10
PRESENTED BY COMMERCIAL RETAIL/FLEX OFFICE SPACE 50 NE 62 STREET | FOR SALE
PRESENTED BY COMMERCIAL
RETAIL/FLEX OFFICE SPACE50 NE 62 STREET | FOR SALE
EXECUTIVE SUMMARY
HIGHLIGHTS
Lot Size: 4,127 SF
District, Wynwood, Edgewater, and more
Minutes from Miami Int’l Airport + the beaches
Asking Price: $1,350,000
Gross Leasable Area: 3,574 SF
Within minutes from MiMo, Miami Design
Close to I-95 and all major expressways
Metro1 is excited to offer this “turn-key” Retail/Flex creative office building at 50 NE 62nd St. The building was recently remodeled with new bathrooms, roof, A/C, impact resistant windows, roll up doors covers, exterior video surveillance cameras and lighting as well as interior security per-wiring. The property has gated on site parking along with an eye-catching creative black/white paint scheme. Centrally located in Little Haiti, a vibrant and culturally emerging neighborhood with endless growth opportunity on the horizon. The building is within close driving distance of Design District, Wynwood and MIMO. The 62nd Street corridor has direct access to I-95 and Biscayne Boulevard. The planned Magic City Innovation District is just to the east which will bring progress and tens of thousands of residents and new visitors to the area.
PAG
E 2Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
RETAIL/FLEX OFFICE
50 NE 62 STREET
FOR SALE
Jack ConradSales [email protected]
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FLOOR PLAN
LEASEDHITS ONLY LLC
SPACE AVAILABLE:1,850 SF
N.E
. 62
STRE
ET
N.E. MIAMI CT
PAG
E 3Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
RETAIL/FLEX OFFICE
50 NE 62 STREET
FOR SALE
Jack ConradSales [email protected]
PHOTO GALLERY
PAG
E 4Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
RETAIL/FLEX OFFICE
50 NE 62 STREET
FOR SALE
Jack ConradSales [email protected]
SUBJECTPROPERTY
CITY OFMIAMI FIRE
STATION
PIMAN BOUK
BAKERY
NOTRE DAME
D’HAITI CATHOLIC CHURCH
CARIBBEANMARKETPLACE
LAUNDROMAT
ART SPACE
LITTLE HAITI
CULTURALCENTER
INHALEMIAMI
MIMO/BISCAYNE
BLVD.
WESTAR
MAGIC CITYINNOVATION
DISTRICTMAGIC CITYINNOVATION
DISTRICT
MAGIC CITYINNOVATION
DISTRICT
N. MIAMI AVE
NE
62 S
TREE
T
PAG
E 5Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
RETAIL/FLEX OFFICE
50 NE 62 STREET
FOR SALE
Jack ConradSales [email protected]
TO MIAMI BEACHI-95
BISCAYNE BAY
N M
IAM
I AV
ENU
E
BISCAY
NE BO
ULEV
AR
D
IND
USTR
IAL D
ISTRICT
NW
2 AV
ENU
E
NE
4 CO
URT
NE 79 STREET
FEC TRAINTRACKS NE 71 STREET
NE 62 STREET
NE 59 STREET
NE 54 STREET
NE 50 STREET
NE 2 A
VEN
UE
SUBJECTPROPERTY
RAILTOO
LittleRiver
Studios
TENOVERSIX
MiMo
JIMMY’SEASTSIDEDINER
March 3, 2015
Avenues: The World School
(coming soon)
Passeo Miami: 448,000 SF294 Residential
27,000 SF Retail
Passeo Miami
CONTEXT MAP
PAG
E 6Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
RETAIL/FLEX OFFICE
50 NE 62 STREET
FOR SALE
Jack ConradSales [email protected]
The current assemblage spans approximately 18 acres and is located just north of Wynwood and the Design District, adjacent to the MiMo district and in Little Haiti / Little River.
Over the last four years, we have helped Little Haiti and Little River become more desirable and recognizable neighborhoods in Miami attracting artists, creatives, entrepreneurs and makers to our community.
We will provide Miami a walkable, campus-like neighborhood where individuals from diverse backgrounds can enjoy a quality life and help write the next chapter of history on how we live, work, play and learn together. Magic City will serve as a new model for future innovation districts and real estate development worldwide.
We will continue to attract a community of leading innovators who will disrupt and change the world through advancing technologies that span verticals from art to architecture, new-tech to clean-tech, fashion to food, media to film production, and software to sustainability.
A NEW URBAN COMMUNITY DEDICATED TO TECHNOLOGY, SUSTAINABILITY, HEALTH & WELLNESS,
AND ART & ENTERTAINMENT.
MAGICCIT YDISTRICT.COM
PAG
E 7Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
RETAIL/FLEX OFFICE
50 NE 62 STREET
FOR SALE
Jack ConradSales [email protected]
Inspired by the great public gathering spaces around the world, The Citadel is a daily destination offering local artisanal foods, handcrafted cocktails, maker driven retail, and culturally immersive experiences unlike anything Miami has ever seen before. This is where creativity, craftsmanship, and community all share a seat at the table.
THE CITADEL opening block party.
PAG
E 8Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
RETAIL/FLEX OFFICE
50 NE 62 STREET
FOR SALE
Jack ConradSales [email protected]
Asking Price 1,350,000$ Land Size 4,127Land Price PSF 327.11$ Building Size 3,574Building Price PSF 377.73$ Market Rent 25$ Yield To Cost 5.91%Exit Cap Rate 6.50%Leasing Fees (5%) 4 Years on Average 6,468$ Vacancy Loss and Collection (5%) 21,409$
Pro Forma Assumptions
Blue Fill = Rollover rents at Fair Market ValueGreen Fill = Resigning Rate of Existing Tenant *Market Rent = $25 PSF Plus Triple Net (NNN)
Aging Summary 2019-2023Tenants % of Space Lease Type Size Rent PSF 2019 2020 2021 2022 2023 2024 EXITSouth Unit - Hits Only LLC 53.16% NNN Lease 1,900 20.00$ 38,000$ 39,140$ 40,314$ 47,500$ 48,925$ 50,393$ North Unit 46.84% NNN Lease 1,674 25.00$ 41,850$ 43,106$ 44,399$ 41,850$ 43,106$ 44,399$
3,574
Net Operating Income 79,850$ 82,246$ 84,713$ 89,350$ 92,031$ 94,791.42$ 1,458,329.46$ Cap Rate 5.91% 6.09% 6.28% 6.62% 6.82%
ExpensesTaxes 4,978$ 24,300$ 25,029$ 25,780$ 26,553$ 27,350$ Insurance 3,435$ 3,538$ 3,644$ 3,754$ 3,866$ 3,982$ Total 8,413$ 27,838$ 28,673$ 29,533$ 30,419$ 31,332$
PSF 2.35$ 7.79$ 8.02$ 8.26$ 8.51$ 8.77$
Return Metrics Investment Analysis 2019 2020 2021 2022 2023 2024Unlevered Cash Flow (1,350,000)$ 79,850$ 82,246$ 84,713$ 89,350$ 92,031$ 94,791$ IRR 6.60% Cap Rate 5.91% 6.09% 6.28% 6.62% 6.82% 7.02%Net Gain/Loss 631,309.74$ Duration 6 Years
*Current Tenant's Lease is about to expire and has expressed Interest in renewing
1,458,329$ Exit (Closing Costs 2% & Commissions 5%)
50 NE 62 ST
1,350,000-$
TENANTS ABSORB NNN
FINANCIALS
DOWNLOAD EXCEL SHEET
PAG
E 9Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
RETAIL/FLEX OFFICE
50 NE 62 STREET
FOR SALE
Jack ConradSales [email protected]
PRESENTED BY COMMERCIAL
RETAIL/FLEX OFFICE SPACE50 NE 62 STREET | FOR SALE
