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SEA FAN PLAZALAUDERDALE BY THE SEA, FL
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Property and Surrounding Area253-257 Commercial Blvd, Lauderdale By The Sea, FL 33308
CONFIDENTIALITY AND DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Commercial Boulevard | 43,000 VPD
SUBJECT PROPERTY
SUBJECT PROPERTY
253-257 Commercial Blvd, Lauderdale By The Sea, FL 33308
Commercial Boulevard
Atlantic Ocean
Intracoastal
AERIAL
Population of Over 200,000 Within 5-Miles
More Than 30 Restaurants and Bars
in the Lauderdale-By-The-Sea Area - All Within Walking
Distance of the Subject Property
SUBJECT PROPERTY
Commercial Boulevard
Lauderdale By The Sea
Retail tenants are on the first floor and office space is on the second floor
RENT ROLL
Tenant Building-Suite
Suite Type GLA Current
RentRent PSF
Pro Forma Rent
Rent PSF
Next Rent Increase
Increase Amount
Lease Expiration Options Rent
Increases
Johrei Fellowship 253-A Retail 860 $18,312 $21.29 $21,500 $25.00 1/10/2020 $504.00 1/10/21
Earthrise Realty 253-B Retail 860 $18,000 $20.93 $21,500 $25.00 3/1/2020 $540.00 2/29/24
Cobbler by the Sea 253-C Retail 860 $18,900 $21.98 $21,500 $25.00 4/1/2020 $567.00 3/31/24 1, 5-Year Option
3% Annually in Option
Samuel Laffer 257-A Retail 860 $18,444 $21.45 $21,500 $25.00 N/A* N/A* 12/1/19
IAMA USA LLC 257-B Retail 860 $20,051 $23.32 $21,500 $25.00 4/1/2020 $477.36 3/21/21 1, 5-Year Option
3% Annually in Option
Wealth Management 255-200 Office 725 $10,200 $14.07 $14,500 $20.00 1/1/2020 $300.00 1/2/21
First Financial 255-201/203 Office 1,883 $22,500 $11.95 $30,125 $16.00 M-to-M M-to-M M to M
Travel 2 Paradise, LLC 255-202 Office 889 $12,000 $13.50 $17,780 $20.00 1/29/2020 $480.00 1/30/21 1, 2-Year Option
4% Annually in Option
Richard's Tax Returns 255-206 Office 693 $7,800 $11.26 $13,860 $20.00 1/1/2020 $234.00 12/31/20 1, 2-Year Option
3% Annually in Option
Jesus Christ of Latterday Saints 255-207 Office 895 $15,914 $17.78 $17,900 $20.00 1/1/2020 $477.36 11/30/21 2, 1-Year
Options3.5%
Annually in Options
Total: 9,385 $162,121 $201,665 $3,579.72
INVESTMENT HIGHLIGHTS• 9,385-Square-Foot Center, 100 Percent Occupied• Well Below Market Rents for the Immediate Area• First Floor Retail; Second Floor Office Space• Located on Commercial Boulevard with a Daily Traffic Count of
43,000 Vehicles• Subject Property is Within Walking Distance to Fort Lauderdale
Beach and Intracoastal Waterway• More Than 30 Restaurants and Bars in the Lauderdale-By-The-Sea
Area - All Within Walking Distance of the Subject Property• Lauderdale-By-The-Sea is Home to Restaurants, Shopping, Hotels,
Vacation Rentals, and Other Accommodations• Population of Over 200,000 Within A Five Mile Radius• Part of the Broward County MSA With a Population of 1.9 Million
Sea Fan PlazaPrice: $1,900,000Current Cap Rate: 5.03%Pro Forma Cap Rate: 6.90%Total Square Footage: 9,385Current NOI: $95,578Pro Forma NOI: $131,168Price PSF: $202.45Land Area: 0.18 AcresYear Built: 1973
Financial Summary Current Pro FormaAnnual Rent | Occupied: $162,121 $201,665Vacancy (5%): $8,106 $10,083Effective Gross Income: $154,015 $191,582Total Expenses: $58,437 $60,414Net Operating Income $95,578 $131,168
Expenses Current PSF Pro Forma PSFReal Estate Taxes: $26,000 $2.77 $26,000 $2.77Insurance: $10,742 $1.14 $10,742 $1.14CAM
Water & Trash: $7,358 $0.78 $7,358 $0.78Pest: $385 $0.04 $385 $0.04Repairs & Maint: $3,500 $0.37 $3,500 $0.37
Management (5%): $8,106 $0.86 $10,083 $1.08Reserves: $2,346 $0.25 $2,346 $0.25Total Expenses $58,437 $6.23 $60,414 $6.44
FINANCIAL OVERVIEW
SALES COMPARABLES
233 Commercial Blvd
233 E Commercial BlvdLauderdale By The Sea, FL 33308
COE Date: 2/12/2019
Price: $1,100,000
GLA: 5,200 SF
Price PSF: $211.53
Villas by the Sea
236 E Commercial BlvdFort Lauderdale, FL 33308
COE Date: 1/23/2019
Price: $745,000
GLA: 2,700 SF
Price PSF: $275.93
Sea Grape Drive
4337 Sea Grape DriveLauderdale By The Sea, FL 33308
COE Date: 2/22/2019
Price: $1,700,000
GLA: 5,230 SF
Price PSF: $325.00
Tradewinds Avenue
4322 East Tradewinds AveLauderdale By The Sea, FL 33308
COE Date: 6/29/2018
Price: $1,375,000
GLA: 6,307 SF
Price PSF: $218.00
Ocean Drive
4400 North Ocean DriveLauderdale By The Sea, FL 33308
COE Date: 3/14/2019
Price: $6,000,000
GLA: 7,462 SF
Price PSF: $804.00
Green Turtle Plaza
239 E Commercial BlvdLauderdale By The Sea, FL 33308
COE Date: 9/8/2018
Price: $1,350,000
GLA: 6,000 SF
Price PSF: $225.00
LOCAL & REGIONAL MAPS
View Drone Video of Subject Property and
Surrounding Area
MARKET OVERVIEW
BROWARD COUNTYOVERVIEW
Broward County is located in South Florida and contains a population of 1.9 million people. The county is bordered to the north and south by Palm Beach and Miami-Dade counties, respectively. On the east is the Atlantic Ocean and Big Cypress National Reserve is to the west. The Everglades cover the western portion of the county, restricting development. As limited land is available for construction, any significant growth is upward rather than outward. Roughly 23 miles of shoreline and 300 miles of inland waterways provide a wide range of recreation and transport uses. Fort Lauderdale is the largest city in the county with 180,900 residents followed by Pembroke Pines with 166,500 people.
MARKET OVERVIEW
METRO HIGHLIGHTS
STRONG POPULATION GROWTH
Broward County’s population continues to grow at a
pace well above the U.S. rate. In-migration accounts
for a large share of new residents.
DESIRABLE CORPORATE LOCATION
Companies are attracted to the metro for its proximity
to Latin American markets, large educated workforce
and desirable climate.
HOUSING AFFORDABILITY
Home prices are more affordable in Broward County
than in many other coastal counties.
MARKET OVERVIEW
ECONOMY▪ Key economic drivers include tourism, healthcare, biotechnology and commerce.
▪ As a major point of access to both international trade and cruise tourism, Port Everglades
generates roughly $30 billion of economic activity per year.
▪ The significant population of elderly residents results in healthcare playing a major role in
the county’s economy.
▪ Diverse companies are headquartered in the area, including Citrix Systems, AutoNation
and Heico.
SHARE OF 2017 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Ultimate Software
Nova Southeastern University
American Express
Spirit Airlines
Kaplan Higher Education
Citrix Systems
DHL Express
JM Family Enterprises
AutoNation
Actavis* Forecast
MANUFACTURING3%
GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+OTHER SERVICES
5%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
22%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
2%INFORMATION
18%
6%
13% 12% 7%
13%
MARKET OVERVIEW
DEMOGRAPHICS
▪
▪
▪
Since 2000, the county’s population has increased by roughly 278,000 residents.
During the next five years, the county will add approximately 65,000 residents.
In the same time period, the number of households will rise by 35,500.
An increase in education attainment provides a skilled labor pool and has helped
boost income levels. Almost 30 percent of residents age 25 and older have at least
a bachelor’s degree.
Broward County has one of the most desirable climates in the United States and has a wide variety of recreational opportunities and cultural amenities. The metro boasts 300 days of sunshine annually, and the average winter temperature is 78 degrees. Fort Lauderdale is known as the “Venice of America” for its inland canals. In addition, more than 145 marinas along Fort Lauderdale’s inland waterways cater to boating and fishing needs. Various professional sports are nearby in Miami. There are also more than 40 golf courses in the county. Other attractions include the NSU Art Museum Fort Lauderdale, the Broward Center for the Performing Arts, Flamingo Gardens, Museum of Discovery and Science, Symphony of the Americas and the International Swimming Hall of Fame.
QUALITY OF LIFE
2017 Population by Age
0-4 YEARS
6%5-19 YEARS
17%20-24 YEARS
6%25-44 YEARS
27%45-64 YEARS
28%65+ YEARS
16%
ARTS & ENTERTAINMENT
40.2
2017MEDIAN AGE:
U.S. Median:
37.8
$53,800
2017 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$56,300
1.9M
2017POPULATION:
Growth2017-2022*:
3.4%
743K
2017HOUSEHOLDS:
4.8%
Growth2017-2022*:
POPULATION 1 MILE 3 MILES 5 MILES
2010 Population 11,407 89,710 201,2372018 Population 12,264 96,477 218,6212023 Population 12,565 97,864 221,3892018 Male Population 6,211 50,622 116,6182018 Female Population 6,053 45,854 102,0032018 Median Age 58.4 49.7 46.2
RACE & ETHNICITY 1 MILE 3 MILES 5 MILES
American Indian, Eskimo 0.2% 0.3% 0.3%Asian 1.5% 1.7% 1.7%Black 2.5% 9.1% 24.4%Hawaiian/Pacific Islander 0.0% 0.1% 0.1%White 93.2% 82.8% 67.5%Other 1.3% 3.9% 3.8%Multi-Race 1.3% 2.3% 2.4%Hispanic Ethnicity 11.7% 20.5% 18.8%Not of Hispanic Ethnicity 88.3% 79.5% 81.2%
HOUSEHOLDS 1 MILE 3 MILES 5 MILES
2010 Households 6,474 44,977 95,6542018 Households 7,042 48,813 104,3732023 Households 7,224 50,034 107,297
HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES
2010 Avg Household Income $98,058 $81,367 $73,1742018 Avg Household Income $108,694 $91,307 $82,5182023 Avg Household Income $127,582 $106,138 $95,9122010 Med. Household Income $54,780 $49,642 $45,2772018 Med. Household Income $62,161 $57,909 $52,2292023 Med. Household Income $77,392 $69,315 $61,6792010 Per Capita Income $55,683 $40,870 $34,9612018 Per Capita Income $62,437 $46,269 $39,5612023 Per Capita Income $73,382 $54,334 $46,647
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DEMOGRAPHICS
The Wolfe Retail Group of Marcus & Millichap specializes in the sale of single-tenant properties and shopping centers and has successfully assisted clients in selling over 500 separate commercial properties with a market value exceeding $1.45 billion. Having closed sales in more than 40 states, our track record is evidence that we are one of the premier brokerage teams in the United States.
With our experience and background in various fields such as law and finance, we have proved to be invaluable to our clients, earning their trust and exceeding their expectations while best assisting them in their real estate transactions.
For more about the Wolfe Retail Group or to view all of our available listings, visit www.WolfeRetailGroup.com
About Marcus & MillichapWith over 1,800 investment professionals located throughout the United States and Canada, Marcus & Millichap (NYSE: MMI) is a leading specialist in commercial real estate investment sales, financing, research and advisory services. The firm closed nearly 9,000 transactions in 2017 with a value of approx $42.2 billion.
Marcus & Millichap has been a pioneer in the real estate investment industry and has established a reputation for maximizing value for its clients while fostering long-term relationships built on integrity, trust and service. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. Marcus & Millichap also offers clients access to the most competitive real estate financing through Marcus & Millichap Capital Corporation (MMCC), which maintains relationships with the industry’s leading national, regional and local lenders.
The Wolfe Retail Group has sold over
500 properties in more than
40 states
Barry M. WolfeSenior Managing Director Investments
License: SL [email protected]
(954) 245-3493
Alan LipskyFirst Vice President Investments
License: SL [email protected]
(954) 245-3595
Catie JacksonMarketing Coordinator
[email protected](954) 245-3592
Ashley BarrettTransaction Coordinator
[email protected](954) 245-3416
Evan WhelanAssociate
License: SL [email protected]
(954) 245-3487
Charles “Chas” MoodyAssociate
License: SL [email protected]
(954) 245-3464
Michael TalbertAssociate
License: SL [email protected]
(954) 245-3439
