FOR SALE
EXECUTIVE SUMMARY ASKING PRICE: $5.9 M CURRENT NOI: $150,000 TOTAL BUILDING AREA: TOTAL LOT AREA: 13,748 SF 43,286 SF GROSS DEVELOPMENT SF: 147,524 SF DENSITY ALLOWED: 56 RESIDENTIAL UNITS ZONING: T5-O (34,746 SF), T3-O (8,900 SF) DESCRIPTION: Metro 1 Commercial is proud to present a premium portfolio of properties located in the up and coming neighborhood of Little Haiti. This represents the opportunity to have a covered land play which will achieve moderate cash-on-cash returns in the near to mediumterm, with limited downside, yet offers significant upside potential. The properties are currently generating over 200K in gross income and have the possibility to be further increased by leasing the remaining spaces. The Properties are ideally situated with frontage on NW 54th Street (a major corridor between I-95 and Biscayne Boulevard) north of Design District and South of Little Haiti. To the east of the Properties are the planned East Ridge development and the Magic City Innovation District. This area has witnessed unprecedented growth, which has created a compelling development opportunity in the area. A gross development of 147,524 SF can be achieved as of right. Uses allowed include office, retail, mixed-use, industrial, hospitality and multifamily. 300-356 REET metro1.com 305.571.9991 info@metro1.com 5300 NW 3 AVE 2
PHOTOS 300-356 REET metro1.com 305.571.9991 info@metro1.com 5300 NW 3 AVE 3
REET 255 350 6,700 SF 01-3124-013-2010 328 10,050 SF 01-3124-013-2020 310 6,700 SF 01-3124-013-2021 300 7,946 SF 01-3124-013-2030 356 3,350 SF 01-3124-013-2011 NW 3 AVENUE 5300 NW 3 AVE 8,540 SF T3 O 01-3124-013-2101 MAX HEIGHT T3 O MAX HEIGHT RENDERING RESIDENTIAL RESIDENTIAL OFFICE OFFICE COVERAGE MAX T3 O RETAIL Property Address Parcel # Property Type Building Size Lot Size Units Zoning Density Gross Development SF 300 01-3124-013-2030 Office 5,148 7,946 T5-O 11.86 31,784 310 01-3124-013-2021 Office 6,786 6,700 T5-O 10.00 26,800 328 01-3124-013-2020 Land - 10,050 T5-O 15.00 40,200 356 01-3124-013-2011 Land - 3,350 T5-O 5.00 13,400 350 01-3124-013-2010 Land - 6,700 T5-O 10.00 26,800 5300 NW 3 AVE 01-3124-013-2101 Multifamily 1,814 8,540 2 T3-O 3.53 8,540 Totals 13,748 43,286 2 56 147,524 300-356 REET metro1.com 305.571.9991 info@metro1.com 5300 NW 3 AVE 4
ZONING ALLOWANCES MAXIMUM LOT CAPACITY MIXED-USE DEVELOPMENT CONCEPT BUILDING INTENSITY Dwelling Units per Acre 65 du/ac Dwelling Units allowed 51 Units Maximum Office/Comm Allowed 137,949 ft 2 Maximum Office Area Allowed 137,949 ft 2 Max. Commercial Establishment Area 55,000 ft 2 Floor Land Ratio (FLR) Maximum Bldg Area Allowed 137,949 ft 2 Maximum Building Footprint 27,589 ft 2 Maximum Lot Coverage 80% Minimum Open Space 10% HEIGHT LIMITATIONS (LEVELS) This represents the maximum allowable building envelope based on zoning regulations. This lot has two public frontages available, structured parking should be accessible from the secondary frontage. This property is zoned T5-O, and it abuts a T3 zone on the rear side which changes the required setback from 0 ft to 13.4 ft. PRIMARY STREET SECONDARY STREET LOT OTHER LOTS BUILDING MASSING TOTAL BUILDING AREA 83,483 ft 2 Total Building Levels 5 Levels Building Footprint (Podium) 27,589 ft 2 Liner Building Footprint 7,200 ft 2 Tower Footprint Common Space (20%) 13,180 ft 2 Resulting Lot Coverage 80% Resulting FLR RESIDENTIAL AREA 45,500 ft 2 Residential Units 50 Residential Units Average Size 910 ft 2 /Unit Residential Height (Levels) 2 Levels The following Capacity Analysis represents one possible variation of building use distribution. This variation presents a mixture of uses that include a full level of retail on the ground floor, two levels of office in a liner footprint to hide the parking, and two levels of multi-family residential above. PRIMARY STREET SECONDARY STREET LOT RESIDENTIAL COMMERCIAL OFFICE PARKING Maximum Building Height Podium Building Max. Height Podium Building Min. Height 5 Levels 5 Levels 2 Levels OFFICE AREA 13,600 ft 2 Office Height (Levels) 2 Levels Tower Allowed Height Tower Bonus Max. Height COMMERCIAL AREA 6,800 ft 2 Commercial Height (Levels) 1 Level Maximum Office Height Allowed Maximum Commercial Height Allowed Unlimited Unlimited PARKING AREA Total Required Parking Spaces 135 SETBACKS Primary Frontage Minimum Setback Secondary Frontage Minimum Setback Side Minimum Setback Rear Minimum Setback Second Layer Dimension 10 ft 10 ft 0 ft 13 ft 25 ft Total Shared Parking Spaces 128 Parking Structure Height (Levels) Parking Spaces Provided 158 Parking Structure 144 Underground Parking Structure Street Parking 14 300-356 REET metro1.com 305.571.9991 info@metro1.com 5300 NW 3 AVE 5
PANTHER COFFEE LEGION MEMORIAL PARK LITTLE HAITI SOCCER PARK I-95 EXIT NW 62 STREET SALTY DONUT WINGSTOP MAGIC CITY CHASE CLIVE S CAFE CHEZ ANOUSE LEMON CITY PARK LAUNDROMAT ART GALLERY LITTLE HAITI CULTURAL COMPLEX WINN- DIXIE WENDY S POPEYES CAFE RUYI BURGER KING NW 7 AVENUE I-95 300-354 NW 3 AVENUE KO ZONE CHEF CREOLE NW 2 AVENUE NW 54 STREET N. MIAMI AVENUE NE 2 AVENUE SWEAT RECORDS SOYKA EASTSIDE RIDGE BISCAYNE BOULEVARD OSTERIA BAIOCCO MORNINGSIDE PARK UPPER BUENA VISTA TIGHTWORK SOUL & SEAFOOD GRILL SHOKUDO ESTHER NW 46 STREET INSTITUTE OF CONTEMPORARY ART MANDOLIN DESIGN DISTRICT 300-356 REET metro1.com 305.571.9991 info@metro1.com 5300 NW 3 AVE 6
Magic City Innovation District is revitalizing the Little Haiti and Little River neighborhoods to create a world-class destination. We will provide Miami a walkable, campus-like neighborhood where individuals from diverse backgrounds can enjoy a quality life and help write the next chapter of history on how we live, work, play and learn together. Magic City will serve as a new model for future innovation districts and real estate development worldwide. Over the last four years, we have helped Little Haiti and Little River become more desirable and recognizable neighborhoods in Miami attracting artists, creative, entrepreneurs and makers to our community. We will continue to attract a community of leading innovators who will disrupt and change the world through advancing technologies that span verticals from art to architecture, new-tech to cleantech, fashion to food, media to film production, and software to sustainability. Magic City Innovation District will become a leading model for the future of modern urban revitalization by providing an access point for an underserved neighborhood to enter the global economy through the creative, innovation and tech sectors. 300-356 REET metro1.com 305.571.9991 info@metro1.com 5300 NW 3 AVE 7
Eastside Ridge is a 22 acre development located south of Palm Grove and to the corner of Buena Vista. Buffered by the railroad tracks to the East, Archbishop Curley-Notre Dame Middle-High School to the South, Miami Jewish Health Systems to the West and 54th Street to the North. Eastside Ridge will house approximately 3,000 units of modestly priced rental apartments. Not only will Eastside Ridge transform 54th Street into a vibrant, walkable area, welcoming to residents as well as the surrounding community, it will also create a lush, green, central park area filled with boutiques and cafes. With approximately 65,000 square feet of affordable office space built into the plan, Eastside Ridge will be a center for business and community enjoyment. 300-356 REET metro1.com 305.571.9991 info@metro1.com 5300 NW 3 AVE 8
Luxury doesn t work everywhere. Luxury is selective. No other mall has the tenant pedigree and luxury roster that the Design District has amalgamated. The Design District is a World Class, comprehensive neighborhood development that differentiates from any other. It s the development of a neighborhood. It s the reurbanization of the center of Miami and the reversal of urban sprawl. The Design District is a retail center that can support 24/7, vibrant, & sustainable lifestyle and shopping experiences. The Design District has become highly sought after by tenants, developers, & investors from around the world. When you look at the Design District as a development, it s an urban, walkable, lifestyle destination featuring World Class Architecture defining The Third Place. The First Place is where you live. The Second Place is where you work. The Third Place is where you spend the rest of your time. The Design District will be a nexus, a hub, a Third Place for everything encompassing art, design, shopping, entertainment, and celebration. Different from Super Regional and Goliath Malls that scatter suburbia, The Design District was not designed for every customer, but for a very select customer. 300-356 REET metro1.com 305.571.9991 info@metro1.com 5300 NW 3 AVE 9
FOR SALE 300-356 REET metro1.com 305.571.9991 info@metro1.com 5300 NW 3 AVE 10