MIMO RETAIL SPACE 7416 BISCAYNE BLVD FOR SALE

Transcription

1 MIMO RETAIL SPACE BISCAYNE BLVD FOR SALE

2 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 DAY: 40,000 NOI: $118,870 DESCRIPTION: Metro 1 is proud to offer a retail multi-tenant building with Biscayne Blvd. frontage in the heart of the MIMO district across the street from the historic Vagabond Hotel (a neighborhood catalyst). The area is popular for creatives and the eclectic. Anchored by Ms. Cheezious, a popular local fast casual restaurant with rare open air outdoor seating and a fully built out kitchen with optional sale leaseback giving the ability to maintain stability and cash flow. 384 SF 1,190 SF 1,406 SF 40,000 D Owner-operated, Ms. Cheezious will lease back space at market rent (40 PSF NNN and will expand into the Vaporlife space. Excellent opportunity with significant upside as the neighborhood experiences a major redevelopment. HIGHLIGHTS Biscayne Frontage Best second generation restaurant with outdoor garden in Mimo Across the street from the historic Vagabond Hotel High traffic + visibility Owner will lease back BISCAYNE BLVD metro1.com info@metro1.com 2

3 FINANCIAL ANALYSIS DOWNLOAD FINANCIALS Biscayne Blvd Recommended Purchase Price $ 1,900,000 Land Size 14,750 Land Price PSF $ Building Size 4,436 Building Price PSF $ Adjusted Basis $ 1,900,000 Yield To Cost 6.26% Exit Cap Rate 6.50% Leasing Fees (5%) 4 Years on Average $ 32,324 Vacancy Loss and Collection (5%) $ 32,324 Pro Forma Assumptions Blue Fill = Rollover rents at Fair Market Value Green Fill = Current Market Rent Retail $ $ $ $ $ $ Market Rent Micro Retail $ $ $ Aging Summary Tenants Size Rent PSF NNN EXIT Mr B's Tailor 384 $ $ 15,030 $ 15,481 $ 15,945 $ 24,000 $ 24,720 $ 25,462 VaporLife (Ms Cheezious Expansion Space) 1,190 $ 47,600 $ 49,028 $ 50,499 $ 52,014 $ 53,574 $ 71,400 MsCheezious 1,406 $ 56,240 $ 57,927 $ 59,665 $ 61,455 $ 63,299 $ 84,360 Total SF 2,980 Net Operating Income -$ 1,900,000 $ 118,870 $ 122,436 $ 126,109 $ 137,469 $ 141,593 $ 181, $ 2,788, Cap Rate 6.26% 6.44% 6.64% 7.24% 7.45% Expenses BSORB NNN / LANDLORD PAYS PROPORTIONATE SHARE OF NNNs FOR MR B'S BASE Y Taxes Base Year $ 9, $ 3.34 PSF $ 15,373 $ 34,200 $ 35,226 $ 36,283 $ 37,371 $ 38,492 Insurance $ 3,435 $ 6,000 $ 6,000 $ 6,000 $ 6,000 $ 6,000 Total $ 18,808 $ 40,200 $ 41,226 $ 42,283 $ 43,371 $ 44,492 Return Metrics Investment Analysis Exit (Closing Costs 2% & Commissions 5%) Unlevered Cash Flow $ (1,900,000) $ 117,589 $ 121,155 $ 124,828 $ 137,469 $ 141,593 $ 181,222 $ 2,788,025 IRR 11.10% Cap Rate 6.19% 6.38% 6.57% 7.24% 7.45% 9.54% Equity Multiple.1x Net Gain/Loss $ 1,711, Duration 6 Years Debt Value $ 1,900, Investment Analysis Levered LTV 50% Year Exit Principal $ 950, Debt Service -$ 66,643 -$ 66,643 -$ 66,643 -$ 66,643 -$ 66,643 -$ 66,643 $ 798,904 Equity $ 950, Cash Flows -$ 950, $ 50,945 $ 54,511 $ 58,185 $ 70,826 $ 74,950 $ 114,578 $ 1,989,121 Term (Yrs) 25 DCSR Payment per term 12 Cash on Cash Return 5.36% 5.74% 6.12% 7.46% 7.89% 12.06% Rate 5.00% Return Metrics Levered Equity Multiple 2.09x ROE 5.36% Internal IRR 15.95% Equity Multiple 2.09x Profit $ 1,463, BISCAYNE BLVD metro1.com info@metro1.com 3

4 FLOOR PLAN BISCAYNE BOULEVARD Tailor Mr. B s Retail - Vaporlife 384 SF 1,190 SF Floor Plan 7414//7418 Biscayne Blvd Restaurant Ms. Cheezious 1,406 SF BISCAYNE BLVD metro1.com info@metro1.com 4

5 MINDY SOLOMON GALLERY VENI VIDI VICI MADE AT THE CITADEL SHERWOOD BISTRO PARK LA FOUR- CHETTE RESTAURANT NW 82 NE 82 ROJAS + RUBENSTEEN PROJECTS PAULIE GEES SIAM RICE CEIBA CAFE NW 79 DANY S RESTAURANT DELISHE ATLAS MEAT- FREE DELI LE JARDIN HAITIAN EDEN NE 79 CHEESEBURGER BABY TRITON CENTER CAKE THAI THE ANDERSON SELF STORAGE MIAMI INDUSTRIAL ARTS NW 2 AVENUE ST MARY S CATHEDRAL IMPERIAL MOTO CAFE SPINELLO PROJECTS BARKHAUS THE BAKER BOYS NW 71 FAST TWITCH FOUNTAIN- HEAD STUDIOS CLASSIC MOTORS BILL BRADY AMERICAN BOWL N. MIAMI AVENUE ABSTRACT FINE ART AIMÉE PÉREZ NE 2 AVENUE NE 71 LITTLE RIVER STUDIOS DOT FIFTYONE GALLERY RAIL 71 CAFE ARTSCAPE LAB BOUSA BREWERY IRON SIDE NE 4 COURT SUBJECT PROPERTY MOSHI MOSHI KING MOTEL ZEN MOTEL MIMO PHUC YEA ORGANIC BITES BISCAYNE BOULEVARD THE VAGABOND HOTEL ART GALLERY PARKS VIA VERDE POINT OF INTEREST RETAIL ARTPIE ATHALIE RANGE PARK BLUE COLLAR BALAN S HOTEL/MOTEL BISCAYNE BLVD metro1.com info@metro1.com 5

6 JIMMY S EASTSIDE DINER SUBJECT PROPERTY ADDRESS: BISCAYNE BLVD WEBSITE: metro1.com CONTACT: info@metro1.com 6

7 BISCAYNE BLVD metro1.com

8 NEARBY PROJECTS UNDERWAY TRITON CENTER KEYS - HOTEL 2 RESIDENTIAL TOWERS UNITS EDEN 235 NE 79TH 42,000 SF RESTAURANTS, RETAIL, AND OFFICES ZENMOTEL ,500 SF 31 ROOM - HOTEL BOULEVARD CONDO UNITS 2 RESIDENTIAL TOWERS UNITS BAYSIDE MOTOR INN ,000 SF RESTAURANTS, RETAIL, OFFICES + HOTEL CLASS A SELF-STORAGE FACILITY 7865 NE 10TH AVENUE 5 STORY 120,000SF + 3,000 SF RETAIL SPACE 31 ROOM - HOTEL BISCAYNE BLVD metro1.com info@metro1.com 8

9 PROPERTY PHOTOS BISCAYNE BLVD metro1.com

10 LOCATION NE 79 SUBJECT PROPERTY 1 MIN DRIVE N. MIAMI AVE 5 MIN DRIVE NE 54 5 MIN DRIVE 5 MIN DRIVE BISCAYNE BLVD 8 MIN DRIVE 20 MIN DRIVE I-195 NE 29 8 MIN DRIVE 10 MIN DRIVE 10 MIN DRIVE BISCAYNE BLVD metro1.com info@metro1.com 10

11 MIMO RETAIL SPACE BISCAYNE BLVD FOR SALE BISCAYNE BLVD metro1.com