2-Story Redev/Rehab | Value Add Play | Commercial Income | End User Purchase | Development Site 7101 Biscayne Blvd, Miami, FL 33138 | Offered by Brian Carter & David Nguah Existing 2-story Retail/Office Opportunity Perfect for end-user or Income-seeking Investor 7101 Biscayne Blvd | MIMO District| Miami’s Upper East Side Douglas Elliman Real Estate, as exclusive listing agent, is pleased to offer this opportunity to redevelop a designated MIMO- contributing property in the MIMO District of Miami’s Upper East Side. Perfect for an end-user seeking to restore the beauty of this gem and take advantage of the amazing signage opportunity with exposure to over 51,000 + cars per day. Also great for investors to add additional development of residences/rentals, office, or retail, for an income producing commercial asset. Existing 2-story office or retail building of 6,979 SF on a 10,900 SF lot on Biscayne Blvd with ability to add buildable square feet up to three (3) stories (35’ maximum). Potential to sell any unused development rights and use proceeds to renovate or redevelop/expand the existing structure. Current office use but multiple uses possible under Miami 21 T5-O zoning. For investors, potential for a 6% Cap Rate. If renovated or redeveloped and leased at $30/SF NNN, the proforma NOI would be $3.48 mm +/- at a 6% Cap Rate; by also netting the sale of development rights to fund capital improvements. Sale of Dev Rights (TDR’s & TDD’s) possible to help fund redevelopment & renovation costs. Biscayne Blvd Value Add Redevelopment Offered at $3.26 mm Up to $600,000 in sellable development rights!
10
Embed
Biscayne Blvd Value Add Redevelopment...The property at 7101 Biscayne Blvd is located in the MIMO District, in Miami’s Upper East Side, conveniently located between Midtown Miami,
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
2-Story Redev/Rehab | Value Add Play | Commercial Income | End User Purchase | Development Site
7101 Biscayne Blvd, Miami, FL 33138 | Offered by Brian Carter & David Nguah
Existing 2-story Retail/Office Opportunity
Perfect for end-user or Income-seeking Investor 7101 Biscayne Blvd | MIMO District| Miami’s Upper East Side
Douglas Elliman Real Estate, as exclusive listing agent, is pleased to offer this opportunity to redevelop a designated MIMO-
contributing property in the MIMO District of Miami’s Upper East Side. Perfect for an end-user seeking to restore the beauty
of this gem and take advantage of the amazing signage opportunity with exposure to over 51,000 + cars per day. Also great
for investors to add additional development of residences/rentals, office, or retail, for an income producing commercial asset.
Existing 2-story office or retail building of 6,979 SF on a 10,900 SF lot on Biscayne Blvd with ability to add buildable square
feet up to three (3) stories (35’ maximum). Potential to sell any unused development rights and use proceeds to renovate or
redevelop/expand the existing structure. Current office use but multiple uses possible under Miami 21 T5-O zoning.
For investors, potential for a 6% Cap Rate. If renovated or redeveloped and leased at $30/SF NNN, the proforma NOI would
be $3.48 mm +/- at a 6% Cap Rate; by also netting the sale of development rights to fund capital improvements.
Sale of Dev Rights (TDR’s & TDD’s) possible to
help fund redevelopment & renovation costs.
Biscayne Blvd Value Add Redevelopment
Offered at $3.26 mm
Up to $600,000 in sellable development rights!
2-Story Redev/Rehab | Value Add Play | Commercial Income | End User Purchase | Development Site
7101 Biscayne Blvd, Miami, FL 33138 | Offered by Brian Carter & David Nguah
OFFERED AT: $3.26 mm.
Folio #: 01-3207-032-0710
Reduce Cost Basis by Selling TDR’s & TDD’s: Sell Development Rights * & use proceeds for
reduction in rehab and/or redevelopment costs
Total Building SF: 6,979 SF (Year Built: Front: 1939 & Additions: 1962)
(Building is ‘Contributing’ & may not be demolished) **
Total Lot SF: 10,900 SF
Dimensions: Front Feet: 100’ on Biscayne
Depth: 109’ East to West on NE 71st Street
Density: Develop up to 16.26 units by right if residential or
Develop up to 32 units if hotel/short-term lodging
Zoning: T5-O & MIMO Overlay District ***
Building Height: Build up to 35’ in height per MIMO District *
*Sell Development Rights: Sell up to 80,000 +/- TDR’s if no excess development is added
In-place. Valued at $240,000. *
Sell up to 16 units (TDD rights worth) at a value between
$200,000 to $360,000 in value. *
T5-O Zoning: Zoning allows by Right 5-stories of development; but
The MIMO District limits development heights to 35’.
* The sale of any develop rights (TDR’s & TDD’s) require that the proceeds received be used in the property only for in place
redevelopment or redevelopment/renovation and there is a formal City process for application, tracking and verification of this
process and use of funds received from sale of rights. All rights sales are limited by the extent of documented improvements
value to be used in the property only. The benefit of the cash flow received is restricted to the improvement property. If a
buyer were to only rehab the property, there is up to a combined $240,000 to $600,000 in value which may be recognized for
those renovations, subject to documented improvements. Any expansion of the buildable square feet of the current building
improvements beyond the current size and/or addition of residential units would reduce the TDR’s and TDD’s, respectively,
and thus would reduce the potential cash which may be raised from such sales respectively.
** The existing building has been designated in the MIMO District as ‘Contributing’. As such, the façade of the building
cannot be torn down on the Biscayne facing side as well as the north and south sides.
*** T5-O by right allows for up to 5 stories by right, however the MIMO District restricts development up to 35 feet. Under
Miami 21, due to this restriction, the creation and calculation of sellable development rights was created so owners my
recognize value due to this height restriction to bring value back to a property to improve the property.
2-Story Redev/Rehab | Value Add Play | Commercial Income | End User Purchase | Development Site
7101 Biscayne Blvd, Miami, FL 33138 | Offered by Brian Carter & David Nguah
T5-O Zoning allows the following uses:
Residential,
Community Residence,
Multi-Family Residential,
Dormitory, Home Office,
Live-Work, Work-Live,
Hotel, Inn, Bed & Breakfast,
Office,
Entertainment Establishments,
Food Service Establishment,
General Commercial,
Recreational Facility,
Pre-school,
Research Facility & Learning Center,
…as well as many more by Exception
Process & Approval.
Great Signage Visibility!
Sleek & modern MIMO look for project
or development design
Over 51,000 + Cars per Day will see any
potential signage on the building.
Easy access in and out of parking on NE
71st Street due to 4-way signalized stop.
Great opportunity for retail, creative or
shared office spaces
Close to food options of the MIMO
District as well as around Citadel and
other offerings in Miami’s Upper East
Side.
Ample onsite parking.
2-Story Redev/Rehab | Value Add Play | Commercial Income | End User Purchase | Development Site
7101 Biscayne Blvd, Miami, FL 33138 | Offered by Brian Carter & David Nguah
Location, Neighborhood & Demographics:
The property at 7101 Biscayne Blvd is located in the MIMO District, in Miami’s Upper East Side, conveniently located between
Midtown Miami, the Design District, Little Haiti, Little River and Aventura, all just north of Miami’s Downtown, Edgewater &
Wywnwood Districts.
The MIMO District is known for his MIMO-style buildings and hotels and the resurgence of boutique retail and dining options
for foodies. The notable residential communities supporting this business district are Buena Vista, Bay Point, Morningside,
Bayside, Belle Meade, Shorecrest, El Portal, Miami Shores, and Eastern Shores among others.
The location offers convenient access to the beaches via NE 79th & NE 36th Street and I-95/Interstate access via NE 38th,
62nd, 79th & 103 Streets.
Notable Statistics* for defined area:
Area: 26 SF Miles
Total
Population 137,557
Households 62,989
Median Age 36
Avg House Hold Size: 2.36
Avg House Hold Income: $75,624
Great retail and office location central to high
end neighborhoods, homes and earners.
* 2013-2017 Data provided by ESRI® as
provided by the US Census.
7101 Biscayne Blvd.
2-Story Redev/Rehab | Value Add Play | Commercial Income | End User Purchase | Development Site
7101 Biscayne Blvd, Miami, FL 33138 | Offered by Brian Carter & David Nguah