Property Details
Repositioning Opportunity  NOI Growth 
Asset Profile
Value Add

Last Mile Industrial - Miami, FL

Miami, FL

Industrial Property
The O'Donnell Group Newport Beach, CA
The O'Donnell Group
  • IRR 21.4%
  • Equity Multiple 1.31x
  • Hold Period 1.5Y
  • Minimum Investment $25K
  • Year 1 Cash on Cash 0%
  • Stabilized Cash on Cash N/A
  • First Distribution Jun 2021
  • Distribution Frequency At Disposition
  • Co-Investment 5%
  • Preferred Return 10%
  • Investor Profit Share 75%
  • Asset Profile Value Add
  • Loan-to-Value 77.9%
  • Current Occupancy 100%

About this Property

Address 6501 NW 37th Avenue
Square Footage 76,227 sq. ft.
# of Keys 1
Year Built 1958
Year Renovated 2005
Current Occupancy Owner Occupied w/Sub-Tenant
Market Occupancy 97.1%
Purchase Price $7,600,000
Price/SF $99.70

Why you are buying the Property?

This facility consists of 76,227 square feet designed for distribution warehousing and 4,560 square feet of freezer space. The objective will be to renovate the facility while the seller remains and then sell the asset in 18 months. This will be a great opportunity because many of the surrounding buildings are class C and after the renovations are completed; the asset will stand out and become very desirable.

 

What is your investment strategy/business plan for the Property?

The investment strategy will be to acquire the property and complete retrofitting while the tenant remains in place. The tenant will be paying $6.53 NNN which is below the current market rent at $7.50 NNN.

 

What are the first 3 steps you will take to maximize cashflow and property value?

The improvements will include, among other things, a new roof, slurry sealing of the parking area, painting, landscaping, construction of a new office, and interior refurbishment, including rectifying ADA compliance issues.

 

How are risks being mitigated during the hold period?

The tenant will be paying rent while retrofitting takes place. There are two exit strategies in place for this asset.

  1. Retrofit the property and sell to a user.
  2. Retrofit the property, lease it to a new tenant and then sell it to an investor.
Both scenarios provide for approximate 21% IRR’s and 1.30 equity multiples over 18 month hold periods.

About this Property

Address 6501 NW 37th Avenue
Square Footage 76,227 sq. ft.
# of Keys 1
Year Built 1958
Year Renovated 2005
Current Occupancy Owner Occupied w/Sub-Tenant
Market Occupancy 97.1%
Purchase Price $7,600,000
Price/SF $99.70

Why you are buying the Property?

This facility consists of 76,227 square feet designed for distribution warehousing and 4,560 square feet of freezer space. The objective will be to renovate the facility while the seller remains and then sell the asset in 18 months. This will be a great opportunity because many of the surrounding buildings are class C and after the renovations are completed; the asset will stand out and become very desirable.

 

What is your investment strategy/business plan for the Property?

The investment strategy will be to acquire the property and complete retrofitting while the tenant remains in place. The tenant will be paying $6.53 NNN which is below the current market rent at $7.50 NNN.

 

What are the first 3 steps you will take to maximize cashflow and property value?

The improvements will include, among other things, a new roof, slurry sealing of the parking area, painting, landscaping, construction of a new office, and interior refurbishment, including rectifying ADA compliance issues.

 

How are risks being mitigated during the hold period?

The tenant will be paying rent while retrofitting takes place. There are two exit strategies in place for this asset.

  1. Retrofit the property and sell to a user.
  2. Retrofit the property, lease it to a new tenant and then sell it to an investor.
Both scenarios provide for approximate 21% IRR’s and 1.30 equity multiples over 18 month hold periods.

Offered By

The O'Donnell Group

The O'Donnell Group

Newport Beach, CA

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Assets Under
Management

Currently
$166MM less than 10 assets
Exited
$230MM 20+ assets
Portfolio LTV
47%  
Historical
Realized Returns

Total IRR
34%  
Equity Multiple
2.62x  
Annual Cash
N/R  
Years Of
Experience

As Principals
20+ years  
In Business
48 years  
Size
5 Staff * Dedicated investor relations
* All information is reported by The O'Donnell Group as of 6/11/2019.
Assets Under
Management

Currently
$166MM less than 10 assets
Exited
$230MM 20+ assets
Portfolio LTV
47%  
Historical
Returns

Total IRR
34%  
Equity Multiple
2.62x  
Annual Cash
N/R  
Years Of
Experience

As Principals
20+ years  
In Business
48 years  
Size
5 Staff * Dedicated investor relations
* All information is reported by The O'Donnell Group as of 6/11/2019.

Financials

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Offering Financial

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Location Details

Miami, FL

The property fronts NW 37th Avenue between NW 62nd ST and NW 67th ST, within close proximity to US 27 (Okeechobee Road) and Miami International Airport. The property is located within the quickly appreciating Airport East Submarket. Airport East has experienced continuous, positive rent growth since 2010. The Miami Warehouse Facility stands to benefit from this competitive market as companies continue to search for nearby space alternatives and properties in the Airport West and North Submarkets have reached peak pricing.

Documents

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Offering Agreement Documents

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