FOR SALE: TWO COMMERCIAL BUILDINGS ON OVER 1/2 ACRE LOT WITH 150 OF FRONTAGE ON ANDREWS AVENUE 10 NW 40TH COURT 4047 N. ANDREWS AVE. ASKING PRICE: $549,000 4047 N. ANDREWS AVENUE (1,560 SF) 10 NW 40TH COURT (3,500 SF) OAKLAND PARK, FLORIDA CONTACT INFORMATION: PROPERTY HIGHLIGHTS Douglas E. Driver, CCIM Principal & Broker Direct: (954) 865-1453 ddriver@meridian-companies.com Court-Ordered Receiver Sale! Rare Automotive Sales & Service Center 150 of Frontage on N. Andrews Avenue Space for 50+ Cars Plus 18 Striped Spaces Opportunity to Offset 100% of Mortgage Cost Asking Price is Only $549,000!
DISCLOSURE TABLE OF CONTENTS This Property brochure ( Brochure ) has been prepared solely for your limited use in determining whether you desire to express any further interest in the acquisition of 4047 N. Andrews Avenue, Oakland Park, Florida 33309 ( Property ). Meridian Realty Advisors, Inc. ( Meridian ) has been exclusively retained to arrange the sale of Property on behalf of the court appointed receiver ( Seller ). Neither Meridian nor the Seller make any representations or warranties, expressed or implied, as to the accuracy or completeness of this Brochure and its contents. Analysis and verification of the information contained herein is solely your responsibility. An opportunity to inspect the Property will be made available to interested and qualified prospective buyers. The Seller expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and terminate discussions with any entity at any time without notice. PROPERTY SUMMARY... 3 LOCATION MAP... 4 AERIAL PHOTOGRAPH... 5 FLOOR PLAN... 6 PROPERTY DETAILS... 7 OFFERING PROCESS... 8 PROPERTY PHOTOGRAPHS... 9 PROPERTY INCOME VALUE... 11 BROKER BIOGRAPHY... 12 WHY MERIDIAN REALTY ADVISORS?... 13 2
4047 N. ANDREWS AVE. 10 NW 40TH COURT $549,000 PROPERTY SUMMARY The Property consists of two vacant commercial buildings on a 23,557 SF lot. The 4047 N. Andrews Avenue building is 1,560 SF and has been used as a used car lot with a single service bay. The large lot can accommodate 50+ cars and has over 150 feet of frontage on Andrews Avenue. The 10 NW 40th Court building is 3,500 SF and is subdivided into two separately metered units. Each unit has two bays with automobile lifts. The site is zoned B-2, which allows for sales and servicing of cars, motorcycles, boats, and RVs. Other potential retail uses include a taxi service, pest control service, airconditioning sales & service, pawn shop, etc. Unique opportunity to occupy either building and offset the mortgage cost by renting the other building to complementary tenants! PROPERTY SNAPSHOT 4047 N. ANDREWS AVE. 10 NW 40TH COURT BUILDING SIZE: 1,560 SF 3,500 SF TOTAL UNITS: 1 Unit 2 Units YEAR BUILT: 1958 1978 CEILING HEIGHT: 13 Clear 14 Clear BAY DOORS: 1 Bay Door 4 Bay Doors PROPERTY HIGHLIGHTS Court Ordered Receiver Sale! Rare Automotive Sales & Service Center 150 of Frontage on N. Andrews Avenue Space for 50+ cars plus 18 Striped Spaces Opportunity to Offset 100% of Mortgage Cost Asking Price is only $549,000! 3
DOUGLAS E. DRIVER, CCIM (954) 865-1453 4
NW 40TH COURT DOUGLAS E. DRIVER, CCIM (954) 865-1453 N. ANDREWS AVENUE N 5
PROPERTY FLOOR PLAN PROPERTY FLOOR PLAN 4047 N. ANDREWS AVE. 10 NW 40TH COURT TOTAL PROPERTY GROSS BUILDING AREA: 1,560 SF 3,500 SF 5,060 SF BUILD OUT: 1,200 SF 600 SF 1,800 SF 12 X 12 ROLL-UP DOOR 12 X 12 ROLL-UP DOOR 12 X 12 ROLL-UP DOOR 12 X 12 ROLL-UP DOOR BATH BATH BATH RECEPTION 10 X 10 ROLL-UP DOOR Drawing is not to scale. All dimensions are approximate. 6
4047 N. ANDREWS AVENUE BUILDING SIZE: 1,560 SF 10 NW 40TH COURT BUILDING SIZE: 3,500 SF TOTAL UNITS: 1 Unit TOTAL UNITS: 2 Units YEAR BUILT: 1958 YEAR BUILT: 1978 STORIES: 1-Story STORIES: 1-Story CEILING HEIGHT: 13 Clear CEILING HEIGHT: 14 Clear BAY DOORS: 1 Bay Door BAY DOORS: 4 Bay Doors BUILDOUT: +/- 1,200 SF BUILDOUT: +/- 600 SF ELECTRIC SERVICE: 2-Phase ELECTRIC SERVICE: 3-Phase ELECTRIC METERS: 2 Meters ELECTRIC METERS: 2 Meters AIR-CONDITIONING: Central (removed) AIR-CONDITIONING: 2 Wall Units BATHROOMS: 1 Unisex BATHROOMS: 2 Unisex PARKING: Open Surface (50+ cars) PARKING: 18 Spaces CONSTRUCTION: CBS CONSTRUCTION: CBS ROOF TYPE: Flat ROOF TYPE: Flat ROOF COVERING: Asphalt Roll ROOF COVERING: Asphalt Roll FIRE SPRINKLERS: None FIRE SPRINKLERS: None 40-YEAR RECERTIFICATION: Completed 40-YEAR RECERTIFICATION: Completed 7
OFFERING PROCESS Offers should be submitted in the form of a Purchase and Sale Agreement or a non-binding Letter of Intent ( LOI ). Offers should include: SITE INFORMATION Purchase price, Earnest money deposit & timing, Due diligence period, Buyer & Seller transaction costs, Financing contingencies (if any), And, proof of funds. SIZE OF LOT: ZONING DESIGNATION: B-2 23,557 SF (.54 Acres) PROPERTY TOURS SUBDIVISION: ASSOCIATION: Prospect Gardens None Property tours are by appointment only and should be scheduled through Douglas E. Driver, CCIM. LEGAL DESCRIPTION: TAX INFORMATION NAME OF COUNTY: PROSPECT GARDENS 22-26 B LOT 23 LESS E 3 FOR RD Broward County OFFER DATE No hard offer date has been set. Offers will be reviewed upon submission. CONTACT INFORMATION COUNTY PARCEL ID: 4942-22-08-2500 ASSESSED LAND VALUE: $282,680 ASSESSED BUILDING VALUE: $282,610 TOTAL ASSESSED VALUE: $565,290 TAX AMOUNT (2014) $15,042.71 Douglas E. Driver, CCIM is the exclusive listing agent. Please direct all inquiries concerning the Property to: Douglas E. Driver, CCIM Principal & Broker Direct: (954) 865-1453 ddriver@meridian-companies.com 8
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DOUGLAS E. DRIVER, CCIM (954) 865-1453 10
PROPERTY INCOME VALUE INCOME VALUE CALCULATION GROSS RENTAL INCOME: SF ANNUAL MONTHLY $/PSF 4047 N. Andrews Ave. 1,560 $35,802 $2,984 $22.95 10 NW 40th Ct. - Unit A 1,750 $19,163 $1,597 $10.95 10 NW 40th Ct. - Unit B 1,750 $19,163 $1,597 $10.95 TOTAL GROSS RENTAL INCOME: $74,127 $6,177 $14.65 Less: Vacancy Loss (5.0%) $3,706 $309 $0.73 TOTAL NET RENTAL INCOME: $70,421 $5,868 $13.92 OPERATING EXPENSES: Real Estate Taxes (2014) $15,043 $1,254 $2.97 Insurance (@ $1.00 PSF) $5,060 $422 $1.00 Water & Sewer $900 $75 $0.18 Waste Removal $1,200 $100 $0.24 Maintenance & Repairs $1,500 $125 $0.30 TOTAL OPERATING EXPENSES: $23,703 $1,975 $4.68 NET OPERATING INCOME (NOI): $46,718 $3,893 $9.23 Capitalization Rate: 8.50% PROPERTY INCOME VALUE: $549,619 $108.62 MORTGAGE COST: Purchase Price $549,000 Cash Down Payment (20%) $109,800 Amount Financed (80%) $439,200 MORTGAGE PAYMENT (6.0%): $26,352 CASH-ON-CASH RETURN: 18.55% 11
BROKER BIOGRAPHY Douglas E. Driver, CCIM has nineteen years of successful commercial real estate brokerage experience. Throughout his extensive career, he has exclusively represented clients in over $750 million in commercial real estate dispositions and over $300 million in debt & equity financing transactions. High profile clients include: AEW Capital Management, American Land Development, Ameriton Properties, Archon Group, Archstone-Smith, Baxter Healthcare, CIGNA, City National Bank, Fannie Mae, First Market Properties, Highwoods Properties, Ocwen Financial Corporation, Principal Capital Management, Sarofim Realty Advisors, TIAA- CREF, Trammell Crow Company, and United Healthcare. Mr. Driver has been involved in the development of over 1.0 million square feet of commercial projects and has completed over 30 commercial construction projects as a General Contractor. Additionally, Mr. Driver has written numerous research reports and articles on the South Florida multifamily and commercial real estate markets. He has been published in periodicals such as Miami Today, The South Florida Business Journal, Florida Real Estate Journal, Multihousing News, Urban Land (magazine), Chicago Tribune, Commercial Investment Real Estate (magazine) and Miami Herald. LICENSURE & ACCREDITATION Certified Commercial Investment Member (CCIM) Licensed Real Estate Broker (BK0672274) Certified General Contractor (CGC1513085) Licensed Home Inspector (HI6350) Certified Wind Mitigation Inspector Certified Four-Point Inspector Certified Sinkhole Inspector InterNACHI Member FORMAL EDUCATION Master of Business Administration (MBA) Bachelors of Science in Marketing / Management (BS) Associates of Science in Commercial Design (AS) 12
WHY MERIDIAN REALTY ADVISORS? WE KNOW THE MARKET! We know the local commercial real estate market as well, or better than, anyone. Our executives have closed over $1 billion in transactions in the South Florida area. Our intimate knowledge of the market allows us to represent our clients at a best of class level of service. WE KNOW THE BUYERS! Our decades experience gives us direct knowledge of how to present a property to the most probable buyers. We have a long history of working with local owners and investors in South Florida. We understand their motivations, acquisition criteria, and contact them on a daily basis. RECENTLY CLOSED TRANSACTIONS 22,000 SF Industrial Building 3,000 SF Industrial Condo Pembroke Pines, FL Hialeah Gardens, FL 29,200 SF Industrial Building 42,550 SF Industrial Condo Pembroke Pines, FL Coral Springs, FL WE ARE CREATIVE IN A DYNAMIC MARKET! Each property and market cycle has its own unique dynamics and every owner has its own specific objectives. Therefore, we develop a creative marketing strategy designed to meet the owner s objectives while maximizing the value of the asset. Creative selling is a must! 14,800 SF Industrial Building 230 Unit Apartment Building Port St. Lucie, FL Jacksonville, FL WE HAVE THE EXPERIENCE! We have completed hundreds of millions in commercial real estate sales on behalf of some of the largest institutions in the world, as well as some of the most active local private owners and developers. We have the experience to get deals closed! 12 Unit Apartment Building Multifamily Development Site Miami, FL Miami, FL 13