E X C L U S I V E
I N D U S T R I A L
O F F E R I N G
C OLD S TORAGE N ORTH M IAMI
590 NE 185th Street
Miami, FL 33179
OFFERING SUMMARY
INVESTMENT HIGHLIGHTS
Price
$2,300,000

Excellent Location Off I-95

Seven Dock High Loading Bays With
Room For 50' Trailers
Rentable SF
23,569

18,000 Square Feet Of Freezer Space
Price Per Rentable SF
$97.59

22 Feet Clear Height
Year Built

Ample Office Space
Parcel Size
46,541

In Between Miami-Dade and Broward
Counties
Cap Rate - Pro Forma
8.33%
Total Return - Pro Forma
7.92%

Heavy Power-Three Phase 1,000 Amps
Down Payment
(100%) $2,300,000
1974
Listed by:
ALEX D. ZYLBERGLAIT
Senior Vice President Investments
Senior Director
National Office and Industrial Properties Group
Tel: (786) 522-7056
Fax: (786) 522-7010
License: FL BK3015211
[email protected]
www.marcusmillichap.com/AlexDZylberglait
Offices Nationwide
5201 Blue Lagoon Drive, Suite 100
Miami, FL 33126 • Tel: (786) 522 -7000 Fax: (786) 522-7010
www.marcusmillichap.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must
verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap
(Activity ID: W0391096 Property ID: 2031091)
5 9 0 N E 1 8 5 T H S TRE E T • M I AM I , F L 3 3 1 7 9
OPERATING DATA
INVESTMENT OVERVIEW
Income
Base Rent
Occupied Space
Available Space at Market Rents
Gross Potential Rent
Expense Reimbursements
Gross Potential Income
Vacancy/Collection Allowance
Effective Gross Income
Total Expenses
Net Operating Income
Reserves
Total Return
Pro Forma
$0
$245,000
$245,000
$147,584
$392,584
10% / $39,258
$353,326
$161,717
$191,609
$9,428
7.92% / $182,181
Marcus & Millichap is proud to present 590 NE 185th Street.
This is a 23,569 square foot cold storage facility built in
1974 which is located in the North Miami Industrial
submarket. Sitting on over an acre site there is ample
loading space and parking space.
The building has seven dock high loading bays with a
refrigerated receiving area. The property is ideal for a single
tenant user. There is ample freezer space fully racked three
levels high. There is 18,000 square feet of freezer space
which includes 5,000 square feet of a refrigerated receiving
area and 3,000 square feet of a deep freeze area.
Additionally there is 5,000 square feet of office space. With
a clear height of 22' there is ample storage space in the
freezers for over four hundred pallet positions.
An investor will benefit from rising rental rates in the cold
storage industry. With neighboring cold storage facilities
renting for greater than $26 gross per square foot for
spaces ranging from 1,000 up to 6,500 square feet of
freezer space, an investor would be able to rent this building
to a single tenant for $10.40 triple net per square foot. At
asking price this would result in an 8.33 percent return after
taking into account a ten percent vacancy factor and a four
percent management fee.
EXPENSES
Real Estate Taxes
Insurance
Utilities
Repairs & Maintenance
Management Fee
Total Expenses
Expenses per SF
$41,998
9,428
84,000
12,158
14,133
$161,717
$6.86
5201 Blue Lagoon Drive
Suite 100
Miami, FL 33126
Tel: (786) 522-7000
Fax: (786) 522-7010
www.marcusmillichap.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must
verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus & Millichap
(Activity ID: W0391096 Property ID: 2031091)