offering memorandum west dixie plaza … · non-endorsement notice marcus & millichap is not...
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Subject Property
Offering Memorandum
Miami, FloridaWWEST EST DDIXIE IXIE PPLAZALAZA
Nearly 9,000-Square-Feet of Retail Space, 100 Percent
Occupied
Population of More Than 430,000 Within a 5-Mile
Radius
Part of the Miami MSA, With a Population of Roughly 2.7
Million
Located off Dixie Hwy, With a Daily Traffic Count of
23,000 Vehicles
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 Investment Services of Florida, Inc. 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.
SUBJECT PROPERTY
FINANCIAL OVERVIEW
Financial Summary Current New Buyer
Annual Rent | Occupied: $186,143 $186,143Vacancy (3%): $5,584Gross Potential Rent: $186,143 $180,559Total Expenses: $58,745 $60,745
Net Operating Income $127,398 $119,814
Expenses Current PSF New Buyer PSF
Real Estate Taxes: $25,800 $2.44 $25,800 $2.36Insurance: $10,560 $1.00 $10,560 $1.00CAM
Electric: $1,440 $0.14 $1,440 $0.14Water: $3,900 $0.37 $3,900 $0.37Trash: $4,200 $0.40 $4,200 $0.40Landscaping: $3,600 $0.34 $3,600 $0.34Septic Tank: $1,800 $0.10 $1,800 $0.10
Total CAM $14,940 $1.41 $14,940 $1.41
Management (4%): $7,445 $0.70 $7,445 $0.70Reserves: $2,000 $0.19
Total Expenses $58,745 $5.54 $60,745 $5.73
WEST DIXIE PLAZA
Investment Highlights• Nearly 9,000-Square-Feet of Retail Space, 100 Percent Occupied• Located off Dixie Highway, With a Daily Traffic Count of More
Than 23,000 Vehicles• Surrounding National Retailers Include Costco, Publix, Petco,
Target, Bravo Supermarket, Family Dollar, TGI Fridays, Chipotle, CVS, Starbucks, Tires Plus and Many More
• One Mile from Johnson & Wales University - North Miami• 2.5 Miles from Florida International University (FIU) Biscayne
Bay Campus• Population of More Than 430,000 Within a Five-Mile Radius of
Subject Property• Miami Metro is Expected to Add Nearly 127,000 People Over
the Next Five Years• The Metro Area has a Population of Roughly 2.7 Million• Miami is the most Populous City in Miami-Dade County, with
More Than 443,000 Residents
West Dixie Plaza14600 West Dixie Hwy, Miami, Florida 33161
Price: $2,120,000Cap Rate: 5.65%Rentable Square Feet: 8,932Total Square Feet: 10,595Net Operating Income: $119,814Price PSF: $237.35Land Area: 0.77 AcresYear Built: 2012
RENT ROLL
Tenant Suite Square Feet % of GLA Annual Rent Rent
PSFLease
CommenceLease
Expiration Lease Type
Dollar Dream, Inc 14602 870 9.74% $19,032 $21.88 12/1/2015 2/28/2021 GrossKen Ken Tools 14604 870 9.74% $14,214 $16.34 1/4/2018 1/31/2021 GrossJohn Tax 14608 870 9.74% $16,776 $19.28 10/18/2017 10/31/2020 GrossBella D'Vah Couture LLC 14612 870 9.74% $16,200 $18.62 10/31/2018 10/31/2020 GrossAdvantage Plus Services 14616 870 9.74% $18,000 $20.69 12/1/2019 11/30/2022 GrossPL Barber Shop, Inc 14620 870 9.74% $17,304 $19.89 3/3/2015 2/28/2023 GrossRich Girls Hair, LLC 14624 870 9.74% $16,631 $19.12 2/22/2014 5/30/2024 GrossA&F Beauty Care 14628 870 9.74% $15,600 $17.93 9/18/2017 10/30/2020 GrossCellular Extreme, Inc 14632 510 5.71% $18,321 $35.92 10/1/2013 8/19/2020 GrossKhali Smoke and Vape, LLC 14636 476 5.33% $12,000 $25.21 11/28/2018 11/30/2020 GrossScuplture Fitness 14640-44 986 11.04% $22,065 $22.38 9/18/2017 8/30/2020 Gross
Totals 8,932 100% $186,143
Dixie Highway
Dixie Highway
AERIAL
23,000Daily
West DixiePlaza
Population of More Than
430,000 Within a 5-Mile Radius
of Subject Property
One Mile from Johnson
& Wales University -
North Miami
LOCAL & REGIONAL MAPS
MARKET OVERVIEW
MIAMI-DADEOVERVIEW
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 443,000 residents, followed by Hialeah with roughly 237,000 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.
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 be on par with the U.S. GDP in 2019 and retail sales for the county are also rising.
SHARE OF 2018 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
MANUFACTURING4%
GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+OTHER SERVICES
4%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
25%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
2%INFORMATION
14%
5%
12% 12% 7%
16%
MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
▪ The metro is expected to add nearly 127,000 people over the next five years. During the same period, approximately 62,000 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
2018 Population by Age
0-4 YEARS
6%5-19 YEARS
17%20-24 YEARS
6%25-44 YEARS
28%45-64 YEARS
27%65+ YEARS
16%
39.9
2018MEDIAN AGE:
U.S. Median:
38.0
$45,300
2018 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$58,800
2.7M
2018POPULATION:
Growth2018-2023*:
4.6%
954K
2018HOUSEHOLDS:
6.5%
Growth2018-2023*:
POPULATION 1 MILE 3 MILES 5 MILES
2010 Population 24,848 172,574 436,5942018 Population 27,094 188,830 478,6432023 Population 26,397 191,281 491,1042018 Male Population 12,964 89,872 228,3892018 Female Population 14,131 98,957 250,2542018 Median Age 34.0 39.1 39.8
RACE & ETHNICITY 1 MILE 3 MILES 5 MILES
American Indian, Eskimo 0.4% 0.3% 0.3%Asian 2.0% 2.3% 1.7%Black 65.5% 43.6% 43.5%Hawaiian/Pacific Islander 0.0% 0.1% 0.1%White 24.9% 46.9% 48.3%Other 3.3% 3.4% 3.2%Multi-Race 3.9% 3.4% 3.0%Hispanic Ethnicity 24.5% 34.3% 34.7%Not of Hispanic Ethnicity 75.5% 65.7% 65.3%
HOUSEHOLDS 1 MILE 3 MILES 5 MILES
2010 Households 7,576 61,635 162,8522018 Households 8,200 67,395 178,5922023 Households 8,363 70,126 187,753
HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES
2010 Avg Household Income $49,023 $61,490 $63,3382018 Avg Household Income $47,496 $64,077 $67,5282023 Avg Household Income $53,868 $73,787 $77,6282010 Med. Household Income $36,282 $39,343 $40,0812018 Med. Household Income $36,360 $40,767 $42,4752023 Med. Household Income $39,873 $46,901 $48,9362010 Per Capita Income $15,387 $22,222 $23,7892018 Per Capita Income $14,803 $23,122 $25,3532023 Per Capita Income $17,510 $27,302 $29,832
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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
The Wolfe Retail Group has sold over
500 properties in more than
40 states
About Marcus & MillichapWith nearly 2,000 investment professionals located throughout the U.S. and Canada, Marcus & Millichap (NYSE: MMI) is a leading specialist in commercial real estate investment sales, financing, research and advisory services. The firm closed more than 9,400 transactions in 2018 with a value of approximately $46.3 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.
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