509 NE 3RD AVENUE Fort Lauderdale, Florida 33301 Office Building Zoned RAC-CC

Price

$1.89 M

Size

3,801 SF

Height

2-Story

Occupancy

Vacant

Built

1962

Location

CBD

Meridian Commercial 10101 W. Sample Road, Suite 428 Coral Springs, Florida 33065 www.meridian-commercial.com Main (754) 900-1900 License 0672274

Marketing Team Doug Driver, CCIM, CMI Julie Abolafia, CCIM Exclusively Listed By

Contacts Managing Director Managing Director

(954) 865-1453 (954) 918-4902

dd@meridian-commercial.com julieabolafia@gmail.com Investment Sales Advisors

meridian commercial

$ ft 2

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 1

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

Disclosure

The material contained in this brochure (“Brochure”) is furnished solely for the purpose of considering the purchase of the Property and is not to be used for any other purpose. The

Brochure should not under any circumstances be copied, forwarded, or disclosed to any third party without the written consent of Meridian Commercial (“Broker”). Broker makes

no representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein. Neither Broker not Seller has measured the Property.

ALL BUILDING CALCULATIONS ARE GENERAL ESTIMATES OR HAVE BEEN TAKEN FROM THIRD PARTIES THAT MAY OR MAY NOT BE RELIABLE, THEREFORE ALL CALCULATIONS OF

BUILDING OR UNIT SIZE(S) MAY BE SUBSTANTIALLY INACCURATE. BUYER SHOULD INDEPENDENTLY VERIFY ALL INFORMATION IN THIS BROCHURE! This Brochure may include finan-

cial scenarios, projections, and/or estimates with respect to the Property that may or may not be proven to be correct, and there can be no assurance that such estimates will be

achieved. Analysis and verification of the information contained herein is solely the responsibility of the prospective purchaser. Recipients of this Brochure are advised and encour-

aged to conduct their own comprehensive review and analysis of the Property. This Brochure is a solicitation of interest only and is not an offer to sell the Property. The Seller ex-

pressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to termi-

nate negotiations with any entity, for any reason, at any time without notice. The Seller shall have no legal commitment or obligation to any entity reviewing the Brochure or mak-

ing an offer to purchase the Property unless and until the Seller executes and delivers a signed purchase agreement on terms acceptable to Seller, at Seller’s sole discretion. By sub-

mitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release Meridian and Seller from all liability with respect thereto.

meridian commercial

PROPERTY SUMMARY

Buildings: 1

Stories: 2-Story

Year Built: 1962

Building Size: 3,801 SF

Site Area: 5,875 SF

Occupancy: Vacant

Zoning: RAC-CC

Parking Spaces: 9

Recertification: Yes

Air-conditioning: Central

Electric: 120/240

Age of Roof: 2019

Roof Structure: Concrete

Exterior Walls: CBS

• 3,801 SF 2-Story Office Building!

• Located in Flagler Village!

• Few Remaining Sites Zoned RAC-CC!

• Multiple Uses & Higher Density!

• Great Redevelopment Opportunity!

• New Roof Installed in 2019!

509 NE 3RD AVENUE

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 2 meridian commercial

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 3

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 4

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

REGIONAL ACTIVITY CENTER—CITY CENTER (RAC-CC) ZONING RAC-CC is the city's high-intensity downtown zoning district and is intended to be applied to the central downtown core area as a means of accommodating a wide range of employment, shopping, service, cultural, higher density residential and other more intense land uses. The RAC-CC zoning district will permit mixed-use development including high intensity com-mercial uses, as well as downtown residential housing. Commercial retail uses will be required on the ground floor of build-ings on streets where pedestrian activity is encouraged. In order to ensure that development along the boundaries of the RAC-CC district will be compatible with adjacent zoning districts, properties abutting the edges of the RAC-CC district will be subject to regulations that provide a transition from the very intense and dense uses found within the central urban core.

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 5

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 6

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 7

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 8

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 9

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 10

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 11

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 12

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 13

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 14

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

Level 1

Electric Closet

Conference Room

Office

W.C.

Kitchen

Office

W.C.

Open Office Area

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 15

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

Level 2

Closet

Office

W.C.

Kitchen

Office

W.C.

Open Office Area

Balcony

Closet

Office

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 16

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

NE

3rd

Ave

nue

509 NE 3rd Avenue Fort Lauderdale, Florida 33062

To

NE

5th

Str

eet

To NE 2nd Avenue

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 17

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 18

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

Notes

[1] The Potential Gross Revenue amount

assumes that the building is rented for

$45.00 per square foot gross (net of elec-

tric service).

[2] An Economic Vacancy rate of 3.0% was

used to calculate downtime during tenan-

cies.

[3] The Real Estate Taxes expense amount is

based on the full 2018 real estate taxes.

[4] The Insurance expense amount is based

on $0.75 per square foot.

[5] The Management Fee expense is based on

the prevailing market rate of 5.0% of the

Effective Gross Revenue amount.

Value

Purchase Price: $1,890,000

Price Per Sq Ft: $497.24

Capital

Equity: $567,000

Debt: $1,323,000

Loan to Value: 70.00%

Interest Rate: 3.85%

Amortization: 25

Taxes

Assessed Value: $756,310

Tax Amount: $15,882

Millage Rate: 0.0210

Proforma

Annually Monthly Per Sq Ft % EGR

Potential Gross Revenue [1] $171,045 $14,254 $45.00 103.1%

LESS: Economic Vacancy [2] $5,131 $428 $1.35 3.0%

Effective Gross Revenue $165,914 $13,826 $43.65 100.0%

LESS: Operating Expenses:

Real Estate Taxes [3] $15,882 $1,324 $4.18 9.6%

Insurance [4] $2,851 $238 $0.75 1.7%

Management Fee [5] $8,296 $691 $2.18 5.0%

Water & Sewer $420 $35 $0.11 0.3%

Pest Control $600 $50 $0.16 0.4%

Landscaping $720 $60 $0.19 0.4%

Repairs & Maintenance $2,000 $167 $0.53 1.2%

Total Expenses $30,769 $2,564 $8.09 18.5%

Net Operating Income (NOI) $135,145 $11,262 $35.56 81.5%

LESS: Debt Service $82,490 $6,874 $21.70 49.7%

Debt Service Coverage 1.64

Levered Cash Flow $52,655 $4,388 $13.85 31.7%

Capitalization Rate 7.15%

Cash-on-Cash Return 9.29%

Links (click on links below to open)

Google Map

Google Aerial Image

All Photographs

Floor Plans

Buildfax Report

City Website

City Wiki

City Zoning Map

Permitted Uses

Flagler Village Website

BCPA Record

Property Tax Bill

County Website

County Wiki

Meridian Web

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 19

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 20

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

Marketing Team

Douglas E. Driver, CCIM, CMI

Managing Director

Direct: (954) 865-1453

Email: dd@meridian-commercial.com

Certified Commercial Investment Member (CCIM)

Certified Master Inspector (CMI)

Florida Licensed Real Estate Broker

Florida Certified General Contractor

Florida Licensed Home Inspector

Federal Emergency Management Official (FEMA)

Realtor

Julie Abolafia, CCIM

Managing Director

Direct: (954) 918-4902

Email: julieabolafia@gmail.com

Certified Commercial Investment Member (CCIM)

Florida Licensed Real Estate Salesperson

Realtor

Meridian Commercial

Meridian Commercial is South Florida's premier full-service commercial

real estate firm. For 15 years, we have provided investment sales, pro-

ject leasing, property management, construction and inspection services

to institutional and private clients for all types and sizes of commercial

real estate assets throughout Miami-Dade, Broward, and Palm Beach

Counties. Executives of the firm have been involved in over $1.0 billion in

investment sales and leasing transactions, having represented some of

the largest institutions in the world. Our management and consulting

services are unsurpassed and have literally saved property owners and

investors millions. We pride ourselves on making our clients highly suc-

cessful!

High profile clients of principals of the firm include:

AEW Capital Management | American Land Development | Ameriton

Properties | Archon Group | Archstone-Smith | Asset Preservation

Group | Baxter Healthcare | Birdsey Group | CIGNA | Citizens Property

Insurance Corporation | City National Bank | Co-Fab Properties | Con-

solidated Community Management | Cornerstone Real Estate Advisors

| Fannie Mae | First Market Properties | Glass Ratner | The Hartford |

Highwoods Properties | Lloyds of London | MultiCapital Realty Group |

Ocwen Financial Corporation | PHH Mortgage Corporation | Principal

Capital Management | Prudential | Sarofim Realty Advisors | Secure

Properties | State Farm Insurance Company | Teachers Insurance &

Annuity Association - College Retirement Equity Fund | Trammell Crow

Company | United Healthcare | UBS Brinson

509 NE 3rd Avenue Fort Lauderdale, Florida 33301 Exclusively Listed by 21

Disclosure Summary Maps Aerials Photographs Floor Plans Financials Links Meridian

meridian commercial

Another Featured Offering

Tres Villas on the Intracoastal

Tres Villas on the Intracoastal is an investor’s dream for short-term rentals / Airbnb! Extremely rare

three-unit luxury residential income property uniquely located directly on the Intracoastal Water-

way on the barrier Islands of Pompano Beach, Florida.

Property Highlights:

⚫ Three Luxury Villas Located Directly on the Intracoastal Waterway!

⚫ Beautifully Remodeled in 2017 with High-end Luxury Finishes through-out!

⚫ Amazing Water Views from all Three Villas with a 100’ Boat Dock and New Hydraulic Lift!

⚫ Resort-Style Amenities Include a Heated Pool, Hot Tub, & Private Beach Access!

⚫ Roof Covering and Three (3) Goodman Split-System Air-Condition Units Recently Installed!

⚫ Perfect Turnkey Property for Short-Term Rentals / Airbnb / VRBO!

Offering Terms:

Asking Price: $1,900,000

Asking Terms: “All Cash” or Conventional Financing

To Open the Offering Memorandum: