Palm Taft Professional Building Office Suites 1601 North Palm Avenue Pembroke Pines, Florida Memorial Hospital Pembroke
table of contents Highlights... 3 Property Information... 4 Property Location... 4 Property Description... 4 Lot Sizes... 4 Utilities.... 4 HOA... 4 Land Use... 4 Zoning... 5 Parcel ID # & Taxes... 5 Asset Summary... 5 Price... 5 Site Plan.... 6 Maps & Aerials... 7-13 Demographics... 14-15 Limitations and Disclaimer... 16 Terms & Conditions... 16 Contact Information... 17 2
highlights Great exposure with over 25,000 cars per day Ease of access to multiple roadways, and is equidistant to two major hospitals Central Broward location Limited inventory of similar properties available in this submarket Asking price and current market rents are enticing to both investors and owner-user buyers Healthy Condominium Association superbly maintains the common areas Tenants in place supply immediate cash flow to new buyer Established Building in an established submarket Tenants are on short term leases and re-locatable; offering flexibility to new owner 3
Property Information Location 1601 North Palm Avenue, Pembroke Pines, FL 33026 Available Units Unit 301A, Unit 302, and Unit 311 Property Description Palm Taft Professional Building is a well-maintained, three story, Class B office building located on Palm Avenue less than a mile north of Pines Boulevard. Built in 1986, Palm Taft Professional Building is comprised of approximately 42,000 square feet with 150 designated parking spaces. The tenant makeup is primarily medical with the remainder being a mix of other professional businesses. Opportunity: Great opportunity for an investor or owner-user to establish a professional office. Palm Taft Professional Building offers fantastic accessibility, easy-to-rent suites, and an economic cost of ownership. For an investor this is an opportunity to work with a professional tenant class and earn a healthy return with limited hassle. The association is financially healthy and is collecting reserves. Unit Size Unit 301A: Southeast unit 1,427 total square feet Currently demised into six suites Current income stream of roughly $29,000 annually Condo Fees are $542 per month Unit 302: Northeast unit 4,014 total square feet Currently demised into eighteen suites Current income stream of $70,000 annually Condo Fees are $1,525 per month Unit 311: Northwest unit 1,934 total square feet Currently demised into eleven suites Current income stream of $23,000 annually Condo Fees are $734 per month Asking Prices 301A $270,000 302 $739,000 311 $365,000 4
Office Suite Pro Forma Unit Sq Ft. Rent PSF (Gross) Annual Gross Income Est. Expense % Net Income 302 4014 $22.50 $90,315 40% $54,189 311 1934 $22.50 $43,515 40% $26,109 301A 1427 $22.50 $32,108 40% $19,265 Total Sq Ft. Total Gross Income Total Net Income 7375 $165,938 $99,563 Price $774,129 $372,986 PER SQ FT CONDO FEES PER SQ FT $275,207 $4.53 Annual Cap Rate Total Price $0.38 Monthly 7.00% $1,422,321 5
Palm taft photos 6
Office Floorplan 7
MAPS & AERIALS 8
MAPS & AERIALS 9
Drive Time Map 10
MAPS & AERIALS 11
Limitations and Disclaimer This report is considered to be Confidential Information concerning S & N PROPERTIES LLC s (the Seller ) asset in Pembroke Pines, Florida. This document has been directly delivered by Realty Masters Advisors, LLC ( Realty Masters or Broker ) to interested parties for their sole use in evaluating a transaction with the Seller. Use of this information for other purposes or distribution (all or in part) of this information to other parties is prohibited without prior written consent of Realty Masters and the Seller. This Confidential Information is not to be disclosed, directly or indirectly, to any third party, except the following persons as necessary to assist you in evaluating any proposed transaction: (a) your employees, officers and directors; (b) your agents and representatives, including attorneys, accountants, financial advisors and other professional advisors and consultants who need to know such information for the purpose of evaluating such possible transaction and (c) applicable regulatory agencies having the jurisdiction over you ((a), (b), and (c) individually, a Permitted Party and collectively, the Permitted Parties ). Provided, however, that before providing the Confidential Information to any Permitted Party, you shall inform such Permitted Party of the confidential nature of this information. No representation or warranty, express or implied, is made as to the accuracy of the information set forth herein. Any party seeking to enter into a transaction with the Seller is responsible for completing appropriate due diligence as they shall determine. Terms & Conditions The Seller has engaged Realty Masters Advisors, LLC ( Realty Masters ) to serve as the exclusive real estate broker to market and receive offers on the property. All offers should be made subject to the Limitations and Disclaimers, as well as, but not limited to, consideration of the following assumptions: All sales are As-Is. Buyers are strongly encouraged to complete their own due diligence related to but not limited to, the value, condition and status of the asset. The Seller will deliver free and clear title to the property. Realty Masters and the Seller make no representation as to the description, condition, or suitability of the property. The property described in this document may not be available for sale due to the Seller s negotiations with buyers. Neither the Seller nor Realty Masters are required to update this document to reflect such changes. 12
All inquires and offers should be submitted to the listing broker Primary Contact: Michael Lewin P: 561-236-5391 E: ML@RMAfla.com Don Ginsburg P: 954-862-7534 E: DG@RMAfla.com Statewide commercial brokerage Main Office 208 SE 9th Street Ft Lauderdale, FL 33316 RMAfla.com West Coast Office 780 Fifth Avenue South Naples, FL 34102 Licensed Real Estate Brokers Central Florida Office 390 N Orange Ave, Ste 2300 Orlando, FL 32801
Considering Selling Real Estate In Florida? (or know someone who is) Be Sure To Talk To Us First! Connecting People with Properties RMAfla.com 954.523.2224 Ft. Lauderdale Orlando Naples