offering memorandum...marketing brochure has been prepared to provide summary, unverified...

16320 NORTHWEST 2nd AVENUE16320 Northwest 2nd Avenue • Miami, FL 33169

Offering Memorandum

1

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

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 Real

Estate Investment Services of Florida, Inc. ("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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate

Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

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.

16320 NW 2ND AVE

Miami, FL

ACT ID Z0390739

2

TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01Offering Summary

`Property Overview

Regional Map

Local Map

Aerial Photo

FINANCIAL ANALYSIS 02

Tenant Summary

Operating Statement

Pricing Detail

MARKET COMPARABLES 03

Sales Comparables

Lease Comparables

MARKET OVERVIEW 04

Market Analysis

Demographic Analysis

16320 NW 2ND AVE

3

16320 NW 2ND AVE

4

INVESTMENT

OVERVIEW

16320 NW 2ND AVE

#

OFFERING SUMMARY

5

EXECUTIVE SUMMARY

EXPENSES

PRO FORMA $/SF

Utilities $210,000 $1.50

Contract Services $140,000 $1.00

Repairs & Maintenance $175,000 $1.25

Landscaping $12,000 $0.09

Insurance $181,166 $1.29

Real Estate Taxes $241,702 $1.73

Management Fee $79,800 $0.57

Total Expenses $1,039,668 $7.43

VITAL DATA

PRO FORMA

Price $14,000,000 CAP Rate 11.57%

Down Payment 100% / $14,000,000 Net Operating Income $1,620,332

Loan Type All Cash

Rentable SF 140,000

Price/SF $100.00

Current Occupancy 0.0%

Year Built 1987

Lot Size 7.93 acre(s)

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2017 Estimate Pop 20,016 219,241 511,103

2010 Census Pop 18,403 200,839 467,689

2017 Estimate HH 6,310 68,328 169,428

2010 Census HH 5,922 63,859 157,232

Median HH Income $39,093 $38,379 $40,298

Per Capita Income $16,824 $16,050 $19,567

Average HH Income $52,997 $51,084 $58,494

SITE DESCRIPTION

Property 16320 NW 2nd Ave

Number of Floors 2

Ownership Fee Simple

Zoning RU-5A

Assessors Parcel Numbers 30-2113-000-0121, 30-2113-000-0130, 30-2113-000-0140

PROPERTY OVERVIEW

16320 NW 2ND AVE

PROPERTY OVERVIEW

Marcus & Millichap is proud to present 16320 NW 2nd Ave, a two-story office Building in Miami-Dade County. This office building is situated on an

impressive 7.93 Acres or 345,549 square feet of land and offers 140,000 square feet of rentable space. The property is currently 100% vacant which allows

for an investor to lease up the building at attractive market rent. This building is also available for lease at competitive market rents. This is also a great

owner-user opportunity to control an asset in a strategic location in Miami-Dade county. This office building provides a great value add opportunity for a

redevelopment project.

This office building is within an RU-5A semi-professional office zoning district, which allows for a maximum height of two stories or 24 feet, whichever is

less. The property currently generates $35,000 per month from leasing parking space, which has an above average parking ratio of 4.89 per 1,000 square

feet. This office building was previously leased to the Federal Bureau of Investigation (FBI). The interior of the building can be reconfigured and used as

open floor space or private offices. This office building is ideal for professional, government agencies or medical tenants. Strategically located between

Miami and Fort-Lauderdale, the property offers excellent access to major expressways including I-95, the Palmetto Expressway (826) and the Florida

Turnpike. This office building is located in the heart of the Golden Glades interchange, the confluence of five major highways including U.S Route 441,

Florida’s Turnpike, the Palmetto Expressway, SR-9, and Interstate 95.

PROPERTY OVERVIEW

▪ Great Value add Opportunity for a Redevelopment Project

▪ Zoned RU-5A

▪ Excellent Access to I-95, the Palmetto Expwy and the Florida Turnpike

▪ Above Average Parking Ratio of 4.89 : 1,000 SF

▪ Ideal Office Building for Professional, Government Agencies, or Medical Tenants

▪ Available Space for Lease At Competitive Market Rent

6

PROPERTY OVERVIEW

16320 NW 2ND AVE

ZONING: RU-5A, SEMI-PROFESSIONAL OFFICE DISTRICT

▪ Great Value add opportunity for a redevelopment project

▪ Excellent access to I-95, the Palmetto Expwy and the Florida Turnpike

▪ Above Average Parking Ratio of 4.89 : 1,000 SF

▪ Ideal Office Building for Professional, Government Agencies, or Medical Tenants

7

What is Zoning? Zoning controls the use and development of land and buildings for the health, welfare and safety of the community.

What is Setback? A setback is the required minimum horizontal distance between the front, sides, and rear of the lot to the building.

What is Lot Coverage? It is the percentage of the overall area of the site that the building occupies (building area under roof at ground level/total lot area = lot coverage

percentage).

What is Floor Area Ratio? It is the floor area of the building or buildings on any lot divided by the area of the lot (total floor area /total lot area = floor area ratio)

Can I have a retail use in the RU-5A district? No, only semi-professional office uses such as an accounting office or a doctor’s office are permitted in this district. See Section

33-223.6 of the Miami-Dade County Zoning Code for specific uses permitted.

Can I operate an office in conjunction with a single family residence? Yes, see Section 33-223.10(d).

Maximum Lot Coverage: Maximum lot coverage shall be 40% of net lot area.

Minimum Lot Area, Frontage: Minimum area of land shall be not less than 10,000 square feet, having a minimum frontage of 75 feet.

Building Height and # of Stories, Floor Area Ratio (FAR) and Open Space

The maximum height of any structure in this district shall be 2 stories but not to exceed 24 feet. FAR shall not exceed .40 at 1 story and .60 at 2 stories. Minimum 25% open

space required. Landscaping and trees required shall be as per Chapter 18A of the Miami-Dade County Code.

Principal Building Setbacks

•Front 25’

•Rear 25’

•Interior side 15’

•Side street 15’

Type of Building Permitted

The building(s) to be erected shall be without store fronts or display windows.

Fences, Walls and Hedges

Maximum height permitted 6’*

A decorative masonry wall or wood fence compatible with the main structure, 5 feet in height, shall be erected along all interior property lines including the rear property

line. In the event that the rear property line abuts a secondary street, the rear wall shall be set in 10 feet from the official right-of-way and said 10-foot strip shall then be

landscaped. Further, if the interior side property line abuts property zoned RU-5, RU-5A or a more liberal zoning district, the requirement for a wall along said common interior

property line shall not apply.

*In certain instances, the height may be limited to 2.5’ for visibility at intersections or within 10’ of either side of driveway.

PROPERTY OVERVIEW

16320 NW 2ND AVE


8

Sec. 33-223.6. - Uses permitted.

No land, body of water or structure shall be used, or permitted to be used, and no structure shall be hereafter erected,

constructed, reconstructed, moved or structurally altered or maintained for any purpose in an RU-5A District which is designed, arranged, or intended to be used or

occupied for any purpose, except for one (1) or more of the following uses, and all other uses are hereby prohibited:

(1) Abstract tile

(2) Accountants—bookkeeping

(3) Actuaries

(3.1) Adult day care center

(4) Advertising (no shops)

(5) Adjusters (insurance)

(6) Aerial survey and photography

(7) Appraisers—no sale or rental of any type of merchandise or equipment

(8) Architects

(8.1) Arts foundations as defined in Section 33-1(9.1), subject to the following conditions:

(A) That the main offices of the foundation, related lecture and seminar rooms, together with the art exhibition space, shall be the principal uses located on the

premises, occupying in excess of 50% of the ross floor area. Related art exhibition space shall be ancillary to the principal uses.

(B) That the art display areas shall be for the exhibition of artwork created by artists who are sponsored by the foundation, and all artwork displayed shall be of the

visual arts only.

(C) That all art exhibitions shall be conducted within the principal structure.

(D) That there shall be a maximum of six art shows per year.

(E) That off-street parking requirements for the art display area shall be calculated at one parking space for every 250 square feet, or fractional part thereof. Office

and other use areas shall have off-street parking spaces provided for such areas as otherwise provided in this Code.

(F) That the sale of art shall be prohibited.

(9) Attorneys

(10) Auditors

(10.A) Banks, excluding drive-thru banking facilities

(11) Banks, including drive-thru banking facilities, upon approval after public hearing on:

(A) office complex sites of three (3) acres or more, or

(B)On sites of one (1) acre or more located adjacent to a section line road.

(12) Business analysts—counselors or brokers

(13) Building contractors, office only (no shop or storage)

(14) Chiropodists

(15) Chiropractors

(16) Consulates

(17) Counseling, child guidance and family service

(18) Court reporter, public stenographer

(19) Credit reporting

(19.A) Day nursery, kindergarten and afterschool care licensed by the State of Florida Department of Health and

Rehabilitative Services and established in accordance with the requirements of Article XA.

(20) Dentist

(21) Detective agencies and investigating service

(22) Drafting and plan service

PROPERTY OVERVIEW

16320 NW 2ND AVE


9

Sec. 33-223.6. - Uses permitted.

(23) Engineers, professional

(24) Insurance and bonds

(25) Manufacturers agents

(26) Market research

(27) Medical doctors

(27.A) Medical Allied Training Facility that on a site of two net acres or more.

(A) That such uses shall be located on sites having frontage on a major access road, including major

roadways (three or more lanes) and frontage roadways serving limited access highways and

expressways;

(B) That no ingress/egress driveways be located other than from the major access road as indicated in (a)

above;

(C) That the hours of operation be limited to 8:00 a.m. to 10:00 p.m. Monday through Friday; 9:00 a.m. to

4:00 p.m. on Saturdays;

(D) That the number of students be limited to no greater than 100 students per session;

(E) That a maximum of 2 sessions be conducted daily.

(28) Model agencies (no school)

(29) Mortgage broker

(30) Notary public

(31) Optician

(32) Optometrist

(33)Public libraries

(34) Public relations

(35) Real estate

(36) Real estate management

(37) Secretarial service

(38) Shoppers information service

(39) Social service bureau

(40) Stock brokers exchange—investment service

(41) Tax consultants

(42) Telephone answering service

(43) Theater ticket agencies

(44) Travel agencies

(45) Zoning consultants

(46) Any use which is found by the Director to be a use similar to one (1) of the

above numbered uses and, in his opinion, conforms to the intent of this section.

PROPERTY OVERVIEW

16320 NW 2ND AVE

1st FLOOR PLAN

10

PROPERTY OVERVIEW

16320 NW 2ND AVE

11

2st FLOOR PLAN

REGIONAL MAP

16320 NW 2ND AVE

12

LOCAL MAP

16320 NW 2ND AVE

13

AERIAL PHOTO

14

16320 NW 2ND AVE

PROPERTY PHOTO

16320 NW 2ND AVE

15

PROPERTY PHOTO

16320 NW 2ND AVE

16

PROPERTY PHOTO

16320 NW 2ND AVE

17

16320 NW 2ND AVE

18

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS

16320 NW 2ND AVE

19

TENANT SUMMARY

Notes

- Pro Forma rent assumes $20 per square foot Full Service Gross

- The property currently generates $35,000/month from leasing parking space

Lease Dates

Tenant Name

Suite

Square

Feet

%

Bldg.

Share Comm. Exp.

Annual

Rent per

Sq. Ft.

Total Rent

Per Month

Total Rent

Per Year

Pro Forma

Rent Per

Year

Lease

Type

Renewal Options

and Option Year

Rental Information

Vacant A 140,000 100.0% $0.00 $0 $0 $2,800,000 FSG

Total 140,000 $0.00 $0 $0 $2,800,000

Occupied Tenants: 0

Unoccupied Tenants: 1 Occupied GLA: 0.00%

Unoccupied GLA:

100.00%

Total Current Rents: $0

Occupied Current Rents:

$0

Unoccupied Current

Rents: $0

FINANCIAL ANALYSIS

16320 NW 2ND AVE

OPERATING STATEMENT

20

Notes


- Contract Service expense include: janitorial, elevator maintenance, phone & internet and waste

- Utility expenses include water & sewer and electricity

- Real Estate taxes are based on proposed value

- Management fee is based on EGR

Income Pro Forma Per SF

Scheduled Base Rental Income 2,800,000 20.00

Total Reimbursement Income $0 0.0% $0.00

Potential Gross Revenue 2,800,000 20.00

General Vacancy (140,000) 5.0% (1.00)

Effective Gross Revenue $2,660,000 $19.00

Operating Expenses Pro Forma Per SF

Utilities 210,000 1.50

Contract Services 140,000 1.00

Repairs & Maintenance175,000 1.25

Landscaping12,000 0.09

Insurance 181,166 1.29

Real Estate Taxes 241,702 1.73

Management Fee 79,800 3.0%

0.57

Total Expenses $1,039,668 $7.43

Expenses as % of EGR 39.1%

Net Operating Income $1,620,332 $11.57

FINANCIAL ANALYSIS

16320 NW 2ND AVE

PRICING DETAIL

21

Operating Data

Income Pro Forma

Scheduled Base Rental Income $2,800,000

Potential Gross Revenue $2,800,000

General Vacancy 5.0% ($140,000)

Effective Gross Revenue $2,660,000

Less: Operating Expenses 39.1% ($1,039,668)

Net Operating Income $1,620,332

Capital Expenditures ($3,500,000)

Cash Flow ($1,879,668)

Net Cash Flow After Debt Service -13.43% ($1,879,668)

Total Return -13.43% ($1,879,668)

Operating Expenses Pro Forma

CAM $537,000

Insurance $181,166

Real Estate Taxes $241,702

Management Fee $79,800

Total Expenses $1,039,668

Expenses/Suite $1,039,668

Expenses/SF $7.43

Returns Pro Forma

CAP Rate 11.57%

Notes


- Contract Service expense include: janitorial, elevator maintenance, phone & internet and waste

- Utility expenses include water & sewer and electricity

- Real Estate taxes are based on proposed value

- Management fee is based on EGR

Summary

Price $14,000,000

Down Payment $14,000,000

Down Payment % 100%

Number of Suites 1

Price Per SqFt $100.00

Rentable Built Area (RBA) 140,000 SF

Lot Size 7.93 Acres

Year Built/Renovated 1987

Occupancy 0.00%

16320 NW 2ND AVE

22

MARKET

COMPARABLES

16320 NW 2ND AVE

SALES COMPARABLES MAP

23

16320 NW 2ND AVE

(SUBJECT)

1525 NW 167th St - Bldg 8

Park Centre

Sun International Bldg

801-851 NE 167th St

Venture Centre II

SALES COMPARABLES

1

2

3

4

5

PROPERTY NAME16320 NW 2ND AVE

SALES COMPARABLES

24

SALES COMPARABLES

Avg. $123.20

$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

$160.00

$180.00

$200.00

16320 NW

2nd Ave

1525 NW

167th St -

Bldg 8

Park Centre Sun

International

Bldg

801-851 NE

167th St

Venture

Centre II

Average Price Per Square Foot

SALES COMPARABLES SALES COMPS AVG

PROPERTY NAME

MARKETING TEAM

16320 NW 2ND AVE

SALES COMPARABLES

rentpropertyname1

Space Available for Lease

address1

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


25

SALES COMPARABLES

Asking Price $14,000,000

Price/SF $100.00

Pro Forma CAP Rate 11.57%

Year Built 1987

Occupancy 0%

Parking Ratio 4.89 / 1,000 SF

16320 NW 2ND AVE16320 NW 2nd Ave, Miami, FL, 33169

1

Close of Escrow 6/27/2017

Sales Price $5,050,000

Rentable SF 47,349

Price/SF $106.65

Year Built 1972

Occupancy 100%

1525 NW 167TH ST - BLDG 81525 NW 167th St, Miami, FL, 33169

2



Rentable SF 57,105

Price/SF $148.85

Year Built 1987

Occupancy 89%

PARK CENTRE 1111 Park Centre Blvd, Miami, FL, 33169

PROPERTY NAME

MARKETING TEAM

16320 NW 2ND AVE

SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


26

SALES COMPARABLES

3



Rentable SF 15,655

Price/SF $121.37

Year Built 1962

Occupancy 85%

SUN INTERNATIONAL BLDG915 NE 125th St, North Miami, FL, 33161

4



Rentable SF 45,728

Price/SF $122.46

Year Built 1973

Occupancy 69%

801-851 NE 167TH ST801 NE 167th St, Miami, FL, 33162

5



Rentable SF 60,000

Price/SF $116.67

Year Built 1989

Occupancy 77%

VENTURE CENTRE II 16853-16855 NE 2nd Ave, North Miami Beach, FL, 33162

8

16320 NW 2ND AVE

LEASE COMPARABLES MAP

16320 NW 2ND AVE

(SUBJECT)

Centre Of Cosmetic Surgery

Kennedy Plaza

801-851 NE 167th St

1100 NE 163rd St

City Centre

Park Centre

909 Center

4

7

8

9

11

20

12

14

15

16

17

13

18

10

4

7

1

2

3

5

6

27


LEASE COMPARABLES

28

AVERAGE OCCUPANCY

0

10

20

30

40

50

60

70

80

90

100

Centre Of

Cosmetic

Surgery

Kennedy

Plaza

801-851 NE

167th St

1100 NE

163rd St

City Centre Park Centre 909 Center

Avg. 84.83%


LEASE COMPARABLES

29

AVERAGE RENT PER SQUARE FOOT

$0

$3

$6

$8

$11

$14

$17

$20

$22

$25

$28

Centre Of

Cosmetic

Surgery

Kennedy

Plaza

801-851 NE

167th St

1100 NE

163rd St

City Centre Park Centre 909 Center

Avg. $24

PROPERTY NAME

MARKETING TEAM

16320 NW 2ND AVE

LEASE COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


30

1

Survey Date 02/2019

Rentable SF 23,000

Available SF 2,901

Asking Rent/SF $25.00

Year Built 1983

Occupancy 87%

Lease Type Gross

Lot Size 1.16

CENTRE OF COSMETIC SURGERY16400 NW 2nd Ave, Miami, FL, 33169

2

Survey Date 02/2019

Rentable SF 40,434

Available SF 3,345


Year Built 1986

Occupancy 92%

Lease Type Gross

Lot Size 1.34

KENNEDY PLAZA160 NW 176th St, Miami, FL, 33169

Survey Date 02/2019

Rentable SF 45,728

Available SF 14,000


Year Built 1973

Occupancy 69%

Lease Type Gross

Lot Size 2.05

3

801-851 NE 167TH ST801 NE 167th St, Miami, FL, 33162

PROPERTY NAME

MARKETING TEAM

16320 NW 2ND AVE

LEASE COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


31

4

Survey Date 02/2019

Rentable SF 20,142

Available SF 633


Year Built 1967

Occupancy 97%

Lease Type Gross

Lot Size 0.59

1100 NE 163RD ST1100 NE 163rd St, North Miami Beach, FL, 33162

5

Survey Date 02/2019

Rentable SF 46,176

Available SF 0


Year Built 1986

Occupancy 100%

Lease Type Gross

Lot Size 1.54

CITY CENTRE290 NW 165th St, Miami, FL, 33169

Survey Date 02/2019

Rentable SF 57,105

Available SF 6,029


Year Built 1987

Occupancy 89%

Lease Type Gross

Lot Size 2.90

6

PARK CENTRE 1111 Park Centre Blvd, Miami, FL, 33169

PROPERTY NAME

MARKETING TEAM

16320 NW 2ND AVE

LEASE COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


32

7

Survey Date 02/2019

Rentable SF 32,000

Available SF 13,118


Year Built 1993

Occupancy 59%

Lease Type Gross

Lot Size 0.98

909 CENTER909 NE 163rd St, North Miami Beach, FL, 33162

16320 NW 2ND AVE

33

MARKET

OVERVIEW

MARKET OVERVIEW

MIAMI-DADEOVERVIEW

1

Miami-Dade County is a gateway to South American and Caribbean

markets and a tourist destination. The 2,400-square-mile county

extends from the Florida Everglades east to the Atlantic Ocean. It is

bordered to the north by Broward County and to the south by the

Florida Keys. The main portion of the city of Miami lies on the shores

of Biscayne Bay and is separated from the Atlantic Ocean by barrier

islands, the largest of which holds the city of Miami Beach. The metro,

with a population of roughly 2.7 million, is located entirely within

Miami-Dade County. Miami is the most populous city, with slightly

more than 440,700 residents, followed by Hialeah and Miami Gardens,

each with more than 100,000 people.

MARKET OVERVIEW

METRO HIGHLIGHTS

BUSINESS-FRIENDLY ENVIRONMENT

The metro has no local business or personal income

taxes, which attracts businesses and residents to

the area.

INTERNATIONAL GATEWAY

Miami is a gateway for international trading

activities, tourism and immigration, connecting to

airports and ports around the world.

MEDICAL COMMUNITY

The county contains the largest concentration of

medical facilities in Florida, drawing residents

needing services throughout the state.

16320 NW 2ND AVE

MARKET OVERVIEW

ECONOMY▪ Various industries provide a diverse economy. Trade, international finance, healthcare and

entertainment have become major segments in the local business community.

▪ A strong tourism industry has developed with ties to Latin America and the Caribbean.

▪ Tourism and trade depend on a large transportation sector. PortMiami and Miami

International Airport are both major contributors to employment and the economy.

▪ The Miami metro gross metropolitan product (GMP) expansion is expected to outpace the

U.S. GDP in 2018 and retail sales for the county are also rising.

SHARE OF 2017 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

Baptist Health South Florida

University of Miami

American Airlines

Miami Children’s Hospital

Publix Supermarkets

Winn-Dixie Stores

Florida Power & Light Co.

Carnival Cruise Lines

AT&T

Mount Sinai Medical Center* Forecast

2

MANUFACTURING4%

GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+

OTHER SERVICES

5%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

25%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

2%INFORMATION

14%

4%

12% 12% 7%

16%

16320 NW 2ND AVE

MARKET OVERVIEW

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

▪ The metro is expected to add nearly 117,400 people over the next five years. During

the same period, approximately 64,000 households will be formed, generating

demand for housing.

▪ The homeownership rate of 53 percent is below the national rate of 64 percent,

maintaining a strong rental market.

▪ The cohort of 20- to 34-year-olds composes 21 percent of the population.

Miami-Dade County has developed into a cosmopolitan urban area offering a vibrant

business and cultural community. The metro has an abundance of popular attractions.

Miami hosts the Capital One Orange Bowl and is home to several professional sports

teams, including the Miami Dolphins, the Miami Marlins and the Miami Heat. The county

has a broad array of cultural attractions, historic sites and parks. These include the

Adrienne Arsht Center for the Performing Arts, Zoo Miami and Everglades National Park.

The region is home to a vibrant and diverse culture, family-friendly neighborhoods, a

plethora of shops and restaurants, and beautiful weather and beaches. It also offers easy

access to Latin America and the Caribbean.

QUALITY OF LIFE

3

2017 Population by Age

0-4 YEARS

6%5-19 YEARS

17%20-24 YEARS

7%25-44 YEARS

28%45-64 YEARS

27%65+ YEARS

16%

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau

16320 NW 2ND AVE

39.7

2017MEDIAN AGE:

U.S. Median:

37.8

$44,300

2017 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$56,300

2.7M

2017POPULATION:

Growth2017-2022*

4.3%

940K

2017HOUSEHOLDS:

6.7%

Growth2017-2022*:

MARKET OVERVIEW

16320 NW 2ND AVE

37

MIAMI-DADE METRO AREA

Shifting Price Expectations Boost

Investor Interest in Suburban Assets

New high-end space has ripple effect across Miami. Rising employment and robust in-migration trends

are driving companies to expand across Miami-Dade County. Businesses are moving into new Class A

space at a greater pace than in recent years, situating their employees near transit, restaurants and other

amenities. Development of high-end offices lagged until last year, sparking a wave of expansion that will

continue through 2018 as more than 900,000 square feet is added to the market for the second consecutive

year. Rising rental rates for top-tier office space in the most in-demand submarkets has led some

companies to flee the urban core, giving way to improving fundamentals in the suburbs. Nearly all the office

properties opening this year will be outside of the urban core, leading companies in search of newly

constructed and highly amenitized space to the suburbs. This could push rents in some of these

submarkets beyond the modest 2 percent rise anticipated for the market as a whole.

Investors increasingly ready to cash out. A long-running economic cycle and limited expectations for

substantial price growth have motivated more investors to sell and capitalize on Miami’s swift appreciation

over the past five years. Investors are weighing the possibility of rising interest rates this year and the effect

they would have on property values. While transaction volume has steadily declined from the high of 2015, a

readjustment of pricing expectations and a rise in stabilized, well-maintained office properties on the market

could spark a reversal. Buyers have been highly active beyond the urban core, focusing on the employment

hubs of the Miami Airport submarket and the Aventura area. By year end, more than 1 million square feet of

office space will have been built in these areas since 2016, potentially creating opportunities for investors

focusing on newly constructed, stabilized assets. Initial yields remain attractive across the market, falling in

the low-5 to upper-7 percent band on average.

* Forecast

Sources: Marcus & Millichap Research Services; BLS; CoStar Group, Inc.

MARKET OVERVIEW

16320 NW 2ND AVE

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MIAMI-DADE METRO AREA

2018 Market Forecast

Miami-Dade slides into the 14th position in the Index this year as other

markets move ahead.

A year-end hiring spree following Hurricane Irma resulted in job creation

totaling 35,300 in 2017. Employment growth will slow this year to 26,000 as

the labor market tightens.

Completions climb to their highest point since 2011 this year and surpass

the delivery of 900,000 square feet last year.

Net absorption edges past completions to drop the vacancy rate to 12.3

percent at year end, mirroring the 20-basis-point drop recorded in 2017.

Strong tenant demand contributes to the average asking rent rising beyond

the 0.8 percent pace registered in 2017 to $34.05 per square foot this year.

A high inventory of Class B/C assets in the Northeast Dade and Miami

Airport submarkets draws interest from buyers searching in the $1 million to

$10 million range. Vacancy in the low-double-digit area provides room for

operational improvements and increased cash flows.

* Forecast

Sources: Marcus & Millichap Research Services; CoStar Group, Inc.;

Real Capital Analytics

NOPI Rank

14, down 3 places

Employment

up 2.2%

Construction

1.1 million sq. ft.

Vacancy

down 20 bps

Rent

up 2.0%

Investment

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MARKET OVERVIEW

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PROPERTY NAME

MARKETING TEAM

16320 NW 2ND AVE

DEMOGRAPHICS

Source: © 2017 Experian

Created on September 2018

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2022 Projection

Total Population 20,177 217,543 515,491

▪ 2017 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Current Daytime Population

2017 Estimate 20,413 165,940 417,000

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2022 Projection

Total Households 6,584 70,311 177,145

▪ 2017 Estimate


Average (Mean) Household Size 3.07 3.07 2.90

▪ 2010 Census


▪ 2000 Census


HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2017 Estimate

$200,000 or More 1.47% 1.21% 2.56%

$150,000 - $199,999 2.03% 2.04% 2.49%

$100,000 - $149,000 7.08% 6.41% 7.93%

$75,000 - $99,999 9.74% 9.65% 9.72%

$50,000 - $74,999 17.80% 18.08% 18.10%

$35,000 - $49,999 16.24% 16.99% 15.23%

$25,000 - $34,999 11.89% 12.45% 12.11%

$15,000 - $24,999 17.74% 15.32% 14.25%

Under $15,000 13.84% 15.55% 15.17%

Average Household Income $52,997 $51,084 $58,494

Median Household Income $39,093 $38,379 $40,298


POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population By Age

2017 Estimate Total Population 20,016 219,241 511,103

Under 20 27.30% 25.94% 25.23%

20 to 34 Years 23.80% 22.24% 21.93%

35 to 39 Years 5.94% 5.93% 6.20%

40 to 49 Years 12.44% 12.59% 12.99%

50 to 64 Years 19.76% 20.42% 19.85%

Age 65+ 10.76% 12.87% 13.81%

Median Age 34.19 36.49 37.27

▪ Population 25+ by Education Level

2017 Estimate Population Age 25+ 12,985 146,072 344,796

Elementary (0-8) 7.83% 8.17% 7.54%

Some High School (9-11) 10.76% 10.95% 10.01%

High School Graduate (12) 34.04% 33.00% 31.47%

Some College (13-15) 19.96% 19.46% 19.33%

Associate Degree Only 8.98% 9.17% 8.57%

Bachelors Degree Only 11.47% 11.27% 13.08%

Graduate Degree 4.51% 5.65% 7.67%

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PROPERTY NAME

MARKETING TEAM

16320 NW 2ND AVE

DEMOGRAPHICS


Created on September 2018

POPULATION BY

TRANSPORTATION TO WORK1 Miles 3 Miles 5 Miles

▪ 2017 Estimate Total Population

Bicycle 0.26% 0.30% 0.33%

Bus or Trolley Bus 8.32% 9.93% 7.40%

Carpooled 8.81% 9.57% 9.61%

Drove Alone 78.58% 75.95% 77.33%

Ferryboat 0.00% 0.00% 0.01%

Motorcycle 0.00% 0.03% 0.06%

Other Means 0.54% 0.55% 0.68%

Railroad 0.11% 0.19% 0.14%

Streetcar or Trolley Car 0.00% 0.01% 0.00%

Subway or Elevated 0.02% 0.13% 0.09%

Taxicab 0.80% 0.34% 0.23%

Walked 0.26% 0.98% 1.11%

Worked at Home 2.30% 2.03% 3.02%

POPULATION BY TRAVEL TIME TO

WORK1 Miles 3 Miles 5 Miles

▪ 2017 Estimate Total Population

Under 15 Minutes 10.67% 10.07% 11.84%

15 - 29 Minutes 38.04% 35.23% 34.75%

30 - 59 Minutes 36.04% 38.74% 36.68%

60 - 89 Minutes 4.87% 6.69% 6.25%

90 or More Minutes 2.05% 2.15% 2.02%

Worked at Home 2.30% 2.03% 3.02%

Average Travel Time in Minutes 32 33 33

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DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2017 Estimate Pop 20,016 219,241 511,103

2010 Census Pop 18,403 200,839 467,689

2017 Estimate HH 6,310 68,328 169,428

2010 Census HH 5,922 63,859 157,232

Median HH Income $39,093 $38,379 $40,298


Average HH Income $52,997 $51,084 $58,494

Income

In 2017, the median household income for your selected geography is

$39,093, compare this to the US average which is currently $56,286.

The median household income for your area has changed by 25.49%

since 2000. It is estimated that the median household income in your

area will be $44,134 five years from now, which represents a change

of 12.89% from the current year.

The current year per capita income in your area is $16,824, compare

this to the US average, which is $30,982. The current year average

household income in your area is $52,997, compare this to the US

average which is $81,217.

Population

In 2017, the population in your selected geography is 20,016. The

population has changed by 9.64% since 2000. It is estimated that the

population in your area will be 20,177.00 five years from now, which

represents a change of 0.80% from the current year. The current

population is 46.57% male and 53.43% female. The median age of

the population in your area is 34.19, compare this to the US average

which is 37.83. The population density in your area is 6,380.94 people

per square mile.

Households

There are currently 6,310 households in your selected geography. The

number of households has changed by 9.36% since 2000. It is

estimated that the number of households in your area will be 6,584

five years from now, which represents a change of 4.34% from the

current year. The average household size in your area is 3.07 persons.

Employment

In 2017, there are 12,972 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

49.54% of employees are employed in white-collar occupations in

this geography, and 49.26% are employed in blue-collar occupations.

In 2017, unemployment in this area is 6.59%. In 2000, the average

time traveled to work was 32.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

18.22% White, 73.52% Black, 0.07% Native American and 1.90%

Asian/Pacific Islander. Compare these to US averages which are:

70.42% White, 12.85% Black, 0.19% Native American and 5.53%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 18.63% of the current year

population in your selected area. Compare this to the US average of

17.88%.

PROPERTY NAME

MARKETING TEAM

16320 NW 2ND AVE

Housing

The median housing value in your area was $182,103 in 2017,

compare this to the US average of $193,953. In 2000, there were

3,056 owner occupied housing units in your area and there were

2,714 renter occupied housing units in your area. The median rent at

the time was $520.


DEMOGRAPHICS

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DEMOGRAPHICS

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