.83% 14.57% 15.34% Rate 5.50% Return Metrics Levered Equity Multiple 2.4x Net Gain (Loss) $11,582,192 Duration 6 Years ROE (2020 Stabilized) 13.11% Internal IRR 17.59% Profit $ 11,582, Avenue metro1.com info@metro1.com 3

PROFORMA OFFICE DEVELOPMENT DOWNLOAD EXCEL BACK OF THE ENVELOPE ANALYSIS 1 Ave Recommended Purchase Price $ 12,000,000 Building Size 26,388 Price

80% Lot Coverage Ratio (w/bonuses) 90% Min Height 3 Stories Max Height 5 Stories Max Height (w/bonuses) 8 Stories Office Portion Gross Development

4% Retail Portion Gross Retail SF 14,148 Parking Parking per 1,000 SF (Office) 2 Parking per 1,000 SF (Retail) 3 Parking 197 Avg SF per Space 400

Office Development Cost $ 15,405,600 Retail Development Cost PSF $ 300 Retail Development Cost $ 4,244,400 Total Project Cost $ 41,868,000 Income

4 PROFORMA OFFICE DEVELOPMENT DOWNLOAD EXCEL BACK OF THE ENVELOPE ANALYSIS 1 Ave Recommended Purchase Price $ 12,000,000 Building Size 26,388 Price PSF Bldg $ 455 Land Size 23,580 Land Size PSF $ 509 Zoning Zoning T5 O NRD Density 150 Units/Acre Hotel Density 300 Keys/Acre Lot Coverage Ratio 80% Lot Coverage Ratio (w/bonuses) 90% Min Height 3 Stories Max Height 5 Stories Max Height (w/bonuses) 8 Stories Office Portion Gross Development SF 169,776 Gross Rentable Area 77,028 Rentable Area % 45.4% Retail Portion Gross Retail SF 14,148 Parking Parking per 1,000 SF (Office) 2 Parking per 1,000 SF (Retail) 3 Parking 197 Avg SF per Space 400 Parking Area 78,600 Construction Parking Construction Cost PSF $ 130 Parking Construction Cost $ 10,218,000 Office Development Cost PSF $ 200 Office Development Cost $ 15,405,600 Retail Development Cost PSF $ 300 Retail Development Cost $ 4,244,400 Total Project Cost $ 41,868,000 Income Office Lease Rent PSF NNN $ Retail Lease Rent PSF NNN $ Annual Proforma NOI $ 4,385,880 Returns Return on Cost 10.48% Terminal Cap Rate 7.0% Terminal Value $ 62,655,429 Profit $ 20,787,429 1 Avenue metro1.com info@metro1.com 4

5 MARKET ANALYSIS DOWNLOAD MARKET REPORT COMPARABLE SALES ID Property Address Price Per SF Price Per SF Land Bldg SF Land Area SF Sale Price Buyer Sale Date Zoning NW 20th St $ 1,739 $ $ 4,000,000 10/24/2018 T6-8 O N Miami Ave (3 Properties) $ 1,281 $ $ 6,000,000 Miami OMNI CRA 7/13/2018 T6-8 O NW 27th St (2 Properties) $ 1,144 $ $ 11,000,000 Block Capital Group 3/10/2017 T5 O NW 24th St $ 1,144 $ $ 9,150,000 Rincon Capital Partners, LLC 7/16/2018 T5 O NW 23rd St (2 Properties) $ 870 $ $ 6,500,000 Haber Slade Law 1/27/2017 T5 O NW 23rd St $ 807 $ $ 3,000,000 Phil Kakon 8/21/2018 T5 O NW 28th St $ 699 $ $ 2,970,000 Jonathan Drew Sann 6/12/2018 T5 O 8 36 NW 29th St $ 678 $ $ 1,600,000 ItalKraft 6/8/2017 T6-8 O NW 5th Ave (2 Properties) $ 588 $ $ 18,000,000 Tristar Capital 9/14/2018 T5 O NW 25th St $ 546 $ $ 12,200,000 Alex Karakhanian 5/11/2018 T5 O NW 29th St $ 506 $ $ 2,000,000 Florida Marketing & Research 3/31/2017 T6-8 O NE 25th St $ 464 $ $ 10,535,000 Lagunitas Brewing Company 5/1/2018 T5 O NE Miami Ct (2 Properties) $ 456 $ $ 14,500,000 Carpe Real Estate Partners 3/16/2018 T6-8 O T5 O NW 1st Ave $ 386 $ $ 11,500,000 Link Real Estate 9/15/2017 T6-8 O NW 25th St (3 Properties) $ 329 $ $ 5,187,600 The Related Group 5/10/2017 T5 O NW 5th Ave $ 286 $ $ 4,000,000 Damian Narvaez 12/29/2017 T6-8 O N Miami Ave $ 270 $ $ 5,400,000 Link Real Estate 12/8/2017 T6-8 O NE 24th St $ 131 $ $ 1,750,000 Centaur Realty Organization, I4/3/2017 T5 O NE 24th St $ 62 $ $ 2,246,000 Douglas Levine 7/9/2018 T5 O N Miami Ave (2 Properties) $ - $ $ 16,635,400 CIM Group LP 11/2/2018 T6-8 O NW 27th Ter $ - $ $ 5,850,000 Block Capital Group 3/28/2018 T5 O COMPARABLE LEASES Property Address Tenant Size Date Signed Rental Rate Lease Type Term Use 2050 NW Miami Ct Ford Argo AI 20,000 1Q2018 $ NNN 5 Years Flex Office 222 NW 24 St Spaces 21,800 2Q2017 $ NNN 10 Years Office 3415 NE 2 Avenue Anatomy ,000 4Q2017 $ NNN 10 Years Gym 127 NW 27 St Undisclosed 21,000 4Q2017 $ NNN 10 Years Retail F&B Entertainment 2801 NW 2 Ave Jaguar Hospitality 3,262 1Q2017 $ NNN 10 Years Retail F&B 310 NW 24 St Le Chik 2,925 2Q2017 $ NNN 5 Years Retail F&B 2200 NW 2 Ave Taylor & Taylor 1,725 1Q2017 $ NNN 2 Years Retail 50 NW 24 St Innerride Fitness 1,565 2Q2017 $ NNN 5 Years Retail 2601 NW 2 Ave Undisclosed 1,275 1Q2017 $ NNN 10 Years Retail 97 Nw 25 St California Bliss 1,250 3Q2017 $ NNN 5 Years Retail F&B 2085 NW 2nd Ave House of Mac 1,200 4Q2018 $ NNN Long Term Retail F&B 151 NW 24 St Poke Life 1,159 3Q2017 $ NNN 5 Years Retail F&B 2601 NW 2 Ave PIQ Gifts 1,077 2Q2017 $ NNN 10 Years Retail 2600 NW 2 Ave Cool National Coffee Shop 1,000 3Q2018 $ NNN Long Term Retail F&B 275 NW 26 Street Butcher & Sons 2,000 4Q2017 $ NNN 10 Years Retail F&B 122 NW 25 Street Minds Co/Work 9,500 4Q2018 $ NNN 5 Years Office 1 Avenue metro1.com info@metro1.com 5

6 SUBJECT PROPERTY 1 Avenue metro1.com info@metro1.com 6

7 RETAIL CONTEXT MAP N. ENTRANCE GATEWAY TO WYN- WOOD MIDTOWN 16 7 PLANT WALK GATEWAY LENNAR GREEN 8 22 THOR ROCKWOOD 3 FORUM: BY RED SKY & ENRIQUE NORTEN TRI- STAR GOLDMAN GARAGE PARK WYN REDSKY WALLS CUBE WYNWD OASIS 13 1 REDSKY DEVELOP- MENT 2143 NW 1 AVE 2217 NW MIAMI CT BAZ BAZ DEVELOP- MENT 20 2 SOUTH EAST QUADRANT SUBJECT PROPERTY DEVELOPMENTS TRAFFIC FLOW MAIN CORRIDORS WOONERF 1 COMPARABLE SALE 1 Avenue metro1.com info@metro1.com 7

MIDTOWN BUILDING WALK GREEN POTENTIAL TRI-RAIL STOP GARAGE BLOC THE BRADLEY WALLS 25 SOUTH EAST QUADRANT MIAMI ARTS CHARTER SCHOOL ARCADE OASIS REDSKY DEVELOPMENT SOHO STUDIOS 2143 NW 1 AVE 2217 NW

8 MIDTOWN BUILDING WALK GREEN POTENTIAL TRI-RAIL STOP GARAGE BLOC THE BRADLEY WALLS 25 SOUTH EAST QUADRANT MIAMI ARTS CHARTER SCHOOL ARCADE OASIS REDSKY DEVELOPMENT SOHO STUDIOS 2143 NW 1 AVE 2217 NW MIAMI CT SQUARE SOLD: $17.5M Q BUYER: CIM GROUP 267 UNITS 53K SF OFFICE 25K SF RETAIL BAZ BAZ DEVELOPMENT OMNI CRA FORD ARGO SELF-DRIVING CAR FACILITY 1 Avenue metro1.com info@metro1.com 8

9 1 Avenue metro1.com

10 POTENTIAL COVERED LAND PLAY FOR SALE PRESENTED BY CONCEPTUAL RENDERING; CURRENTLY UNDER CONSTRUCTION

MIMO RETAIL SPACE 7416 BISCAYNE BLVD FOR SALE

MIMO RETAIL SPACE 7416 BISCAYNE BLVD FOR SALE MIMO RETAIL SPACE BISCAYNE BLVD FOR SALE EXECUTIVE SUMMARY BISCAYNE BLVD ASKING PRICE: COMMERCIAL BLDG. SF COMMERCIAL BLDG. LOT AREA $1,900,000 2,980 RSF 7,500 SF 7,500 SF COMBINED LOT AREA VEHICLES PER