Davie Blvd Shopping Plaza 3671 Davie Blvd Fort Lauderdale, FL 33312

Transcription

1 Davie Blvd Shopping Plaza Great 9 unit shopping center located in Ft Lauderdale FL High traffic count, close proximity to Interstate I95 100% leased with 7 long term tenants Actual Gross income is $72,756 per year ProForma Capitalization Rate is 10.25%, Actual Cap rate is 6.24% Sponsored By: JOHN DEMARCO, ACP JohnDeMarco@Remax.net 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 REAL ESTATE INVESTMENT DETAILS Analysis Analysis Date March 2017 Property Property Property Address Year Built 1980 Davie Blvd Shopping Plaza 3671 Davie Blvd Fort Lauderdale, FL Purchase Information Property Type Shopping Center Purchase Price $925,000 Tenants 7 Total Rentable Sq. Ft. 4,124 Financial Information All Cash Loans Type Debt Term Amortization Rate Payment LO Costs All Cash Income & Expenses Gross Operating Income $72,756 Monthly GOI $6,063 Total Annual Expenses ($15,050) Monthly Expenses ($1,254) Contact Information John DeMarco, ACP JohnDeMarco@Remax.net P. 2

3 EXECUTIVE SUMMARY ACQUISITION COSTS Purchase Price, Points and Closing Costs $925,000 Investment Cash $0 INVESTMENT INFORMATION Purchase Price $925,000 Price per Tenant $132,143 Price per Sq. Ft. $ INCOME, EXPENSES & CASH FLOW Gross Scheduled Income $72,756 Total Vacancy and Credits $0 Operating Expenses ($15,050) Net Operating Income $57,706 Debt Service $0 Cash Flow Before Taxes $57,706 FINANCIAL INDICATORS Debt Coverage Ratio N/A Capitalization Rate 6.24% Gross Income / Square Feet $17.64 Gross Expenses / Square Feet ($3.65) Operating Expense Ratio 20.69% P. 3

4 PROPERTY DESCRIPTION Davie Blvd Shopping Center Great 9 bay Shopping Center (7 tenants 100% occupied) located on busy Davie Blvd in Ft Lauderdale Florida. Long term tenants under market value. Can easily increase rents to $22 a square foot NNN per comparable leasing rates in the area. Included in this package are recent leasing comps. Great area with several major national tenants nearby. This property is currently grossing $72,756 per year netting $57,706. Providing an investor an actual 6.24% capitalization rate at full asking price. This property has tremendous upside, an investor can easily raise existing rents to market rates which will provide a 10.25% capitalization rate. Please remember to not disturb the existing tenants or business's, for additional information and showings contact listing Broker. P. 4

5 TENANT MIX REPORT TENANT MIXES Suite Tenants Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly 1 Miami Scooters 915 $1,206 $1,206 $1,700 $1,700 2 EZ Tax 458 $700 $700 $900 $900 3 Appliances 458 $700 $700 $900 $900 4 Insurance Office 915 $997 $997 $1,700 $1,700 5 Retail 458 $685 $685 $900 $900 6 Beauty Salon 458 $750 $750 $900 $900 7 Restaurant 458 $850 $850 $900 $ ,120 $5,888 $7,900 TENANT MIX TENANT MIX SQUARE FEET Miami Scooters EZ Tax Appliances Insurance Office Retail Beauty Salon Restaurant Miami Scooters EZ Tax Appliances Insurance Office Retail Beauty Salon Restaurant TENANT MIX INCOME TENANT MIX MARKET INCOME Miami Scooters EZ Tax Appliances Insurance Office Retail Beauty Salon Restaurant Miami Scooters EZ Tax Appliances Insurance Office Retail Beauty Salon Restaurant P. 5

6 DETAILED GENERAL EXPENSES Description Year 1 Year 2 Year 3 Year 4 Year 5 Total Expenses ($15,050) ($15,050) ($15,050) ($15,050) ($15,050) Building Insurance ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) Maintenance ($300) ($300) ($300) ($300) ($300) Taxes Real Estate ($9,250) ($9,250) ($9,250) ($9,250) ($9,250) Utilities ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) and should be personally verified through personal inspection by and/or with the appropriate professionals. P. 6

7 PRO FORMA SUMMARY INCOME Actual Per SF Market Per SF Gross Potential Rent $70,656 $17.13 $94,800 $22.99 Less: Vacancy $0 $0.00 $0 $0.00 Misc. Income $2,100 $0.51 $0 $0.00 Effective Gross Income $72,756 $17.64 $94,800 $22.99 OPERATING EXPENSES Actual Per SF Market Per SF Building Insurance $2,500 $0.61 $0 $0.00 Maintenance $300 $0.07 $0 $0.00 Taxes Real Estate $9,250 $2.24 $0 $0.00 Utilities $3,000 $0.73 $0 $0.00 Total Expenses ($15,050) ($3.65) $0 $0.00 Net Operating Income $57,706 $13.99 $94,800 $22.99 P. 7

8 PRO FORMA SUMMARY TENANT ANNUAL SCHEDULED INCOME Tenant Actual Market Miami Scooters $14,472 $20,400 EZ Tax $8,400 $10,800 Appliances $8,400 $10,800 Insurance Office $11,964 $20,400 Retail $8,220 $10,800 Beauty Salon $9,000 $10,800 INVESTMENT SUMMARY Price: $925,000 Year Built: 1980 Tenants: 7 RSF: 4,124 Price/RSF: $ Lot Size: 11,340 sf Floors: 1 APN: Cap Rate: 6.24% Restaurant $10,200 $10,800 TOTALS $70,656 $94,800 ANNUALIZED INCOME Actual Market Gross Potential Rent $70,656 $94,800 Less: Vacancy $0 $0 Misc. Income $2,100 $0 Effective Gross Income $72,756 $94,800 Less: Expenses ($15,050) $0 Net Operating Income $57,706 $94,800 Market Cap Rate: 10.25% ANNUALIZED EXPENSES Actual Market Building Insurance $2,500 $0 Maintenance $300 $0 Taxes Real Estate $9,250 $0 Utilities $3,000 $0 Total Expenses $15,050 $0 Expenses Per RSF $3.65 $0.00 P. 8

9 PROPERTY PHOTOS 92556PP1.jpg 92556PP2.jpg 92556PP3.jpg 92556PP4.jpg 92556PP5.jpg 92556PP6.jpg P. 9

10 N Dixie Hwy Dixie Family Diner SOLD Oakland Park, FL Sale Date: Sale Price: Price/SF: Pro Forma Cap Actual Cap Rate: 6.50% Comp ID: Research Status: Confirmed 11/14/2016 Bldg Type: $2,000,000 Confirmed Year Built/Age: $ RBA: Parcel No: Sale Conditions: Broward County RetailFreestanding Built 1975 Age: 41 10,424 SF , N Federal Hwy SOLD Fort Lauderdale, FL Sale Date: Sale Price: Price/SF: Pro Forma Cap Actual Cap Rate: Comp ID: Research Status: Confirmed 02/07/2017 Bldg Type: $4,750,000 Confirmed Year Built/Age: $ RBA: Parcel No: Sale Conditions: Broward County Retail Built 1995 Age: 22 6,162 SF W Oakland Park Blvd Oakland Park Retail Center SOLD Oakland Park, FL Sale Date: Sale Price: Price/SF: Pro Forma Cap Actual Cap Rate: 5.00% Comp ID: Research Status: Confirmed 11/30/2016 (182 days on mkt) Bldg Type: $1,300,000 Confirmed Year Built/Age: $ RBA: Parcel No: Sale Conditions: Broward County Retail Built 1974 Age: 42 11,160 SF W Oakland Park Blvd (Part of MultiProperty) SOLD Lauderhill, FL Sale Date: Sale Price: Price/SF: Pro Forma Cap Actual Cap Rate: Comp ID: Research Status: Allocated 09/29/2016 Bldg Type: $1,101,146 Allocated Year Built/Age: $ RBA: Parcel No: Sale Conditions: Broward County RetailFreestanding Built 2005 Age: 11 5,500 SF W Oakland Park Blvd Inverrary Falls (Part of MultiProperty) SOLD Lauderhill, FL Sale Date: Sale Price: Price/SF: Pro Forma Cap Actual Cap Rate: Comp ID: Research Status: Allocated 09/29/2016 Bldg Type: $2,330,625 Allocated Year Built/Age: $ RBA: Parcel No: Sale Conditions: Broward County Retail Built 2004 Age: 12 11,641 SF N Powerline Rd Shoppes at Corporate Park (Part of MultiProperty) SOLD Fort Lauderdale, FL Sale Date: Sale Price: Price/SF: 09/21/2016 Bldg Type: $8,480,302 Allocated Year Built/Age: $ RBA: Broward County Retail Built 1988 Renov 1991 Age: 28 30,114 SF Pro Forma Cap Actual Cap Rate: Comp ID: Research Status: Allocated Parcel No: Sale Conditions: P. 10 Copyrighted report licensed to Re/Max 5 Star Realty /10/2017 Page 1

11 NW Powerline Rd Burger King (Part of MultiProperty) SOLD Fort Lauderdale, FL Sale Date: Sale Price: Price/SF: Pro Forma Cap Actual Cap Rate: Comp ID: Research Status: Allocated 09/21/2016 Bldg Type: $1,019,698 Allocated Year Built/Age: $ RBA: Parcel No: Sale Conditions: Broward County RetailFast Food Built 1989 Age: 27 3,621 SF Wilton Dr Shoppes of Plaza Dee North SOLD Wilton Manors, FL Sale Date: Sale Price: Price/SF: 10/14/2016 (164 days on mkt) Bldg Type: $6,050,000 Confirmed Year Built/Age: $ RBA: Broward County RetailFreestanding Built 1963 Age: 53 20,401 SF Pro Forma Cap Actual Cap Rate: 7.92% Comp ID: Research Status: Confirmed Parcel No: Sale Conditions: P. 11 Copyrighted report licensed to Re/Max 5 Star Realty /10/2017 Page 2

12 Sales Volume Survey Min Max Transactions 8 Sold SF 99,023 3,621 30,114 Sales Volume (Mil.) $27 $1.0 $8.5 Avg SF 12,378 3,621 30,114 Sales Survey Min Max Sale Price Per SF $273 $116 $771 Avg Sale Price (Mil.) $3.4 $1.0 $8.5 Cap Rate 6.6% 5.0% 7.9% Percent Leased 95.9% 72.5% 100% For Sale Survey Min Max Listings For Sale SF For Sale Volume (Mil.) Asking Price Per SF Avg Asking Price (Mil.) Properties Survey Min Max Existing SF 99,023 3,621 30,114 Vacancy Rate 4.7% 0.0% 27.5% NNN Rent Per SF $24.03 $13.50 $ Mo. Absorption 2, , Mo. Leasing SF 2, ,000 Sales Volume Average Sale Price Per SF Cap Rate P. 12 Copyrighted report licensed to Re/Max 5 Star Realty /10/2017

13 Lease Comps Summary Lease Comps Report Deals 434 NNN Asking Rent Per SF $23.97 NNN Starting Rent Per SF $21.51 Avg. Months On Market 22 TOP 50 LEASE COMPARABLES SUMMARY STATISTICS Rent Deals Low Average Median High NNN Asking Rent Per SF NNN Starting Rent Per SF NNN Effective Rent Per SF Asking Rent Discount TI Allowance Months Free Rent $12.00 $8.75 $ % 0 $23.97 $21.51 $ % 2 $21.50 $21.82 $ % 2 $65.00 $42.00 $ % 8 Lease Attributes Deals Low Average Median High Months on Market Deal Size Lease Deal in Years Floor Number GRND 22 2, , , MEZZ P. 13 and should be personally verified through personal inspection Copyrighted by and/or with report the licensed appropriate to Re/Max professionals. 5 Star Realty /10/2017 Page 1

14 Lease Comps Summary Lease Comps Report Lease Rents Property Name Address Rating SF Leased Floor Sign Date Type Rent Rent Type Plaza 660 N State Road 7 The Great Florida Bank C 4900 S University Dr Rumors Plaza Wilton Dr Sunshine Plaza 4001 W Commercial Blvd 699 E Oakland Park Blvd 1,100 1st 3/9/2017 New $20.00/nnn Asking 1,170 1st 3/6/2017 New $27.00/nnn Asking 900 1st 3/6/2017 New $28.00/mg Asking 2,585 1st 3/3/2017 New $20.00 Asking 765 1st 3/3/2017 New $20.00/nnn Asking 6 Commercial Place 3007 W Commercial Blvd 1,000 1st 3/1/2017 New $18.60/mg Effective 7 Cypress Bend Plaza S Powerline Rd 1,000 1st 3/1/2017 New $24.00/fs Starting 8 Three Lakes Plaza W Commercial 2,800 1st 2/27/2017 New $17.00/nnn Asking 9 McNab 7 Plaza S State Road st 2/24/2017 New $18.00/nnn Starting 10 Southport Shopping Center SE 17th St 2,000 1st 2/23/2017 New $40.00 Asking 11 Madrid Plaza W Oakland 1,500 1st 2/23/2017 New $18.00/nnn Asking 12 Pine Island Plaza W State Road 84 9,851 1st 2/22/2017 New $24.00/nnn Asking 12 Pine Island Plaza W State Road 84 1,275 1st 2/22/2017 New $20.00/nnn Asking 13 Professional Medical Plaza 7390 NW 5th St 2,330 1st 2/14/2017 $22.00 Asking Kimberly Blvd 1,000 1st 2/14/2017 New $16.02/mg Asking 15 Building 1 & Griffin Rd 980 1st 2/9/2017 New $20.00/mg Asking 16 Simon Sportswear W Sunrise Blvd 2,200 1st 2/9/2017 New $25.00/nnn Asking 17 New River Trading Post 330 Himmarshee St 2,400 1st 2/3/2017 New $26.00/nnn Effective 18 Roselli Park Plaza N Dixie Hwy 918 1st 2/2/2017 New $27.00/nnn Effective 19 University Shoppes N University Dr 1,440 1st 2/1/2017 New $24.00/mg Asking 20 East Commercial Plaza E Commercial 1,500 1st 1/25/2017 New $16.00 Asking P. 14 and should be personally verified through personal inspection Copyrighted by and/or with report the licensed appropriate to Re/Max professionals. 5 Star Realty /10/2017 Page 2

15 Lease Comps Summary Lease Comps Report Lease Rents Property Name Address Rating SF Leased Floor Sign Date Type Rent Rent Type Oakland Park Plaza W Oakland Atrium Centre 4801 S University Dr Gables Wilton Park 2150 Wilton Dr Gables Wilton Park 2150 Wilton Dr Gables Wilton Park 2150 Wilton Dr Gables Wilton Park 2150 Wilton Dr Gables Wilton Park 2150 Wilton Dr Gables Wilton Park 2150 Wilton Dr 1100 W Oakland Park Blvd 1,227 1st 1/25/2017 New $19.00/nnn Asking 1,502 1st 1/24/2017 New $20.00/nnn Effective 2,906 1st 1/23/2017 New $29.00/nnn Asking 941 1st 1/23/2017 New $26.00/nnn Asking 1,897 1st 1/23/2017 New $26.00/nnn Asking 853 1st 1/23/2017 New $26.00/nnn Asking 1,582 1st 1/23/2017 New $26.00/nnn Asking 2,238 1st 1/23/2017 New $26.00/nnn Asking 1,541 1st 1/19/2017 New $17.00/nnn Asking 25 Shoppes of 26th Street N State Road 7 1,400 1st 1/19/2017 New $18.00/mg Asking NW 9th Ave 838 1st 1/18/2017 New $16.00/mg Asking 27 Lincoln Park West NW 44th St 925 1st 1/12/2017 New $16.86/fs Effective 19 University Shoppes N University Dr 1,440 1st 1/9/2017 New $24.00/mg Asking 28 Lauderdale Manor NW 9th Ave 1,200 1st 1/4/2017 New $16.00/nnn Asking 28 Lauderdale Manor NW 9th Ave 12,150 1st 1/4/2017 New $16.00/nnn Asking 29 Casa Linda Plaza NW 57th St 1,300 1st 1/2/2017 New $18.00/fs Asking 30 Freedom Building S State Road 7 1,000 1st 1/1/2017 New $15.70/mg Starting 31 Plantation Square N University Dr 1,400 1st 12/28/2016 New $17.00/nnn Asking 32 Springtree Country Club 3801 N University Dr 846 1st 12/28/2016 New $18.00/fs Asking N Andrews Ave 833 1st 12/27/2016 New $20.00 Asking 34 Lauderhill Mall Building A N State Road 7 2,500 1st 12/27/2016 New $16.00/mg Asking P. 15 and should be personally verified through personal inspection Copyrighted by and/or with report the licensed appropriate to Re/Max professionals. 5 Star Realty /10/2017 Page 3

16 Lease Comps Summary Lease Comps Report Lease Rents Property Name Address Rating SF Leased Floor Sign Date Type Rent Rent Type Lauderhill Mall Building A N State Road 7 Lauderhill Mall Building D N State Road 7 Lauderhill Mall Building D N State Road 7 Three Lakes Plaza W Commercial Shoppes Of Arrowhead S University Dr S University Dr 2,500 1st 12/27/2016 New $16.00/mg Asking 2,490 1st 12/27/2016 New $18.00/nnn Asking 1,920 1st 12/27/2016 New $18.00/nnn Asking 1,000 1st 12/21/2016 New $17.00/nnn Asking 5,320 1st 12/21/2016 New $45.00/nnn Asking 970 1st 12/21/2016 New $35.00/nnn Asking 38 Bldg N University Dr 950 1st 12/19/2016 New $22.00 Asking 38 Bldg N University Dr 1,600 1st 12/19/2016 New $30.00 Asking P. 16 and should be personally verified through personal inspection Copyrighted by and/or with report the licensed appropriate to Re/Max professionals. 5 Star Realty /10/2017 Page 4

17 DEMOGRAPHICS POPULATION 1 MILE 3 MILE 5 MILE Male 9,725 (49.86 %) 55,974 (49.74 %) 175,531 (49.18 %) Female 9,780 (50.14 %) 56,549 (50.26 %) 181,373 (50.82 %) Total Population 19, , ,904 AGE BREAKDOWN 1 MILE 3 MILE 5 MILE Ages 04 1,230 (6.31 %) 6,288 (5.59 %) 19,318 (5.41 %) Ages 59 1,485 (7.61 %) 7,880 (7.00 %) 23,976 (6.72 %) Ages ,399 (7.17 %) 7,405 (6.58 %) 22,318 (6.72 %) Ages ,398 (7.17 %) 7,260 (6.45 %) 21,576 (6.05 %) Ages ,428 (7.32 %) 7,394 (6.57 %) 21,939 (6.15 %) Ages ,429 (7.33 %) 7,281 (6.47 %) 22,122 (6.20 %) Ages ,367 (7.01 %) 6,961 (6.19 %) 22,156 (6.21 %) Ages ,282 (6.57 %) 6,951 (6.18 %) 22,916 (6.42 %) Ages ,311 (6.72 %) 7,331 (6.52 %) 24,390 (6.83 %) Ages ,389 (7.12 %) 7,913 (7.03 %) 25,772 (7.22 %) Ages ,361 (6.98 %) 7,970 (7.08 %) 25,306 (7.09 %) Ages ,229 (6.30 %) 7,470 (6.64 %) 23,636 (6.62 %) Ages ,021 (5.23 %) 6,573 (5.84 %) 20,665 (5.79 %) Ages (3.97 %) 5,520 (4.91 %) 17,172 (4.81 %) Ages (2.82 %) 4,305 (3.83 %) 13,550 (3.80 %) Ages (1.86 %) 3,047 (2.71 %) 10,158 (2.85 %) Ages (0.87 %) 1,868 (1.66 %) 7,050 (1.98 %) Ages (1.63 %) 3,106 (2.76 %) 12,884 (3.61 %) P. 17

18 DEMOGRAPHICS HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE Median Income $42,886 $46,048 $44,948 Less than $10, ,517 12,485 $10,000 $14, ,560 8,425 $15,000 $19, ,464 8,596 $20,000 $24, ,561 8,550 $25,000 $29, ,747 8,878 $30,000 $34, ,326 9,059 $35,000 $39, ,497 8,202 $40,000 $44, ,972 8,146 $45,000 $49, ,735 6,249 $50,000 $59, ,505 12,091 $60,000 $74, ,928 14,082 $75,000 $99, ,596 14,469 $100,000 $124, ,600 8,763 $125,000 $149, ,556 4,406 $150,000 $199, ,482 4,513 Greater than $200, ,051 4,250 HOUSING 1 MILE 3 MILE 5 MILE Housing Units 6,608 46, ,877 Occupied Units 6,025 41, ,390 Owner Occupied Units 3,794 24,579 79,754 Renter Occupied Units 2,231 16,795 62,636 Vacant Units 583 5,110 23,487 RACE DEMOGRAPHICS 1 MILE 3 MILE 5 MILE Population Non Hispanic White 8,859 52, ,079 Population Black 9,040 52, ,539 Population Am In/Ak Nat P. 18

19 MAPS AND AERIALS and should be personally verified through personal inspection by and/or with the appropriate professionals. P. 19

20 MAPS AND AERIALS and should be personally verified through personal inspection by and/or with the appropriate professionals. P. 20

21 LOCATION MAP P. 21