1101 ne 18th ave fort lauderdale, florida proposal to ......1101 ne 18th ave fort lauderdale,...

1101 NE 18 TH AVEFORT LAUDERDALE , F LOR IDA

OFFER MEMORANDUM$1,750,000

PeterDacko

Media Realty & Advisors

954-923-2325 Off

954-232-7714 Cell

[email protected]

mailto:[email protected]

This analysis has been prepared solely for informational purposes to assist the investor(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable for

misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action. 2

MISSION STATEMENT

Media Realty was created in 2004 with the vision that real estate is the one common denominator that binds the neighborhoods to its residential and business communities alike.

Media Realty is a full-service real estate company with a business platform which includes brokerage services, property management, tenant placement services, and other ancillary services such as valuations, highest and best use analysis and tax abatement. Through our commitment of creating and maintaining long term relationships Media Realty is dedicated to reshaping our neighborhoods with best business practices and community involvement.

Media Realty will enable our clients to maximize their net returns by providing the best information which allows our clients to make the most educated decision in a timely manner.

Media Realty offers a unique value proposition no matter which side of the transaction you are on.



CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Proposal to Market is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Media Realty & Advisors, Inc. (Media Realty)and should not be made available to any other person or entity without the written consent of Media Realty. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.

The information contained herein is not a substitute for a thorough due diligence investigation. Media Realty has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property.

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Media Realty has not verified, and will not verify, any of the information contained herein, nor has Media Realty conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all the information set forth herein.



MEDIA REALTY SERVICES



TABLE OF CONTENTS

Executive Summary & Market Report

Subject Property

Rent Survey

Comparable Sales

Financials

6

EXECUTIVE SUMMARY

Offering Summary Property Highlights

Sale Price: $1,750,000 Great Fort Lauderdale Location

Price/Unit: $175,000 High occupancy Neighborhood

Price/SF: $316 Sufficient Parking 1.5 Spaces/unity

Number of Units: 10 Close to major retailers, CBD employment, restaurants, and transportation

Stabilized Cap Rate: 4.40% Rent approximity 25% under valued

Current NOI: $75,407 Central Air Conditioning

Building Size: 5,537 8 one bedroom/one bath apartments

Lot Size: 10,120 2 Two Bedroom/two Bath Apartments

Zoning: RC-15 Neighborhood supports High Value Townhouse Development

Demographics

1 Mile 3 Miles 5 Miles

Total Households 9,551 65,686 117,591

Total Population 18,065 137,463 269,097

Median HH Income $65,280 $58,876 $53,651

Median Home Value $478,926 $423,108 $335,048

E xe c u t i ve S u m m a ry | S u b j e c t P ro pe r t y | Re n t S u r vey | Co m pa rab l e S a l e s | F i n a n c i a l s

7

PROPERTY DETAILS

Location Information Property Details

Building Name N/A Property Type Multi-Family

Street Name NE 18th Ave Property Subtype Low-Rise/Garden

City, State, Zip Ft Lauderdale , FL 33304 Zoning RC-15

County Broward Lot Size 10,120

Market Fort Lauderdale Folio # 494234044710

Street Direction West/East Parking Surface

Nearest Highway Federal Highway Number of Spaces 15

Nearest Airport Ft Lauderdale (FLL)

Building Information Utilities

Building Size 5,527 HVAC Central A/C

Number of Units 10 Laundry Description On Site

Occupancy Rate 100%

Number of Buildings 1

Number of Floors 2

Year Built 1974

Framing CBS

E xe c u t i ve S u m m a ry | S u b j e c t P ro pe r t y | Re n t S u r vey | Co m pa rab l e S a l e s | F i n a n c i a l s



INTRODUCTION TO BROWARD COUNTY

Broward County is located within the Southeast Florida mega-region, which represents over one third of Florida’s overall population and is the third most densely populated area in the US. At 1,320 square miles, the county is considered the second largest in the state of Florida in terms of area. It is also the second most populated county in the State with 1.8 million people as of the 2010 census. With an inviting business environment and an exceptional quality of life, Greater Fort Lauderdale/Broward County is attracting small businesses, regional companies and Fortune 500 multinationals. In fact, CNN Money and Fortune Small Business (FSB) Report recently named Fort Lauderdale one of the top 100 U.S. cities in which to “Live and Launch a Business”.

Broward County is well known for its brilliant sunshine in the winter, and ocean breezes in the summer, but it is also a vibrant, diverse destination for many growing businesses, corporations and others who seek the unique South Florida lifestyle. Currently, the County consists of thirty-one (31) unique municipalities, from the bustling urban center of the City of Fort Lauderdale, to the tranquil rural lifestyle found in the Town of Southwest Ranches. The diversity of lifestyles and tremendous population growth has positioned Broward County to become the second most populated county in the State of Florida. Broward County is an urbanized county located in southeast Florida. It is bounded by Palm Beach County to the north, Miami-Dade County to the south, Hendry and Collier Counties to the west, and the Atlantic Ocean on the east. The County population has increased steadily from 5,135 in 1920 to more than 1.7 million in 2011. This dramatic increase has made Broward County the 15th largest County (in terms of population) in the United States and the second largest in the State of Florida, just behind Miami-Dade

One of the challenges residents of Broward County will face with is build-out.Broward County is the first County in the State to face the issue of build-out. Build-out occurs when available vacant or undeveloped land no longer exists. New development cannot occur without the demolishing, reconstructing, or subdividing of existing properties. As build-out becomes a reality, redevelopment within Broward County will be the future focus of how the County manages and directs growth, while protecting existing residential neighborhoods.

South Florida (Miami-Dade, Broward and Palm Beach Counties) is the 8th largest metropolitan statistical area (MSA) in the nation. The region, whose combined population is now nearly 6 million, has roughly one-third of Florida's total population. Approximately 60 percent of the population is in the prime working ages. The region has been designated a mega-region of the future and a driver of U.S. economic growth in Richard Florida's book Who's Your City?.

8



INTRODUCTION FORT LAUDERDALE FLORIDA

About Fort Lauderdale

City of Fort Lauderdale Overview

Incorporated on March 27, 1911, the City of Fort Lauderdale is situated on the southeast coast of Florida,

centrally located between Miami and Palm Beach. Encompassing more than 33 square miles with a

population of nearly 170,000, Fort Lauderdale is the largest of Broward County's 31 municipalities and

the eighth largest city in Florida. Embraced by the Atlantic Ocean, New River and a myriad of scenic

inland waterways, Fort Lauderdale truly lives up to its designation as the "Venice of America.“

The City of Fort Lauderdale is named for a Second Seminole War fortification built on the banks of New

River in 1838. In that year, Major William Lauderdale led a detachment of Tennessee Volunteers south

along the east coast of Florida to capture Seminole agricultural lands and battle the elusive Indian

warriors. Altogether, three forts named after Major Lauderdale would be constructed: the first at the fork

of New River; the second at Tarpon Bend; and the largest on the beach at the site of Bahia Mar. None of

the forts survives today.

An advantageous economic climate is helping the City of Fort Lauderdale establish itself as a world-class

international business center and one of the most desirable locations for new, expanding or relocating

businesses. Once known strictly as a tourism-based economy, Fort Lauderdale now supports a diverse

range of industries, including marine, manufacturing, finance, insurance, real estate, high technology,

avionics/aerospace, film and television production.

Fort Lauderdale also offers an outstanding quality of life, highlighted by a semi-tropical climate, rich

natural beauty and array of cultural, entertainment and educational amenities. Blessed with over 3,000

hours of sunshine each year and pleasant year-round ocean breezes, world-famous Fort Lauderdale

Beach offers premier opportunities for recreation, relaxation and enjoyment. The picturesque Riverwalk

serves as the cornerstone of the City's arts, science, cultural and historic district which features the

Broward Center for the Performing Arts, Museum of Discovery and Science, Museum of Art and Old Fort

Lauderdale Village and Museum. Las Olas Boulevard has gained international acclaim as Fort

Lauderdale's centerpiece of fashion, fine dining and entertainment. In addition, the City's downtown area

is home to Broward Community College, Florida Atlantic University, Florida International University, the

award-winning Broward County Main Library, federal, county and school district offices.

Through the cooperative efforts of residents, businesses and local government, Fort Lauderdale has

evolved into a City that offers the best of both worlds - an attractive business environment and an

outstanding quality of life. Fort Lauderdale is a great place to live, work and raise a family, and the City

looks forward to continuing to build upon its success to meet the challenges of the 21st Century and

beyond

MARKET REPORT

Apartment Report



CLICK HERE TO VIEW FULL SUB-MARKET REPORT

South of the city of Fort Lauderdale, the Hollywood Submarket is a center for employment in healthcare and retail trade, and its two main office nodes are along Hollywood Boulevard and Sheridan Street. Some of the major employers here include HEICO, Brandsmart, Royal Caribbean and the Seminole Hard Rock Hotel & Casino. Some of the largest tenants include Amsurg, the IRS and AT&T. The vacancy rate has been flat over the past two years and is lower than the metro average. Rents here are slightly less expensive than the metro average, and rent growth is faster than the metro average, at 3.4%. Sales activity was solid in 2018. One of the largest trades occurred in July when the Washington Street Medical building sold for $11.5 million, or about $198.91/SF. This represents an almost 40% gain from what the sellers paid for the asset in 2015.

https://www.dropbox.com/s/yncbpcv7kjmk79r/Office%20Report%20him.pdf?dl=0

https://www.dropbox.com/s/xd3pw7vj1i3cyga/Fort%20Lauderdale%20Multi-Family%20Market%20Report.pdf?dl=0

SUBJECT PROPERTY



BROWARD COUNTY

PROPERTY APPRAISER’S

PROPERTY CARD

Click Here to View Property Card

http://www.bcpa.net/RecInfo.asp?URL_Folio=494234044710

http://www.bcpa.net/RecInfo.asp?URL_Folio=504124030260



SUBJECT PROPERTY

The subject property is a two story, 10 units apartment building located in the Lake Ridge submarket of Fort Lauderdale. This neighborhood has been gentrified with new single-family townhouse developments with starting prices at $500,000 and go up to over $1,000,000.

Lake Ridge is described by Apartments.com “As one of the best neighborhoods for 30-somethings in South Florida, Lake Ridge serves a special purpose for families and middle-aged couples that seek solitude in their communities. Amenities abound in the surrounding areas, but the interior area boasts a quiet life amidst rolling hills.

Lake Ridge rests north of Sunrise Boulevard, only minutes away from the hubbub of the cityscape. This neighborhood combines the peace of isolation with the option of incorporation, encouraging residents to determine their scenery with their everyday mood.

Ranked high on the school system scale, the Lake Ridge population consists of a diverse mix of families, and around 40 percent of those are raising school-aged children. This lower percentage of young people means personalized, customized education with more one-on-one time between students and teachers, leading to higher graduation and college-admission rates”.

The subject property itself is well maintained. For example, the 2 one-bedroom apartments have been completely updated with quartz countertops, travertine floor tile, new kitchen cabinets and appliances. Parking is considered ample with 1.5 spaces per unit. HVAC is central air conditioning.



LOCATION MAP Click here to Google Map

https://www.google.com/maps/place/2480+SW+42nd+Ave,+Fort+Lauderdale,+FL+33317/@26.1208673,-80.2643386,11.38z/data=!4m8!1m2!2m1!1s2480+SW+42+AVENUE,+UNINCORPORATED,+FL+33317!3m4!1s0x88d9075ec2fd11bf:0x5bb5211be1ed1af9!8m2!3d26.0894815!4d-80.205497

https://www.google.com/maps/place/1101+NE+18th+Ave,+Fort+Lauderdale,+FL+33304/@26.1488699,-80.2028712,11.92z/data=!4m5!3m4!1s0x88d901b83bbe8e95:0x3ec744344c28fa46!8m2!3d26.1394259!4d-80.1224232



QUICK DEMOGRAPHICS

Popula tion 1 Mile 3 Mile 5 Mile

2019 Total Population: 18 ,0 6 5 13 7 ,4 6 3 2 6 9 ,0 9 7

2024 Population: 18 ,9 9 5 14 5 ,5 7 9 2 8 2 ,4 6 7

Pop Growth 2019- 2024: 5 .15 % 5 .9 0 % 4 .9 7 %

Average Age: 4 3 .3 4 3 .4 4 1.5

House holds

2019 Total Households: 9 ,5 5 1 6 5 ,6 8 6 117 ,5 9 1

HH Growth 2019- 2024: 4 .2 6 % 5 .4 2 % 4 .5 4 %

Median Household Inc: $ 6 5 ,2 8 0 $ 5 8 ,8 7 6 $ 5 3 ,6 5 1

Avg Household Size: 1.8 2 2 .2

2019 Avg HH Vehicles: 1 1 1

Housing

Median Home Value: $ 4 7 8 ,9 2 6 $ 4 2 3 ,10 8 $ 3 3 5 ,0 4 8

Median Year Built: 19 6 2 19 6 9 19 6 8



AERIAL VIEW ZONING RC-15



SKETCH

PHOTO ADDENDUM

RENT SURVEY



RENT ANALYSIS

A slight improvement in the market's fundamentals has translated into healthy rent growth that is now in line with the historical average. Rent growth in the Fort Lauderdale Metro is currently at 2.0%.

Rents in Fort Lauderdale, like those in Miami, are significantly higher than the national average. Favorable economic conditions have seemingly sustained steady demand, despite higher rents on newer, luxury units. The high asking rents in Fort Lauderdale are driven primarily by the urban core of Fort Lauderdale, which have asking rents for new assets averaging about $ 2.50/SF. Units outside of the urban core built within the same time frame go for less than $2/SF.



RENT SURVEY ONE BEDROOM APTFORT LAUDERDALE

Click Here to View Full Report

AddressDays on

Market

List

Price

Current

Price

Sale

PriceBeds Baths

SqFt Liv

Area

Year

Built

Garage

Spaces1708 NE 20th Ave Unit#7 19 $1,250 $1,250 1 1 5,304 1957 1

1129 NE 17th Ave Unit#1 48 $1,250 $1,250 1 1 775 1946 2

421 NE 11th St 21 $1,200 $1,200 1 1 1967 0

1316 NE 5th Ave Unit#2 20 $1,200 $1,200 1 1 1959 0

1150 NE 17th Court Unit#8 261 $1,110 $1,110 1 1 650 1981 0

1223 NE 18th Ave Unit#4 1 $1,050 $1,050 1 1 1955 0

1125 NE 5th Ave Unit#1 98 $1,050 $1,050 1 1 700 1957 0

1035 NE 10th Ave Unit#2 7 $1,200 $1,200 1 1 850 2013 0

748 NE 13th Ct Unit#10 14 $1,150 $1,150 1 1 4,162 1966 0

826 NE 14 Place Unit#2 15 $1,100 $1,100 1 1 500 1958

1222 NE 16th Ter 70 $1,395 $1,395 $1,395 1 1 650 1952 0

1225 NE 15th Ave Unit#5 88 $1,350 $1,350 $1,350 1 1 1

1316 NE 5th Ave Unit#1 19 $1,250 $1,250 $1,250 1 1 2,716 1959 0

1324 NE 16th Ave 17 $1,200 $1,200 $1,200 1 1 2,808 1963 0

1240 NE 12th Ave Unit#3 75 $1,099 $1,099 $1,099 1 1 1961 0

1309 NE 16th Ter Unit#4 19 $1,050 $1,050 $1,050 1 1 2,808 1964 1

822 NE 14th Pl Unit#3 13 $1,050 $1,050 $1,050 1 1 1,703 1956 0

1121 NE 17th Ave Unit#2 52 $1,050 $1,150 $1,150 1 1 500 1949 0

1314 NE 11th St Unit#1316 22 $1,000 $1,000 $1,000 1 1 2,230 1955 0

1703 NE 12th St 34 $1,000 $1,000 $1,000 1 1 500 1952 0

1625 NE 15th Ave Unit#1 13 $995 $995 $995 1 1 1,562 1957 0

1050 NE 9th Ave Unit#2 6 $875 $900 $900 1 1 2,275 1968 0

$1,131 $1,136

Activ

eRe

nted

https://sef.mlsmatrix.com/DE.asp?k=6842479XWbbD&p=DE-69890697-68&L=1



RENT SURVEY TWO BEDROOM APTFORT LAUDERDALE

Click Here to View Full Report

Address Days on MarketList

Price

Sale

PriceBeds Baths

SqFt Liv

Area

Year

Built

Garage

Spaces

1100 NE 11th Ave Unit#1 4 $1,600 2 1 1952 0

1101 NE 18th Ave Unit#10 28 $1,450 2 1 900 1974 0

1044 NE 8th AVE Unit#6 84 $1,200 2 1 1985 0

1460 Holly Heights Dr Unit#2 10 $1,400 2 1 1968 2

1015 NE 17th Ave Unit#105 27 $1,350 2 1 850 1973 0

1045 NE 10th Ave Unit#1 55 $1,300 2 1 950 1963 0

642 NE 16th St 113 $2,000 $2,000 2 1 1955 0

1753 NE 18TH ST 157 $1,755 $1,755 2 1 1958

819 NE 14th Ct Unit#A 204 $1,625 $1,675 2 1 1955 0

503 NE 16 street Unit#503 13 $1,500 $1,500 2 1 1971 0

1436 NE 15th Ave 79 $1,500 $1,500 2 1 1950 2

1118 NE 16th Pl Unit#1 25 $1,450 $1,450 2 1 0

1015 NE 17th Ave Unit#202 33 $1,425 $1,425 2 1 850 1973 0

1015 NE 17th Ave Unit#103 51 $1,425 $1,425 2 1 850 1973 0

1035 NE 10th Ave Unit#1 16 $1,400 $1,400 2 1 900 2013 0

1400 Holly Heights Dr Unit#2 46 $1,400 $1,400 2 1 1967 0



1407 NE 15th St 19 $1,300 $1,300 2 1 858 1962 0

1402 NE 17TH ST 141 $1,200 $1,200 2 1 650 1959 0

$1,454 $1,481

Rent

ed


COMPARABLE SALES



COMMENTS DIRECT SALES COMPARISON

A COMPARABLE SALE IS PROPERTY THAT IS SIMILARTO THE SUBJECT PROPERTY IN MOST RESPECTS. IT ISLOCATED IN A NEARBY LOCATION. IT HAS RECENTLYSOLD FOR A FAIR MARKET VALUE. THE SELECTION OFCOMPARABLE SALES IS IN MOST APPRAISALS IS THESINGLE MOST DETERMINING FACTOR INESTABLISHING THE VALUE. THE RESPONSIBILITY IS TOFULLY RESEARCH THE LOCAL REAL ESTATE MARKETAND DETERMINE WHICH COMPARABLE SALESREPRESENT THE BEST VALUE CHARACTERISTICS OF THESUBJECT PROPERTY.

THE MARKET OR DIRECT SALES COMPARISONAPPROACH TO AN ESTIMATE OF VALUE IS APROCESS OF COMPARING MARKET DATA,THAT IS, PRICES PAID FOR SIMILARPROPERTIES, PRICES ASKED BY OWNERS, ANDOFFERS MADE BY PROSPECTIVE BUYERS ORTHE TENANTS WILLING TO BUY OR LEASE.TYPICALLY A COMPARISON GRID IS USEDAND ADJUSTMENTS ARE MADE TO EACHCOMPARABLE SALES USED FOR MAJORDIFFERENCES BETWEEN THE COMPARABLEAND THE SUBJECT PROPERTY FOR SUCHITEMS AS LOCATION, CONSTRUCTIONQUALITY AND SIGNIFICANT AMENTIAS, ETC.IN THE MARKET APPROACH, THE ATTEMPTSARE MADE TO BOTH GAUGE AND REFLECTTHE ANTICIPATED REACTION BY A TYPICALPURCHASER TO THE SUBJECT PROPERTY.

COMPARABLE SALES



SALES ACTIVITY

Sales activity continues to boom in Fort Lauderdale, and pricing continues to climb. Many new projects have traded over the last year with prices north of $300,000/unit. For example, the 394-unit Avenue building that was built in 2017 traded for $302,000/unit, which totaled $119 million. This property traded at a 6.9% cap rate to Boardwalk Properties in Miami Beach. The same company purchased The Queue in February 2018 for $53 million, or about $277,500/unit.

Broward County sits in the heart of the South Florida region. It has experienced favorable demographic and economic conditions over the past five years. Local economic, job, and demographic growth outpaced that of the U.S. across the board.

The County’s current population of 2.0 million has grown by close to 13% over the past decade, almost double the rate of the rest of the country. Most of Broward’s population growth comes from international migration. Domestic migration has slowed down significantly over the past five years. As the national economy continues to perform well, domestic migration turned negative over the past couple of years.



COMPARABLE GRID5-15 UNITS AREA SPECIFIC Click Here to View Full Report

Primary Emphasis

Address City Name Current Price Sale Price Closing Date

CDOM

(Days

on

Market)

Adj Sf #UnitsUnit Breakdown & Comparable Rent

Analysis

Potential

Gross

Income

Price per

Sq Ft

Price per

Unit G R M

Cap

Rate

Year

Built

400 SE 11th Ct Fort Lauderdale $1,000,000 152 3279 6 5 (1/1) (2/1) $69,000 $304.97 $166,667 14.5 4.28% 1957

2625 NE 13th Ct Unit#1-8 Fort Lauderdale $1,300,000 19 3806 8 6 (0/1) 2 (2/2) $295,000 $341.57 $162,500 1985

1031-1037 N Victoria Park Road Fort Lauderdale $1,350,000 119 2032 6 4 (1/1) $1000 2 (2/2) $45,900 $664.37 $225,000 29.4 2.11% 1953

1107 NE 1 St Fort Lauderdale $1,449,000 305 4671 6 3 (1/1) $1200 2 (2/1) $1425 (3/1) $75,300 $310.21 $241,500 19.2 3.22% 1948

2414 NE 25th Pl Fort Lauderdale $1,600,000 133 5830 8 6 (1/1) $1300 2 (2/1) $1675 $132,000 $274.44 $200,000 12.1 5.12% 1965

820 NE 16th Ave Fort Lauderdale $1,675,000 278 5980 10 8 (1/1) $900 2 (2/2) $1100 $117,120 $280.10 $167,500 14.3 4.34% 1966

615 NE 26th St Wilton Manors $1,690,000 43 8933 10 10 (2/1) $1160 $139,200 $189.19 $169,000 12.1 5.11% 1974

8 Isle Of Venice Dr Fort Lauderdale $2,075,000 22 4187 6 4 (1/1) $1550 (2/2) $2275 (0/1) $1150 $142,000 $495.58 $345,833 14.6 4.24% 1959

530 S Federal Hwy Fort Lauderdale $3,225,000 70 9811 14 6 (1/1) 8 (2/1) $273,600 $328.71 $230,357 11.8 5.26% 1973

10 Hendricks Isle Fort Lauderdale $6,450,000 29 7704 19 13 (1/1) $1650 4 (2/2) $1700 2 (0/1) $1000 $289,044 $837.23 $339,474 22.3 2.78% 1966

609 NE 28th Street Fort Lauderdale $9,050,000 190 37327 18 18 (2/1) $2500 $549,600 $242.45 $502,778 16.5 3.77% 2018

2405 NE 7th Ave Wilton Manors $1,150,000 70 2283 5 4 (0/1) (2/1) $503.72 $230,000 2014

1104 NE 15th Ave Fort Lauderdale $1,750,000 $1,675,000 10/28/2019 143 3665 13 8 (1/1) 4 (0/1) (2/2) $138,480 $457.03 $128,846 12.1 5.13% 1974

1208 NE 14th Ave Fort Lauderdale $1,190,000 $1,200,000 8/21/2019 96 2144 8 2 (2/2) 2 (1/1) 4 (0/1) $106,236 $559.70 $150,000 11.3 5.48% 1949

141 Isle Of Venice Dr Unit#1-9 Fort Lauderdale $3,700,000 $2,900,000 11/21/2019 43 8010 9 4 (2/2) 5 (1/1) 9 Boat Slips $322,222 $362.05 1980

ACTIVE $397.71 $248,384 16.7 4.02%

SOLD $459.59 $139,423 11.7 5.30%

On

Ma

rk

et

So

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https://sef.mlsmatrix.com/DE.asp?k=1095185XWD8L&p=DE-69889726-491&L=1




COMPARABLE GRID5-15 UNITS AREA SPECIFIC Click Here to View Full Report

Primary Emphasis

AddressDays on

MarketList Price Sale Price

# of

UnitsPrice/Unit

Property

SqFtPrice/SF

Lot Sq

Footage

Year

Built

Waterfront

Property530 S Federal Hwy 70 $3,225,000 14 $230,357 11,500 $280 1973 No

745 NE 15th Ave 43 $2,195,000 12 $182,917 13,500 $163 13,500 1968 No

999 NE 23rd Dr 43 $1,900,000 12 $158,333 12,498 $152 12,498 1972 No

615 NE 26th St 43 $1,690,000 10 $169,000 18,572 $91 18,572 1974 No

820 NE 16th Ave 278 $1,675,000 10 $167,500 13,500 $124 1966 No

2414 NE 25th Pl 133 $1,600,000 8 $200,000 5,830 $274 1965 Yes

1107 NE 1 St 305 $1,449,000 6 $241,500 4,671 $310 1948 No

400 SE 11th Ct 152 $1,000,000 6 $166,667 3,279 $305 1957 No

1115 Middle St 161 $1,100,000 5 $220,000 5,124 $215 1974 No

4305 NE 21 Ave 23 $2,750,000 $2,450,000 13 $188,462 13,196 $186 1962 No

1104 NE 15th Ave 143 $1,795,000 $1,675,000 13 $128,846 3665 $457 1974 No

4411 NE 19 Ter 52 $1,300,000 $1,250,000 8 $156,250 5,101 $245 1973 No

1208 NE 14th Ave 96 $1,290,000 $1,200,000 8 $150,000 4,271 $281 1949 No

Active $192,919 $213

Closed $155,889 $292

Act

ive

Clos

ed


INCOME & EXPENSES



CASH FLOW ANALYSIS & UNDERSTANDING CAP RATES

equals CASH ON CASH RETURN

less DEBT SERVICE

equals NET OPERATING

INCOME (NOI)

less OPERATING EXPENSES

Equals EFFECTIVE GROSS

INCOME (EGI)

less VACANCIES

POTENTIAL GROSS

INCOME (PGI)

Example: A property has a NOI of $100,000 and a Cap Rate of 10%. Thus a value of $1,000,000

As the Cap increases to 11% the price decreases to $909,000

Conversely as the Cap Rate decreases to 9% the overall value has increased to $1,100,000

Sub-Market: For each $1,000 of NOI, our market responds with between $11,000 to $12,000 of value

=Value

Net Operating Income (NOI)Capitalization Rate

$100,000

10%= $1,000,000

$100,000

11%= $909,091

$100,000

9%= $1,111,111

Buyer: Cap Rate goes up

Seller: Cap Rate goes down



INCOME &E X P E N S E

Price:

25% $425,000 Terms:

10

$170,000

12.7

4.44%

11.0

5.77%

$24.21

1974

10,120.0

5,537

$307.03

$134,040

6,702

127,338$

51,931

75,407$

73,733

$1,674 *

11,573

13,247$ *

Taxes: 28,188$

UNIT BDRMS/ Unit Avg. Monthly Monthly Monthly Monthly 8,000

NUM BATHS Size Rent/Unit Income Rent/Unit Income 3,500

2 2/1 $1,400 $2,800 $3,200 2,736

8 1/1 $1050-$1100 $8,250 $9,600 2,160

6,367

980

$11,050 $12,800

Misc. Income 120 120 51,931$

$11,170 $9.38

Annual Scheduled Gross Income: $134,040 $155,040 Per Unit: $5,193.07

Current CAP:

Approximate Net RSF:

Cost per Net RSF:

Gross Operating Income:

Less Expenses:

Current Rents

Scheduled Gross Income:

Market GRM:

Market CAP:

SFApproximate Lot Size:

Less Vacancy Rate Reserve:

Annual Rent per Square Foot:

Approximate Age:

Annualized Operating Data

38.74%

Down Payment:

Price Per Unit

Current GRM:

$1,275,000Obtain 1st Mortgage

30

$1,700,000

$6,144.45

Number of Units:

Monthly Payment:

Summary Proposed Financing

interest

yr. amortization

4.00%

73,733

5.00%

Market Rent

7,752

$155,040

11,573

Annualized ExpensesScheduled Income

Less Loan Payments:

Pre Tax Cash Flow:

Total Return Before Taxes:

Plus Principal Reduction:

24,324$

Current Rents

Landscaping

147,288$

49,231

5.00%

3.12%

5.72%

33.42%

98,057$ Net Operating Income:

*As Percent of Down Payment

0.39%

35,897$

Management

8.45%

Market Rent

Water Sewer

Total Expenses:

Per Net Sq.Ft.:

Maintenance:

Rate:

Monthly Scheduled Gross Income:

Total Scheduled Rent:

$12,920

Trash

$1,600

Insurance:

$1,200

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