Phone: 212.837.1531Fax: [email protected]
Fixed annual rental increases of 4%, which makes for a cap rate of 5.85% in five years
Deposits at this branch are $93,295,000, which is a 13.31% increase over the previous year
Broward County is the 2nd most populous in Florida and part of the Miami metropolitan area
Investment grade tenant with credit ratings of Baa3 by Moody’s and BBB by Fitch
Population within 5 miles exceeds 160,000 and has grown by 9.99% from 2010 to 2016
Average household income within 3 miles exceeds $117,000
Price: $4,256,440 | NOI: $212,822 | CAP: 5.00%
BankUnited
2200 Weston Rd – Weston, (Broward County) FL 33326
BankUnited
Investment Overview
PROPERTY OVERVIEW:EXP Realty Advisors exclusively presents for sale a 3,992.50 square foot freestanding bank on a 0.33-acre parcel of land inBroward County Florida, 34 miles north of Miami. The building is 100% leased to BankUnited, an investment grade companywith a Moody’s credit rating of Baa3. The rent escalates 4% annually. Deposits at this branch are over $93 million. The tenantrecently exercised their last five-year option. The bank building was constructed in 2001, and it’s amenities include a doubledrive-thru and dedicated turn lane. Deposits have exceeded $66 million at this location every year since 2010, with anaverage year over year growth rate of 9.27%. The property is a pad site to the Waterway Shops of Weston, a 35,989 SFneighborhood shopping center. The shopping center features thirty tenants including AT&T, Liberty Express, and Pearl Vision,as well as several restaurants and cafes like Offerdahl’s Cafe, Chill’N Ice and Cream, Mallardi’s Tuscan Grill, Palm Grill, PowerPizza, and Lucille’s American Café. Country Isles Plaza, a Publix anchored shopping center, is approximately 1.5 miles northon Weston Road from the subject property. Western Town Center, also a Publix anchored shopping center, is approximately1.5 miles west.
LOCATION OVERVIEW:The subject property is located in Weston, FL, a wealthy suburban community in Broward County. Within a five mile radius,the Average Household Income is estimated to be $113,881, and the population is 160,885. 33326 is the third wealthiest zipcode in southeast Florida. A number of companies and organizations have large operations in Weston including DHL,Marriott International, Wendy’s, LATAM, Abbott Laboratories, and the Cleveland Clinic. Interstate 75 travels North and Southalong the Eastern edge of the city and receives traffic counts of 145,249 vehicles per day.
LEASE SUMMARY:Option Commencement Date: 11/01/2016Option Expiration Date: 10/31/2021Current Rent: $212,822Rental Increases: 4% AnnualOptions: No Remaining OptionsLease Type: NN**Tenant pays a management fee to the landlord, which is equal to 6% of base rent and an administrative fee of $3,000annually, which is not reflected in the $212,822 rent. Landlord pays taxes and insurance and gets reimbursed by the tenant.Landlord also maintains the building and the parking lot and is 100% reimbursed for these costs.
TENANT OVERVIEW: BankUnited, Inc. (NYSE: BKU | Moody’s: Baa3)As of September 30, 2016, BankUnited had 98 branches in 15 Florida counties and 6 banking centers in the New Yorkmetropolitan area, total deposits of $18.8 billion, and total assets of $27.3 billion. BankUnited focuses on the financial needsof growing companies and their executives, consumers and commercial and middle-market businesses in Florida’s thrivingcoastal regions. The bank offers a broad range of online services, treasury management tools for businesses and traditionaldepository and lending products.
INVESTMENT SUMMARY
Price: $4,256,440
CAP Rate: 5.00%
NNN Rent: $212,822
Bld. Sq Ft: 3,992.50 sf
Land Size: 0.33 acres
Lease Type: NN
Year Built: 2001
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. INVESTMENTOVERVIEW
BankUnited
Aerial
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. AERIAL
Waterway Shops of Weston
BankUnited
Aerial
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. AERIAL
59,699 VPD
BankUnited
Aerial
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. AERIAL
BankUnited
Location Map
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. LOCATIONMAP
BankUnited
Tnenat Information
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. INVESTMENTOVERVIEW
Return on Investment Over Time
Rent Period Commencement Date Rent Period Expiration Date Rent Cap Rate
11/1/2016 10/31/2017 $212,822 5.00%
11/1/2017 10/31/2018 $221,335 5.20%
11/1/2018 10/31/2019 $230,188 5.41%
11/1/2019 10/31/2020 $239,396 5.62%
11/1/2020 11/31/2021 $248,972 5.85%
BankUnited Inc.’s Recent Historical Growth
Year Total Assets (B) Total Deposits (B) Sales Revenues (M)
2013 $14.90 $10.50 $830
2014 $19.00 $13.50 $844
2015 $23.70 $16.90 $939
Subject Property's Recent Deposit Growth
Year Total Deposits Increase
2014 $79,309,000 19.72%
2015 $82,188,000 3.63%
2016 $93,295,000 13.51%
BankUnited
CAM Reimbursement Overview
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. INVESTMENTOVERVIEW
2015 CAM Calculation
CAM % Reimbursed 100%
2015 RE Tax Pro-Rata 22,760.69
2015 Insurance Pro-Rata 12,883.22
2015 Other CAM Pro-Rata 15,598.22
Total CAM 2015 51,242.13
CAM Charged thru December 31, 2015 51,902.52
Balance Due From (To) Tenant -660.39
Sales Tax -39.62
Balance Due + Sales Tax -700.01
2015 CAM Expenses
Expense Type 2015 CAM Expense
Maintenance & Repair 640.36
Leasing (Garage Storage Reimbursed) 112.55
Landscaping 0
Management Fee 11,845.31
Professional Fess 3,000.00
CAM 15,598.22
REAL ESTATE TAXES 22,760.69
INSURANCE 12,883.22
TOTAL 51,242.13
BankUnited
Property Photo
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. AERIAL
BankUnited
Property Photo
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BankUnited
Survey
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BankUnited
Location Map
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BankUnited
Location Map
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BankUnited
Plat Map
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BankUnited
Demographic Data
Contact Us
EXP Realty Advisors
118 East 28th Street Suite #901New York, NY 10016 www.exp1031.com
Our Team Aron Holewinski‘
Associate Director of Sales Phone: (212)972-3947
E-mail:[email protected]
Robert P. JamesPresident
Phone: (212) 686-0072E-mail: [email protected]
In association withFlorida RE License:
BK3276744
Radius 1 Mile 3 Mile 5 Mile
Population:2021 Projection 6,902 82,579 171,9512016 Estimate 6,504 77,351 160,8552010 Census 6,171 70,884 146,250Growth 2016-2021 6.12% 6.76% 6.90%Growth 2010-2016 5.40% 9.12% 9.99%2016 Population Hispanic Origin 2,660 33,873 67,112
2016 Population by Race:White 5,504 66,706 134,038Black 418 4,858 14,074Am. Indian & Alaskan 19 195 497Asian 353 3,952 8,748Hawaiian & Pacific Island 7 89 167Other 203 1,551 3,331
U.S. Armed Forces: 12 66 159Households:
2021 Projection 2,523 27,560 56,3842016 Estimate 2,376 25,814 52,7582010 Census 2,225 23,458 47,649Growth 2016 - 2021 6.19% 6.76% 6.87%Growth 2010 - 2016 6.79% 10.04% 10.72%Owner Occupied 1,512 20,433 42,416Renter Occupied 864 5,380 10,342
2016 Avg Household Income $107,912 $117,163 $113,8812016 Med Household Income $90,079 $91,659 $90,9512016 Households by Household Inc:
<$25,000 203 2,818 5,756$25,000 - $50,000 452 3,829 7,790$50,000 - $75,000 324 3,960 8,041$75,000 - $100,000 344 3,450 7,510$100,000 - $125,000 235 3,199 7,113$125,000 - $150,000 217 1,707 3,858$150,000 - $200,000 416 3,170 5,851$200,000+ 182 3,679 6,839
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. DEMOGRAPHICDATA