1909 NE 168th Street - LoopNet...1909 NE 168th Street 1909 Northeast 168th Street | North Miami Beach, FL 33162 JOHN DEMARCO, ACP, CCIM 954-678-8733 [email protected] Great office

Each office independently owned and operated

1909 NE 168th Street1909 Northeast 168th Street | North Miami Beach, FL 33162

JOHN DEMARCO, ACP, [email protected]

Great office building located in North Miami➢

Building fully renovated and very well maintained ➢

6.4% Actual Capitalization Rate ➢

Perfect for an investor, easy to manage.➢

RE/MAX 5 STAR REALTY4151 Hollywood BlvdHollywood, FL 33020(954) 361-0000www.DeMarcoGroup.com

INVESTMENT DETAILS1909 Northeast 168th Street | North Miami Beach, FL 33162

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.

ANALYSIS

Analysis Date April 2019

PROPERTY

Property 1909 NE 168th Street

Property Address 1909 Northeast 168th StreetNorth Miami Beach, FL 33162

Year Built 1960

FINANCIAL INFORMATION

All Cash

PURCHASE INFORMATION

Property Type Retail

Purchase Price $450,000

Tenants 1

Total Rentable Sq. Ft. 1,200

LOANS

Type Debt Term Amortization Rate Payment LO Costs

All Cash

INCOME & EXPENSES

Gross Operating Income $28,800

Monthly GOI $2,400

Total Annual Expenses $0

P. 2

EXECUTIVE SUMMARY1909 Northeast 168th Street | North Miami Beach, FL 33162


Acquisition Costs

Purchase Price, Points and Closing Costs $450,000

Investment - Cash $0

Investment Information

Purchase Price $450,000

Price per Tenant $450,000

Price per Sq. Ft. $375.00

Income, Expenses & Cash Flow

Gross Scheduled Income $28,800

Total Vacancy and Credits $0

Operating Expenses $0

Net Operating Income $28,800

Debt Service $0

Cash Flow Before Taxes $28,800

Financial Indicators

Debt Coverage Ratio N/A

Capitalization Rate 6.40%

Gross Income / Square Feet $24.00

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PROPERTY DESCRIPTION1909 Northeast 168th Street | North Miami Beach, FL 33162


Office Building in North MiamiJohn DeMarco with Re/Max 5 Star Realty is pleased to present the sale of 1909 NE 168th St North Miami FL 33162.This corner office building consists of 1,200 square feet of leasable space well situated on a 2625 square foot lot. Theentire property was completely renovated in 2017 and is very well maintained.

This property is currently occupied by 1 tenant. The property is netting $28,800 per year. The lease expires in May2021. This income provides an investor with a 6.4% Capitalization Rate at full asking price.

Call for additional information and please remember to not disturb exiting tenants.

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PROPERTY PHOTOS1909 Northeast 168th Street | North Miami Beach, FL 33162


P. 5

PROPERTY PHOTOS1909 Northeast 168th Street | North Miami Beach, FL 33162


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MAPS AND AERIALS1909 Northeast 168th Street | North Miami Beach, FL 33162

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection byand/or with the appropriate professionals.

P. 7

MAPS AND AERIALS1909 Northeast 168th Street | North Miami Beach, FL 33162

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection byand/or with the appropriate professionals.

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7553 NE 2nd Ave SOLD

Miami, FL 33138 Miami/Dade County

Sale Date:

– Research Status:

PrFrma Cap Rate:

Sale Price:$561.91$540,000 - Full Value02/04/2016 (65 days on mkt) Bldg Type:

Zoning:

Year Built/Age:GLA:

-

Parcel No:Financing:

01-3207-039-0320-

Full Value

RetailService StationBuilt 1949 Age: 67961 SF

T6-8 OLand Area: 0.23 AC (10,019 SF)

Price/SF:

3521927Comp ID:

10920 NE 6th Ave SOLD


Sale Date:


PrFrma Cap Rate:

Sale Price:$459.05$510,000 - Confirmed05/23/2016 Bldg Type:

Zoning:

Year Built/Age:GLA:

-


30-2230-001-0470-

Confirmed

RetailFreestandingBuilt 1941 Age: 751,111 SF

BU-1ALand Area: 0.18 AC (7,841 SF)

Price/SF:

3616857Comp ID:

400 NW 42nd Ave - Dominique's Nails SOLD


Sale Date:


PrFrma Cap Rate:

Sale Price:$486.02$504,000 - Full Value01/06/2016 Bldg Type:

Zoning:

Year Built/Age:GLA:

-


01-4105-017-0040-

Full Value

RetailFreestandingBuilt 1940 Age: 761,037 SF

C-1, MiamiLand Area: 0.15 AC (6,534 SF)

Price/SF:

3494076Comp ID:

Map Page: Trakker 38-V14

Copyrighted report licensed to RE/MAX 5 Star Realty - 995182.

270 NE 60th St SOLD


Sale Date:


PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:

$397.41$430,000 - Confirmed01/06/2017 (162 days on mkt) Bldg Type:

Zoning:Sale Conditions:

Year Built/Age:RBA:

--


01-3218-016-0070-

Confirmed

Class C OfficeBuilt 1929 Age: 881,082 SF

IRedevelopment Project

Land Area: 0.14 AC (6,098 SF)Price/SF:

3846753Comp ID:


Dollar Volume

Sold Transaction

2Q16 04/1-6/30/16

Number of TransactionsTotal Dollar VolumeTotal Bldg Square FeetTotal Land in AcresTotal Land in SFAverage PriceAverage Number of SFAverage Price Per Bldg SFMedian Price Per SFAverage Number of AcresAverage Number of SF(Land)Average Price Per UnitMedian Price Per UnitAverage Number of UnitsActual Cap Rate

1Q17 01/1-3/31/17

Sold Transaction

1$510,000

1,1110.18

7,841$510,000

1,111$459.05$459.05

0.187,841

----

1$430,000

1,0820.14

6,098$430,000

1,082$397.41$397.41

0.146,098

----

Trend Report


Sec. 24-58.1 - Fulford Mixed-Use Town Center District (MU/TC).

(A) Purpose and Intent. The purpose of these regulations is to implement policies that guide the design of development within the Fulford Mixed-Use Town Center District (MU/TC). The intent is to enable transit-oriented development that contributes to the creation of an urban downtown and the formation of a quality pedestrian-oriented, Mixed-use district. The objective is to shape development to create a "place," an exciting, enlivened social gathering point and a destination, which encourages the establishment of a wide mix of commercial and residential uses that offer the flexibility to meet a variety of market needs. The aim of these regulations is to create an environment that attracts day and evening activities so that the street is occupied by visitors, residents, business owners and operators who have a clear and vested interest in the vitality of the Fulford Mixed-Use Town Center District (MU/TC). This purpose will be fulfilled by:

(1) Ensuring high quality, architecturally compatible, consistently landscaped development throughout the District;

(2) Stimulating commercial and retail trade activities;

(3) Ensuring that new development or redevelopment projects enhance the visual character of the District;

(4) Encouraging the development of pleasant shopping areas with attractive pedestrian spaces;

(5) Encouraging people to reside in the District;

(6) Encouraging the beautification of the Snake Creek Canal greenway; and

(7) Encouraging public access to the waterfront.

(B) District Boundaries. The development standards shall be utilized for properties located within the Fulford Mixed-Use Town Center district (MU/TC).

(C) Administration. In order to maintain predictability in development, Planned Unit Developments (PUDs) shall be prohibited. Variances from the dimensional requirements or waivers from any other criterion may be approved by the applicable review board for projects, provided that the applicant meets the standards pertaining to such variance or waiver. The applicable board shall hear and decide appeals where it is alleged there is an error in any order, requirement, decision, or determination made by the Director of the Community Development Department or his/her designee in the enforcement of these development regulations.

(D) General Development Standards.

(1) In addition to the standards contained herein, Section 24-58 Mixed-Use (MU) district standards shall be applicable to development within the Fulford Mixed-Use Town Center district (MU/TC). The applicable regulations contained in Articles IV, VIII, IX, X, XI, XII, XIII, and XIV shall also apply, except as modified herein and may be further modified by the City Manager or his/her designee to meet the purpose and intent of the Fulford City Center (Mixed-use) District.

(2) The provisions of the MU/TC code, when in conflict, shall take precedence over the existing zoning and land development regulations.

(3) The provisions of the building code, when in conflict, shall take precedence over the provisions of the MU/TC code.

(4) Existing buildings may be destroyed or removed, however they must be replaced according to the MU/TC regulations. Existing buildings may not be destroyed or removed unless they are to be replaced according to MU/TC regulations and only after a building permit is issued.

(5) Existing buildings and uses within the MU/TC area, which are legally established but do not conform to provisions of the MU/TC regulations as of the effective date of these regulations shall be considered nonconforming and may not be replaced, restored, or modified, except in conformity with the regulation for nonconformities contained in Article IV of this chapter. When a nonconforming structure is destroyed by windstorm, flood, or nature disaster, it may be replaced

by a new structure of the same or lesser size, and reoccupied by the same use, if construction of such structure is commenced within eighteen (18) months of destruction.

(6) Proposed development with site plan approved under the 2002 FCC MUTC regulations shall commence construction within the time frame allotted in the development order or site plan approval letter. If commencement of construction does not occur within the allotted time frame, the site plan approval shall automatically expire without further action by the City.

(E) Regulating Plans and Diagrams. The MU/TC is governed by a series of regulating plans and diagrams. The Regulating Plans and Diagrams demonstrate MU/TC development standards in both words and diagrams, and include maps designating the locations where the various standards apply. Unless otherwise noted, all development shall be in compliance with the Regulating Plans and Diagrams contained herein and with the Building Typology and Placement Regulating Diagrams in Section 24-58 Mixed-Use (MU) district. The Regulating Plans and Diagrams for the MU/TC include the following:

(1) The Sub-areas Regulating Plan, which divides the MU/TC into three (3) Sub-areas: Core, Transition and Edge. The highest density and intensity within the MU/TC shall be allocated to the Core Sub-area, a mixed-use area in the heart of the district. The densities and intensities shall then gradually decrease from the Core to the Transition Sub-area where mixed-uses are still permitted and then further decrease to the Edge Sub-area which is characterized by single uses, including low density residential adjacent to existing low density residential. The Sub-areas Regulating Plan is shown in Figure MU/TC-1.

(2) The Street Network Connectivity Regulating Plan, which shows the approximate location of existing and the required new streets needed to create the prescribed network of streets within the MU/TC. This Plan also establishes the hierarchy of the streets as shown in Figure MU/TC-2.

(3) The Designated Publically Accessible Open Spaces and Urban Greenway Systems Regulating Plan, which designates the approximate location of the required publically accessible open spaces and urban greenway system as shown in Figure MU/TC-3.

(4) The Building Heights Regulating Plan, which establishes the maximum building height as shown in Figure MU/TC-4.

Figure MUTC-1: Sub-Areas Regulating Plan

Figure MUTC-2: Street Network Connectivity Regulating Plan

Figure MUTC-3: Designated Publically Accessible Open Spaces and Greenway Systems Regulating Plan

Figure MUTC-4: Building Heights Regulating Plan

(F) Sub-Areas Regulating Plan. All new and existing development shall review first their location within the Sub-Areas Regulating Plan as shown in Figure MU/TC-1.

(G) Permitted Uses.

(1) Land Use Principles.

a. The MU/TC District shall be developed as an identifiable place and shall act as an important destination for living, working, shopping and entertainment. The mix of uses within the District, the streets and the architectural character of individual buildings shall blend together to contribute to a coherent identity and sense of place.

b. Along NE 164th street, east of NE 21st Avenue only, the ground floor of all buildings shall be limited to commercial uses, including but not limited to office and retail uses. On all other levels, both non-residential and residential uses shall be permitted. In order to support transit, residential uses shall be required and shall be permitted to be vertically or horizontally integrated.

c. Along NE 164th streets, west of NE 21st Avenue only, commercial uses including but not limited to office and retail uses are encouraged along the ground floor of all buildings. On all levels, both non-residential and residential uses shall be permitted.

d. Along NE 19th Avenue and NE 163rd Street, commercial uses including but not limited to office and retail uses are required along the ground floor of all buildings. On the second level and above, both non-residential and residential uses shall be permitted.

e. Along all other streets, commercial uses including but not limited to office and retail uses are encouraged along the ground floor of all buildings. On all levels, both non-residential and residential uses shall be permitted.

(2) Permitted Use Table MU/TC-1 includes the principal uses permitted in the MU/TC along with any required restrictions on such uses, for each of the sub-areas. Principal uses not included in Table MU/TC-1 are not permitted in the MU/TC. The MU/TC shall be subject to the Supplemental Regulations as provided for in Article VIII unless modified herein. Uses which are similar in nature to the uses permitted herein, but not enumerated in higher density use areas, shall be permitted upon a finding by the Community Development Director that the characteristics of, and activities associated with the use are substantially similar to one (1) or more of the listed uses, and will not involve greater impacts than the uses listed in the district and the use will be consistent with the purposes of the applicable zoning district and use areas.

Table MU/TC-1

PERMITTED USES IN THE FULFORD MIXED-USE TOWN CENTER (MU/TC) DISTRICT

P=PERMITTED BY RIGHT C = CONDITIONAL USES NP= NOT PERMITTED

Uses (1) Use Areas

Core Transition Edge

Residential

Residential, provided that: must be in multi-family context P P P

Residential, townhouses (per building typology diagram) P P P

Eating and Drinking Establishments

Bars and lounges provided that any such use shall not be located within 500 feet of the real property that comprises a public or private elementary school,

middle school or secondary school (Pursuant to § 562.45(2)(a) Florida Statutes).

P P C

Microbrewery, winery or distillery P P C

Restaurants including fast food, excluding drive through, including outdoor

dining P P C

Restaurant fast food with drive through provided drive through is inside

parking garage C C NP

General Business

Animal hospitals and kennels; provided that all activities relating to any such uses are conducted entirely within an air conditioned, soundproofed building and that no such use shall be located less than 300 feet from any residential

district.

C C C

Banks and financial institutions, excluding drive-through. P P NP

Daycare Center provided use is not on primary street C C C

Night clubs and discotheques (Ord. No. 2006-1 § 12, 12/21/2006) C C NP

Parking garages as principal use, provided that parked vehicles shall not be

visible from surrounding properties or public street rights-of-way and structure shall be well landscaped.

C C NP

Surface parking lot as principal use, CRA or City owned and operated only P P C

Vocational schools and trade: Airline, business, cosmetology, secretarial and

similar. P P NP

Office

Office, business and professional uses. P P P

Retail/Personal Services

Personal services uses. P P P

Studio schools: Art, dance, music, drama, sculpture and similar instruction P P P

Retail/Retail Services

Medical marijuana dispensaries/medical marijuana treatment centers C C C

Package liquor store: Provided such use is located on primary street C C NP

Pharmacies C C C

Retail uses (general retail) P P P

Lodging Accommodations

Hotels C C NP

Institutional

Museums and art galleries P P P

Places of public assembly C C C

Utility facilities, light, public and private P P P

Recreation and Open Space (Private and Public)

Game rooms, sports and amusement facilities P P C

Public parks and playgrounds, plazas, squares P P P

Urban market gardens P P P

Notes: (1) The MU/TC allows for a conditional use approval for the conversion of existing buildings, or portions of existing buildings, from residential use to office use or retail and service establishment use

— subject to the area regulating plan and compatibility with existing adjacent uses.

(3) Special Limited Conditional Uses. See Section 24-177.

(H) Street Network Connectivity Regulating Plan and Street Standards. Figure MU/TC-2 shows the approximate location of existing and required new streets needed to create the prescribed network of streets within the MU/TC. This plan also establishes the hierarchy of the streets within the district. The street standards specified in Section 24-58(J) Mixed-use District shall apply except as modified herein:

(1) All streets shall be located according to the Street Network Connectivity Regulating Plan for the MU/TC.

(2) All existing Primary A, new Primary A and existing Secondary Streets shall be required in the same general location as shown on the Street Network Connectivity Regulating Plan but may be modified with respect to alignment. No existing Primary A, new Primary A and existing Secondary Streets shall be deleted or otherwise vacated or removed.

(3) All existing Primary B Streets may be modified or deleted for the purpose of establishing a continuous greenway along the Snake Creek Canal. The modifications of the existing streets shall be per the Canal Greenway Sections as provided in Section 24-58.1(I).

(4) All new Secondary Streets are encouraged to promote connectivity and accessibility between multiple modes of transportation including vehicles, mass transit and/or rail systems. All new Secondary Streets may be modified or deleted for the purpose of assembling parcels for development and no mass transit and/or rail systems are in place.

(5) Tertiary Streets and Alleys shown on the Street Network Connectivity Regulating Plan are encouraged to promote connectivity and to conform to block length requirements. Tertiary streets and alleys may be modified or deleted for the purpose of assembling parcels for development.

(6) All streets shall be designed according to the typical street sections and standards provided in Section 24-58(J)(3)(c) Mixed-Use District except as modified for the following specific streets within the MU/TC:

a. Type S1: NE 164th Street (East of West Dixie Highway) (Figure MU/TC-5).

i. A minimum landscaped strip of five (5) feet shall be provided along the street edge.

ii. Tree grates a minimum of five (5) feet by five (5) feet may be utilized in place of the required landscape strip.

iii. A minimum sidewalk width of 7.5 feet shall be provided adjacent to the landscaped area.

iv. Bulb-outs may be provided.

v. A median shall be provided a minimum of fourteen (14) feet in width.

vi. On-street parking shall be provided on both sides of the street.

vii. Where applicable, a maximum of twenty (20%) percent of the area within the setback shall be landscaped and shall consist primarily of sod, ground cover or ornamental grass.

DEMOGRAPHICS1909 Northeast 168th Street | North Miami Beach, FL 33162


Population Characteristic 1 Mile 3 Mile 5 Mile

Ages 0-4 1,296 10,100 23,079

Ages 5-9 1,653 12,610 28,724

Ages 10-14 1,567 11,738 26,701

Ages 15-19 1,523 11,264 25,704

Ages 20-24 1,548 11,395 26,045

Ages 25-29 1,500 11,572 26,209

Ages 30-34 1,477 11,746 26,069

Ages 35-39 1,450 12,150 26,458

Ages 40-44 1,482 12,820 27,556

Ages 45-49 1,518 13,366 28,783

Ages 50-54 1,466 13,151 28,305

Ages 55-59 1,317 12,260 26,584

Ages 60-64 1,110 10,835 23,598

Ages 65-69 853 9,157 20,045

Ages 70-74 656 7,528 16,608

Ages 75-79 447 6,073 13,371

Ages 80-84 267 4,602 10,012

Household Income 1 Mile 3 Mile 5 Mile

Median Household Income $42,843 $50,567 $47,657

< $10000 459 6,346 14,532

$10000-$14999 614 5,595 10,738

$15000-$19999 605 4,271 10,232

$20000-$24999 804 4,483 10,424

$25000-$29999 585 4,570 10,127

$30000-$34999 401 4,299 9,253

$35000-$39999 293 4,536 9,367

$40000-$44999 466 4,139 8,970

$45000-$49999 432 3,288 7,090

$50000-$60000 718 6,361 13,434

$60000-$74000 947 7,254 16,530

$75000-$99999 537 7,231 15,836

$100000-$124999 326 4,593 9,519

$125000-$149999 96 2,323 4,713

$150000-$199999 119 2,304 4,790

> $200000 23 3,007 6,269

Race Characteristic 1 Mile 3 Mile 5 Mile

Non Hispanic White 10,734 108,309 212,464

Population Black 8,923 70,797 187,876

Population Am In/AK Nat 6 54 91

Characteristic Housing 1 Mile 3 Mile 5 Mile

Housing Units 9,294 100,767 213,795

Occupied Housing Units 8,026 77,078 167,086

Owner Occupied Housing Units 3,785 43,814 100,887

Renter Occupied Housing Units 4,241 33,264 66,199

Vacant Housing Units 1,268 23,689 46,709

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Documents

1909 NE 168th Street - LoopNet...1909 NE 168th Street 1909 Northeast 168th Street | North Miami Beach, FL 33162 JOHN DEMARCO, ACP, CCIM 954-678-8733 [email protected] Great office