FOR SALE $2,249,000 DAVIE MEDICAL OFFICE BUILDING 7705 DAVIE ROAD EXT. DAVIE, FL 33024

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1 FOR SALE $2,249,000 DAVIE MEDICAL OFFICE BUILDING 7705 DAVIE ROAD EXT. DAVIE, FL ,979 Sq. Ft. Building Lot size 0.70 AC Zoning: B-2 Built in 1975 Property Type: Medical Office Six Apartments Units on Second Floor Parking Ratio: 4.6/1000 PRESENTED BY: Dark Horse Commercial Real Estate Inc. Page 1 CHRISTIAN N. PETER II CARLOS RUIZ christian@darkhorse-commercial.com cruiz@rcpfl.com

2 FOR SALE $249,000,000 DAVIE MEDICAL OFFICE BUILDING 7705 DAVIE ROAD EXT. DAVIE, FL Page 2

3 SALE DESCRIPTION: Carlos Ruiz of Real Capital Partners LLC & Christian Peter of Dark Horse Commercial Real Estate are pleased to present 7705 Davie Road Extension Davie, Fl This building is being offered for purchase. Reasonably priced at Market Value. The building enjoys 200 linear feet of frontage to Davie Road Extension. A daily traffic count of 15,600 cars. The subject property is currently being used as 1st floor medical office. The 2nd floor currently consists of two 2 bedroom 1 bathroom apartments and four 1 bedroom 1bathroom apartments. Broker feels the highest and best use for the building would be to a medical owner use willing to improve the 2nd story residential units to medical/professional office space. The building currently does not have an elevator. It is not in compliance with ADA requirements. Both 2 nd story office build-out and Elevator have been taken into consideration when considering value. A floor plan is included in the package. GENERAL IMPROVEMENTS DESCRIPTION Property Type Office No. of Buildings 1 Gross Building Area 11,979 Total Rentable Area 11,712 Lot Size 30,670 Rentable Area Source Public Record / Floor Plan General Property Class B Land to Building Ratio 2.56 No. of Parking Spaces 54 Parking Ratio 4.61 Bldg/Component Desc Bldg/Component 1 Year Built 1974 Building Type 2 Story Building Description Medical Stories 2 1st Floor Office RBA 6,649 2nd Floor RBA 5,064 Floor Coverings Laminate/Tile Appeal and Appearance Good Condition Good Frame Type CBS Sub-Floor Type Concrete A/C Units 1st Floor 5 A/C Units 2nd Floor 6 Exterior Walls CBS 1st Floor Bathrooms 5 2nd Floor Bathrooms 8 Cooling Type Electrical Page 3

4 FACTUAL DESCRIPTION SITE ANALYSIS Address: 7705 Davie Road Extension Davie, Fl Assessor s Parcel #: Land Area: Gross Land Area: 30,670 SF 0.70 Acres Primary Road Frontage: Davie Road Extension Secondary Road Frontage: NW 77 th Ave Access: Direct by Davie Road Extension Shape: Trapezoid Corner Lot: Visibility: Visibility from Davie Road Extension and surrounding development is rated as Average. Paved Street: Sidewalk: Curb And Gutter: Storm Sewer: Utilities Public Electricity: Water Supply: Municipal Public Public Sewer: Natural Gas: No Underground Utilities: No Adequacy of Utilities: Good Street Lighting: Landscaping: Average Topography: Basically Level ZONING Zoning: Legally Conforming: Zoning Change Requested: Likely: B-2 Community Business District No No Page 4

5 Improved Sale 1 Location Data Location: County: 323 S. Federal Hwy Dania, Fl. Broward Physical Data Type: Office/Residential Land Area Acres: 0.42 Land Area Sq. Feet: 718,443 Bldg Area (ASF): 7,372 Number of Units: 9 Year Built: 1956 No. of Stories: 2 Property Condition: Poor Sale Data Sale Status: Sale Date: 1/4/2018 Marketing Time: N/A Grantor: Laundry King LLC Grantee: Timmey Basmatiah Document No: Sale Price: $1,100,000 Rights Conveyed: Fee Simple Financing: Cash Cash Eq. Price: $1,100,0000 Confirmation Source: Deed/MLS/ Analysis This property is very similar to the subject property because it has multiple 1 st floor commercial units and 2 nd floor residential housing units. It also is a 2 story building with no elevator. This comparable is the most similar to the subject property considering its current use and the subject s current use. The parking seems to be inferior. I counted 18 parking spaces. However, it seems like more can easily be added. Enough for a similar parking ratio to the subject property. The area and physical condition of the this comparable are inferior to the subject property. Page 5

6 Improved Sale 2 Location Data Location: County: 140 S. Federal Hwy Dania, FL Broward County Physical Data Type: Office-Medical Land Area Acres: 0.76 Land Area Sq. Feet: 33,279 Bldg Area (ASF): 10,978 Number of Units: 2 Year Built: 1968 No. of Stories: 2 Property Condition: Average Sale Data Sale Status: Sale Date: 10/20/2017 Marketing Time: N/A Grantor: Florida Executive Centers LLC Grantee: Mountaineer Prop. Dev. Corp Document No: Sale Price: $2,400,000 Rights Conveyed: Fee Simple Financing: Cash Cash Eq. Price: $2,400,000 Confirmation Source: Deed/Loopnet Financial Data Analysis This property is similar to the subject property because it is currently occupied by 2 medical users. South Broward Community Health and Occupational Centers of South Florida. The building seems to be in average condition. The location does seem inferior. The building does have an elevator. A $400,000, 17% negative adjustment was given to this comparable for the elevator. $150,000, 6.3% negative adjustment was given for the 2 nd story improvements. The property seems to be in good condition now. It is obvious that current owners have improved the building. Page 6

7 Improved Sale 3 Location Data Location: County: 1380 N. University Dr. Plantation, Fl. Broward Physical Data Type: Office-Medical Land Area Acres: 0.22 Land Area Sq. Feet: 9,644 Bldg Area (ASF): 15,476 Number of Units: 1 Year Built: 1981 No. of Stories: 2 Property Condition: Good Sale Data Sale Status: Sale Date: 3/16/2018 Marketing Time: 13 months Grantor: Plantation Key Holdings LLC Grantee: 1380 Plantation LLC Document No: Sale Price: $3,275,000 Rights Conveyed: Fee Simple Financing: Cash Cash Eq. Price: $3,275,000 Confirmation Source: Deed/Loopnet Financial Data Analysis This property is in great condition. It was purchased by a medical care group who is currently using the majority of the building as administrative offices. No adjustments were made for land to building because the parking area is part of a condominium association. A 5% adjustment was given for this feature because there is an additional cost to parking. The building is 2 stories, is in good condition and has an elevator. The building was originally offered for sale for $3,600,000. It sold for roughly 80% of the asking price. Page 7

8 Improved Sale 4 Location Data Location: County: 750 S. Federal Hwy Hollywood, Fl. Broward Physical Data Type: Office-Medical Land Area Acres:.47 Land Area Sq. Feet: 20,473 Bldg Area (ASF): 8,258 Number of Units: 1 Year Built: 1957 No. of Stories: 1 Property Condition: Average Sale Data Sale Status: Sale Date: Marketing Time: 11 months Grantor: DOMUS SOLIS LLC Grantee: 750 S. Federal Hwy LLC Document No: Sale Price: $1,700,000 Rights Conveyed: Fee Simple Financing: Cash Cash Eq. Price: $1,700,000 Confirmation Source: Deed/Loopnet Financial Data Analysis Single Story Medical Office building occupied by Hollywood Medical Centers by MBMG. Seemed to be in average condition at best. The location seemed inferior in comparison to the subject property. Adjustments were made for Elevator and 2 nd story office build-out conversion. Page 8

9 Sales Location Map Listed on the preceding pages are the improved sales deemed to be the most comparable as compared to the subject. In order to arrive at a value conclusion for the subject, it is necessary to adjust the comparable sales prices for characteristics that are dissimilar from those of the subject property. The characteristics that may require adjustments include real property rights conveyed, financing terms (cash equivalency), conditions of sale, non-sale status, market conditions (time), and physical characteristics such as location, size, Use, Build-out, and Improvements Page 9

10 SUMMARY OF IMPROVED SALES WITH ADJUSTMENTS Property Name Address Comp No. Subject Davie Rd Extension 323 S. Federal Hwy 140 S. Federal Hwy 1380 N. University Dr. 750 S. Federal Hwy City Hollywood Dania Dania Plantation Hollywood Date of Sale /04/18 10/20/17 03/16/18 10/23/17 Sale Price --- $1,100,000 $2,400,000 $3,275,000 $1,700,000 Size GBA 11,979 7,372 10,978 15,476 8,258 Land Area (Acre) Land to Bldg Ratio SP/SF (GBA) --- $ $ $ $ Miles to Subject Financing --- 0% 0% 0% 0% Floors Parking Spaces /1,000 SF Physical Condition Good Poor Average Good Average Months on Market N/A N/A Medical Use N 2 Occ / Med Single Med Single Med Year Built QUANTITATIVE ADJUSTMENTS Property Rights 0.00% 0.00% 0.00% 0.00% Financing Terms 0.00% 0.00% 0.00% 0.00% Conditions of Sale 0.00% 0.00% 0.00% 0.00% Months Elapsed Market Conditions/Time 0.00% 0.00% 0.00% 0.00% Adj Price/GBA $ $ $ $ Size 0.00% 0.00% 0.00% 0.00% Medical Use 0.00% 0.00% 0.00% 0.00% Physical Condition 15.00% 5.00% 0.00% 10.00% Location 5.00% 5.00% 0.00% 5.00% LB Ratio 0.59% -4.30% 0.00% 0.64% Parking 0.00% 0.00% 5.00% 0.00% Elevator Improvement $400, % % % % 2nd Story Improvement $150, % -6.30% -4.60% -8.80% Total Net Adjustments $ $ $ $35.32 Net Percent Adjustment 20.59% % % % Total Adjusted Price/GBA $ $ $ $ Page 10

11 Sales Price per GBA Conclusion The grid summarizes the adjustments made to each sale. After making adjustments the comparables form a value range of $ to $ per square foot. The average of the range is calculated at $ psf. It is the appraiser s opinion after reviewing these sales and consideration of current market conditions; the subject property has a As Is value of approximately $182 per square foot of GBA. The results of this analysis indicate that the subject has an overall As Is value of $2,180,000. IMPROVED SALES ANALYSIS ADJUSTED PRICE/GBA ANALYSIS Sale No. PSF/GBA Net Adjustment Adj. PSF/GBA Subject Sale 1 $ $30.72 $ Sale 2 $ ($38.48) $ Sale 3 $ ($24.55) $ Sale 4 $ ($35.32) $ STATISTICAL ANALYSIS Minimum Average Maximum $ $ $ MARKET VALUE ESTIMATE Premise Estimated PSF/GBA Gross Bldg Area Value As Is $ ,979 $2,180,000 Page 11

12 ADDENDA Zoning Map Daily Traffic Count Page 12

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