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16320 NORTHWEST 2nd AVENUE16320 Northwest 2nd Avenue • Miami, FL 33169
Offering Memorandum
1
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and DisclaimerThe 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 Marcus & Millichap Real
Estate Investment Services of Florida, Inc. ("Marcus & Millichap") and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This
Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation,
with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements,
the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the
financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing
Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has
Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information
provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate
Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or
name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product,
service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
16320 NW 2ND AVE
Miami, FL
ACT ID Z0390739
2
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
`Property Overview
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02
Tenant Summary
Operating Statement
Pricing Detail
MARKET COMPARABLES 03
Sales Comparables
Lease Comparables
MARKET OVERVIEW 04
Market Analysis
Demographic Analysis
16320 NW 2ND AVE
3
16320 NW 2ND AVE
4
INVESTMENT
OVERVIEW
16320 NW 2ND AVE
#
OFFERING SUMMARY
5
EXECUTIVE SUMMARY
EXPENSES
PRO FORMA $/SF
Utilities $210,000 $1.50
Contract Services $140,000 $1.00
Repairs & Maintenance $175,000 $1.25
Landscaping $12,000 $0.09
Insurance $181,166 $1.29
Real Estate Taxes $241,702 $1.73
Management Fee $79,800 $0.57
Total Expenses $1,039,668 $7.43
VITAL DATA
PRO FORMA
Price $14,000,000 CAP Rate 11.57%
Down Payment 100% / $14,000,000 Net Operating Income $1,620,332
Loan Type All Cash
Rentable SF 140,000
Price/SF $100.00
Current Occupancy 0.0%
Year Built 1987
Lot Size 7.93 acre(s)
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2017 Estimate Pop 20,016 219,241 511,103
2010 Census Pop 18,403 200,839 467,689
2017 Estimate HH 6,310 68,328 169,428
2010 Census HH 5,922 63,859 157,232
Median HH Income $39,093 $38,379 $40,298
Per Capita Income $16,824 $16,050 $19,567
Average HH Income $52,997 $51,084 $58,494
SITE DESCRIPTION
Property 16320 NW 2nd Ave
Number of Floors 2
Ownership Fee Simple
Zoning RU-5A
Assessors Parcel Numbers 30-2113-000-0121, 30-2113-000-0130, 30-2113-000-0140
PROPERTY OVERVIEW
16320 NW 2ND AVE
PROPERTY OVERVIEW
Marcus & Millichap is proud to present 16320 NW 2nd Ave, a two-story office Building in Miami-Dade County. This office building is situated on an
impressive 7.93 Acres or 345,549 square feet of land and offers 140,000 square feet of rentable space. The property is currently 100% vacant which allows
for an investor to lease up the building at attractive market rent. This building is also available for lease at competitive market rents. This is also a great
owner-user opportunity to control an asset in a strategic location in Miami-Dade county. This office building provides a great value add opportunity for a
redevelopment project.
This office building is within an RU-5A semi-professional office zoning district, which allows for a maximum height of two stories or 24 feet, whichever is
less. The property currently generates $35,000 per month from leasing parking space, which has an above average parking ratio of 4.89 per 1,000 square
feet. This office building was previously leased to the Federal Bureau of Investigation (FBI). The interior of the building can be reconfigured and used as
open floor space or private offices. This office building is ideal for professional, government agencies or medical tenants. Strategically located between
Miami and Fort-Lauderdale, the property offers excellent access to major expressways including I-95, the Palmetto Expressway (826) and the Florida
Turnpike. This office building is located in the heart of the Golden Glades interchange, the confluence of five major highways including U.S Route 441,
Florida’s Turnpike, the Palmetto Expressway, SR-9, and Interstate 95.
PROPERTY OVERVIEW
▪ Great Value add Opportunity for a Redevelopment Project
▪ Zoned RU-5A
▪ Excellent Access to I-95, the Palmetto Expwy and the Florida Turnpike
▪ Above Average Parking Ratio of 4.89 : 1,000 SF
▪ Ideal Office Building for Professional, Government Agencies, or Medical Tenants
▪ Available Space for Lease At Competitive Market Rent
6
PROPERTY OVERVIEW
16320 NW 2ND AVE
ZONING: RU-5A, SEMI-PROFESSIONAL OFFICE DISTRICT
▪ Great Value add opportunity for a redevelopment project
▪ Excellent access to I-95, the Palmetto Expwy and the Florida Turnpike
▪ Above Average Parking Ratio of 4.89 : 1,000 SF
▪ Ideal Office Building for Professional, Government Agencies, or Medical Tenants
7
What is Zoning? Zoning controls the use and development of land and buildings for the health, welfare and safety of the community.
What is Setback? A setback is the required minimum horizontal distance between the front, sides, and rear of the lot to the building.
What is Lot Coverage? It is the percentage of the overall area of the site that the building occupies (building area under roof at ground level/total lot area = lot coverage
percentage).
What is Floor Area Ratio? It is the floor area of the building or buildings on any lot divided by the area of the lot (total floor area /total lot area = floor area ratio)
Can I have a retail use in the RU-5A district? No, only semi-professional office uses such as an accounting office or a doctor’s office are permitted in this district. See Section
33-223.6 of the Miami-Dade County Zoning Code for specific uses permitted.
Can I operate an office in conjunction with a single family residence? Yes, see Section 33-223.10(d).
Maximum Lot Coverage: Maximum lot coverage shall be 40% of net lot area.
Minimum Lot Area, Frontage: Minimum area of land shall be not less than 10,000 square feet, having a minimum frontage of 75 feet.
Building Height and # of Stories, Floor Area Ratio (FAR) and Open Space
The maximum height of any structure in this district shall be 2 stories but not to exceed 24 feet. FAR shall not exceed .40 at 1 story and .60 at 2 stories. Minimum 25% open
space required. Landscaping and trees required shall be as per Chapter 18A of the Miami-Dade County Code.
Principal Building Setbacks
•Front 25’
•Rear 25’
•Interior side 15’
•Side street 15’
Type of Building Permitted
The building(s) to be erected shall be without store fronts or display windows.
Fences, Walls and Hedges
Maximum height permitted 6’*
A decorative masonry wall or wood fence compatible with the main structure, 5 feet in height, shall be erected along all interior property lines including the rear property
line. In the event that the rear property line abuts a secondary street, the rear wall shall be set in 10 feet from the official right-of-way and said 10-foot strip shall then be
landscaped. Further, if the interior side property line abuts property zoned RU-5, RU-5A or a more liberal zoning district, the requirement for a wall along said common interior
property line shall not apply.
*In certain instances, the height may be limited to 2.5’ for visibility at intersections or within 10’ of either side of driveway.
PROPERTY OVERVIEW
16320 NW 2ND AVE
ZONING: RU-5A, SEMI-PROFESSIONAL OFFICE DISTRICT
8
Sec. 33-223.6. - Uses permitted.
No land, body of water or structure shall be used, or permitted to be used, and no structure shall be hereafter erected,
constructed, reconstructed, moved or structurally altered or maintained for any purpose in an RU-5A District which is designed, arranged, or intended to be used or
occupied for any purpose, except for one (1) or more of the following uses, and all other uses are hereby prohibited:
(1) Abstract tile
(2) Accountants—bookkeeping
(3) Actuaries
(3.1) Adult day care center
(4) Advertising (no shops)
(5) Adjusters (insurance)
(6) Aerial survey and photography
(7) Appraisers—no sale or rental of any type of merchandise or equipment
(8) Architects
(8.1) Arts foundations as defined in Section 33-1(9.1), subject to the following conditions:
(A) That the main offices of the foundation, related lecture and seminar rooms, together with the art exhibition space, shall be the principal uses located on the
premises, occupying in excess of 50% of the ross floor area. Related art exhibition space shall be ancillary to the principal uses.
(B) That the art display areas shall be for the exhibition of artwork created by artists who are sponsored by the foundation, and all artwork displayed shall be of the
visual arts only.
(C) That all art exhibitions shall be conducted within the principal structure.
(D) That there shall be a maximum of six art shows per year.
(E) That off-street parking requirements for the art display area shall be calculated at one parking space for every 250 square feet, or fractional part thereof. Office
and other use areas shall have off-street parking spaces provided for such areas as otherwise provided in this Code.
(F) That the sale of art shall be prohibited.
(9) Attorneys
(10) Auditors
(10.A) Banks, excluding drive-thru banking facilities
(11) Banks, including drive-thru banking facilities, upon approval after public hearing on:
(A) office complex sites of three (3) acres or more, or
(B)On sites of one (1) acre or more located adjacent to a section line road.
(12) Business analysts—counselors or brokers
(13) Building contractors, office only (no shop or storage)
(14) Chiropodists
(15) Chiropractors
(16) Consulates
(17) Counseling, child guidance and family service
(18) Court reporter, public stenographer
(19) Credit reporting
(19.A) Day nursery, kindergarten and afterschool care licensed by the State of Florida Department of Health and
Rehabilitative Services and established in accordance with the requirements of Article XA.
(20) Dentist
(21) Detective agencies and investigating service
(22) Drafting and plan service
PROPERTY OVERVIEW
16320 NW 2ND AVE
ZONING: RU-5A, SEMI-PROFESSIONAL OFFICE DISTRICT
9
Sec. 33-223.6. - Uses permitted.
(23) Engineers, professional
(24) Insurance and bonds
(25) Manufacturers agents
(26) Market research
(27) Medical doctors
(27.A) Medical Allied Training Facility that on a site of two net acres or more.
(A) That such uses shall be located on sites having frontage on a major access road, including major
roadways (three or more lanes) and frontage roadways serving limited access highways and
expressways;
(B) That no ingress/egress driveways be located other than from the major access road as indicated in (a)
above;
(C) That the hours of operation be limited to 8:00 a.m. to 10:00 p.m. Monday through Friday; 9:00 a.m. to
4:00 p.m. on Saturdays;
(D) That the number of students be limited to no greater than 100 students per session;
(E) That a maximum of 2 sessions be conducted daily.
(28) Model agencies (no school)
(29) Mortgage broker
(30) Notary public
(31) Optician
(32) Optometrist
(33)Public libraries
(34) Public relations
(35) Real estate
(36) Real estate management
(37) Secretarial service
(38) Shoppers information service
(39) Social service bureau
(40) Stock brokers exchange—investment service
(41) Tax consultants
(42) Telephone answering service
(43) Theater ticket agencies
(44) Travel agencies
(45) Zoning consultants
(46) Any use which is found by the Director to be a use similar to one (1) of the
above numbered uses and, in his opinion, conforms to the intent of this section.
PROPERTY OVERVIEW
16320 NW 2ND AVE
1st FLOOR PLAN
10
PROPERTY OVERVIEW
16320 NW 2ND AVE
11
2st FLOOR PLAN
REGIONAL MAP
16320 NW 2ND AVE
12
LOCAL MAP
16320 NW 2ND AVE
13
AERIAL PHOTO
14
16320 NW 2ND AVE
PROPERTY PHOTO
16320 NW 2ND AVE
15
PROPERTY PHOTO
16320 NW 2ND AVE
16
PROPERTY PHOTO
16320 NW 2ND AVE
17
16320 NW 2ND AVE
18
FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
16320 NW 2ND AVE
19
TENANT SUMMARY
Notes
- Pro Forma rent assumes $20 per square foot Full Service Gross
- The property currently generates $35,000/month from leasing parking space
Lease Dates
Tenant Name
Suite
Square
Feet
%
Bldg.
Share Comm. Exp.
Annual
Rent per
Sq. Ft.
Total Rent
Per Month
Total Rent
Per Year
Pro Forma
Rent Per
Year
Lease
Type
Renewal Options
and Option Year
Rental Information
Vacant A 140,000 100.0% $0.00 $0 $0 $2,800,000 FSG
Total 140,000 $0.00 $0 $0 $2,800,000
Occupied Tenants: 0
Unoccupied Tenants: 1 Occupied GLA: 0.00%
Unoccupied GLA:
100.00%
Total Current Rents: $0
Occupied Current Rents:
$0
Unoccupied Current
Rents: $0
FINANCIAL ANALYSIS
16320 NW 2ND AVE
OPERATING STATEMENT
20
Notes
- The property currently generates $35,000/month from leasing parking space
- Contract Service expense include: janitorial, elevator maintenance, phone & internet and waste
- Utility expenses include water & sewer and electricity
- Real Estate taxes are based on proposed value
- Management fee is based on EGR
Income Pro Forma Per SF
Scheduled Base Rental Income 2,800,000 20.00
Total Reimbursement Income $0 0.0% $0.00
Potential Gross Revenue 2,800,000 20.00
General Vacancy (140,000) 5.0% (1.00)
Effective Gross Revenue $2,660,000 $19.00
Operating Expenses Pro Forma Per SF
Utilities 210,000 1.50
Contract Services 140,000 1.00
Repairs & Maintenance175,000 1.25
Landscaping12,000 0.09
Insurance 181,166 1.29
Real Estate Taxes 241,702 1.73
Management Fee 79,800 3.0%
0.57
Total Expenses $1,039,668 $7.43
Expenses as % of EGR 39.1%
Net Operating Income $1,620,332 $11.57
FINANCIAL ANALYSIS
16320 NW 2ND AVE
PRICING DETAIL
21
Operating Data
Income Pro Forma
Scheduled Base Rental Income $2,800,000
Potential Gross Revenue $2,800,000
General Vacancy 5.0% ($140,000)
Effective Gross Revenue $2,660,000
Less: Operating Expenses 39.1% ($1,039,668)
Net Operating Income $1,620,332
Capital Expenditures ($3,500,000)
Cash Flow ($1,879,668)
Net Cash Flow After Debt Service -13.43% ($1,879,668)
Total Return -13.43% ($1,879,668)
Operating Expenses Pro Forma
CAM $537,000
Insurance $181,166
Real Estate Taxes $241,702
Management Fee $79,800
Total Expenses $1,039,668
Expenses/Suite $1,039,668
Expenses/SF $7.43
Returns Pro Forma
CAP Rate 11.57%
Notes
- The property currently generates $35,000/month from leasing parking space
- Contract Service expense include: janitorial, elevator maintenance, phone & internet and waste
- Utility expenses include water & sewer and electricity
- Real Estate taxes are based on proposed value
- Management fee is based on EGR
Summary
Price $14,000,000
Down Payment $14,000,000
Down Payment % 100%
Number of Suites 1
Price Per SqFt $100.00
Rentable Built Area (RBA) 140,000 SF
Lot Size 7.93 Acres
Year Built/Renovated 1987
Occupancy 0.00%
16320 NW 2ND AVE
22
MARKET
COMPARABLES
16320 NW 2ND AVE
SALES COMPARABLES MAP
23
16320 NW 2ND AVE
(SUBJECT)
1525 NW 167th St - Bldg 8
Park Centre
Sun International Bldg
801-851 NE 167th St
Venture Centre II
SALES COMPARABLES
1
2
3
4
5
PROPERTY NAME16320 NW 2ND AVE
SALES COMPARABLES
24
SALES COMPARABLES
Avg. $123.20
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
$160.00
$180.00
$200.00
16320 NW
2nd Ave
1525 NW
167th St -
Bldg 8
Park Centre Sun
International
Bldg
801-851 NE
167th St
Venture
Centre II
Average Price Per Square Foot
SALES COMPARABLES SALES COMPS AVG
PROPERTY NAME
MARKETING TEAM
16320 NW 2ND AVE
SALES COMPARABLES
rentpropertyname1
Space Available for Lease
address1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
25
SALES COMPARABLES
Asking Price $14,000,000
Price/SF $100.00
Pro Forma CAP Rate 11.57%
Year Built 1987
Occupancy 0%
Parking Ratio 4.89 / 1,000 SF
16320 NW 2ND AVE16320 NW 2nd Ave, Miami, FL, 33169
1
Close of Escrow 6/27/2017
Sales Price $5,050,000
Rentable SF 47,349
Price/SF $106.65
Year Built 1972
Occupancy 100%
1525 NW 167TH ST - BLDG 81525 NW 167th St, Miami, FL, 33169
2
Close of Escrow 2/7/2017
Sales Price $8,500,000
Rentable SF 57,105
Price/SF $148.85
Year Built 1987
Occupancy 89%
PARK CENTRE 1111 Park Centre Blvd, Miami, FL, 33169
PROPERTY NAME
MARKETING TEAM
16320 NW 2ND AVE
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
26
SALES COMPARABLES
3
Close of Escrow 1/30/2017
Sales Price $1,900,000
Rentable SF 15,655
Price/SF $121.37
Year Built 1962
Occupancy 85%
SUN INTERNATIONAL BLDG915 NE 125th St, North Miami, FL, 33161
4
Close of Escrow 6/15/2015
Sales Price $5,600,000
Rentable SF 45,728
Price/SF $122.46
Year Built 1973
Occupancy 69%
801-851 NE 167TH ST801 NE 167th St, Miami, FL, 33162
5
Close of Escrow 6/1/2015
Sales Price $7,000,000
Rentable SF 60,000
Price/SF $116.67
Year Built 1989
Occupancy 77%
VENTURE CENTRE II 16853-16855 NE 2nd Ave, North Miami Beach, FL, 33162
8
16320 NW 2ND AVE
LEASE COMPARABLES MAP
16320 NW 2ND AVE
(SUBJECT)
Centre Of Cosmetic Surgery
Kennedy Plaza
801-851 NE 167th St
1100 NE 163rd St
City Centre
Park Centre
909 Center
4
7
8
9
11
20
12
14
15
16
17
13
18
10
4
7
1
2
3
5
6
27
PROPERTY NAME16320 NW 2ND AVE
LEASE COMPARABLES
28
AVERAGE OCCUPANCY
0
10
20
30
40
50
60
70
80
90
100
Centre Of
Cosmetic
Surgery
Kennedy
Plaza
801-851 NE
167th St
1100 NE
163rd St
City Centre Park Centre 909 Center
Avg. 84.83%
PROPERTY NAME16320 NW 2ND AVE
LEASE COMPARABLES
29
AVERAGE RENT PER SQUARE FOOT
$0
$3
$6
$8
$11
$14
$17
$20
$22
$25
$28
Centre Of
Cosmetic
Surgery
Kennedy
Plaza
801-851 NE
167th St
1100 NE
163rd St
City Centre Park Centre 909 Center
Avg. $24
PROPERTY NAME
MARKETING TEAM
16320 NW 2ND AVE
LEASE COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
30
1
Survey Date 02/2019
Rentable SF 23,000
Available SF 2,901
Asking Rent/SF $25.00
Year Built 1983
Occupancy 87%
Lease Type Gross
Lot Size 1.16
CENTRE OF COSMETIC SURGERY16400 NW 2nd Ave, Miami, FL, 33169
2
Survey Date 02/2019
Rentable SF 40,434
Available SF 3,345
Asking Rent/SF $21.00
Year Built 1986
Occupancy 92%
Lease Type Gross
Lot Size 1.34
KENNEDY PLAZA160 NW 176th St, Miami, FL, 33169
Survey Date 02/2019
Rentable SF 45,728
Available SF 14,000
Asking Rent/SF $24.00
Year Built 1973
Occupancy 69%
Lease Type Gross
Lot Size 2.05
3
801-851 NE 167TH ST801 NE 167th St, Miami, FL, 33162
PROPERTY NAME
MARKETING TEAM
16320 NW 2ND AVE
LEASE COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
31
4
Survey Date 02/2019
Rentable SF 20,142
Available SF 633
Asking Rent/SF $24.00
Year Built 1967
Occupancy 97%
Lease Type Gross
Lot Size 0.59
1100 NE 163RD ST1100 NE 163rd St, North Miami Beach, FL, 33162
5
Survey Date 02/2019
Rentable SF 46,176
Available SF 0
Asking Rent/SF $25.00
Year Built 1986
Occupancy 100%
Lease Type Gross
Lot Size 1.54
CITY CENTRE290 NW 165th St, Miami, FL, 33169
Survey Date 02/2019
Rentable SF 57,105
Available SF 6,029
Asking Rent/SF $27.00
Year Built 1987
Occupancy 89%
Lease Type Gross
Lot Size 2.90
6
PARK CENTRE 1111 Park Centre Blvd, Miami, FL, 33169
PROPERTY NAME
MARKETING TEAM
16320 NW 2ND AVE
LEASE COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
32
7
Survey Date 02/2019
Rentable SF 32,000
Available SF 13,118
Asking Rent/SF $24.00
Year Built 1993
Occupancy 59%
Lease Type Gross
Lot Size 0.98
909 CENTER909 NE 163rd St, North Miami Beach, FL, 33162
16320 NW 2ND AVE
33
MARKET
OVERVIEW
MARKET OVERVIEW
MIAMI-DADEOVERVIEW
1
Miami-Dade County is a gateway to South American and Caribbean
markets and a tourist destination. The 2,400-square-mile county
extends from the Florida Everglades east to the Atlantic Ocean. It is
bordered to the north by Broward County and to the south by the
Florida Keys. The main portion of the city of Miami lies on the shores
of Biscayne Bay and is separated from the Atlantic Ocean by barrier
islands, the largest of which holds the city of Miami Beach. The metro,
with a population of roughly 2.7 million, is located entirely within
Miami-Dade County. Miami is the most populous city, with slightly
more than 440,700 residents, followed by Hialeah and Miami Gardens,
each with more than 100,000 people.
MARKET OVERVIEW
METRO HIGHLIGHTS
BUSINESS-FRIENDLY ENVIRONMENT
The metro has no local business or personal income
taxes, which attracts businesses and residents to
the area.
INTERNATIONAL GATEWAY
Miami is a gateway for international trading
activities, tourism and immigration, connecting to
airports and ports around the world.
MEDICAL COMMUNITY
The county contains the largest concentration of
medical facilities in Florida, drawing residents
needing services throughout the state.
16320 NW 2ND AVE
MARKET OVERVIEW
ECONOMY▪ Various industries provide a diverse economy. Trade, international finance, healthcare and
entertainment have become major segments in the local business community.
▪ A strong tourism industry has developed with ties to Latin America and the Caribbean.
▪ Tourism and trade depend on a large transportation sector. PortMiami and Miami
International Airport are both major contributors to employment and the economy.
▪ The Miami metro gross metropolitan product (GMP) expansion is expected to outpace the
U.S. GDP in 2018 and retail sales for the county are also rising.
SHARE OF 2017 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Baptist Health South Florida
University of Miami
American Airlines
Miami Children’s Hospital
Publix Supermarkets
Winn-Dixie Stores
Florida Power & Light Co.
Carnival Cruise Lines
AT&T
Mount Sinai Medical Center* Forecast
2
MANUFACTURING4%
GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+
OTHER SERVICES
5%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
25%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
2%INFORMATION
14%
4%
12% 12% 7%
16%
16320 NW 2ND AVE
MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
▪ The metro is expected to add nearly 117,400 people over the next five years. During
the same period, approximately 64,000 households will be formed, generating
demand for housing.
▪ The homeownership rate of 53 percent is below the national rate of 64 percent,
maintaining a strong rental market.
▪ The cohort of 20- to 34-year-olds composes 21 percent of the population.
Miami-Dade County has developed into a cosmopolitan urban area offering a vibrant
business and cultural community. The metro has an abundance of popular attractions.
Miami hosts the Capital One Orange Bowl and is home to several professional sports
teams, including the Miami Dolphins, the Miami Marlins and the Miami Heat. The county
has a broad array of cultural attractions, historic sites and parks. These include the
Adrienne Arsht Center for the Performing Arts, Zoo Miami and Everglades National Park.
The region is home to a vibrant and diverse culture, family-friendly neighborhoods, a
plethora of shops and restaurants, and beautiful weather and beaches. It also offers easy
access to Latin America and the Caribbean.
QUALITY OF LIFE
3
2017 Population by Age
0-4 YEARS
6%5-19 YEARS
17%20-24 YEARS
7%25-44 YEARS
28%45-64 YEARS
27%65+ YEARS
16%
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s
Analytics; U.S. Census Bureau
16320 NW 2ND AVE
39.7
2017MEDIAN AGE:
U.S. Median:
37.8
$44,300
2017 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$56,300
2.7M
2017POPULATION:
Growth2017-2022*
4.3%
940K
2017HOUSEHOLDS:
6.7%
Growth2017-2022*:
MARKET OVERVIEW
16320 NW 2ND AVE
37
MIAMI-DADE METRO AREA
Shifting Price Expectations Boost
Investor Interest in Suburban Assets
New high-end space has ripple effect across Miami. Rising employment and robust in-migration trends
are driving companies to expand across Miami-Dade County. Businesses are moving into new Class A
space at a greater pace than in recent years, situating their employees near transit, restaurants and other
amenities. Development of high-end offices lagged until last year, sparking a wave of expansion that will
continue through 2018 as more than 900,000 square feet is added to the market for the second consecutive
year. Rising rental rates for top-tier office space in the most in-demand submarkets has led some
companies to flee the urban core, giving way to improving fundamentals in the suburbs. Nearly all the office
properties opening this year will be outside of the urban core, leading companies in search of newly
constructed and highly amenitized space to the suburbs. This could push rents in some of these
submarkets beyond the modest 2 percent rise anticipated for the market as a whole.
Investors increasingly ready to cash out. A long-running economic cycle and limited expectations for
substantial price growth have motivated more investors to sell and capitalize on Miami’s swift appreciation
over the past five years. Investors are weighing the possibility of rising interest rates this year and the effect
they would have on property values. While transaction volume has steadily declined from the high of 2015, a
readjustment of pricing expectations and a rise in stabilized, well-maintained office properties on the market
could spark a reversal. Buyers have been highly active beyond the urban core, focusing on the employment
hubs of the Miami Airport submarket and the Aventura area. By year end, more than 1 million square feet of
office space will have been built in these areas since 2016, potentially creating opportunities for investors
focusing on newly constructed, stabilized assets. Initial yields remain attractive across the market, falling in
the low-5 to upper-7 percent band on average.
* Forecast
Sources: Marcus & Millichap Research Services; BLS; CoStar Group, Inc.
MARKET OVERVIEW
16320 NW 2ND AVE
38
MIAMI-DADE METRO AREA
2018 Market Forecast
Miami-Dade slides into the 14th position in the Index this year as other
markets move ahead.
A year-end hiring spree following Hurricane Irma resulted in job creation
totaling 35,300 in 2017. Employment growth will slow this year to 26,000 as
the labor market tightens.
Completions climb to their highest point since 2011 this year and surpass
the delivery of 900,000 square feet last year.
Net absorption edges past completions to drop the vacancy rate to 12.3
percent at year end, mirroring the 20-basis-point drop recorded in 2017.
Strong tenant demand contributes to the average asking rent rising beyond
the 0.8 percent pace registered in 2017 to $34.05 per square foot this year.
A high inventory of Class B/C assets in the Northeast Dade and Miami
Airport submarkets draws interest from buyers searching in the $1 million to
$10 million range. Vacancy in the low-double-digit area provides room for
operational improvements and increased cash flows.
* Forecast
Sources: Marcus & Millichap Research Services; CoStar Group, Inc.;
Real Capital Analytics
NOPI Rank
14, down 3 places
Employment
up 2.2%
Construction
1.1 million sq. ft.
Vacancy
down 20 bps
Rent
up 2.0%
Investment
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16320 NW 2ND AVE
MARKET OVERVIEW
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16320 NW 2ND AVE
MARKET OVERVIEW
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16320 NW 2ND AVE
MARKET OVERVIEW
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PROPERTY NAME
MARKETING TEAM
16320 NW 2ND AVE
DEMOGRAPHICS
Source: © 2017 Experian
Created on September 2018
POPULATION 1 Miles 3 Miles 5 Miles
▪ 2022 Projection
Total Population 20,177 217,543 515,491
▪ 2017 Estimate
Total Population 20,016 219,241 511,103
▪ 2010 Census
Total Population 18,403 200,839 467,689
▪ 2000 Census
Total Population 18,256 194,991 444,933
▪ Current Daytime Population
2017 Estimate 20,413 165,940 417,000
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2022 Projection
Total Households 6,584 70,311 177,145
▪ 2017 Estimate
Total Households 6,310 68,328 169,428
Average (Mean) Household Size 3.07 3.07 2.90
▪ 2010 Census
Total Households 5,922 63,859 157,232
▪ 2000 Census
Total Households 5,770 62,537 149,408
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2017 Estimate
$200,000 or More 1.47% 1.21% 2.56%
$150,000 - $199,999 2.03% 2.04% 2.49%
$100,000 - $149,000 7.08% 6.41% 7.93%
$75,000 - $99,999 9.74% 9.65% 9.72%
$50,000 - $74,999 17.80% 18.08% 18.10%
$35,000 - $49,999 16.24% 16.99% 15.23%
$25,000 - $34,999 11.89% 12.45% 12.11%
$15,000 - $24,999 17.74% 15.32% 14.25%
Under $15,000 13.84% 15.55% 15.17%
Average Household Income $52,997 $51,084 $58,494
Median Household Income $39,093 $38,379 $40,298
Per Capita Income $16,824 $16,050 $19,567
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population By Age
2017 Estimate Total Population 20,016 219,241 511,103
Under 20 27.30% 25.94% 25.23%
20 to 34 Years 23.80% 22.24% 21.93%
35 to 39 Years 5.94% 5.93% 6.20%
40 to 49 Years 12.44% 12.59% 12.99%
50 to 64 Years 19.76% 20.42% 19.85%
Age 65+ 10.76% 12.87% 13.81%
Median Age 34.19 36.49 37.27
▪ Population 25+ by Education Level
2017 Estimate Population Age 25+ 12,985 146,072 344,796
Elementary (0-8) 7.83% 8.17% 7.54%
Some High School (9-11) 10.76% 10.95% 10.01%
High School Graduate (12) 34.04% 33.00% 31.47%
Some College (13-15) 19.96% 19.46% 19.33%
Associate Degree Only 8.98% 9.17% 8.57%
Bachelors Degree Only 11.47% 11.27% 13.08%
Graduate Degree 4.51% 5.65% 7.67%
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PROPERTY NAME
MARKETING TEAM
16320 NW 2ND AVE
DEMOGRAPHICS
Source: © 2017 Experian
Created on September 2018
POPULATION BY
TRANSPORTATION TO WORK1 Miles 3 Miles 5 Miles
▪ 2017 Estimate Total Population
Bicycle 0.26% 0.30% 0.33%
Bus or Trolley Bus 8.32% 9.93% 7.40%
Carpooled 8.81% 9.57% 9.61%
Drove Alone 78.58% 75.95% 77.33%
Ferryboat 0.00% 0.00% 0.01%
Motorcycle 0.00% 0.03% 0.06%
Other Means 0.54% 0.55% 0.68%
Railroad 0.11% 0.19% 0.14%
Streetcar or Trolley Car 0.00% 0.01% 0.00%
Subway or Elevated 0.02% 0.13% 0.09%
Taxicab 0.80% 0.34% 0.23%
Walked 0.26% 0.98% 1.11%
Worked at Home 2.30% 2.03% 3.02%
POPULATION BY TRAVEL TIME TO
WORK1 Miles 3 Miles 5 Miles
▪ 2017 Estimate Total Population
Under 15 Minutes 10.67% 10.07% 11.84%
15 - 29 Minutes 38.04% 35.23% 34.75%
30 - 59 Minutes 36.04% 38.74% 36.68%
60 - 89 Minutes 4.87% 6.69% 6.25%
90 or More Minutes 2.05% 2.15% 2.02%
Worked at Home 2.30% 2.03% 3.02%
Average Travel Time in Minutes 32 33 33
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DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2017 Estimate Pop 20,016 219,241 511,103
2010 Census Pop 18,403 200,839 467,689
2017 Estimate HH 6,310 68,328 169,428
2010 Census HH 5,922 63,859 157,232
Median HH Income $39,093 $38,379 $40,298
Per Capita Income $16,824 $16,050 $19,567
Average HH Income $52,997 $51,084 $58,494
Income
In 2017, the median household income for your selected geography is
$39,093, compare this to the US average which is currently $56,286.
The median household income for your area has changed by 25.49%
since 2000. It is estimated that the median household income in your
area will be $44,134 five years from now, which represents a change
of 12.89% from the current year.
The current year per capita income in your area is $16,824, compare
this to the US average, which is $30,982. The current year average
household income in your area is $52,997, compare this to the US
average which is $81,217.
Population
In 2017, the population in your selected geography is 20,016. The
population has changed by 9.64% since 2000. It is estimated that the
population in your area will be 20,177.00 five years from now, which
represents a change of 0.80% from the current year. The current
population is 46.57% male and 53.43% female. The median age of
the population in your area is 34.19, compare this to the US average
which is 37.83. The population density in your area is 6,380.94 people
per square mile.
Households
There are currently 6,310 households in your selected geography. The
number of households has changed by 9.36% since 2000. It is
estimated that the number of households in your area will be 6,584
five years from now, which represents a change of 4.34% from the
current year. The average household size in your area is 3.07 persons.
Employment
In 2017, there are 12,972 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
49.54% of employees are employed in white-collar occupations in
this geography, and 49.26% are employed in blue-collar occupations.
In 2017, unemployment in this area is 6.59%. In 2000, the average
time traveled to work was 32.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
18.22% White, 73.52% Black, 0.07% Native American and 1.90%
Asian/Pacific Islander. Compare these to US averages which are:
70.42% White, 12.85% Black, 0.19% Native American and 5.53%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 18.63% of the current year
population in your selected area. Compare this to the US average of
17.88%.
PROPERTY NAME
MARKETING TEAM
16320 NW 2ND AVE
Housing
The median housing value in your area was $182,103 in 2017,
compare this to the US average of $193,953. In 2000, there were
3,056 owner occupied housing units in your area and there were
2,714 renter occupied housing units in your area. The median rent at
the time was $520.
Source: © 2017 Experian
DEMOGRAPHICS
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DEMOGRAPHICS
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