Exclusive Listing - LoopNet … · 7310 Biscayne Blvd., Miami, FL 33138 Managing Director:...

7310 Biscayne Blvd., Miami, FL 33138 Managing Director:

“Ur-Cousin” Emile Farah

Office: 305.967.7200

Mobile: 305.754.1000

[email protected]

Sales Director:

Zena M. Bardawell

Office: 305.967.7200

Mobile: 305.795.3933

[email protected]

Exclusive Listing

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doing so. There are no responsibilities for the factualness of the material presented.

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This information is confidential and private, is subject to changes without any notice. Any changes made replace the information previously prepared. This report contains public information and information that is confidential in nature. The confidential information shall be exclusively utilized for private use and shall be limited to the study of financial and economic data regarding subject property. If you are not the direct or

indirect recipient of this report, we request that you notify immediately. You shall not, directly or indirectly, use, reveal, distribute, or copy any parts of this document because it can contain legally protected

information. This document shall not be considered as an offer.

Use of Information The information set forth in this report has been gathered from reputable sources. Nonetheless, it is

recommended that the recipients verify the information on an independent basis. The proponent reserves the right to alter any information set forth in the document, as a result of changing economic and financial

conditions, without notification. The members, directors, officers, executives, managers, employees and persons that worked to prepare this document do not assume any liability for the information of this report,

nor for its accuracy or effects, nor shall they be responsible for the acts and decisions based on this information.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. U.S.A. Lending & Realty, Inc. www.usalendingandrealty.com

Table of Contents

• Investment Overview •Pictures • Pricing & Financial Summary • Sales Comparables •Rent Comparables

Property Overview

Address: 7310 Biscayne Blvd. Miami, FL 33138 Occupancy (Owner Occupied): 100% - Smiling Pets Lot Size: 6750 SF Building Size: 2861 SF Zoning: T5-O Height Restriction: 5 Stories Year Built: 1956 HVAC: Central Construction: CBS Roof: Flat/ Built Up Tar Folio: 01-3207-040-1790 Purchase Price (Real Estate): $2,300,000 Purchase Price-Optional (Business): $499,000


The Offering:

The Farah Group is pleased to be retained as exclusive real estate advisor for the disposition of this well located asset. The real estate is being offered for sale at $2,300,000 with the option to buy the existing veterinary business for $499,000. They can be purchased individually or together as the owner of the real estate also owns the business. Therefore, if the real estate is purchased without the business the current owner would consider a sale-leaseback providing the new owner with an in-place cash flow. The owner is willing to hold paper for a qualified buyer.

Property Overview


Property Overview: 7310 Biscayne Blvd was built in 1956 and is well situated directly on Biscayne Blvd. It sits in the “MiMo” or Miami Modern Historic District. The property consists of a one story building and is currently occupied by a veterinary business. The current tenant has operated in this location since 2000. This presents a great opportunity

for an owner/user to place their business.

The property is 4.5 miles to Miami Beach, 8 miles to Miami Int’l Airport, 3 miles to Wynwood/ Design District and 3 miles to I-95. The Biscayne Blvd corridor consists

mainly of retail and office buildings with single family residential sprawling on either side.

The property is zoned T5-O which can accommodate a multitude of uses including office, retail, restaurant, boutique hotel, and multi-family to name a few. The

opportunity provides the investor with an in place cash flow or the option to re-develop the property and increase the value by improving the current use. Another option is for an owner/user to place their business at the site and hold the property

while the area continues to appreciate in value.

Property Overview


T5-O Zoning:

Regulating use is an important part of any zoning code. Miami 21 Zoning Code prioritizes building form (shape and bulk) over the regulation of use to allow for mixed-use development. In T5 zones, the emphasis is on limited mixed-use and multi-family residences. T5 creates a small town centre feel and encourages pedestrian activity with options for tourist-driven businesses and small lodging. Restricted (R) single family, ancillary units, two family,& multifamily residences Limited (L) same as above, and limited commercial, office, lodging, & community centres Open (O) additional lodging and entertainment establishments permitted

R = the use is permitted by Right W = the use is permitted by Warrant E = the use is permitted by Exception

Property Overview


T5-O Zoning:

Property Overview


T5-O Zoning:

T5 Zoning density is 65 units/acre thus allowing approximately 10 units on this site.

Area Overview


The area along Biscayne Boulevard is the designated MiMo Architecture Biscayne Boulevard Historic District or also known as "MiMo on BiBo", for "Miami Modern on Biscayne Boulevard". MiMo Historic District runs roughly from

50th Street to 77th Street along Biscayne Boulevard, although MiMo can be found heavily in the Miami Design District and Midtown. Many annual festivals are held to promote MiMo architecture, such as "Cinco de MiMo" a

play on "Cinco de Mayo" in early May.

In the 2000s, preservation efforts began to bring development interest into the neighborhood, and Biscayne Boulevard began to improve. Today, the boulevard is in a fast upwards transition along with many other nearby

neighborhoods such as the Design District, Wynwood and Edgewater with strong preservation efforts to preserve the MiMo architecture.

MiMo is the architecture that defines the area north of the Design District on Biscayne Blvd. The neighborhood

includes some of Miami' s most popular restaurants Michy' s, Soyka, Blue Collar, Andiamos Pizza, and Moonchine as well as nightspots, eclectic retailers and shops. As the momentum of Miami' s urban core continues North, MiMo is

on the cusp of being the city' s next best thing with the arrival of Miami' s favorite independent coffee shop, Panther Coffee, and juice bar, Jugofresh Warehouse, and the newly renovated Vagabond Motel.

50 Eggs, the masterminds behind the popular restaurants Khong River House, Yardbird Southern Table & Bar and

Swine Southern Table & Bar, recently bought the Sunshine Motel as their headquarters and test kitchen. Additionally, some of the area' s landmark buildings are undergoing extensive renovations that are sure to attract

new residences, locals and tourists.

Vagabond Motel, a signature piece of MiMo architecture has refurbished and is primed to return to its heyday as a landmark boutique property. Slightly north of the MiMo district, the former INS building will soon be converted into

mixed-use with condos and retail space, and Biscayne Plaza on 79 Street and Biscayne Boulevard is undergoing substantial renovations by its new owners. This area is poised for expansive growth keeping with the trend of

Miami’s rapid development.

Aerials & Maps


Atlantic Ocean

Aerials & Maps


Aerials & Maps

Miami Beach


Aerials & Maps

Biscayne Bay


Demographics


Radius 1 Mile 3 Mile 5 Mile

Population:

2021 Projection 26,424 174,432 533,952

2016 Estimate 24,972 165,708 508,804

2010 Census 21,691 148,667 464,567

Growth 2016-2021 5.81% 5.26% 4.94%

Growth 2010-2016 15.13% 11.46% 9.52%

2016 Population Hispanic Origin 7,408 53,879 228,214

2016 Population by Race:

White 10,397 68,721 282,274

Black 13,496 90,919 208,499

Am. Indian & Alaskan 112 788 2,404

Asian 335 2,151 6,955

Hawaiian & Pacific Island 7 74 273

Other 625 3,056 8,398

U.S. Armed Forces: 2 59 211

Households:

2021 Projection 10,578 62,793 199,917

2016 Estimate 10,043 59,832 190,828

2010 Census 8,952 54,491 175,600

Growth 2016 - 2021 5.33% 4.95% 4.76%

Growth 2010 - 2016 12.19% 9.80% 8.67%

Owner Occupied 3,432 24,523 76,776

Renter Occupied 6,612 35,308 114,051

2016 Avg Household Income $52,449 $52,262 $55,830

2016 Med Household Income $28,641 $32,837 $34,551

2016 Households by Household Inc:

<$25,000 4,644 24,611 74,785

$25,000 - $50,000 2,234 15,232 48,107

$50,000 - $75,000 1,195 7,683 26,196

$75,000 - $100,000 604 4,333 14,202

$100,000 - $125,000 374 3,100 10,085

$125,000 - $150,000 209 1,482 4,400

$150,000 - $200,000 407 1,573 5,538

$200,000+ 377 1,817 7,515

Pricing & Financial Summary


Asking Price: $2,300,000 Price per Square Foot (Building): $803 Price Per Square Foot (Land): $341 CAP Rate: 4.33% Proposed Financing 30% Down Payment: $690,000 Proposed Mortgage: $1,610,000 Interest Rate: 5.25% Amortization Months: 360 Debt Service: ($8,890/Month) -$106,686

Pro Forma Income Gross Potential Rent ($50/SF) $143,050 Expenses Taxes $36,143 Insurance $1,700 Repairs & Maintenance $5,709 Total Expenses $43,552 Net Operating Income $99,498 2016 Taxable Value: $506,261

2016 Millage Rate: 21.8256

Sales Comparables


Subject: 7310 Biscayne Blvd. Miami, FL 33138 Purchase Price: $2,300,000 Price/SF (Land): $341 Price/SF (Bldg): $803 Land SF: 6750 Bldg SF: 2861 Year Built: 1956 Sale Date: On Market

Comparable 1: 7320 Biscayne Blvd. Miami, FL 33138 Purchase Price: $2,400,000 Price/SF (Land): $320 Price/SF (Bldg): $759 Land SF: 7500 Bldg SF: 3162 Year Built: 1953 Sale Date: 4/20/16


Sales Comparables



Rent Comparables


Comparable 2: 7521 Biscayne Blvd. Miami, FL 33138 Rent/SF/Yr: $59.23 NNN Leased SF: 1943 Bldg SF: 1943 Space Use: Retail Year Built: 1948 Lease Date: 6/9/16

Comparable 1: 7240 Biscayne Blvd. Miami, FL 33138 Rent/SF/Yr: $70 NNN Leased SF: 1200 Bldg SF: 1800 Space Use: Retail Year Built: 1934 Lease Date: 5/1/16

Subject: 7310 Biscayne Blvd. Miami, FL 33138 Rent/SF/Yr: Owner Occupied Leased SF: 2861 Bldg SF: 2861 Space Use: Medical Office Year Built: 1956 Lease Date: N/A

Rent Comparables


Comparable 4: 6630 Biscayne Blvd. Miami, FL 33138 Rent/SF/Yr: $36.96 NNN Leased SF: 1057 Bldg SF: 2157 Space Use: Retail Year Built: 1950 Lease Date: 9/1/16


Comparable 5: 6630 Biscayne Blvd. Miami, FL 33138 Rent/SF/Yr: $45 NNN Leased SF: 1100 Available Bldg SF: 2157 Space Use: Retail Year Built: 1950 Lease Date: Currently Available

Rent Comparables



Managing Director: “Ur-Cousin” Emile Farah

Office: 305.967.7200 Mobile: 305.754.1000

Fax: 305.967.7208 [email protected]

Sales Director: Zena M. Bardawell

Office: 305.967.7200 Mobile: 305.795.3933


Senior Financial Analyst: David Reinke

Office: 305.967.7200 Mobile: 850.559.3234


The Team

Exclusive Listing - LoopNet … · 7310 Biscayne Blvd., Miami, FL 33138 Managing Director:...

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