Highland Medical Plaza 4390 N. Federal Highway Fort Lauderdale, Florida 33308 Price $3.0 M Size 14,286 SF Price/SF $210 Tenancy Multi Built 1967 Stories 2 Julie Abolafia, CCIM Managing Director (954) 918-4902 ja@meridian-commercial.com Doug Driver, CCIM, CMI Managing Director (954) 865-1453 dd@meridian-commercial.com Exclusively Listed by: Investment Sales Advisors Meridian Commercial 10101 W. Sample Road, Suite 428 Coral Springs, Florida 33065 Web: www.meridian-commercial.com Main Phone: (754) 900-1900 Lic. #BK672274
Contents 1 Summary 5 Property 10 Financials 12 Photographs 26 Meridian
1 Highland Medical Plaza 4390 N. Federal Highway Fort Lauderdale, Florida 33308 Summary
Offering Summary 2 Price $3,000,000 formal asking price Price/SF $210 per square foot Terms All Cash and third-party financing Offered for sale is Highland Medical Plaza, a 14,286 square foot medical office building located at 4390 N. Federal Highway in Fort Lauderdale Florida. This twostory multi-tenant office building was built in 1969 and is currently 70% occupied. Highland Medical Plaza represents the unique opportunity to capture significant upside by redeveloping the Property into modern boutique medical office plaza! Rare Re-Position Opportunity with Significant Upside! Located just South of Commercial Boulevard fronting Federal Highway Within Walking Distance of Holy Cross Hospital Quasi-Retail First Floor with Separate Entrances and Restrooms Great Opportunity for an Investor or Owner-User Offered at only $3,000,000 or $210 per square foot!
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4 Disclosure Meridian Commercial ( Meridian ) has been exclusively retained by the Owner (or Seller ) to offer for sale Highland Medical Plaza a 14,286 square foot office building located at 4390 N. Federal Highway, Fort Lauderdale, Florida 33308 ( Property ). The only party authorized to represent the Seller in connection with the sale of the Property is Meridian. The material contained in this offering brochure ( Brochure ) is furnished solely for the purpose of considering the purchase of the Property and is not to be used for any other purpose. This information should not, under any circumstances, be copied, forwarded, or disclosed to any third party without the written consent of the Meridian or Seller, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property. Neither Meridian nor the Seller make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. This Brochure may include certain statements and estimates with respect to the Property. These assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Analysis and verification of the information contained herein is solely the responsibility of the prospective purchaser. Recipients of this Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property. This Brochure is a solicitation of interest only and is not an offer to sell the Property. The Seller expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time without notice. The Seller shall have no legal commitment or obligation to any entity reviewing the Brochure or making an offer to purchase the Property unless and until the Seller executes and delivers a signed purchase agreement on terms acceptable to Seller, at Seller s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release Meridian and Seller from any liability with respect thereto. Highland Medical Plaza 4390 N. Federal Hwy, Ft. Lauderdale, FL 33308 Exclusively Listed By
5 Highland Medical Plaza 4390 N. Federal Highway Fort Lauderdale, Florida 33308 Property
Property Highland Medical Plaza a 14,286 square foot medical office plaza located in Fort Lauderdale, Florida. Located on the east side of Federal Highway just south of Commercial Boulevard, the building is strategically positioned within walking distance of Holy Cross Hospital. The suites on the first floor feature private entrances, large store-front bay windows, and private restrooms. The second floor suites are accessed through a main lobby by either the stairs or elevator and a common corridor. The building was built in 1967 and was last renovated in 1989. Unique Opportunity to Renovate the Building into a Modern Office Plaza! 6 The current occupancy is 70%. The first floor suites have been 100% occupied for the past several years, as private entrances & restrooms are particularly attractive to medical tenants. However, all tenants have under market month-to-month fully gross leases (except one tenant), which will allow the next owner to renovate the property and immediately increase rents. The largest tenant in the building, occupying 4,448 square feet, will sign a new long-term lease at market rates. Highland Medical Plaza represents the unique opportunity to capture significant upside by redeveloping the Property into modern boutique medical office plaza! Address 4390 N. Federal Highway City/State/Zip Fort Lauderdale, Florida 33308 Square Footage 14,286 (Rentable Square Feet) Stories 2 Stories Occupancy 69.9% Occupied Site Area 31,767 Square Feet (0.73 Acres) Parking 58 Spaces (4/1,000) Construction Concrete Block & Stucco (CBS) Built 1967 (renovated 1989)
First Floor Rent Roll 7 Suite 104 Suite 103 (Lisa Nothardt) (Vio Cosmedical) Suite Tenant Size End PSF Annual 100 Federal Dental 1,440 Dec-20 $17.39 $25,040 101 Dr. Franzon [1] 2,821 MTM $20.00 $42,142 103 Vio Cosmedical 1,528 MTM $15.71 $24,000 Suite 100 Suite 101 (Federal Dental) (Dr. Franzon) 104 Lisa Nothardt 1,231 MTM $14.62 $18,000 Suite Tenant Size End PSF Annual 201 Dr. Franzon [1] 644 MTM $16.50 $7,937 Second Floor Suite 216 Suite 214 (Vacant) (Vacant) Suite 201 (Dr. Franzon) Suite 203 (Vacant) 203 Vacant 820 MTM $0.00 $0 205 Dr. Franzon [1] 963 MTM $16.50 $11,869 207 Gazeta News 1,276 MTM $9.40 $12,000 208 Vacant 630 MTM $0.00 $0 209 Vacant 336 MTM $0.00 $0 214 Vacant 1,201 MTM $0.00 $0 216 Vacant 1,396 MTM $0.00 $0 Suite 207 (Gazeta) Suite 205 (Dr. Franzon) Total 7,267 $4.38 $31,805 Restroom Building Total 14,286 $9.87 $140,987 Elevator Electric Room Suite 208 (Vacant) Suite 209 (Vacant) [1] Dr. Franzon will sign a long-term lease at market rates.
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Specifications 9 Identification Construction Site Address 4390 N. Federal Highway Cross Streets Commercial & Federal Highway City Fort Lauderdale State & Zip Florida, 33311 County Broward County Improvements Buildings 1 Building Stories 2 Stories Built 1967 Rentable SF 14,286 Square Feet Useable SF 10,672 Square Feet Load Factor 1.33 Tenants 5 Tenants Occupancy 69.9% Leased Utilities Electric 120 / 240 Volt Service Electric Meters 1 Meter Electric Billing Direct to Landlord Foundation Monolithic Slab Exterior Walls Concrete Block & Stucco (CBS) Interior Walls Wood Frame & Gypsum Roof Steel Joist & Concrete Deck Roof Covering Modified Bitumen Roof Age 19 Years Windows Glass in Aluminum Frame Entry Doors Glazed & Unglazed Wood Doors Interior Doors Hollow Core Wood Ceilings Drop Ceiling / Textured Gypsum Systems Electric Main & Distribution Panels HVAC (12) Individual Split Systems Plumbing PVC, Flex & Copper Elevator 1 Elevator Recertification No 40-Year Recertification Tenancy Occupancy 69.9% Site Area 31,767 (0.73 Acres) Shape Irregular Frontage Federal Highway Topography Generally Level Ingress/Egress 3 Points on Federal Highway Flood Zone Flood Zone X Zoning B-1 (City of Fort Lauderdale) Site Improvements Parking Spaces 56 Spaces + 2 Handicapped Parking Ratio 4 per 1,000 Sidewalk Type Concrete Parking Type Asphalt Paved Lighting Yes, Exterior Lighting Taxes Parcel 1 494224080520 (24,267 SF) Parcel 2 494224080500 (7,500 SF) Tax Parcel 1 $37,713.56 Tax Parcel 2 $4,402.01 Water Meters 1 Meter Water Billing Direct to Landlord Suites 12 Suites Occupied Suites 7 Suites Legal 1 CORAL RIDGE COUNTRY CLUB ADD NO 1 40-18 B LOT 17 N1/2, 18 BLK 2 Waste 1 Dumpster On-Site Waste Billing Direct to Landlord Vacant Suites 5 Suites Lease Type Fully Gross (Including Electric) Legal 2 CORAL RIDGE COUNTRY CLUB ADD NO 1 40-18 B LOT 17 S1/2 BLK 2
10 Highland Medical Plaza 4390 N. Federal Highway Fort Lauderdale, Florida 33308 Financials
Financial Pro-Forma 11 Scenario #1: Minor Improvements Scenario #2: Redevelopment Summary: Perform minor improvements, lease to 95% occupancy, and increase rents to $23.00 PSF (gross). Summary: Perform major renovation, lease to 95% occupancy, and increase rents to $33.00 PSF (gross). Rental Income [1] Annual Monthly Per SF % PGR Annual Monthly Per SF % PGR Potential Gross Revenue $328,578 $27,382 $23.00 100.0% $471,438 $39,287 $33.00 100.0% LESS: Economic Vacancy (5%) $16,429 $1,369 $1.15 5.0% $23,572 $1,964 $1.65 5.0% Effective Gross Revenue $312,149 $26,012 $21.85 95.0% $447,866 $37,322 $31.35 95.0% Operating Expenses [2] Real Estate Taxes (2017) $42,116 $3,510 $2.95 12.8% $42,116 $3,510 $2.95 8.9% Property Insurance $12,163 $1,014 $0.85 3.7% $12,163 $1,014 $0.85 2.6% Water & Sewer $5,950 $496 $0.42 1.8% $5,950 $496 $0.42 1.3% Electric Service $20,421 $1,702 $1.43 6.2% $20,421 $1,702 $1.43 4.3% Waste Removal $7,895 $658 $0.55 2.4% $7,895 $658 $0.55 1.7% Elevator Service $2,267 $189 $0.16 0.7% $2,267 $189 $0.16 0.5% Repairs & Maintenance $9,000 $750 $0.63 2.7% $9,000 $750 $0.63 1.9% Management Fee (5%) $15,607 $1,301 $1.09 4.8% $22,393 $1,866 $1.57 4.8% Landscaping $1,200 $100 $0.08 0.4% $1,200 $100 $0.08 0.3% Total Expenses $116,619 $9,718 $8.16 35.5% $123,405 $10,284 $8.64 26.2% Net Operating Income (NOI) $195,530 $14,913 $13.69 59.5% $324,461 $16,044 $22.71 68.8% Purchase Price $3,000,000 $210.00 $3,000,000 $210.00 Capitalization Rate 6.5% 10.8% [1] Scenario #1: Annual Potential Gross Revenue is calculated by multiplying 14,286 rentable square feet by $23.00 per square foot. Scenario #2: Annual Potential Gross Revenue is calculated by multiplying 14,286 rentable square feet by $33.00 per square foot. All rents are full service gross (including electric) for purposes of comparison. [2] Expenses are based on current actual expense amounts, except for Repairs & Maintenance and Management Fee. Repairs & Maintenance amount was increased to from the actual amount. A Management Fee was added due to the fact that the owner currently self-manages the Property.
12 Highland Medical Plaza 4390 N. Federal Highway Fort Lauderdale, Florida 33308 Photographs
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25 Highland Medical Plaza 4390 N. Federal Highway Fort Lauderdale, Florida 33308 Meridian
26 Meridian Commercial is South Florida's premier full-service commercial real estate firm. Since 2004, we have provided investment sales, project leasing, property management, and inspection services to institutional and private clients for all types and sizes of commercial real estate assets throughout Miami-Dade, Broward, and Palm Beach Counties. Executives of the firm have been involved in over $1.0 billion in investment sales and leasing transactions, having represented some of the largest institutions in the world. Our management and consulting services are unsurpassed and have literally saved property owners and investors millions. We pride ourselves on making our clients highly successful! High profile clients of executives of the firm include: AEW Capital Management American Land Development Ameriton Properties Archon Group Archstone-Smith Baxter Healthcare CIGNA Citizens Property Insurance Corporation City National Bank Fannie Mae First Market Properties Franklin Street Glass Ratner The Hartford Highwoods Properties Lloyds of London Ocwen Financial Corporation Principal Capital Management Prudential Sarofim Realty Advisors Secure Properties State Farm Insurance Company Teachers Insurance and Annuity - College Retirement Equity Fund Trammell Crow Company United Healthcare For more information on this exclusive investment offering or to schedule a property tour, please contact one of the marketing team members below: Julie Abolafia, CCIM Managing Director (954) 918-4902 ja@meridian-commercial.com Certified Commercial Investment Member (CCIM) Florida Licensed Real Estate Associate Realtor Douglas E. Driver, CCIM, CMI Managing Director (954) 865-1453 dd@meridian-commercial.com Certified Commercial Investment Member (CCIM) Certified Master Inspector (CMI) Certified Professional Inspector (CPI) Florida Licensed Real Estate Broker Florida Certified General Contractor Florida Licensed Home Inspector Realtor Meridian Commercial 10101 W. Sample Road, Suite 428 Coral Springs, Florida 33065 www.meridian-commercial.com Main: (754) 900-1900