PRESENTED BY COMMERCIAL
250 WYNWOOD RETAILCORE PLUS RETAIL INVESTMENT FOR SALE
250 NW 24TH ST, MIAMI, FL 33127
250 WYNWOOD RETAIL
CORE PLUS RETAIL INVESTMENT FOR SALE
250 NW 24TH ST, MIAMI, FL 33127
Metro 1 Commercial, LLC.120 NE 27 ST, BAY 200 | Miami, FL305.571.9991 | metro1.com
Neither the Owner, nor any of its officers, directors, employees or agents, nor Metro 1 Commercial, makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its contents, and no legal liability is assumed or is to be implied by any of the aforementioned with respect thereto.
Prospective investors are advised to verify the information independently. The Owner reserves the right to change the price or any information in this Memorandum, or to withdraw the property from the market at anytime, without notice. This confidential memorandum shall not be deemed an indication of the state of affairs of the property or of the Owner, nor shall it constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of this memorandum. By your receipt of this confidential memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this memorandum or any part of the contents to any other person, firm or entity without prior authorization from Metro 1 Commercial.
THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use to determine whether you wish to express any further interest in the property. This confidential memorandum contains brief, selected information pertaining to the business and affairs of the property and has been prepared by Metro 1 Commercial LLC. (“Metro 1”), primarily from information supplied by the Owner. Although this confidential memorandum has been reviewed by representatives of the Owner, it does not propose to be all-inclusive, nor does it contain all the information which a prospective investor may require or desire.
PAG
E 2Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Jack ConradInvestment Sales Associate
250 WYNWOOD RETAIL
CORE PLUS RETAIL INVESTMENT FOR SALE
250 NW 24TH ST, MIAMI, FL 33127
EXECUTIVE SUMMARYMetro1 is proud to present a rare Wynwood Core Plus retail investment for sale. The property consists of 3,713 SF of rentable ground floor retail at 250 Wynwood, one of the area’s newest residential developments.
This property represents a unique opportunity to acquire two fully rented retail bays with highly successful restaurant tenants. Laid Fresh, the newest creation from the masterminds behind KYU, Florida’s hottest restaurant. Crudos Fusion Art is a colorful 50 seat bistro serving Asian and Latin American fusion dishes has been one of Wynwood’s most popular venues for the past two years.
With under market rents and percentage of sales mechanisms in place, the opportunity has significant upside with nominal risk, considered the most demanded product type as second-generation restaurant spaces have virtually zero availability.
INVESTMENT HIGHLIGHTS
INVESTMENT SUMMARY
BELOW MARKET ACQUISITION PPF FOR PRIME RETAIL IN WYNWOOD
ADDRESS: 250 NW 24TH ST, MIAMI, FL 33127
TOTAL SPACE SIZE: 3,713 SF
ZONING: NRD T5-O
YEAR BUILT: 2016
REMODELED:2019
ASKING PRICE: $4.5M
OPPORTUNITY TO ACHIEVE AN 8% CAP RATE
EXISTING CASH FLOW
FULLY BUILT-OUT RESTAURANT SPACES
UNBEATABLE LOCATION NEXT TO CUBE WYNWOOD, WYNWOOD 25, THE ANNEX, PANTHER COFFEE, AND MORE
CURRENT LEASES ARE 30% UNDER MARKET
ACCESS DUE DILIGENCE FOLDER
SUBMIT AN OFFER
PAG
E 3Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Jack ConradInvestment Sales Associate
250 WYNWOOD RETAIL
CORE PLUS RETAIL INVESTMENT FOR SALE
250 NW 24TH ST, MIAMI, FL 33127
FLOOR PLAN
1,920 SF
1,837 SF
DOWNLOAD FLOORPLAN
PAG
E 4Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Jack ConradInvestment Sales Associate
250 WYNWOOD RETAIL
CORE PLUS RETAIL INVESTMENT FOR SALE
250 NW 24TH ST, MIAMI, FL 33127
LOCATION SUMMARY
DESIGN DISTRICT
ALLAPATTAH
MIAMI INTERNATIONALAIRPORT
LITTLE RIVER
DOWNTOWN
WYNWOOD
BRICKELL
PORT OF MIAMI
EDGEWATER
MIAMI BEACH
I-195
I-395
112112
836
836
I-95
I-95
I-95
Located in Wynwood, Miami, the coolest neighborhood in the world according to Google, Vogue, Forbes, Timeout, The Independent, and more. Wynwood is Miami Arts District and home to hundreds of the city’s best restaurants, cafes, shops, and entertainment venues.
Once the center for manufacturing and logistics in Greater Miami, Wynwood is comprised of predominantly mid-century industrial manufacturing warehouses. After the industrial real estate market moved West to the Doral and Medley, Wynwood’s landscape began to change. Forward-thinking property owners renovated old buildings and marketed them to retailers and creative office users, transforming the neighborhood into an epicenter for the arts and culture.
Wynwood’s Property owners got together in 2013 and created the Business Improvement District (BID), a vehicle to create initiatives to preserve Wynwood’s character and reinvest in the neighborhood. Arguably the best initiative the BID created was the Neighborhood Revitalization District (NRD) rezoning in 2015, which drastically changed the zoning’s density and intensity, making development feasible in the district.
Today, Wynwood is one of Miami’s most active development areas, with multiple multi-family projects being delivered now, or in the planning/construction stages, as well as 500,000 SF of office space under construction with another 400,000 SF planned, over 1M SF of existing retail space and another 600,000 SF in the pipeline. Absorption rates are some of the highest in the city, making Wynwood a booming neighborhood with a lot of future potential.
AA ARENA
PAMM
MARLINS PARK
BRIGHTLINE STATION
MLS STADIUM
PAG
E 5Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Jack ConradInvestment Sales Associate
250 WYNWOOD RETAIL
CORE PLUS RETAIL INVESTMENT FOR SALE
250 NW 24TH ST, MIAMI, FL 33127
SALES COMPARABLES
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# Building Address Bldg SF Lot Size SF Sold Date Sold Price PPSF Bldg Cap Rate Condition
1 151 NW 24th St 6,465 14,500 7/12/18 $9,150,000 $1,415 6.00% Renovated2 55 NW 25th St 5,000 10,900 10/24/17 $4,500,000 $900 n/a Renovated
3 2600 NW 2nd Ave 39,335 45,738 10/30/16 $53,500,000 $1,360 n/a Unrenovated
4 2701 NW 2nd Ave 8,587 12,500 3/5/19 $9,500,000 $1,106 n/a Unrenovated
Average $1,195
# Building Address Bldg SF Lot Size SF Sold Date Sold Price PPSF Bldg Cap Rate Condition
1 151 NW 24th St 6,465 14,500 7/12/18 $9,150,000 $1,415 6.00% Renovated2 55 NW 25th St 5,000 10,900 10/24/17 $4,500,000 $900 n/a Renovated
3 2600 NW 2nd Ave 39,335 45,738 10/30/16 $53,500,000 $1,360 n/a Unrenovated
4 2701 NW 2nd Ave 8,587 12,500 3/5/19 $9,500,000 $1,106 n/a Unrenovated
Average $1,195
PAG
E 6Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Jack ConradInvestment Sales Associate
250 WYNWOOD RETAIL
CORE PLUS RETAIL INVESTMENT FOR SALE
250 NW 24TH ST, MIAMI, FL 33127
# Property Address Use Tenant Size Lease Rate PSF Signed Date Term Type of Lease Passthroughs Concessions Condition1 2511 NW 2 Ave Retail Wynwood Smoke Shop 950 140.00$ 18Q4 Long Term NNN $20 Retail shell2 2519 NW 2nd Ave F&B Bertoni Gelato 1,300 125.00$ 15Q4 Long Term NNN $15 Retail shell3 2501 NW 2 Ave Retail Pitusa 1,000 120.00$ 18Q2 Long Term NNN $15 Retail shell4 2315 NW 2 Ave F&B Joe & The Juice 1,979 115.00$ 16Q4 Long Term NNN $20 6 Months free, no TIA Retail shell5 151 NW 24th St F&B Poke Life 1,159 100.00$ 3Q17 5 Years NNN $17 6 Months free, no TIA Retail shell6 2509 N Miami Ave F&B Burdo 2,900 88.00$ 3Q18 10 Years NNN $12 6 Months Free, no TIA Retail shell7 2600 NW 2 Ave F&B P!Q Gifts 2,000 80.00$ 18Q2 Long Term NNN $32 6 Months free Gray Shell8 166 NW 29th St F&B Palmar 1,200 66.00$ 15Q4 Long Term NNN $12 6 Months free 2nd Gen9 97 NW 25 St F&B Italian Restaurant Group 1,250 65.00$ 18Q3 Long Term NNN $16 2nd Gen10 310 NW 24th St F&B Le Chik 2,925 65.00$ 2Q17 NNN $15 Retail shell11 143 NW 23 St F&B 1-800 Lucky 5,000 62.50$ 16Q2 Long Term NNN $12 12 Months Free, no TIA Industrial12 50 NW 24th St F&B Salty Donut 1,046 62.50$ 15Q3 Long Term NNN $16 6 Months Free Retail shell13 50 NW 24th St F&B Three by Norman Van Aken 7,606 62.50$ 16Q2 10 Years NNN $16 12 Months free, $50 in TIA Retail shell14 2801 NW 2 Ave F&B Jaguar Hospitality 3,262 60.00$ 17Q1 10 Years NNN $8 12 Months Free, no TIA Industrial15 310 NW 24th St F&B Crazy Poke 1,500 58.00$ 3Q16 NNN $15 Retail shell16 97 Nw 25th St F&B California Bliss 1,250 55.00$ 3Q17 5 Years NNN $12 Retail shell17 50 NW 24th St F&B Ooh Raw 1,540 50.00$ 1Q18 5 years NNN $16 3 Months free, $50 in TIA Retail shell
LEASE COMPARABLES
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23
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8
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10
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1213
17
14
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16
PAG
E 7Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Jack ConradInvestment Sales Associate
250 WYNWOOD RETAIL
CORE PLUS RETAIL INVESTMENT FOR SALE
250 NW 24TH ST, MIAMI, FL 33127
TENANTS
Laid Fresh - Laid Fresh is an egg-forward, quick-service restaurant from the owners of KYU, Florida’s best restaurant according to multiple publications. Steve Haigh and Michael Lewis devised a space that features all day local farm fresh eggs prepared in a myriad of ways such as fried with sausage and homemade cheese sauce on a fluffy potato brioche bun or poached over local greens with fresh tomato and parmesan dressing. The restaurant recently opened on April 2019.
THE NEW EGG-CENTRIC, ALL DAY BREAKFAST SPOT FROM THE KYU TEAM.
WYNWOOD’S CRUDOS FUSION ART SERVES WHIMSICAL CREATIONS
Crudos Fusion Art, a colorful 50-seat bistro serving Asian and Latin American fusion dishes, opened December 2017. The restaurant, helmed by executive chef and co-owner Edixon Hernandez, offers whimsical creations that befit Miami’s arts district. Hernandez, a graduate of Le Cordon Bleu in Lima, moved from Indianapolis to open Crudos in Wynwood because he saw an opportunity in the mix of locals and tourists visiting from all over the world.
READ ARTICLE
READ ARTICLE
PAG
E 8Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Jack ConradInvestment Sales Associate
250 WYNWOOD RETAIL
CORE PLUS RETAIL INVESTMENT FOR SALE
250 NW 24TH ST, MIAMI, FL 33127
AERIAL MAP
MAPS
MANDOLINGROUP
HYPESTUDIOS
PAG
E 9Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker
executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Jack ConradInvestment Sales Associate
250 WYNWOOD RETAIL
CORE PLUS RETAIL INVESTMENT FOR SALE
250 NW 24TH ST, MIAMI, FL 33127
WYNWOOD PEDESTRIAN GRID
WYNWOOD 25
CUBE WYNWD
WYNWOOD LOFTS
THE ANNEXWYNWOOD WALLS
NW 2 AVENUE
APPROX: 427 PEOPLE/ DAY
APPROX: 400 PEOPLE/ DAY
APPROX: 54 PEOPLE/ DAY
APPROX: 235 PEOPLE/ DAYAPPROX: 410K PEOPLE/MONTH
APPROX: 15K PEOPLE/DAY
SUBJECT PROPERTY
WYNWOOD PARK
WYNWOOD WALK
• Wynwood's Pedestrian Grid exists between NW 24 Street and NW 29 Street, from NW 2 Avenue to NW 5 Avenue, with the main thoroughfare being NW 2 Avenue, drawing up to 15,000 pedestrians a day.
• The center of gravity is quickly moving away from NW 2 Avenue with developments like the Cube Wynwd, Wynwood 25, Wynwood Garage and a slate of new retail developments along 24th and 25th street and 3rd Avenue.
• Wynwood 25 will connect 24th Street to NW 3 Avenue with a pedestrian paseo, that will further increase walkability on NW 24th Street.
PAG
E 10
Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Jack ConradInvestment Sales Associate
250 WYNWOOD RETAIL
CORE PLUS RETAIL INVESTMENT FOR SALE
250 NW 24TH ST, MIAMI, FL 33127
WYNWOOD CONTEXT MAP
PEDESTRIAN GRID
F&BRETAILSERVICE
SUBJECTPROPERTY
PAG
E 11
Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Jack ConradInvestment Sales Associate
250 WYNWOOD RETAIL
CORE PLUS RETAIL INVESTMENT FOR SALE
250 NW 24TH ST, MIAMI, FL 33127
Office Planned
767,000 SF
Average HH Income
$25,792
Retail in Construction
227,900 SF
Median Age
37
Retail Planned
60,000 SF
Median Household
2.6
Office In Construction
197,000 SF
Population
1,654
New Apartment Units Planned
464
Aggregate HH Income
$13M
Most CitiBike users in the City of Miami.
15,000 Citibike Transactions in 2015-2016.*
More than 200,000 Parking Transactions in
the last three months.**
Wynwood’s parking transactions account for 20% of all parking transactions in the City of Miami according to Pay-By-Phone.
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The popularity of
Wynwood continues
to grow as the number
of visitors who said
they went to Wynwood
doubled from last year.
Source: Environics Analytics as compiled by IRR Miami|Palm Beach
Source: Greater Miami Convention & Visitors Bureau
WYNWOOD BID OVERVIEW
O V E R A L L S N A P S H O T P A R K I N G T R A N S A C T I O N S
T O U R I S M & E C O N O M I C S N A P S H O TR E S I D E N T D E M O G R A P H I C S
*Source: Citibike**Source: Pay-by-Phone
400+Businesses
5,000+Local Jobs Supported
$488MLocal Spending by Out-of-Town
Visitors
2,060,465Out-of-Town
Visitors
W Y N WO O D M A R K E T R EP O R T | 1 1W Y N WO O D M A R K E T R EP O R T | 1 0
WYNWOOD PARKING TRANSACTIONS - PAY BY PHONE
TOURISM & ECONOMIC SNAPSHOT
VISITORS IN THE MONTH OFMARCH 2019 ALONE
VISITORS TO WYNWOOD LAST YEAR
410,000
6 MILLION
WYNWOOD MARKET DATA
16th TopGlobal Street Style Report: Mapping Out the 15 Coolest Neighborhoods in the World
America’s Best Hipster Neighborhood
Search Results for“World’s Coolest Neighborhoods”
Most Stylish Neighborhood in the World
9th 6th
MOST CITIBIKE USERS IN CITY OF MIAMI
88WALK SCORE
1MPARKING TRANSACTIONS IN 2017
+20OF MIAMI’S PARKING TRANSACTIONS
% 1.5PEOPLE /QUARTER
DOWNLOAD WYNWOOD MARKET REPORT
MARKET REPORT 2018–2019
PAG
E 12
Procuring broker shall only be entitled to a commission, calculated in accordance with the rates approved by our principal only if such procuring broker executes a brokerage agreement acceptable to us and our principal and the conditions as set forth in the brokerage agreement are fully and unconditionally satisfied. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Jack ConradInvestment Sales Associate
PRESENTED BY COMMERCIAL
250 WYNWOOD RETAILCORE PLUS RETAIL INVESTMENT FOR SALE
250 NW 24TH ST, MIAMI, FL 33127