Thunder Cycle Designs

Transcription

1 Thunder Cycle Designs Ft Lauderdale Industrial Property Great Industrial Property in desirable Ft Lauderdale, Florida Real Property fully remodeled and built out. Seller's well established business is available for sale for $799,000 ProForma capitalization rate is 9.23% Sponsored By: JOHN DEMARCO, ACP, CCIM Each office is independently owned and operated. RE/MAX 5 STAR REALTY 4151 Hollywood Blvd Hollywood, FL (954) Each office independently owned and operated

2 INVESTMENT DETAILS ANALYSIS Analysis Date February 2019 PROPERTY Property Property Address Ft Lauderdale Industrial Property 936 & 940 NW 1St Street Ft Lauderdale, FL Year Built 1964 PURCHASE INFORMATION Property Type Industrial Purchase Price $2,600,000 Tenants 1 Total Rentable Sq. Ft. 17,160 FINANCIAL INFORMATION All Cash LOANS Type Debt Term Amortization Rate Payment LO Costs All Cash INCOME & EXPENSES Gross Operating Income $0 Monthly GOI $0 Total Annual Expenses ($27,811) Monthly Expenses ($2,318) P. 2

3 EXECUTIVE SUMMARY Acquisition Costs Purchase Price, Points and Closing Costs $2,600,000 Investment Cash $0 Investment Information Purchase Price $2,600,000 Price per Tenant $2,600,000 Price per Sq. Ft. $ Income, Expenses & Cash Flow Gross Scheduled Income $0 Total Vacancy and Credits $0 Operating Expenses ($27,811) Net Operating Income ($27,811) Debt Service $0 Cash Flow Before Taxes ($27,811) Financial Indicators Debt Coverage Ratio N/A Capitalization Rate 1.07% Gross Income / Square Feet $0.00 Gross Expenses / Square Feet ($1.62) Operating Expense Ratio N/A P. 3

4 PROPERTY DESCRIPTION John DeMarco with Re/Max 5 Star Realty is pleased to present the sale of NW 1st ST Ft Lauderdale Florida. The physical property is located in East Ft Lauderdale Florida. This building consists of 17,160 square feet of usable space. It includes a sales center/showroom, parts department, repair shop, manufacturing plant, ample office space, and much more. The buildout was fully permitted and this property and business are fully up to code. The current build out cost well over $650,000 and this building is in excellent overall condition. This is a very unique property that is currently set up as a motorcycle manufacturing plant with a sales and parts showroom. The business Thunder Cycle Designs, is also available for sale at $799,000. This business manufactures in house custom choppers, baggers, and custom motorcycle parts. These custommade parts are sold all over the world and are very desirable and popular. Please visit for additional information on the business. Previous years gross income has averaged $3mil in gross sales with a peak of $6mil. The business has been evaluated at $799,000, and the real property at $2.6mil. Both of which are priced to sell and below market value. Included in this offering are recent comparable sales that show the average recent selling price per foot for similar properties is $203 a foot, at $2.6mil this property is being sold for only $115 a foot. The business includes ever $1mil in inventory and equipment and being sold for only this amount. Truly a once in a lifetime opportunity to acquire a world renown business with a state of the art real property included. P. 4

5 PRO FORMA SUMMARY TENANT ANNUAL SCHEDULED INCOME Tenant Actual Market Thunder Cycle Designs $0 $240,000 TOTALS $0 $240,000 INVESTMENT SUMMARY Price: $2,600,000 Year Built: 1964 Tenants: 1 RSF: 17,160 Price/RSF: $ Lot Size: 14,000 sf Floors: 2 Cap Rate: 1.07% Market Cap Rate: 9.23% ANNUALIZED INCOME Description Actual Market Gross Potential Rent $0 $240,000 Less: Vacancy $0 $0 Effective Gross Income $0 $240,000 Less: Expenses ($27,811) $0 Net Operating Income ($27,811) $240,000 ANNUALIZED EXPENSES Description Actual Market Building Insurance $7,500 $0 Taxes Real Estate $20,311 $0 Total Expenses $27,811 $0 Expenses Per RSF $1.62 $0.00 P. 5

6 PROPERTY PHOTOS P. 6

7 PROPERTY PHOTOS P. 7

8 COMPARABLE SALES 2415 SW 3rd Ave Fort Lauderdale, FL Class C Service Building of 7,982 SF Sold on 5/23/2017 for $1,100,000 Research Complete buyer Leonard & Morrison 1995 E Oakland Blvd Fort Lauderdale, FL (954) seller Curtis Thomas A vital data Escrow/Contract: Sale Date: 5/23/2017 Days on Market: Exchange: No Conditions: Land Area SF: 13,491 Acres: 0.31 $/SF Land Gross: $ Year Built, Age: 1974 Age: 43 Parking Spaces: 8 Parking Ratio: 1/1000 SF FAR 0.59 Lot Dimensions: Frontage: Tenancy: Single Comp ID: Sale Price: $1,100,000 Status: Confirmed Building SF: 7,982 SF Price/SF: $ Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: $2,200,000 Pct Down: 200.0% Doc No: Trans Tax: Corner: No Zoning: B3 No Tenants: 1 Percent Improved: 66.9% Submarket: Southeast Broward Ind Map Page: Parcel No: [Partial List] Property Type: Industrial income expense data Listing Broker Buyer Broker financing 1st Bank United Bal/Pmt: $880,000 prior sale Date/Doc No: Sale Price: CompID: 5/17/2017 $550, Copyrighted report licensed to Re/Max 5 Star Realty /27/2018 Page 1 P. 8

9 COMPARABLE SALES 320 NE 44th St Oakland Park, FL Auto Repair Building of 5,000 SF Sold on 9/29/2017 for $800,000 Public Record buyer Tole Electric Inc 1200 Stirling Rd Dania Beach, FL (954) seller Manuel Rosado 204 NW 41st Way Deerfield Beach, FL (954) vital data Escrow/Contract: Sale Date: 9/29/2017 Days on Market: 159 days Exchange: No Conditions: Land Area SF: 11,600 Acres: 0.27 $/SF Land Gross: $68.97 Year Built, Age: 1971 Age: 46 Parking Spaces: 15 Parking Ratio: 3/1000 SF FAR 0.43 Lot Dimensions: 100x120 Frontage: 100 feet on NE 44th St (with 2... Tenancy: Multi Comp ID: Sale Price: $800,000 Status: Building SF: 5,000 SF Price/SF: $ Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: No Zoning: B2 No Tenants: 1 Percent Improved: Submarket: Fort Lauderdale Map Page: Trakker 25W10 Parcel No: Property Type: Retail income expense data Listing Broker ReMax 5481 Wiles Rd Pompano Beach, FL (954) Mindy Watson Buyer Broker Levy Realty Advisors, Inc NW 17th Way Fort Lauderdale, FL (954) Matt Jones financing prior sale Date/Doc No: Sale Price: CompID: 5/2/2014 $440, Copyrighted report licensed to Re/Max 5 Star Realty /27/2018 Page 2 P. 9

10 COMPARABLE SALES 1055 NW 51st Ct Wellington Pk Properties Fort Lauderdale, FL Class C Service Building of 7,491 SF Sold on 4/14/2017 for $1,650,000 Research Complete buyer Claudia Bussone 1055 NW 51st Ct Fort Lauderdale, FL (954) seller Eugenio Degollada 1800 Ocean Blvd Pompano Beach, FL (954) vital data Escrow/Contract: Sale Date: 4/14/2017 Days on Market: Exchange: No Conditions: Land Area SF: 14,000 Acres: 0.32 $/SF Land Gross: $ Year Built, Age: 1985 Age: 32 Parking Spaces: 18 Parking Ratio: 3/1000 SF FAR 0.54 Lot Dimensions: Frontage: Tenancy: Single Comp ID: Sale Price: $1,650,000 Status: Full Value Building SF: 7,491 SF Price/SF: $ Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: No Zoning: B3 Percent Improved: 81.0% Submarket: Central Broward Ind Map Page: Trakker 145 Parcel No: Property Type: Industrial income expense data Listing Broker Buyer Broker financing 1st SunTrust Bank Bal/Pmt: $3,116,000 Copyrighted report licensed to Re/Max 5 Star Realty /27/2018 Page 3 P. 10

11 COMPARABLE SALES 1510 E Oakland Park Blvd Oakland Park, FL Freestanding Building of 6,052 SF Sold on 1/30/2018 for $1,100,000 Research Complete buyer Lazara AmengTorres 1510 E Oakland Park Blvd Oakland Park, FL (305) seller Match Point Tennis Llc N University Dr Coral Springs, FL (954) vital data Escrow/Contract: Sale Date: 1/30/2018 Days on Market: 264 days Exchange: No Conditions: Land Area SF: 12,197 Acres: 0.28 $/SF Land Gross: $90.19 Year Built, Age: 1965 Age: 53 Parking Spaces: 20 Parking Ratio: 3.3/1000 SF FAR 0.50 Lot Dimensions: Frontage: 81 feet on E Oakland Park Blvd... Tenancy: Single Comp ID: Sale Price: $1,100,000 Status: Confirmed Building SF: 6,052 SF Price/SF: $ Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: $7,700 Corner: No Zoning: B1 Percent Improved: 79.1% Submarket: Fort Lauderdale Map Page: Parcel No: Property Type: Retail income expense data Listing Broker Native Realty Co. 908 N Flagler Dr Fort Lauderdale, FL (954) Jaime Sturgis Buyer Broker financing prior sale Date/Doc No: Sale Price: CompID: 2/23/2007 $942, Copyrighted report licensed to Re/Max 5 Star Realty /27/2018 Page 4 P. 11

12 COMPARABLE SALES 2415 Stirling Rd Fort Lauderdale, FL Freestanding Building of 6,165 SF Sold on 12/13/2017 for $1,200,000 Research Complete buyer Aaron Hollander 2699 Stirling Rd Fort Lauderdale, FL (305) seller Marc Leasing Co 2415 Stirling Rd Fort Lauderdale, FL (954) vital data Escrow/Contract: Sale Date: 12/13/2017 Days on Market: Exchange: No Conditions: Land Area SF: 32,230 Acres: 0.74 $/SF Land Gross: $37.23 Year Built, Age: 1990 Age: 27 Parking Spaces: 16 Parking Ratio: 2.6/1000 SF FAR 0.19 Lot Dimensions: Frontage: 168 feet on Stirling Rd Tenancy: Multi Comp ID: Sale Price: $1,200,000 Status: Full Value Building SF: 6,165 SF Price/SF: $ Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: $240,000 Pct Down: 20.0% Doc No: Trans Tax: $84,000 Corner: No Zoning: C4, Hollywood No Tenants: 2 Percent Improved: 45.4% Submarket: Fort Lauderdale Map Page: Trakker 30T19 Parcel No: Property Type: Retail income expense data Listing Broker Buyer Broker financing 1st City National Bank of Florida Bal/Pmt: $960,000 prior sale Date/Doc No: Sale Price: CompID: 11/26/2002 $400, Copyrighted report licensed to Re/Max 5 Star Realty /27/2018 Page 5 P. 12

13 COMPARABLE SALES Trend Report Dollar Volume Legend: Current Survey Sold Transactions Time Interval Quarterly Number of Transactions Total Dollar Volume Total Bldg Square Feet Total Land in Acres Total Land in SF Average Price Average Number of SF Average Price Per Bldg SF Median Price Per SF Average Number of Acres Average Number of SF(Land) Average Price Per Unit Median Price Per Unit Average Number of Units Actual Cap Rate Report Time Frame: 4/1/2017 3/27/2018 Sold Transactions 5 $5,850,000 28, ,101 $1,170,000 5,740 $ $ ,420 Copyrighted report licensed to Re/Max 5 Star Realty /27/2018 Page 6 P. 13

14 COMPARABLE SALES Trend Report 2Q17 04/16/30/17 3Q17 07/19/30/17 4Q17 10/112/31/17 1Q18 01/13/27/18 Sold Transaction Sold Transaction Sold Transaction Sold Transaction Number of Transactions Total Dollar Volume Total Bldg Square Feet Total Land in Acres Total Land in SF Average Price Average Number of SF Average Price Per Bldg SF Median Price Per SF Average Number of Acres Average Number of SF(Land) Average Price Per Unit Median Price Per Unit Average Number of Units Actual Cap Rate 2 $2,750,000 11, ,909 $1,375,000 5,741 $ $ ,454 1 $800,000 5, ,761 $800,000 5,000 $ $ ,761 1 $1,200,000 6, ,234 $1,200,000 6,165 $ $ ,234 1 $1,100,000 6, ,197 $1,100,000 6,052 $ $ ,197 Copyrighted report licensed to Re/Max 5 Star Realty /27/2018 Page 7 P. 14

15 FT LAUDERDALE, FLORIDA Fort Lauderdale, Florida Incorporated on March 27, 1911, encompassing approximately 36 square miles with an estimated population of 176,747, Fort Lauderdale is the largest of Broward County's 31 municipalities and one of the ten largest cities in Florida. Embraced by the Atlantic Ocean, New River and a myriad of scenic inland waterways, Fort Lauderdale truly lives up to its designation as the "Venice of America." Fort Lauderdale also offers an outstanding quality of life, highlighted by a semitropical climate, rich natural beauty and array of cultural, entertainment and educational amenities. Blessed with over 3,000 hours of sunshine each year and pleasant yearround ocean breezes, worldfamous Fort Lauderdale Beach offers premier opportunities for recreation, relaxation and enjoyment. The picturesque Riverwalk serves as the cornerstone of the City's arts, science, cultural and historic district which features the Broward Center for the Performing Arts, Museum of Discovery and Science, Museum of Art and Old Fort Lauderdale Village and Museum. Las Olas Boulevard has gained international acclaim as Fort Lauderdale's centerpiece of fashion, fine dining and entertainment. In addition, the City's downtown area is home to Broward Community College, Florida Atlantic University, Florida International University, the awardwinning Broward County Main Library, federal, county and school district offices. P. 15

16 FT LAUDERDALE, FLORIDA An advantageous economic climate is helping the City of Fort Lauderdale establish itself as a worldclass international business center and one of the most desirable locations for new, expanding or relocating businesses. Once known strictly as a tourismbased economy, Fort Lauderdale now supports a diverse range of industries, including marine, manufacturing, finance, insurance, real estate, high technology, avionics/aerospace, film and television production. Through the cooperative efforts of residents, businesses and local government, Fort Lauderdale has evolved into a City that offers the best of both worlds an attractive business environment and an outstanding quality of life. Fort Lauderdale is a great place to live, work and raise a family, and the City looks forward to continuing to build upon its success to meet the challenges of the 21st Century and beyond. Our Location The City of Fort Lauderdale is situated on the southeast coast of Florida, in the eastcentral portion of Broward County, approximately 23 miles north of Miami and 42 P. 16

17 FT LAUDERDALE, FLORIDA miles south of Palm Beach. The City shares boundaries with nine other municipalities, as well as unincorporated areas of the County. Encompassing approximately 36 square miles, Fort Lauderdale is the eighth largest city in Florida and the largest of Broward County s 31 municipalities. Ft Lauderdale International Airport Broward County's Fort LauderdaleHollywood International Airport (FLL) and North Perry Airport (NPA), a general aviation airport, form a diverse and dynamic airport system. This airport system serves the needs of 29.2 million passengers and the general aviation community throughout South Florida. FLL is ranked 21st in the U.S. in total passenger traffic and 13th in domestic origin and destination passengers. There are more than 325 departures and 325 arrival flights a day. FLL offers nonstop service to 140 U.S. cities and flights to Canada, Bahamas, Caribbean, Mexico, Latin America, and Europe. FLL averages 640 commercial flights per day on 26 airlines. There are also 100 private flights. Each day an average of 80,000 travelers pass through the four terminals at FLL. P. 17

18 FT LAUDERDALE, FLORIDA Port Everglades Exotic cruise vacations and international trade are what makes Port Everglades an economic powerhouse for Broward County and one of the most diverse seaports in the United States. Located In the heart of Greater Fort Lauderdale and the City of Hollywood, FL, Port Everglades is one of the busiest cruise ports in the world. It is a leading container port in Florida and among the most active cargo ports in the United States. And, Port Everglades is South Florida s main seaport for receiving petroleum products including, gasoline and jet fuel. A foreigntrade zone and available office space inside the Port's secure area make Port Everglades a highly desirable business center for world trade. The Port Everglades Department is a selfsupporting Enterprise Fund of Broward County government. It does not rely on local tax dollars for operations or capital improvements. The total value of economic activity at Port Everglades is more than $28 billion. And, 224,054 Florida jobs are impacted by the Port, including 13,322 people who work for companies that provide direct services to Port Everglades. Dynamics Encompassing more than 33 square miles with a population of 165,912, Fort Lauderdale is the county seat of Broward County and the largest city among the county s 31 municipalities. Fort Lauderdale, the seventh largest city in Florida, is centrally located between Miami and Palm Beach. An advantageous economic climate helped the City of Fort Lauderdale establish itself as a worldclass international business center and one of the most desirable locations for new, expanding, or relocating businesses. P. 18

19 FT LAUDERDALE, FLORIDA Fort Lauderdale also offers an outstanding quality of life, highlighted by a semitropical climate, rich natural beauty, and an array of cultural, entertainment, and educational amenities. Worldfamous Fort Lauderdale Beach offers premier opportunities for recreation, relaxation, and enjoyment. The picturesque Riverwalk serves as the cornerstone of the City s arts, science, cultural, and historic district, and features the Broward Center for the Performing Arts, Museum of Discovery and Science, Museum of Art, and Old Fort Lauderdale Village and Museum. Las Olas Boulevard has gained international acclaim as Fort Lauderdale s centerpiece of fashion, fine dining, and entertainment. The City s downtown area is home to many corporate headquarters, government offices, and educational institutions, including Broward Community College, Florida Atlantic University, and Florida International University. Through the cooperative efforts of residents, businesses and local government, Fort Lauderdale has evolved into a City that offers the best of both worlds: an attractive business environment and an outstanding quality of life. Fort Lauderdale is a great place to live, work, and raise a family, and the City looks forward to continuing to build upon its success to meet the challenges of the 21st Century and beyond. As the City moves forward, it will work hard to continue in partnership with its most important asset its citizens to develop the strategies necessary to ensure a safe and secure community; provide quality programs and services; enhance the quality of life; protect the environment; promote smart growth; and, maintain fiscal responsibility. P. 19

20 LOCATION MAP P. 20