BDR01034 RISG 2915 NW 34th ST OM FOR SALEpdf
BDR01034 RISG 2915 NW 34th ST OM FOR SALEpdf
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  1. PREMIER INDUSTRIAL OPPORTUNITYFOR SALE2901-2915 NW 34th StMiami, FL 33142
  2. Table of ContentsProperty OverviewArea OverviewLease ComparablesSale ComparablesRelatedISG Realty0311192124
  3. PropertyOverview
  4. Property OverviewLocated just minutes from the east end of Miami International Airport, this 33,000 SF showroom warehouse is perfectly positioned at NW 34th Street and NW 29th Avenue. Boasting unparalleled connectivity to Miami’s major highways and top neighborhoods, the property is ideally situated for businesses seeking convenience and strategic access.The building includes 9,000 SF of elegantly designed showroom flex space featuring glass partitions, a conference room, and polished concrete floors. This space, currently occupied by the owner "Yes You Can," will be vacated upon sale, offering a rare opportunity for an owner-user or operator to take advantage of the property’s prime features.Additionally, the property includes 24,000 SF of light industrial warehouse space with dock-high loading. Current leases, expiring in the next 12 to 18 months, are significantly under market at 40-60% below current rates of approximately $19/SF NNN—unlocking tremendous value-add potential for investors.This property is situated in a booming industrial submarket experiencing transformative growth, including major developments such as Miami Freedom Park, a multi-billion-dollar, 58-acre project featuring a world-class stadium, tech hub, restaurants, and more.Miami’s business-friendly tax environment, coupled with increasing demand for industrial space and ongoing infrastructure investments, makes this property a unique opportunity to capitalize on immediate income and long-term value appreciation.PREMIER INDUSTRIAL OPPORTUNITY2901-2915 NW 34th St Miami, FL 33142Address$9,350,000Price9,000 SFShowroom Sq. Ft,Industrial- Light MFGZoning24,000 with two tenantsIndustrial Sq. Ft.1957Year Built2022Year Renovated33,000 SFWarehouse Sq. Ft.38,125 SFLot Size
  5. PREMIER INDUSTRIAL OPPORTUNITYTenant: BKF Decor Solutions (Lease 1)Unit: Bay 4Square Footage: 8,700 SFLease Start Date: August 15, 2020Lease End Date: November 30, 2025Rent: $6,800/month + sales tax ($9.38/SF annually)Lease Type: Modified Gross LeasePermitted Use: Furniture and granite storageExtension Options: One additional 5-year term with 120 days' notice before term endsTenant: BKF Decor Solutions (Lease 2)Unit: Bay 4Square Footage: 4,800 SFLease Start Date: August 15, 2022Lease End Date: August 15, 2025Rent: $5,300/month + sales tax ($13.25/SF annually)Lease Type: Modified Gross LeasePermitted Use: Furniture and granite storageExtension Options: One additional 5-year term with 120 days' notice before term endsTenant: Peach Medical SourcingUnit: Bay 1ASquare Footage: 3,200 SFLease Start Date: March 1, 2022Lease End Date: September 1, 2023 (18-month term)Rent: $8,533.33/month ($32/SF annually)Lease Type: Modified Gross LeasePermitted Use: Storage, warehousing, distribution, and office use Extension Options: One additional 1-year term with 6 months' noticeTenant: Contraband SportsUnit: Bay 2Square Footage: 4,400 SFLease Start Date: December 1, 2020Lease End Date: December 31, 2025Rent: $3,776.67/month + sales tax ($10.30/SF annually)Lease Type: Modified Gross LeasePermitted Use: Warehouse and distributionExtension Options: N/ATenant: Chaban Wellness (Vacating at sale)Unit: 1Square Footage: 11,900 SFLease Start Date: August 1, 2022Lease End Date: August 1, 2027Rent: $30,000/month, increasing 5% annually ($360,000/year initially)Lease Type: Modified Gross LeasePermitted Use: Commercial office useExtension Options: Not specifiedPro FormaTotal Revenue: $602,550 (33475 SF x $18/SF)Total Expenses: Expenses are covered by tenants under NNN terms.Net Operating Income (NOI): $602,550Current NOI BreakdownLease, NOI, and Pro FormaBKF Decor Solutions: $131,283.70Contraband Sports: $47,025.77Peach Medical: $61,269.31Chaban Wellness (Adjusted): $324,000Total Adjusted Rental Income: $563,578.78Updated Expenses: $189,448Insurance (2024): $92,990.90Taxes (2024): $70,121.08Utilities: $24,594.58Bank Charges: $1,742.31Total Updated Expenses: $270,321.87Net Operating Income (NOI): $374,129
  6. PREMIER INDUSTRIAL OPPORTUNITYMarket DriversPrime Location and Accessibility• Situated in South Central Miami, a highly sought-after industrial market with robust demand.• Exceptional proximity to key transportation hubs:• 3.2 miles to Miami International Airport, ideal for air freight andlogistics operations.• 7.2 miles to PortMiami, one of the largest and busiest ports inthe U.S., offering unparalleled connectivity for internationalshipping.• 2.4 miles to a rail terminal, enabling seamless intermodaltransport and supply chain efficiency.• Convenient access to major highways, including I-95, SR-836,and SR-826, connecting tenants to the broader South Florida market and beyond.High Demand, Limited Supply• The Miami-Dade industrial market is experiencing historically low vacancy rates (0% at this property), driven by the growing need for industrial and logistics space.• The scarcity of developable industrial land in the area supports long-term value appreciation and rental rate growth.• South Florida's industrial sector has benefited from a surge in e-commerce and international trade, further bolstering demand for properties in this location.Strong Market Fundamentals• Miami-Dade is a globally recognized trade and logistics hub, with consistent rent growth and investment demand in industrial real estate.• Industrial rents in the area are steadily rising, supported by high tenant demand and limited new construction, ensuring a positive trajectory for future income.• Tenants benefit from the region’s economic diversity, which spans logistics, manufacturing, trade, and technology.Property-Specific Advantages• Industrial Zoning: The property’s zoning allows for a variety of uses, attracting a wide range of potential tenants.• Current Occupancy: The property’s occupancy and location within a zero-vacancy market underline its desirability and stability for investors.• Versatility: Suitable for logistics, warehousing, or light manufacturing, appealing to tenants across multiple industries.Long-Term Investment Potential• The property’s location in a supply-constrained market offers strong upside potential for rent growth and capital appreciation.• Its proximity to major transportation hubs and infrastructure positions it as a long-term asset for tenants needing efficient supply chain solutions.• Miami’s strategic position as a gateway for trade with Latin America and the Caribbean ensures sustained industrial demand in the region.Population and Demographics• Population Growth: Miami-Dade County’s population exceeds 2.7 million, making it the most populous county in Florida.• Population Increase: The area has seen consistent population growth, with an annual increase of 1.1% in the last decade.• Labor Force: Miami’s workforce is highly diverse, with over 1.5 million people actively employed, supporting strong tenant demand in logistics, warehousing, and industrial sectors.
  7. PREMIER INDUSTRIAL OPPORTUNITYMarket Drivers Major Projects and Developments• Miami International Airport (MIA) Expansion: A $5 billion investment to modernize facilities and expand cargo operations, enhancing its status as a global trade hub.• PortMiami Deep Dredge Project: Recently completed, allowing the port to accommodate larger Post-Panamax vessels and increasing trade capacity.• Brightline Expansion: The high-speed rail system connecting Miami to Fort Lauderdale, West Palm Beach, and Orlando, boosting regional connectivity and infrastructure.• River Landing: A $452 million mixed-use project combining retail, office, and residential spaces, demonstrating the region’s growth in urban development.Economic Highlights• Unemployment Rate: Miami’s unemployment rate remains low, at approximately 2.5%, underscoring a stable and robust economy.• Trade Hub: Miami ranks as one of the top U.S. cities for international trade, with a $43 billion annual trade volume through PortMiami.• E-Commerce Growth: The rise in e-commerce has increased the demand for industrial spaces, with a 12% year-over-year growth in online sales locally.• 4. Real Estate Market Metrics• Industrial Vacancy Rate: The Miami-Dade industrial marketboasts a historically low vacancy rate of 1.5%, with even tighterconditions in prime submarkets.• Average Industrial Rents: Rents in the area have risen to anaverage of $12 per square foot annually, reflecting high demandand limited supply.• Cap Rate Trends: Industrial cap rates in Miami are compressing,averaging around 5.25%, indicating strong investor interest.Transportation Infrastructure• Airport Activity: Miami International Airport handles over 2.3 million tons of cargo annually, ranking it as the No. 1 airport in the U.S. for international freight.• PortMiami: Processes over 10 million tons of cargo annually, connecting Miami to over 100 international markets.• Highways: Key thoroughfares like I-95, SR-826 (Palmetto Expressway), and SR-836 (Dolphin Expressway)ensure seamless transportation for industrial tenants.Business Environment• Tax Benefits: Florida offers no state income tax, making Miami an attractive destination for businesses and investors.• Foreign Direct Investment: Miami is a gateway to Latin America, attracting international corporations and foreign capital to the region.• Logistics and Trade Companies: Over 1,400 multinational corporations operate in Miami, further solidifying its position as a global trade and logistics hub.• 7. Lifestyle and Urban Growth• Residential Development: Miami’s residential real estate isbooming, with over 10,000 units under construction, supportinga growing population and workforce.• Tourism: Over 24 million visitors annually, further contributing toeconomic growth and infrastructure investments.• Cultural Hub: Miami hosts events like Art Basel and boastsworld-class attractions, attracting both businesses and residents to the area.
  11. AreaOverview
  12. 2901-2915 NW 34th StMiami, FL 33142PREMIER INDUSTRIAL OPPORTUNITY
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