For Sale 665 S Orange Avenue

Transcription

1 For Sale 665 S Orange Avenue Contact: John B. Harshman, Broker Phone: Fax: Main St., Sarasota, FL jbh@harshmanrealestate.com

2 N Tamiami Trail (US 41) Subject N Washington Blvd (US 301) Interstate 75

3 665 S Orange Avenue CONTENTS Property Information Broker Notice Property Summary Rent Roll Floor Plans Aerial Photo Tax Map Sarasota County Property Data Sarasota County Building Information Survey Appendices Zone District Map City of Sarasota DTE Zoning Code Exterior Building Images

4 IMPORTANT NOTICE The information contained herein, while based upon data supplied by the seller and obtained form other sources deemed reliable, is subject to errors or omissions and is not, in any way, warranted by Harshman & Company, Inc. or by any agent, independent associate or employee of Harshman & Company. Harshman & Company, Inc. (Broker) hereby notifies prospective buyers that it shall be the buyer s responsibility to verify any and all representations made by seller and/or Broker regarding the property, its condition, improvements, utilities, zoning, insurability, conformance and/or compliance with federal, state and local laws as well as all restrictions of any applicable owner s association, boundaries and use. Buyer recognizes that the Broker is not an expert in legal, tax, financial, appraising, surveying, structural conditions, hazardous materials, engineering or other areas. Exclusive Right of Sale Listing Harshman & Company, Inc. is the Exclusive Listing Agent for the subject property and is presenting this property to Qualified Principal Buyers with expertise in real estate investment and development. Inquiries regarding the property described herein should be directed to: John B. Harshman, Broker Harshman & Company, Inc Main St. Sarasota, FL Phone: FAX: jbh@harshmanrealestate.com

5 Property Summary Description: Location: Leases: Tenants: The subject is a well maintained single story office/retail center that presents as two distinct buildings. The street level walkup entrances offer easy accessibly for tenants and customers. Six tenants make up the 100% leased center with units as small as 350 square feet. The small units address an often ignored ever increasing space demand for the small business or sole practitioner who wants to be in the action of downtown but struggles to locate small space opportunities. The 17 on-site parking spaces assures ample parking for typical office and retail users. The subject property is extremely well located in the City of Sarasota on the south side of Burns Court at the corner of Alderman Street and Orange Avenue and located within one of the City s treasured downtown zone districts. The neighborhood has experienced tremendous residential development from luxury condos on Palm Avenue just a short block west to the high-end adjacent Orange Club and new single family residents just east. Commercial opportunities for both retail and office is becoming more and more in demand in this boutique area as more residents move into the neighborhood. The leases are a mix between triple net lease (tenants paying their share of real estate taxes and insurance along with standard building operating expenses) and modified gross lease (tenants pay utilities trash etc. but not taxes and insurance). All are short term with some tenants having occupied the building for many years. See rent roll herein; leases and more detailed income/expense information available during buyers due diligence period. The property owner and Stephanie Murphy are on month to month and will negotiate a 2-3 year lease if required by buyer. NOI: $80,000 +/- Address: 665 S Orange Avenue, Sarasota, FL Parcel ID#: Owner: Land Size: Building Size: Sarasota Outdoor Properties LLC 12,665 +/- square feet 4,615 Rentable Square Feet.

6 Zoning: Parking: Utilities: The subject is zoned Downtown Edge (DTE) within the City of Sarasota. This is a very flexible zone classification permitting residential to 25-units per acre, hotel and many non-residential uses typically found downtown. 17 on-site parking spaces. Sarasota City water and sewer Taxes: $12, (2017) Price: $1,395,000 Cap Rate: 5.7 on list price Please do not visit property without listing broker Data contained herein was obtained from reliable sources but not warranted by Harshman & Company, Inc. Buyers are responsible for completing all inspections and due diligence to verify all property information.

7 665 S Orange Ave Tenant/Use Suite # Start Date Renewal Term Ends Proforma 2018 and Rent Roll Current Mthly Rent Tripple Net Gross Annual Increase Sq Ft Security Deposit Stephanie Murphy Law Office 1 1-Jan-13 N/A Month-Month $ 1, NNN 3.5% 1,350 $ 2,000 $ I Kayak Bob Nikla Retail and Rental Business Office 3 1-Jun-16 2-years 31-May-18 $ 1, NNN 3.5% 600 $ 1,500 $ Southbay Investments Property Owner 4 Month-Month $ Gross 350 $ Natasha Crow/Epiphany Modified Day Spa 6 & 8 1-Mar-18 2-years 29-Feb-20 $ 1, Gross 3.5% 420 $ 630 $ Bridget Jaramillo Aligator Home Modified Furnishings 2 1-Mar Feb-20 $ 1, Helen Gerro Business Office 7 & 10 1-Mar-18 2-years 31-Mar-20 $ 2, Common Area 375 Net Rent Per SqFt Gross 3.5% 420 $ 1,200 $ Modified Gross 3.5% 1,100 $ 2,100 $ ,615 Expenses Landlord Total Cost Net Rent Mthly Totals $ 8, Obligation Net Rent Annual Totals $ 101, Real Tax $ 12,259 $ 7,968 reimbursed tax & ins plus Insurance Reimbursed Income $ 13, $5,089 from 2017 P&L $ 11,044 $ 7,179 Net Ordinary Income $ 114, Landscape $ 2,360 $ 2,360 Building Maintenance $ 655 Accounting & Bank Fees $ 685 $ 685 Net Operating Income $ 79, Cleaning Common Areas $ 975 $ 975 Utilities $ 9,207 $ 9,207 Management 5% $ 5,737 Total Expenses $ 34,766 Note: all income/expense date was obtained from seller and believed correct; however it is the buyer's obligation to verify all data presented herein Notes Tenant pays 22.5% CAM, Real Tax, Ins Tenant pays 12.5% CAM, Real Tax, Ins Tenant pays electric water/sewer trash tenant pays water/sewer/trash, FPL; no a/c maintenance, no real tax, no ins Lease end Feb 28, 2020 should be March 31; tenant pays 25.2% of utilities the tenant pays water/sewer/trash, FPL and a/c maintenance; no real tax, no ins

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10 Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS, USDA, USGS, AeroGRID, IGN, and the GIS User Community, dcoley / Miles This map is a product of, and prepared for use by the Sarasota County Property Appraiser's Office No warrenties are expressed or implied

11 Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS, USDA, USGS, AeroGRID, IGN, and the GIS User Community, dcoley / Miles 0.09 This map is a product of, and prepared for use by the Sarasota County Property Appraiser's Office No warrenties are expressed or implied

12 2/15/ Property Record Information for Ownership: SARASOTA OUTDOOR PROPERTIES LLC PO BOX 2507, SARASOTA, FL, Situs Address: 665 S ORANGE AVE SARASOTA, FL, Buildings Land Area: Municipality: Subdivision: Property Use: Status Sec/Twp/Rge: Census: Zoning: Total Living Units: Delineated District: 12,665 Sq.Ft. City of Sarasota POS CORRECTED SUB OF PART OF BLK G 172X - Office - 1 story/multi tenant <10,000 sf - mixed use OPEN 19-36S-18E DTE - DOWNTOWN EDGE 0 CITY OF SARASOTA REDEVELOPMENT AREA Parcel Description: THAT PART OF THE W FT OF LOTS 37 & 39 LYING SLY OF A LINE 75 FT N OF S LINE OF LOT 39 & LYING SWLY OF A LINE 25 FT MEASURED RADIALLY FROM C/L OF SAL RR MAIN TRACK & W FT OF LOT 41, LESS TRACT R/W TO CITY PART OF WHICH IS DESC IN OR 793/970 SUB OF LOTS 1 & 2 BLK G AS DESC IN DB 201/ 530 A/K/A BURNS REALTY CO RESUB OF LOTS 1 THRU 9 & 11, BLK G, POS Situs - click address for building details Bldg # Beds Baths Half Baths Year Built Eff Yr Built Gross Area Living Area Stories 665 S ORANGE AVE SARASOTA, FL, ,452 2, S ORANGE AVE SARASOTA, FL, ,344 2,287 1 Extra Features Values line # Building Number Description Units Unit Type Year 1 1 Parking Spaces 17 EA Asphalt paving 2400 SF Asphalt paving 2500 SF Concrete block wall 128 SF 1977 Year Land Building Extra Feature Just Assessed Exemptions Taxable Cap 2017 $452,400 $258,100 $9,900 $720,400 $720,400 $0 $720,400 $ $452,400 $237,300 $7,500 $697,200 $697,200 $0 $697,200 $ $455,900 $198,900 $6,900 $661,700 $661,700 $0 $661,700 $ $500,300 $153,900 $7,000 $661,200 $661,200 $0 $661,200 $ $500,300 $152,300 $7,100 $659,700 $659,700 $0 $659,700 $ $474,900 $212,400 $7,000 $694,300 $694,300 $0 $694,300 $ $506,600 $182,300 $8,900 $697,800 $697,800 $0 $697,800 $ $557,300 $131,200 $9,100 $697,600 $697,600 $0 $697,600 $ $633,300 $212,700 $9,200 $855,200 $855,200 $0 $855,200 $ $886,600 $215,200 $10,500 $1,112,300 $1,112,300 $0 $1,112,300 $0 Current Exemptions There are no exemptions associated with this parcel Sales & Transfers 1/2

13 2/15/ Transfer Date Recorded Consideration Instrument Number Qualification Code Grantor/Seller Instrument Type 2/18/2005 $1,460, OCULUS INC, WD 6/18/2002 $500, X2 MITCHELL,DAVID M WD 6/6/2001 $ X2 MITCHELL DAVID M & SUSAN P, OT 12/1/1986 $195, / NA Associated Tangible Accounts Account Number Business Type Owner B Administrative Management and General Management Consulting Services SAGE CAPITAL MANAGEMENT LLC B Investment Advice SOUTHBAY INVESTMENT GROUP LLC B Lessors of Nonresidential Buildings (except Miniwarehouses) SARASOTA OUTDOOR PROP LLC Property record information last updated on: 2/14/2018 FEMA Flood Zone (Data provided by Sarasota County Government as of 2/12/2018) FIRM Panel Floodway SFHA Flood Zone ** Community Base Flood Elevation (ft) CFHA * 0133F OUT IN AE OUT * If your property is in a SFHA or CFHA, use the map to determine if the building footprint is within the flood area. ** For more information on flood and flood related issues specific to this property, call (941) For general questions regarding the flood map, call (941) Serving Our Community with Pride and Accountability Our Mission Budget Information Glossary Employment Opportunities Disclaimer Sarasota County Property Appraiser - Ph Fax Adams Lane, Sarasota, FL, /2

14 11/30/2017 Building Information Go Back to Parcel Detail Account Number: Situs: Building Type: Finished Area S.F: Total Building Area S.F: Year Built: Effective Year Built: Exterior Walls: Frame: Heat-Air: Number of Stories: Roof Material: Roof Structure: S ORANGE AVE SARASOTA, FL, Office Building Conc Blk Plain Masonry walls Heat & Air Cond, ducted 1 Built-up tar & gravel Low pitch shed roof SubAreas line # Description Gross Area 1 Main Area Commercial 1,717 2 Main Area Commercial Open Porch, Fair 57 Extra Features line # Building Number Description Units Unit Type Year 4 2 Concrete block wall 128 SF Asphalt paving 2500 SF 1977 Property record information last updated on: 11/29/2017 Disclaimer: This information is believed to be correct but is subject to change and is not warranted. 1/1

15 11/30/2017 Building Information Go Back to Parcel Detail Account Number: Situs: Building Type: Finished Area S.F: Total Building Area S.F: Year Built: Effective Year Built: Bathrooms: Exterior Walls: Frame: Heat-Air: Number of Stories: Roof Material: Roof Structure: S ORANGE AVE SARASOTA, FL, Office Building Brick veneer Masonry walls Heat & Air Cond, ducted 1 Built-up tar & gravel Low pitch shed roof 1/2

16 11/30/2017 Building Information SubAreas line # Description Gross Area 1 Canopy, Fair 72 2 Main Area Commercial 2,108 3 Open Porch, Fair Utility Fair 170 Extra Features line # Building Number Description Units Unit Type Year 2 1 Asphalt paving 2400 SF Parking Spaces 17 EA 1963 Property record information last updated on: 11/29/2017 Disclaimer: This information is believed to be correct but is subject to change and is not warranted. 2/2

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19 ACCESS HUDSON AVE GILLESPIE AVE PAYNE PKWY VAUGHN AVE SHOPPING LN ADELIA AVE INDIAN PL WHOLE FOODS DR GOODRICH AVE VILAS AVE S JEFFERSON AVE MANGO AVE SEEDS AVE ACCESS S LIME AVE S LIME AVE LEWIS AVE Zoning GOLDEN GATE PT SUNSET DR IMPERIAL DR VAN WEZEL WAY ALLEY EL VERNONA AVE N TAMIAMI TRL RITZ CARLTON DR N GULF STREAM AVE Downtown Bayfront (DTB) Downtown Core (DTC) Downtown Edge (DTE) City of Sarasota: Downtown Zoning Districts 9TH ST MAY LN 12TH ST COCOANUT AVE FLORIDA AVE BOULEVARD OF THE ARTS 5TH WAY 5TH ST ALLEY ALLEY N PALM AVE 11TH ST ROSEMARY LN CENTRAL AVE FRUITVILLE RD ALLEY 1ST ST ISLAND PARK DR 7TH ST N PINEAPPLE AVE S GULFSTREAM AVE ALLEY 8TH ST MIRA MAR CT BAYFRONT DR COHEN WAY MCANSH SQ S GULFSTREAM AVE N LEMON AVE ALLEY 2ND ST ALLEY STATE ST CROSS ST BURNS CT S PALM AVE KUMQUAT CT S PINEAPPLE AVE SELBY LN OAK ST ELDER LN N ORANGE AVE S ORANGE AVE 11TH ST MORRILL ST RAWLS AVE ALDERMAN ST ADELIA AVE JONES CT MOUND ST PINE PL GOODRICH AVE GOODRICH AVE DOLPHIN ST CHERRY LN ROWE PL CITRUS AVE 12TH ST 9TH ST 9TH ST 5TH ST ALLEY ALLEY ALLEY 8TH ST DEVONSHIRE LN 10TH WAY 5TH ST OHIO PL N OSPREY AVE 4TH ST OSPREY CT 7TH ST LAUREL ST OAK ST NOVUS ST FLORAL LN BAY ST 2ND ST 1ST ST ALLEY S OSPREY AVE 6TH ST N LINKS AVE S LINKS AVE HAWKINS CT MADISON CT CORNELL ST 10TH ST GILLESPIE AVE COLUMBIA CT LINCOLN DR 5TH ST GOLF ST ADAMS LN LAFAYETTE CT JULIA PL BROTHER GEENEN WAY PALMER WOOD CT N WASHINGTON BLVD MAIN ST S WASHINGTON BLVD S TAMIAMI TRL HIGH POINT DR FLETCHER AVE S TAMIAMI TRL 9TH ST 8TH ST HARVARD ST PRINCETON ST WALLACE AVE N EAST AVE ADAMS LN BOWMAN CT BAY ST ACCESS S EAST AVE EAST AVE WOOD ST PURDUE ST BUFFALO ST 11TH PL 11TH ST HALTON PL AUDUBON PL RINGLING BLVD S SCHOOL AVE APRICOT AVE N LIME AVE ASPINWALL ST 3RD ST AUDUBON PL ADAMS LN BAY ST WATERLOO AVE MANGO AVE 2ND ST WOOD ST MARGARET ST S LIME AVE SEEDS AVE LA COSTA CIR N SHADE AVE N SHADE AVE ERIE CT MAIN ST GULL LN S SHADE AVE S PELICAN DR N SHADE AVE VILAS AVE 10TH ST BAY ST W MILMAR DR BROWNING ST HATTON ST. BRISTOL CT N JEFFERSON AVE N JEFFERSON AVE 10TH ST DAVIS BLVD PELICAN DR NOVUS ST LEWIS AVE SUNWAY AVE BELVOIR BLVD Downtown Neighborhood (DTN) Prepared by: Department of Neighborhood & Development Services 4/12/2010 W PAULSTAN CT 11TH ST RINGLING BLVD S MILMAR DR Map is for General Illustration Only, Please Refer to the Official Zoning Map for Official Reference

20 Downtown Edge Zone District (DTE) Excerpt The Downtown Edge (DTE) district is a densely mixed-use area typically located along a pedestrian way or a thoroughfare road within a neighborhood. Residential dwellings may be single family or multiple-family and may include mixed-use structures that provide for live-work opportunities. Residential dwellings may be built to a maximum density of twenty-five (25) dwelling units per acre. A variety of non-residential uses are allowed everywhere with ground floor retail mandatory on designated streets. Building heights shall be limited to a maximum of five (5) stories. When the Zone District Regulations apply: These regulations apply to all new development. To any expansion or exterior remodeling of existing buildings with a final determination from the Planning Director. For example, remodeling a storefront may require compliance with standards, such as; window area, window shape and exterior finish materials and an addition would need to comply with standards, such as; setbacks, height limits and parking. When these regulations do not apply: Existing buildings and uses that do not conform to the provisions of these regulations may continue as they are. However, if a prohibited use ceases for 24 consecutive months, the use shall not be re-established. The Planning Director may grant one extension for an additional 12 months, provided the property owner applies for the extension at least 60 days prior to the end of the original 24-month period. The application shall demonstrate that restoration of the use has been diligently pursued and that practical difficulties will preclude a timely restoration of the use within the original 24-month period. Subsequent uses shall conform to the district regulations. Any final decision of the Planning Director may be appealed to the Planning Board in accord with Section IV-1901 (F) of this code. Normal repair and maintenance may be performed on existing buildings. For example, (1) repair of a broken window would not require compliance with the building design standards for window area and shape or (2) repair of a leaking roof would not require compliance with the roof design standards. Any existing or approved structure or structures on a single zoning lot under condominium ownership or cooperative long term leases may be rebuilt after destruction to the prior extent of nonconformity as to height, stories and density of units per acre regardless of the percentage of destruction. In the event of such rebuilding, all other applicable district requirements shall be met unless an Adjustment is obtained in accord with Section IV-1903 of this code. Valid Development Approvals: A project for which an application for site plan approval has been filed prior to the effective date of these regulations may be reviewed, approved and constructed under the prior regulations. A project for which a site plan has been approved under the prior regulations may be constructed as approved provided a building permit is issued prior to expiration of such approval. Downtown Edge Zoning District - 8/04 Page - 1

21 Structures and uses in projects filed prior to the effective date or which have already been approved and issued a building permit prior to expiration of such approval shall not be deemed nonconforming but shall be deemed to be lawfully existing in conformity with these regulations and shall be allowed to continue as lawfully existing uses or structures. Use Chart Excerpts: Permitted Uses Minor Conditional Use Approval Required Major Conditional Use Approval Required Residential Commercial Recreation Major Event Entertainment Office Commercial Parking Bars, Tavern, Nightclubs Retail Sales and Service Quick Vehicle Servicing Colleges Personal Service Oriented Alcoholic Beverage Store Community Services Entertainment Oriented Motor Vehicle / Boat Sales Agency Aviation and Surface Passenger Terminals Hotel / Motel and Other Temporary Motor Vehicle / Boat Showroom Lodging Repair Oriented Vehicle Repair Artisan Studios Basic Utilities Parks and Open Space without Playgrounds Religious Institutions Schools Playground Commercial Wireless Telecommunication Towers Note: Residential Requirement on 4 th Street. A residential use is required along the south side of 4 th Street from Central Avenue (on the west) to East Avenue (on the east) to keep the residential character of 4 th Street. The residential use may consist of existing or new residential structures. A Certificate of Occupancy for a residential use shall be issued prior to or simultaneously with a Certificate of Occupancy for a non-residential use for development on a zoning lot or adjacent zoning lots with frontage on both Fruitville Road and 4 th Street when such zoning lot or lots are under unified ownership or control. Development Standards Excerpts: Density Height Zoning Lot Size Minimum Building Setback Minimum Front Maximum Front Minimum Side Minimum Rear 25 units / acre 5 Stories 1,800 sq. ft. 0 ft. 10 ft. 0 ft. 0 ft. Downtown Edge Zoning District - 8/04 Page - 2

22 Parking Requirements: DTE Required Parking - Residential 1.0 spaces for each dwelling unit - Non-Residential 1.0 space for each 500 sq. ft. of floor area - Transient Lodging 0.5 space for each guest unit. - Bicycle One bicycle parking space shall be provided for every fifteen off-street vehicular parking spaces. Exceptions to Liner buildings and independent building of less than 10,000 sq. ft. floor area shall not be Required Parking required to provide off-street parking. On street parking along the corresponding frontage lines shall be counted toward fulfilling the parking requirements. Locally designated historic buildings shall not be required to provide parking in addition to that, which exists. Location of Required Parking - Primary Street Grid Surface parking shall be located in the second or third layer and masked by a street wall or liner building. Garages shall be located in the third layer and masked by a liner building. Loading areas / spaces are prohibited along frontages. (See Map VI-1001) The required design standards are stated in Table VI-1004 of the Downtown Code. These standards are limited to portions of buildings with frontages that face a primary street. Building frontages that face a secondary street are exempt from these standards. Intent of Primary Street Frontages: An excellent frontage is one that provides a high level of positive stimulus and interaction for the pedestrian. In an ideal setting, buildings would form a continuous edge, generally up against the outer edge of the right-or-way, with large expanses of glass for pedestrians to see what is happening inside, and a constant sense of give-and-take between inside and outside. The width of the buildings along the street would be relatively narrow, with a range and variety of stores and shops. Restaurants and other uses might spill out onto the sidewalk creating openair cafes, galleries and other attractions. Landscaping is prevalent, but does not dominate the setting, and does not prevent the pedestrian from getting close to the buildings, storefronts and display window. 10 th Street N Downtown Edge Zoning District - 8/04 Page - 3

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