Biscayne Blvd Value Add Redevelopment...The property at 7101 Biscayne Blvd is located in the MIMO District, in Miami’s Upper East Side, conveniently located between Midtown Miami,

2-Story Redev/Rehab | Value Add Play | Commercial Income | End User Purchase | Development Site

7101 Biscayne Blvd, Miami, FL 33138 | Offered by Brian Carter & David Nguah

Existing 2-story Retail/Office Opportunity

Perfect for end-user or Income-seeking Investor 7101 Biscayne Blvd | MIMO District| Miami’s Upper East Side

Douglas Elliman Real Estate, as exclusive listing agent, is pleased to offer this opportunity to redevelop a designated MIMO-

contributing property in the MIMO District of Miami’s Upper East Side. Perfect for an end-user seeking to restore the beauty

of this gem and take advantage of the amazing signage opportunity with exposure to over 51,000 + cars per day. Also great

for investors to add additional development of residences/rentals, office, or retail, for an income producing commercial asset.

Existing 2-story office or retail building of 6,979 SF on a 10,900 SF lot on Biscayne Blvd with ability to add buildable square

feet up to three (3) stories (35’ maximum). Potential to sell any unused development rights and use proceeds to renovate or

redevelop/expand the existing structure. Current office use but multiple uses possible under Miami 21 T5-O zoning.

For investors, potential for a 6% Cap Rate. If renovated or redeveloped and leased at $30/SF NNN, the proforma NOI would

be $3.48 mm +/- at a 6% Cap Rate; by also netting the sale of development rights to fund capital improvements.

Sale of Dev Rights (TDR’s & TDD’s) possible to

help fund redevelopment & renovation costs.

Biscayne Blvd Value Add Redevelopment

Offered at $3.26 mm

Up to $600,000 in sellable development rights!



OFFERED AT: $3.26 mm.

Folio #: 01-3207-032-0710

Reduce Cost Basis by Selling TDR’s & TDD’s: Sell Development Rights * & use proceeds for

reduction in rehab and/or redevelopment costs

Total Building SF: 6,979 SF (Year Built: Front: 1939 & Additions: 1962)

(Building is ‘Contributing’ & may not be demolished) **

Total Lot SF: 10,900 SF

Dimensions: Front Feet: 100’ on Biscayne

Depth: 109’ East to West on NE 71st Street

Density: Develop up to 16.26 units by right if residential or

Develop up to 32 units if hotel/short-term lodging

Zoning: T5-O & MIMO Overlay District ***

Building Height: Build up to 35’ in height per MIMO District *

*Sell Development Rights: Sell up to 80,000 +/- TDR’s if no excess development is added

In-place. Valued at $240,000. *

Sell up to 16 units (TDD rights worth) at a value between

$200,000 to $360,000 in value. *

T5-O Zoning: Zoning allows by Right 5-stories of development; but

The MIMO District limits development heights to 35’.

* The sale of any develop rights (TDR’s & TDD’s) require that the proceeds received be used in the property only for in place

redevelopment or redevelopment/renovation and there is a formal City process for application, tracking and verification of this

process and use of funds received from sale of rights. All rights sales are limited by the extent of documented improvements

value to be used in the property only. The benefit of the cash flow received is restricted to the improvement property. If a

buyer were to only rehab the property, there is up to a combined $240,000 to $600,000 in value which may be recognized for

those renovations, subject to documented improvements. Any expansion of the buildable square feet of the current building

improvements beyond the current size and/or addition of residential units would reduce the TDR’s and TDD’s, respectively,

and thus would reduce the potential cash which may be raised from such sales respectively.

** The existing building has been designated in the MIMO District as ‘Contributing’. As such, the façade of the building

cannot be torn down on the Biscayne facing side as well as the north and south sides.

*** T5-O by right allows for up to 5 stories by right, however the MIMO District restricts development up to 35 feet. Under

Miami 21, due to this restriction, the creation and calculation of sellable development rights was created so owners my

recognize value due to this height restriction to bring value back to a property to improve the property.



T5-O Zoning allows the following uses:

Residential,

Community Residence,

Multi-Family Residential,

Dormitory, Home Office,

Live-Work, Work-Live,

Hotel, Inn, Bed & Breakfast,

Office,

Entertainment Establishments,

Food Service Establishment,

General Commercial,

Recreational Facility,

Pre-school,

Research Facility & Learning Center,

…as well as many more by Exception

Process & Approval.

Great Signage Visibility!

Sleek & modern MIMO look for project

or development design

Over 51,000 + Cars per Day will see any

potential signage on the building.

Easy access in and out of parking on NE

71st Street due to 4-way signalized stop.

Great opportunity for retail, creative or

shared office spaces

Close to food options of the MIMO

District as well as around Citadel and

other offerings in Miami’s Upper East

Side.

Ample onsite parking.



Location, Neighborhood & Demographics:

The property at 7101 Biscayne Blvd is located in the MIMO District, in Miami’s Upper East Side, conveniently located between

Midtown Miami, the Design District, Little Haiti, Little River and Aventura, all just north of Miami’s Downtown, Edgewater &

Wywnwood Districts.

The MIMO District is known for his MIMO-style buildings and hotels and the resurgence of boutique retail and dining options

for foodies. The notable residential communities supporting this business district are Buena Vista, Bay Point, Morningside,

Bayside, Belle Meade, Shorecrest, El Portal, Miami Shores, and Eastern Shores among others.

The location offers convenient access to the beaches via NE 79th & NE 36th Street and I-95/Interstate access via NE 38th,

62nd, 79th & 103 Streets.

Notable Statistics* for defined area:

Area: 26 SF Miles

Total

Population 137,557

Households 62,989

Median Age 36

Avg House Hold Size: 2.36

Avg House Hold Income: $75,624

Great retail and office location central to high

end neighborhoods, homes and earners.

* 2013-2017 Data provided by ESRI® as

provided by the US Census.

7101 Biscayne Blvd.



Comparable Sales, Notable Sales, & Valuation Metrics:

On the next two pages are eight (8) closed sales on Biscayne Blvd in the MIMO District from 2017 until today. The

summary of these sales are as follows:

Building: Land:

Valuation Matrix:

The valuation matrix shows the property, without the development rights at pricing between $2.1 to $3.3 mm. If a buyer

were to only rehab the property and sell off the development rights (TDR’s & TDD’s), there is up to a combined $600,000 in

value which may be recognized for those renovations, subject to documented improvements. Since these funds would be

put into improving the property, they can be netted against an adjusted purchase price. This would bring the valuation up

to between $2.7 mm, applied to the lowest median value above, and $3.3 mm, not applying any value to the average

building value.

Offered at: $3.26 mm

Income approach.

After renovations, if the property were leased at $30/SF NNN, and the square footage were the same, and development

rights sold off to fund the improvements:

Building SF: 6,979 SF

Rent/SF: $30/SF NNN after renovated

Proforma NOI: $209,370/year or $17,447.50/month (net)

Assumed Cap Rate: 6.0%

Proforma Valuation: $3,489,500

Owner Benefit: Cost reductions save by selling development rights

(TDR’s & TDD’s) valued at $640,000 to $980,000.

Offered at: $3.26 mm

Average $P/SF Building 481.7$ Average $P/SF Land 207.6$

Median $P/SF Building 313.5$ Median $P/SF Land 192.2$

SF Average Median

Land 10,900 2,262,833$ 2,095,147$

Building 6,979 3,361,766$ 2,187,917$

7101 Biscayne



Comparable Sales / Closed Sales List (page 1 of 2):

1 Sold Nov 2019 ･ $1.6M($283/SF)

4.96% Cap Rate ･ 461 Days on Market

645-649 NE 79th St

Miami, FL 33138 ･ 647 NE 79 ST

5,560 SF Storefront Retail/Office

Built 1936

$P/SF Building 282.6$

$P/SF Land 192.2$

2

Sold Sep 2019 ･ $2.6M($356/SF)

Investment

6621 Biscayne Blvd

Miami, FL 33138

9,000 SF Storefront Retail ･ Built 1936

1031 Exchange


$P/SF Land 237.0$

3 Sold July 2019 ･ $1.6M($798/SF)


7521 Biscayne Blvd

Miami, FL 33138

1,943 SF Storefront Retail/Office

Built 1948


$P/SF Land 237.2$

4 Sold Dec 2018 ･ $4.1M($286/SF)

Owner User ･ 506 Days on Market

7610 Biscayne Blvd

Miami, FL 33138

14,139 SF Office ･ Built 1951

High Vacancy Property


$P/SF Land 293.5$



Comparable Sales / Closed Sales List (page 2 of 2):

5 Sold April 2018 ･ $509K($267/SF)

7228-7232 Biscayne Blvd

Miami, FL 33138

1,907 SF Storefront Retail/Residential

Built 1941


$P/SF Land 67.9$

6 Sold July 2017 ･ $1.6M($341/SF)

Investment ･ Part of a 2 Property Sale

8411 Biscayne Blvd

Miami, FL 33138 ･ Multi-Property Sale

4,735 SF Medical Office ･ Built 1936


$P/SF Land 176.3$

7 Sold May 2017 ･ $2.3M($726/SF)


8001 Biscayne Blvd

Miami, FL 33138 ･ Paulie Gee's

3,100 SF Restaurant ･ Built 1941


$P/SF Land 139.6$

8 Sold May 2017 ･ $2.3M($1K/SF)

Owner User - Buyer "Sudsies"

6100 Biscayne Blvd

Miami, FL 33137

2,200 SF Freestanding Retail ･ Built 1963


$P/SF Land 177.4$



OPPORTUNITY TO DEVELOP A LARGER ASSEMBLAGE!

Potential for over 300 + Front Feet on Biscayne Blvd.

LARGER ASSEMBLAGE POTENTIAL: Request the separate Offering Memorandum for full details.

Density: Develop up to 41.24 units by right if residential or

Develop up to 82.48 units if hotel/short-term lodging

Addresses: 7101 as well as 7011, 7015, 7021 & 7029 Biscayne Blvd.

Total Building SF: 6,979 SF (Year Built: Front: 1939 & Additions: 1962)

(Building is ‘Contributing’ & may not be demolished) **

Total Lot SF: 10,900 SF & 16,734 SF respectively.

Dimensions: Front Feet: 300+’ on Biscayne Blvd w/ closure of NE 71st.

Depth: 109’ +/- East to West on NE 71st Street



DEVELOP MIXED USE RENTALS or HOTEL, RETAIL, & OFFICE

Zoning/Building Height: T5-O & MIMO Overlay District ***

Zoning allows by right 5-stories of development; but

The MIMO District limits development heights to 35’.

Build up to 35’ in height per MIMO District

Sell Development Rights: Sell up to 130,000 +/- of combined excess TDR’s if unused.

Valued at more than $390,000 * which may only be

used in the rehab, renovation and redevelopment of the

properties.

(*) Request calculations from listing agents.

Assemblage Offering: $6.9 mm.

Includes: 6,979 SF 2-story office for renovation +

Development potential and ability to

build up to 41 +/- rental apartments or

build up to 82 +/- hotel/short-term rentals, all above

Street-level retail & store-front

Request the separate Offering Memorandum for full details.

Conceptual rendering. No plans created nor submitted.



HOW WOULD YOU MAKE YOUR MARK ON BISCAYNE?

FOR MORE INFORMATION, CONTACT:

Brian Carter, P.A., MBA, CCIM David Nguah, P.A. Licensed Real Estate Broker-Associate Realtor®-Associate

[email protected] [email protected]

305.582.2424 786.200.3966

NOTE: All information is subject to errors, omissions, change and withdrawal without notice. Douglas Elliman Real Estate makes no representations

or warrantees to this 3rd party information contained herein. Buyers should understand this information is proforma in nature and should perform their

own due diligence and research before making a decision to purchase. Any Comp Data was selected from Co-Star / LoopNet and subject to input

error and change without notice. Any zoning and development information was take from Miami 21 Zoning Codes as adopted May 2010 and January

2011. Buyers should perform their own inspections, due diligence and work with an architect and zoning expert and verify any and all information

subject to any other restrictions prior to making a purchase decision.

mailto:[email protected]

Documents

Biscayne Blvd Value Add Redevelopment...The property at 7101 Biscayne Blvd is located in the MIMO District, in Miami’s Upper East Side, conveniently located between Midtown Miami,