OFFERING MEMORANDUM - LoopNet · 2019-04-01 · Quanta Services 6,048 20.00 $120,960.00 Potential...
Transcript of OFFERING MEMORANDUM - LoopNet · 2019-04-01 · Quanta Services 6,048 20.00 $120,960.00 Potential...
V i l l a g i o i n t h e L a k e s
5 8 0 3 N W 1 5 1 s t S t r e e t , T h i r d F l o o r , M i a m i L a k e s
OFFERING MEMORANDUM
FOR SALE ± 13,336 SF
INVESTMENT OPPORTUNITY
OVERVIEW
PAGE| 2Privileged and Confidential
Encompassing the entire third floor within the Villaggio in the Lakes
Office Park, this Class “A” ± 13,336 SF property provides a variety of
opportunities for the prospective purchaser. With ± 3,797 SF of
beautifully built-out space awaiting occupancy, an owner-user has the
ability to collect ± $80,000 a year while operating a flourishing business
in this prestigious submarket. Equally as enticing, the property is
positioned as a unique value-add investment opportunity. With 72.16%
of the floor leased to long term tenants and a turn-key suite ready for
occupancy, an investor could immediately stabilize the property and
collect ± $172,000 annually.
TABLE OF CONTENTS
PROPERTY OVERVIEW
Executive Summary 4-5
Financials 6-7
Interior Floor Plan 8
Interior Photos 9
Aerials 10-11
AREA OVERVIEW
Sub-Market Information 12
DISCLAIMER 13
PAGE| 3Privileged and Confidential
FROM PALMETTO EXPRESSWAY: Exit East-bound on NW 138th Street towards Red
Road (NW 57th Avenue). Turn left and head north-bound to Miami Lakes Drive.
Turn Left at the light, and make a right onto NW 57th Court. Lastly, make a left
onto NW 151st Street and the destination will be on your right.
DIRECTIONS:
EXECUTIVE SUMMARY
PAGE |4Privileged and Confidential
Blanca Commercial Real Estate, Inc. has been appointed as the exclusive agent for the marketing of 5803 NW 151st Street, 3rd Floor, Miami Lakes. The
Property is being offered on an “as-is, where -is” basis.
Cary Cohen, Executive Vice President
305.377.6590 | [email protected]
PROPERTY INQUIRIES AND TOURS
HIGHLIGHTS
• This offering presents a full-floor, ± 13,336 SF, penthouse office
property perfectly suited for an owner-user or investor.
• With ± 3,797 SF of beautiful space awaiting occupancy, an
owner user has the ability to collect ± $80,000 a year (net of
expenses) while operating a successful business.
• Alternatively, with minimal tenant improvements required and
two long-term tenants in-place, the property could be
immediately stabilized resulting in an annual Net Operating
Income of $172,000.
• Possessing Class “A” finishes throughout the 6 private offices,
conference room with a private terrace and bathroom, open bull-
pen, and modern kitchen, the vacant suite can be utilized by a
single tenant or easily subdivided for multiple operations.
• Topping off the sites appeal is its proximity to all of South
Florida’s commercial thoroughfares, including I-75, Palmetto
Expressway, FL-Turnpike, and I-95, providing ease of access to
all of South Florida’s most popular economic and cultural
destinations.
James Mendel, Associate
Alex Marquez, Associate
PAGE|5Privileged and Confidential
PRICE: $3,000,600 ($225 PSF)
PROPERTY TYPE: Full Floor Office Condo
PARCEL IDs: 32-2024-036-0170
LOCATION:5803 NW 151st Street, Suites 300-307,
Miami Lakes, FL 33014
SPACE SIZE: ± 13,336 SF
YEAR BUILT: 2006
LAND AREA: ± 149,111 SF (3.43 ACRES)
2018 TAXES: $ 26,320.96
PARKING: 3.87/ 1,000 SF
ZONING TYPE: IU-C
EXECUTIVE SUMMARY
CASH FLOW (OWNER-USER)
PAGE| 6Privileged and Confidential
Tenants SQFT Rent PSF Total Rental
Palmetto lakes Therapy 3,797 22.23 $ 84,420.00
Quanta Services 6,048 20.00 $ 120,960.00
Owner User 3,797
Total Rent 20.86 $ 205,380.00
Potential Gross Income $ 205,380.00
Vacancy & Collection $ -
Effective Gross Income $ 205,380.00
Condominium Fees $ 61,678.32
Electricity $ 24,000.00
Cleaning and supplies $ 10,200.00
Insurance $ 1,575.00
CPA $ 3,600.00
Property Taxes $ 26,320.00
Total Expenses $ 127,373.32
Net Operating Income $ 78,006.68
Expiration Increases Base Year Tenant Direct Expense Costs Adj Month
6/30/2022 5% 2016 Telecommunications and Janitorial July
4/30/2023 4% 2018 Telecommunications and Janitorial May
Current Tenant Mix Current Lease Terms
As-Is Cash Flow
The analysis below shows the net cash flow an owner-user would receive if they occupy
the vacant turn-key office space while collecting income from the in-place tenants.
CASH FLOW (INVESTOR)
PAGE| 7Privileged and Confidential
Tenants SQFT Rent PSF Total Rental
Palmetto lakes Therapy 3,797 22.23 $84,420.00
Quanta Services 6,048 20.00 $120,960.00
Potential Tenant 3,797 $25.00 $94,925.00
Total Rent 22.01 $300,305.00
Expiration Increases Base Year Tenant Direct Expense Costs Adj Month
6/30/2022 5% 2016 Telecommunications and Janitorial July
4/30/2023 4% 2018 Telecommunications and Janitorial May
12/31/2024 5% 2020 Telecommunications and Janitorial January
The analysis below shows the net operating income an investor would receive once they
stabilize the asset.
Stabilized Tenant Mix Stabilized Lease Terms
Pro-Forma Cash Flow
Potential Gross Income $ 300,305.00
Vacancy & Collection
Effective Gross Income $ 300,305.00
Condominium Fees $ 61,678.32
Electricity $ 24,000.00
Cleaning and supplies $ 10,200.00
Insurance $ 1,575.00
CPA $ 3,600.00
Property Taxes $ 26,320.00
Total Expenses $ 127,373.32
Net Operating Income $ 172,931.68
Interior Space Plan
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VACANT
VACANT SUITE PHOTOS
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CONFERENCE ROOM WITH PRIVATE TERRACE
PRIVATE BATHROOM
CONFERENCE ROOM WITH PRIVATE TERRACE
OPEN WORKSPACE CORNER OFFICE
KITCHEN AREA
AERIAL
PAGE|8Privileged and Confidential
AERIAL
Page|22Privileged and Confidential
LOCATION HIGHLIGHTS
Villaggio in the Lakes is located on NW 151st Street
approximately 0.2 miles (0.35 km) west of Red Road (NW 57th
Avenue) and 0.9 miles (1.5 km) south of the Palmetto Expressway
in the City of Miami Lakes.
Miami Lakes was founded in 1962 when Ernest “Cap” Graham
began construction east of the newly completed Palmetto
Expressway in northwestern Miami-Dade County. The “Palmetto”,
completed in 1961, added an important western bypass to the
Miami freeway network and alleviated much of the traffic that was
previously forced to use Interstate 95. The original development
was designed by Lester Collins and featured a spiral shaped
network of roads radiating from the town center. The project was
one of the earliest applications of the New Urbanism movement
promoting walkable neighborhoods and traditional town planning.
Miami Lakes incorporated on December 5, 2000 as new
developments were being proposed around the original 3,000-
acre site. The city quickly annexed areas west of the Palmetto
Expressway, nearly doubling its size in the process. During the
mid-2000s construction boom, the area became a hotbed of new
development. To this day, Miami Lakes remains the most
prosperous area of northwestern Miami-Dade County.
Nearby AmenItIes:
❖ Opa-Locka Executive Airport – Located 5 minutes east along NW 135th
Street, the airport is Miami-Dade County’s busiest general aviation airport and
a popular destination for private jets and charter flights. (www.miami-
airport.com/opalocka.asp).
❖ Palmetto General Hospital – Located 9 minutes southwest along W 68th
Street, the 360-bed hospital is the only major healthcare facility serving
northwestern Miami-Dade County (www.palmettogeneral.com/).
❖ St. Thomas University – located 9 minutes east along the Palmetto
Expressway in Miami Gardens, this university is the only Archdiocese-
sponsored Roman Catholic university in Florida (www.stu.edu/).
❖ Sun Life Stadium – located 12 minutes northwest along NW 27th Avenue, Sun
Life Stadium is the home of the NFL’s Miami Dolphins, Miami Hurricanes
football team, and the FedEx Orange Bowl Game. (www.sunlifestadium.com/).
Opa-Locka Executive Airport
Page|22Privileged and Confidential
MARKET HIGHLIGHTS
Villaggio in the Lakes is located in the Miami
Lakes submarket, which is part of Miami-Dade
County. Overall, Miami-Dade consists of
approximately 36.4 million square feet of rentable
office space subdivided into 15 submarkets, with
Miami Lakes accounting for approximately 2.0% of
the total Inventory
The Miami Lakes office submarket is comprised of
587,577 square feet, and the average asking rents
vary depending on the quality of the building, with
range from $23 to $31 per square foot gross.
Miami’s unemployment rate decreased by 2.8% to
3.2% as compared to the national average of 3.9%
in 2018. As a result, according to the Bureau of
Labor statistics, Miami ranked second in the U.S.
for highest year-over-year job growth (4.2% vs.
national average of 1.7%) which contributed to the
overall solid performance of the office market.
PAGE|24Privileged and Confidential
DISCLAIMER
purchaser is to rely upon its own investigation, evaluation and
judgment as to the advisability of purchasing the Property described
herein.
The Owner expressly reserves the right, at its sole discretion, to reject
any or all expressions of interest or offers to purchase the Property
and/or terminate discussions with any party at any time with or without
notice. Owner shall have no legal commitment or obligation to any
purchaser reviewing this Offering Memorandum or making an offer to
purchase the Property unless a written agreement for the purchase of
the Property has been fully executed, delivered, and approved by the
Owner and any conditions to Owner’s obligations thereunder have
been satisfied or waived. Blanca Commercial Real Estate is not
authorized to make any representations or agreements on behalf of
Owner.
This Offering Memorandum is-the property of Blanca Commercial Real
Estate and may be used only by parties approved by Blanca
Commercial Real Estate. The Property is privately offered and by
accepting this Offering Memorandum, the party in possession hereof
agrees that this Offering Memorandum and its contents are of a
confidential nature and will be held and treated in the strictest
confidence. No portion of this Offering Memorandum may be copied
or otherwise reproduced or disclosed to anyone without the prior
written authorization of Blanca Commercial Real Estate and Owner.
The terms and conditions set forth apply to this Offering Memorandum
in its entirety.
Blanca Commercial Real Estate(“Blanca”) has been retained as exclusive
real estate agent regarding the sale of 5803 NW 151st Street, Miami
Lakes, FL (“Property”).
This confidential Offering Memorandum was prepared by Blanca
Commercial Real Estate, and has been reviewed by Owner. It contains
selected information pertaining to the Property and does not purport to be
all-inclusive, nor to contain all the information that a prospective purchaser
may desire. All financial projections are provided for general reference
purposes only and are based on assumptions relating to the general
economy, competition and other factors that, therefore, are subject to
material change or variation. An opportunity to inspect the Property will be
made available to qualified prospective purchasers.
Sources of information contained within this Offering Memorandum
include, but are not limited to: Beacon Council, CoStar, Florida
Department of Labor, and the US Census Bureau.
In this Offering Memorandum, certain documents including leases and
other materials, are described in summary form and do not purport to be
complete, nor necessarily accurate, descriptions of the full agreements
involved, nor do they constitute a legal analysis of such
document. Interested parties are expected to independently review all
documents.
This Offering Memorandum is subject to prior placement, errors,
omissions, changes or withdrawal without notice and does not constitute a
recommendation, endorsement, or advice as to the value of the Property
by Blanca Commercial Real Estate or the Owner. Each prospective