OFFERING MEMORANDUM - CHASE BANK BUILDING | EDIBLE ARRANGEMENTS 150 SE 2ND AVENUE, RETAIL CONDO 104. MIAMI, FL 33131
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
OFFERING MEMORANDUM
CHASE BANK BUILDING | EDIBLE ARRANGEMENTS
150 SE 2ND AVENUE, RETAIL CONDO 104. MIAMI, FL 33131
AG REAL ESTATE ADVISORS
305-374-2092
www.ag-advisors.com
info@ag-advisors.com
INVESTMENT SUMMARY AG Commercial Real Estate Advisors is pleased to offer the opportunity to acquire this trophy retail condominium leased to Edible Arrange- ments in Downtown Miami. This is a once in a lifetime unique investment opportunity to add legacy real estate to any portfolio. Tenant currently occupies 1,654 RSF on ground floor retail space 104, in the building commonly known as Chase Bank Building. Edible Arrangements is operating vunder a modified gross lease that expires in 2022. Seller anticipates the possibility to open conversations with tenant to modify certain lease terms looking to convert current lease into a NNN format. Edible Arrangements has occupied this location since 2005, and is paying below market rents. Edible Arrangements is located at the signalized, hard corner intersection of SE 2nd Avenue ans SE 2nd Street with a combined 28,000 vehicles passing by daily. In addition, the asset is just 2 blocks south from the ramps to Interstate 95, the primary freeway traveling up the entire eastern coast of the country with over 145,000 VPD. The asset is a true trophy location in the heart of downtown Miami with dozens of Miami’s hottest dining, arts, and entertainment offerings. The surrounding area features the Marriot Hotel, Hyatt Regency Miami, Miami Tower, Whole Foods Market, Miami-Dade College Wolfson Campus, Bayfront Park, and the American Airlines Arena. Future developments are also flooding the downtown Miami area with the biggest project being a Miami Worldcenter, a $2.7B mixed use concept that will feature 4 residentital towers, a 1,700 room Marriot Marquis hotel, 450k SF of retail, and a 45-story office tower. The 5-mile trade area is supported by a dense population of over 487,500 with an average household income of $65,000. The immediate 1-mile area boasts an average household income of $84,750.
INVESTMENT SUMMARY EDIBLE ARRANGEMENTS DOWNTOWN MIAMI RETAIL CONDO HIGHLIGHTS TROPHY LOCATION • Irreplaceable Location in Downtown Miami. • High Street Retail Corridor. • Highly Visible Space. • Superb Demographics. • High Vehicular Traffic - AADT - Annual Average Daily Traffic AADT - 13,500 Vehicles (SE2nd Ave); 6,900 Vehicles (SW1st Street). • Walk Score - 99 - Walker’s Paradise • Transit Score - 100 - Rider’s Paradise - World Class Public transportation. • Bike Score - 78 - Very Bikeable. TENANCY PROFILE Edible Arrangements is a U.S.-based franchising business that specializes in fresh fruit arrangements, melding the concept of fruit baskets with designs inspired by the floral business. The company also sells a variety of specialty fruit gift items, such as gift boxes featuring premium chocolate dipped fruit, and fresh-fruit-to-go products. Edible pride themselves on their knack for innovation, their entrepreneurial spirit, and, above all, their shameless love for fruit. Each of their gifts and grab-and-go Edible® Treats is made fresh by a Fruit Expert® at one of their 1,200+ independently owned franchise locations right in your neighbor- hood. The best part? You can choose to stop by for pickup, or they’ll hand-deliver it right to your doorstep!
INVESTMENT HIGHLIGHTS SURROUNDED BY HOTELS, FINE DINING, ENTERTAINMENT & ART • The asset is a true trophy location in the heart of downtown Miami with dozens of Miami’s hottest dining, arts, and entertainment offerings. • Within walking distance to the Marriot Hotel, Hyatt Regency Miami, Miami Tower, Whole Food Market, Miami-Dade College Wolfson Cam- pus, Bayfront Park, and the American Airlines Arena. NEARBY FUTURE DEVELOPMENT | RARE DOWNTOWN MIAMI RETAIL OFFERING • Generational opportunity to own commercial real estate in downtown Miami, a rapidly growing city and hotbed for tourism. • Miami has broken tourism records for the fifth straight year with 16.5 millions visitors, dropping $18 Billion into the local coffers. • Dense, infill trade area with high barriers for new development. • Future developments are also flooding the downtown Miami area with the biggest project being a Miami Worldcenter, a $2.7B mixed use concept that will feature 4 residential towers, a 1,700 room Marriot Marquis hotel, 450k of retail, and a 45-story office tower. STRONG DEMOGRAPHICS IN DENSE 5-MILE TRADE AREA • More than 487,500 residents and 336,500 employees support the trade area. • $84,750 average household income 1-mile radius.
OFFERING SUMMARY
150 SE 2ND AVENUE, MIAMI,FL 33131
OFFERING
Pricing: $1,011,000
Net Opperating Income: $53,089
Cap Rate: 5.25%
Guaranty: Franchisee
Tenant: Edible Arrangements
Modified Gross Net of
Lease Type:
Electric
PROPERTY SPECIFICATIONS
Rentable Area: 1,654 RSF
Property Address: 150 SE 2nd Avenue, CU 104
Miami, FL 33131
Year Built: 1967 and Completely remodeled in 2014
Parcel Number: 01-4138-159-0420
Ownership: Retail Condominium
SECOND STREET
CU 104 RETAIL
SPACE
PRIVATE BANKING
CU 102
CU 101
RETAIL BANKING
SECOND AVENUE
CASH FLOW
EDIBLE ARRAGEMENTS RETAIL CONDO
CASH FLOW ANALYSIS
1654 RSF
3% INCREMENT /YEAR MODIFIED GROSS LEASE IN PLACE 5 YEAR RENEWAL NNN LEASE PRO-FORMA
2019-2020 2020-2021 2021-2022 2022-2023 2023-2024 2024-2025 2025-2026
INCOME
BASE RENT $ 71,391 $ 73,533 $ 57,890 $ 59,627 $ 61,416 $ 63,258 $ 65,156
$/RSF $ 43.16 $ 44.46 $ 35.00 $ 36.05 $ 37.13 $ 38.25 $ 39.39
YEARLY CONDO MAINTENANE FEES REIMBURSMENT $ 12,016.54 $ 12,196.79 $ 12,379.74 $ 12,565.44 $ 12,753.92
REAL ESTATE TAX ASSESMENT REIMBURSMENT $ 8,734.25 $ 8,865.26 $ 8,998.24 $ 9,133.21 $ 9,270.21
GROSS RATE / RSF $ 43.16 $ 44.46 $ 47.55 $ 48.78 $ 50.06 $ 51.36 $ 52.71
TOTAL INCOME $ 71,391.00 $ 73,533.00 $ 78,640.79 $ 80,688.75 $ 82,793.49 $ 84,956.62 $ 87,179.84
EXPENSES
OPERATING EXPENSE CONDO MAINTENANCE FEES (CAM)
MONTHLY MAINTENANCE FEE CU-104 $ 972.00 $ 986.58 $ 1,001.38 $ 1,016.40 $ 1,031.65 $ 1,047.12 $ 1,062.83
YEARLY CONDO MAINTENANE FEES $ 11,664.00 $ 11,838.96 $ 12,016.54 $ 12,196.79 $ 12,379.74 $ 12,565.44 $ 12,753.92
YEARLY REAL ESTATE TAX ASSESMENT $ 8,478.00 $ 8,605.17 $ 8,734.25 $ 8,865.26 $ 8,998.24 $ 9,133.21 $ 9,270.21
TOTAL EXPENSES $ 20,142.00 $ 20,444.13 $ 20,750.79 $ 21,062.05 $ 21,377.98 $ 21,698.65 $ 22,024.13
$/RSF $ 12.18 $ 12.36 $ 12.55 $ 12.73 $ 12.93 $ 13.12 $ 13.32
NOI $ 51,249.00 $ 53,088.87 $ 57,890.00 $ 59,626.70 $ 61,415.50 $ 63,257.97 $ 65,155.71
CAP RATE 4.75% 4.92% 5.37% 5.53% 5.69% 5.86% 6.04%
PROPERTY VALUE $ 1,078,926.32
PRICE /RSF $ 652.31
LOCATION
LOCATION
LOCATION
AREA OVERVIEW Miami, officially the City of Miami, is the cultural, economic and financial center of South Florida, United States. Miami is the seat of Miami-Dade County, the most populous county in Florida. The city covers an area of about 56.6 square miles (147 km2), between the Everglades to the west and Biscayne Bay on the east; it is also the sixth most densely populated major city in the United States. The Miami metropolitan area is home to 6.1 million people and the seventh-largest metropolitan area in the nation.[8] Miami’s metro area is the second-most populous metropolis in the southeastern United States and fourth-largest urban area in the U.S. Miami is a major center, and a leader in finance, commerce, culture, media, entertainment, the arts, and international trade. The Miami Metro- politan Area is by far the largest urban economy in Florida and the 12th largest in the United States with a GDP of $344.9 billion as of 2017. In 2012, Miami was classified as an “Alpha−” level world city in the World Cities Study Group’s inventory. In 2010, Miami ranked seventh in the United States and 33rd among global cities in terms of business activity, human capital, information exchange, cultural experience, and po- litical engagement. In 2008, Forbes magazine ranked Miami “America’s Cleanest City”, for its year-round good air quality, vast green spaces, clean drinking water, clean streets, and citywide recycling programs. According to a 2009 UBS study of 73 world cities, Miami was ranked as the richest city in the United States, and the world’s seventh-richest city in terms of purchasing power.Miami is nicknamed the “Capital of Latin America” and is the largest city with a Cuban-American plurality.
LOCATION
E Flagler St
SE 1st Ave SE 1st St
SE 2nd Ave
SE 3rd Ave
SE 2nd St
SE 3rd StAREA DEMOGRAPHICS
150 SE 2ND AVENUE, MIAMI,FL 33131
DEMOGRAPHICS 1Mile 3Miles 5Miles
POPULATION 2018 58,845 230,056 486,784
Total Day Time Population 119,012 309,487 626,894
KEY FACTS
Households 31,434 100,806 205,215
Median Disposable Income $45,609 $34,297 $32,979
Median Age 35.6 38 39
INCOME
Median Household Income $54,698 $39,592 $38,189
Per Capita Income $46,033 $30,450 $28,086
Average Household Income $84,800 $67,868 $65,304
EDUCATION
12%
No High 17%
School
Diploma 17% Same Col-
lege 54%
High School Bachelor/Grad/prof
Graduate Degree
EMPLOYMENT
70%
White Collar
13% 4.0%
Blue Collar
17% Unemployment
Rate
ServicesDISCLAIMER 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 AG Real Estate Advisors and should not be made available to any other person or entity without the written consent of AG Advisors. AG Real Estate Advisors (“Broker”) has been retained on an exclusive basis to market the property described herein (“Property”). Broker has been authorized by the Seller of the Property (“Seller”) to prepare and distribute the enclosed information (“Material”) for the purpose of soliciting offers to purchase from interested parties. The information contained herein is not a substitute for a thorough due diligence investigation. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate. The Material does not purport to be all- inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma. Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto. Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information.
MARCELLO AGOSTINI RODRIGO GOMEZ
305-300-8003 305-794-2655
magostini@ag-advisors.com rgomez@ag-advisors.com
AG REAL ESTATE ADVISORS
305-374-2092
www.ag-advisors.com
info@ag-advisors.comYou can also read
