V i l l a g i o i n t h e L a k e s

5 8 0 3 N W 1 5 1 s t S t r e e t , T h i r d F l o o r , M i a m i L a k e s

OFFERING MEMORANDUM

FOR SALE ± 13,336 SF

INVESTMENT OPPORTUNITY

OVERVIEW

PAGE| 2Privileged and Confidential

Encompassing the entire third floor within the Villaggio in the Lakes

Office Park, this Class “A” ± 13,336 SF property provides a variety of

opportunities for the prospective purchaser. With ± 3,797 SF of

beautifully built-out space awaiting occupancy, an owner-user has the

ability to collect ± $80,000 a year while operating a flourishing business

in this prestigious submarket. Equally as enticing, the property is

positioned as a unique value-add investment opportunity. With 72.16%

of the floor leased to long term tenants and a turn-key suite ready for

occupancy, an investor could immediately stabilize the property and

collect ± $172,000 annually.

TABLE OF CONTENTS

PROPERTY OVERVIEW

Executive Summary 4-5

Financials 6-7

Interior Floor Plan 8

Interior Photos 9

Aerials 10-11

AREA OVERVIEW

Sub-Market Information 12

DISCLAIMER 13

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FROM PALMETTO EXPRESSWAY: Exit East-bound on NW 138th Street towards Red

Road (NW 57th Avenue). Turn left and head north-bound to Miami Lakes Drive.

Turn Left at the light, and make a right onto NW 57th Court. Lastly, make a left

onto NW 151st Street and the destination will be on your right.

DIRECTIONS:

EXECUTIVE SUMMARY

PAGE |4Privileged and Confidential

Blanca Commercial Real Estate, Inc. has been appointed as the exclusive agent for the marketing of 5803 NW 151st Street, 3rd Floor, Miami Lakes. The

Property is being offered on an “as-is, where -is” basis.

Cary Cohen, Executive Vice President

305.377.6590 | Cary.Cohen@blancacre.com

PROPERTY INQUIRIES AND TOURS

HIGHLIGHTS

• This offering presents a full-floor, ± 13,336 SF, penthouse office

property perfectly suited for an owner-user or investor.

• With ± 3,797 SF of beautiful space awaiting occupancy, an

owner user has the ability to collect ± $80,000 a year (net of

expenses) while operating a successful business.

• Alternatively, with minimal tenant improvements required and

two long-term tenants in-place, the property could be

immediately stabilized resulting in an annual Net Operating

Income of $172,000.

• Possessing Class “A” finishes throughout the 6 private offices,

conference room with a private terrace and bathroom, open bull-

pen, and modern kitchen, the vacant suite can be utilized by a

single tenant or easily subdivided for multiple operations.

• Topping off the sites appeal is its proximity to all of South

Florida’s commercial thoroughfares, including I-75, Palmetto

Expressway, FL-Turnpike, and I-95, providing ease of access to

all of South Florida’s most popular economic and cultural

destinations.

James Mendel, Associate

Alex Marquez, Associate

PAGE|5Privileged and Confidential

PRICE: $3,000,600 ($225 PSF)

PROPERTY TYPE: Full Floor Office Condo

PARCEL IDs: 32-2024-036-0170

LOCATION:5803 NW 151st Street, Suites 300-307,

Miami Lakes, FL 33014

SPACE SIZE: ± 13,336 SF

YEAR BUILT: 2006

LAND AREA: ± 149,111 SF (3.43 ACRES)

2018 TAXES: $ 26,320.96

PARKING: 3.87/ 1,000 SF

ZONING TYPE: IU-C

EXECUTIVE SUMMARY

CASH FLOW (OWNER-USER)

PAGE| 6Privileged and Confidential

Tenants SQFT Rent PSF Total Rental

Palmetto lakes Therapy 3,797 22.23 $ 84,420.00

Quanta Services 6,048 20.00 $ 120,960.00

Owner User 3,797

Total Rent 20.86 $ 205,380.00

Potential Gross Income $ 205,380.00

Vacancy & Collection $ -

Effective Gross Income $ 205,380.00

Condominium Fees $ 61,678.32

Electricity $ 24,000.00

Cleaning and supplies $ 10,200.00

Insurance $ 1,575.00

CPA $ 3,600.00

Property Taxes $ 26,320.00

Total Expenses $ 127,373.32

Net Operating Income $ 78,006.68

Expiration Increases Base Year Tenant Direct Expense Costs Adj Month

6/30/2022 5% 2016 Telecommunications and Janitorial July

4/30/2023 4% 2018 Telecommunications and Janitorial May

Current Tenant Mix Current Lease Terms

As-Is Cash Flow

The analysis below shows the net cash flow an owner-user would receive if they occupy

the vacant turn-key office space while collecting income from the in-place tenants.

CASH FLOW (INVESTOR)

PAGE| 7Privileged and Confidential

Tenants SQFT Rent PSF Total Rental

Palmetto lakes Therapy 3,797 22.23 $84,420.00

Quanta Services 6,048 20.00 $120,960.00

Potential Tenant 3,797 $25.00 $94,925.00

Total Rent 22.01 $300,305.00

Expiration Increases Base Year Tenant Direct Expense Costs Adj Month

6/30/2022 5% 2016 Telecommunications and Janitorial July

4/30/2023 4% 2018 Telecommunications and Janitorial May

12/31/2024 5% 2020 Telecommunications and Janitorial January

The analysis below shows the net operating income an investor would receive once they

stabilize the asset.

Stabilized Tenant Mix Stabilized Lease Terms

Pro-Forma Cash Flow

Potential Gross Income $ 300,305.00

Vacancy & Collection

Effective Gross Income $ 300,305.00

Condominium Fees $ 61,678.32

Electricity $ 24,000.00

Cleaning and supplies $ 10,200.00

Insurance $ 1,575.00

CPA $ 3,600.00

Property Taxes $ 26,320.00

Total Expenses $ 127,373.32

Net Operating Income $ 172,931.68

Interior Space Plan

PAGE|11Privileged and Confidential

VACANT

VACANT SUITE PHOTOS

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CONFERENCE ROOM WITH PRIVATE TERRACE

PRIVATE BATHROOM

CONFERENCE ROOM WITH PRIVATE TERRACE

OPEN WORKSPACE CORNER OFFICE

KITCHEN AREA

AERIAL

PAGE|8Privileged and Confidential

AERIAL

Page|22Privileged and Confidential

LOCATION HIGHLIGHTS

Villaggio in the Lakes is located on NW 151st Street

approximately 0.2 miles (0.35 km) west of Red Road (NW 57th

Avenue) and 0.9 miles (1.5 km) south of the Palmetto Expressway

in the City of Miami Lakes.

Miami Lakes was founded in 1962 when Ernest “Cap” Graham

began construction east of the newly completed Palmetto

Expressway in northwestern Miami-Dade County. The “Palmetto”,

completed in 1961, added an important western bypass to the

Miami freeway network and alleviated much of the traffic that was

previously forced to use Interstate 95. The original development

was designed by Lester Collins and featured a spiral shaped

network of roads radiating from the town center. The project was

one of the earliest applications of the New Urbanism movement

promoting walkable neighborhoods and traditional town planning.

Miami Lakes incorporated on December 5, 2000 as new

developments were being proposed around the original 3,000-

acre site. The city quickly annexed areas west of the Palmetto

Expressway, nearly doubling its size in the process. During the

mid-2000s construction boom, the area became a hotbed of new

development. To this day, Miami Lakes remains the most

prosperous area of northwestern Miami-Dade County.

Nearby AmenItIes:

❖ Opa-Locka Executive Airport – Located 5 minutes east along NW 135th

Street, the airport is Miami-Dade County’s busiest general aviation airport and

a popular destination for private jets and charter flights. (www.miami-

airport.com/opalocka.asp).

❖ Palmetto General Hospital – Located 9 minutes southwest along W 68th

Street, the 360-bed hospital is the only major healthcare facility serving

northwestern Miami-Dade County (www.palmettogeneral.com/).

❖ St. Thomas University – located 9 minutes east along the Palmetto

Expressway in Miami Gardens, this university is the only Archdiocese-

sponsored Roman Catholic university in Florida (www.stu.edu/).

❖ Sun Life Stadium – located 12 minutes northwest along NW 27th Avenue, Sun

Life Stadium is the home of the NFL’s Miami Dolphins, Miami Hurricanes

football team, and the FedEx Orange Bowl Game. (www.sunlifestadium.com/).

Opa-Locka Executive Airport

Page|22Privileged and Confidential

MARKET HIGHLIGHTS

Villaggio in the Lakes is located in the Miami

Lakes submarket, which is part of Miami-Dade

County. Overall, Miami-Dade consists of

approximately 36.4 million square feet of rentable

office space subdivided into 15 submarkets, with

Miami Lakes accounting for approximately 2.0% of

the total Inventory

The Miami Lakes office submarket is comprised of

587,577 square feet, and the average asking rents

vary depending on the quality of the building, with

range from $23 to $31 per square foot gross.

Miami’s unemployment rate decreased by 2.8% to

3.2% as compared to the national average of 3.9%

in 2018. As a result, according to the Bureau of

Labor statistics, Miami ranked second in the U.S.

for highest year-over-year job growth (4.2% vs.

national average of 1.7%) which contributed to the

overall solid performance of the office market.

PAGE|24Privileged and Confidential

DISCLAIMER

purchaser is to rely upon its own investigation, evaluation and

judgment as to the advisability of purchasing the Property described

herein.

The Owner expressly reserves the right, at its sole discretion, to reject

any or all expressions of interest or offers to purchase the Property

and/or terminate discussions with any party at any time with or without

notice. Owner shall have no legal commitment or obligation to any

purchaser reviewing this Offering Memorandum or making an offer to

purchase the Property unless a written agreement for the purchase of

the Property has been fully executed, delivered, and approved by the

Owner and any conditions to Owner’s obligations thereunder have

been satisfied or waived. Blanca Commercial Real Estate is not

authorized to make any representations or agreements on behalf of

Owner.

This Offering Memorandum is-the property of Blanca Commercial Real

Estate and may be used only by parties approved by Blanca

Commercial Real Estate. The Property is privately offered and by

accepting this Offering Memorandum, the party in possession hereof

agrees that this Offering Memorandum and its contents are of a

confidential nature and will be held and treated in the strictest

confidence. No portion of this Offering Memorandum may be copied

or otherwise reproduced or disclosed to anyone without the prior

written authorization of Blanca Commercial Real Estate and Owner.

The terms and conditions set forth apply to this Offering Memorandum

in its entirety.

Blanca Commercial Real Estate(“Blanca”) has been retained as exclusive

real estate agent regarding the sale of 5803 NW 151st Street, Miami

Lakes, FL (“Property”).

This confidential Offering Memorandum was prepared by Blanca

Commercial Real Estate, and has been reviewed by Owner. It contains

selected information pertaining to the Property and does not purport to be

all-inclusive, nor to contain all the information that a prospective purchaser

may desire. All financial projections are provided for general reference

purposes only and are based on assumptions relating to the general

economy, competition and other factors that, therefore, are subject to

material change or variation. An opportunity to inspect the Property will be

made available to qualified prospective purchasers.

Sources of information contained within this Offering Memorandum

include, but are not limited to: Beacon Council, CoStar, Florida

Department of Labor, and the US Census Bureau.

In this Offering Memorandum, certain documents including leases and

other materials, are described in summary form and do not purport to be

complete, nor necessarily accurate, descriptions of the full agreements

involved, nor do they constitute a legal analysis of such

document. Interested parties are expected to independently review all

documents.

This Offering Memorandum is subject to prior placement, errors,

omissions, changes or withdrawal without notice and does not constitute a

recommendation, endorsement, or advice as to the value of the Property

by Blanca Commercial Real Estate or the Owner. Each prospective