605 - ... Folio Number: 02-3234-168-0330, 02-3234-168-0360, 02-3234-168-0370, 02-3234-168-0410,

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Transcript of 605 - ... Folio Number: 02-3234-168-0330, 02-3234-168-0360, 02-3234-168-0370, 02-3234-168-0410,

  • 605 L I N C O L N R O A D FULL FLOOR OFFICE CONDO FOR SALE

  • 605 LINCOLN R0AD

    ABOUT THE ASSET

    605 Lincoln Road is a boutique office building located in the heart of South Florida’s premier outdoor shopping, dining, and entertainment destination.

    The 5th floor office condo being offered for sale features the following:

    ▪ Central location in boutique office building in South Beach located on the corner of Lincoln Road and Pennsylvania Avenue

    ▪ Steps away from the New World Center and the newly renovated Miami Beach Convention Center

    ▪ 10,033 SF full floor with abundant natural light

    ▪ Elevator opens directly into the private reception area

    ▪ Flexible single-tenant floor plan that can be easily converted for multi-tenant use

    ▪ 7 transferable parking spaces available leased from the City of Miami Beach in adjacent parking garage

    2 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale

    www.blancacre.com

  • PRIVATE RECEPTION

    FEATURES

    CONFERENCE ROOM

    EXECUTIVE OFFICE

    ABUNDANT NATURAL

    LIGHT

    WRAP AROUND VIEWS

    PRIME LINCOLN ROAD LOCATION

    3605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale

    www.blancacre.com

  • List Price: $4,950,000

    Folio Number: 02-3234-168-0330, 02-3234-168-0360, 02-3234-168-0370, 02-3234-168-0410, 02-3234-168-0430, 02-3234-168-0440

    Office Space: 10,033 SF (Entire 5th Floor)

    Parking Spaces: 7 Spaces (Rear of Building)

    Year Built: 1932; Renovated 2010

    2018 Real Estate Taxes: $50,079.47

    Zoning: CD-3 (Miami Beach)

    Demographics 1 Mile 3 Miles

    Population 31,648 59,085

    Households 18,461 32,684

    Average Age 41.70 43.20

    Median HH Income $52,462 $55,426

    Daytime Employees 36,029 73,157

    Projected Population Growth ‘18-’23 2.7% 3.6%

    Projected Household Growth ‘18-’23 2.1% 3.1%

    by the numbers

    4 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale

    www.blancacre.com

  • location

    LINCOLN ROAD MALL

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    CONVENTION CENTER

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    605 LINCOLN RD.

    ▪ An upscale business environment strategically located in the heart of Lincoln Road Mall, one of the world’s top destinations for business, entertainment and dining

    ▪ One block away from Miami Beach Convention Center, home to events including Art Basel, eMerge Americas, and International Auto Show

    ▪ Quick and easy access to MacArthur Causeway, I-95, Port of Miami, and Miami’s most dynamic neighborhoods

    ▪ Nearby office tenants: WeWork, Morgan Stanley, NY Film Academy, Raymond James, and Jeffrey Group

    ▪ Neighboring retailers: H&M, Swatch, Sugar, Nike, Crocks, New World Symphony, Starbucks, Spris, Sushisamba, Lulu Lemon, Guess, Zara, Forever 21 and more

    5605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale

    www.blancacre.com

  • South Beach: Recognized worldwide as a mecca of beautiful beaches and glamorous lifestyle

    Cultural District: Arts and Entertainment district which is home to Adrienne Arscht Center for the Performing Arts

    Downtown Miami: the city’s central business district

    Brickell: Miami’s Financial District

    Wynwood: Home to art galleries, retail stores, antique shops, eclectic bars, artisanal eateries and one of the largest open-air street-art installations in the world

    Design District: A neighborhood dedicated to innovative fashion, design, architecture and dining experiences

    NEARBY NEIGHBORHOODS

    605 LINCOLN

    ROAD

    6 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale

    www.blancacre.com

  • DADE COUNTY

    BROWARD COUNTY

    Biscayne Bay

    Tamiami Airport

    Miami International

    Airport

    Opa-Locka Airport

    MIAMI GARDENS DRIVE

    NW 135TH STREET

    NW 119TH STREET

    NW 103RD STREET

    NW 79TH STREET

    NW 58TH STREET

    NW 8TH STREET

    CORAL WAY

    BIRD ROAD

    SUNSET DRIVE

    SW 152ND STREET

    SW 184TH STRE ET

    SW 264TH STREET

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    DOLPH IN EX

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    SO UT

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    Laidlaw Creative

    ID - Signature

    Final

    BLANCA

    ver: 02.28.09

    Pantone Process Blue

    SW 22 RD

    SW 24 RD

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    access

    BRICKELL downtown

    coconut grove coral gables

    mia miami international airport

    Access to all major highways, including I-95, SR-836 and SR-826

    Drive Times:

    • Miami International Airport 18 Minutes

    • Downtown Miami 17 Minutes

    • Brickell District 20 Minutes

    • Coconut Grove 25 Minutes

    605 LINCOLN RD.

    7605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale

    www.blancacre.com

  • OFFICE MARKET SNAPSHOTMARKET SNAPSHOT

    M i a m i B e a c h H i g h l i g h t s

    PAGE | 7

    YEAR OVER YEAR HIGHLIGHTS

     Miami Beach weighted average asking rents have increased more than 40% since 2008

     Year to date, Miami Beach has completed 24,000 SF in office lease transactions

     Miami Beach enjoys the lowest direct vacancy rate within the relevant submarkets; currently at 5.5% for Class A space

     No new office deliveries scheduled the next 24 months

    Miami Beach Class A Historical Performance

    YEAR-OVER-YEAR HIGHLIGHTS

    ▪ Miami Beach weighted average asking rents have increased more than 40% since 2008

    ▪ Miami Beach enjoys the lowest direct vacancy rate within the relevant submarkets; currently at 5.5% for Class A space

    ▪ No new office deliveries scheduled for the next 24 months

    8 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale

    www.blancacre.com

  • Strategic Location

    Access to all major highways and prime

    commercial corridors

    Foreign Investments

    One of the top submarkets in the United States

    for foreign investment

    Growing Business Community

    Community of innovators, entrepreneurs and

    global companies

    Design

    Attractively designed boutique building in

    good operating condition

    Nearby redevelopment renaissance

    Greater Miami Beach Convention Center and

    surrounding areas

    Stability

    Favorable interest rates provide stability to

    occupancy costs

    drivers

    9605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale

    www.blancacre.com

  • 10033 1 2 3 4 5

    $ PSF Gross Occupancy Cost $ PSF 5 Year Market Rent (Gross) $484,092 $48.25 Estimated Operating Expenses $180,594.00 $18.00 $18.54 $19.10 $19.67 $20.26 Estimated OPEX $25,083 $2.50 Annual Mortgage Payment $229,393.13 $22.86 $22.86 $22.86 $22.86 $22.86 Net Occupancy Cost $509,175 $50.75 Gross Occupancy Cost $409,987 $40.86 $41.40 $41.96 $42.53 $43.12

    Net Occupancy Cost PSF Tax Savings $ PSF Lease $509,175 $50.75 Operating Expenses $180,594 $18.00 $902,970.00 $18.54 $19.10 $19.67 $20.26 Own $296,397.72 $29.54 Annual Depreciation Deduction $111,794.87 $11.14 $558,974.36 $11.14 $11.14 $11.14 $11.14 Total Savings $212,777.03 $21.21 Annual Interest Deduction $161,968.78 $16.14 $773,537.84 $15.80 $15.44 $15.06 $14.66 % Savings 41.79% Gross Occupancy Cost adjusted for Tax Items $454,357.65 $45.29 $2,235,482.20 $45.48 $45.68 $45.87 $46.06

    Tax Rate 25% Tax Savings $113,589.41 $11.32 $558,870.55 $11.37 $11.42 $11.47 $11.52

    Net Occupancy Cost Lease $2,545,873.75 Gross Occupancy Cost $409,987 $41 $2,049,935.66 $41.40 $41.96 $42.53 $43.12 Own $1,491,065.11 Less: Tax Savings $113,589.41 $11.32 $558,870.