3 allapattah properties miami offer memorandum $1,425,000€¦ · peterdacko media realty &...
TRANSCRIPT
PeterDacko
Media Realty & Advisors
954-923-2325
954-328-8248
3 ALLAPATTAH PROPERTIES MIAMI
OFFER MEMORANDUM$1,425 ,000
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
CONFIDENTIALITY AND DISCLAIMER
The information contained in the following Offering Memorandum 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.
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. 3
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.
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. 4
TABLE OF CONTENTS
Section 1
Mar ke t Repor t
Section 2
Sub je c t P roper ty
Section 3
Ren t Su r vey
Section 4
Comparab le Sa le s
Section 5
F i nanc ia l s
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. 5
INTRODUCTION MIAMI, FLORIDA
Miami is a major urban city center, and a leader in finance, commerce, culture, media,entertainment, the arts, and international trade. In addition to the central business district, thearea also consists of the Brickell Financial District, Historic District, Government Center, Omni andPark West. The neighborhood is divided by the Miami River and is bordered by Midtown(Edgewater and Wynwood) to the north, Biscayne Bay to the east, Civic Center and Overtown to thewest, and Coconut Grove to the south.
In 2012 Miami was classified as an Alpha−World City in the World Cities Study Group's inventory. In2010, Miami ranked seventh in the United States in terms of finance, commerce, culture,entertainment, fashion, education, and other sectors. It ranked 33rd among global cities. In 2008,Forbes magazine ranked Miami "America's Cleanest City", for its year-round good air quality, vastgreen spaces, clean drinking water, clean streets, and citywide recycling programs. According to a2009 UBS study of 73 world cities, Miami was ranked as the richest city in the United States, andthe world's fifth-richest city in terms of purchasing power. Miami is nicknamed the "Capital of LatinAmerica" [1] and is the largest city with a Cuban-American pluralityLocally known as Downtown, Miami has grown and physically expanded to become the fastest-growing area in Miami-Dade, with rapid increase in population and the greatest concentration ofhigh-rises in the region. Greater Downtown is home to many major museums, parks, educationcenters, banks, company headquarters, courthouses, government offices, theaters, shops and manyof the oldest buildings in the city.
For most of Miami's history, its economy has been based on tourism which continues to be theprincipal industry in Miami, the city's economy has become more diversified. Trade is increasinglyvital to the economy. Its close proximity to Latin America and the Caribbean make it the center ofinternational trade with those areas. Because many companies choose to establish their LatinAmerican headquarters in southern Florida, Miami-Dade County is known as the "Gateway to theAmericas."
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Miami video
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. 6
INTRODUCTION ALLAPATTAH, FLORIDA
The name is derived from the Seminole Indian language word meaning alligator. The initial
settlement of the Allapattah community began in 1856 when William P. Wagner, the earliest
documented white American permanent settler, arrived from Charleston, South Carolina and
established a homestead on a hammock along the Miami Rock Ridge, where Miami Jackson High
School presently stands. Development ensued from 1896 and into the 20th century in the area with
the completion of the Florida East Coast Railroad.
Allapattah was predominantly populated by whites from early in the 20th century until the late
1950s, when there was a large influx of black Americans displaced by the construction of I-95
(then, the North-South Expressway) in the 1950s and 1960s, leading to white flight to suburban
Miami-Dade County and Broward County. Cubans migrated to Miami neighborhoods like Allapattah
in large numbers following the Cuban Revolution of 1959, hosting one of Miami's largest Cuban
American populations. The 1980s brought influxes of Dominican Americans, Nicaraguans,
Hondurans, and Haitians in the aftermath of various refugee crises in those nations. Now, a melting
pot of residents from all across the Caribbean, Central America, and Latin America reside in the
area.
Allapattah is northwest of downtown, and about five miles (8 km) east of Miami International
Airport. It is located at 25.815°N 80.224°W, with an elevation of 10 feet (3.0 m).[4]
Many of the businesses and educational institutions in the neighborhood are generally located on
Northwest 36th Street (US 27). The boundaries are roughly the Airport Expressway (SR 112) to the
north, the Miami River and the Dolphin Expressway (SR 836) to the south, I-95 to the east, and
Northwest 27th Avenue (SR 9) to the west.
A thriving textiles market is located along Northwest 20th Street between Northwest 17th and 27th
Avenues, with several garment manufacturing and wholesale outlets from Latin America and the
Caribbean makers along the row. The Produce Market, the largest open-air food distribution center
in Miami, serves local supermarkets and bodegas with the freshest variety of South Florida produce,
tropical fruits and many other products.
The industrial district of the city of Miami is located in an area straddling the Civic Center and
Allapattah, along a former FEC corridor just north of Northwest 20th Street. Trades ranging from
clothing manufacturers, auto repair, carpentry and upholstery shops. Additionally, several shipyards
and dry docks located along the neighborhood's banks of the Miami River.
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. 7
CLICK HERE TO VIEW FULL SUB-MARKET REPORT
Miami Dade currently has one of the largest pipelines in thecountry, with almost 16,000 units under construction. As a percentof inventory, Miami ranks first in terms of multifamily constructionin major metros. More units will deliver over the next three yearsthan the past 15 years combined, which could causefundamentals to loosen in the near term.
However, Miami has handled its most-recent supply
wave relatively well. Though annual deliveries have surpassed thehistorical average over the past five years, new supply has beenmet with solid demand. In fact, vacancies have been flat over thepast year and are in line with the historical average. Rent growthremains near the metro’s historical average, though it hasdecelerated from the record-breaking highs seen in earlier thiscycle. Pricing continues to grow at a moderate pace but couldslow over the next few years.
Investors continue to be attracted to this high-growth market.Miami experiences strong investor activity from institutionalbuyers including Starwood Capital Group, Greystar, and IvanhoeCambridge. Strong interest has helped push pricing, which is nowclose to double the metro average on a per door basis.
SUBJECT PROPERTY
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. 9
DADE COUNTY PROPERTY
APPRAISER’S PROPERTY
CARD
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Current configuration 3
Units
Front House $2300
Rear House
(2/2) $1400
(0/1) $900
Floor Zone
Zone X
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. 10
AERIAL VIEWZONING TO-3
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. 11This 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. 11
PHOTO ADDENDUM
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. 12
DADE COUNTY PROPERTY
APPRAISER’S PROPERTY
CARD
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Left Side
(1/1) $1200
(2/1) $1500
Right Side
(1/1) $ 1150
(2/1) $1400
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. 13
AERIAL VIEWZONING TO-3
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. 14
SKETCH
1386 NW 28 Street
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. 15This 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. 15
PHOTO ADDENDUM
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. 16
LOCATION MAPCLICK HERE TO GOOGLE MAP
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. 17
DADE COUNTY PROPERTY
APPRAISER’S PROPERTY
CARD
Front House (3/1) $1800
Front House Rear (1/1) $1000
Back House (2/1) $1300
Back House (0/1) $900
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. 18
AERIAL VIEWZONING TO-3
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. 19This 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. 19
PHOTO ADDENDUM
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. 20
LOCATION MAPCLICK HERE TO GOOGLE MAP
RENT SURVEY
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. 22
RENT SURVEY (0/1) STUDIO APTS. MONTHLY
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Address City Asking
Rent
Rented
PriceClosing Date
Days
on
Market
#Beds #FBathsSqFt Liv
Area
Year
Built
1700 NW 22 CT Unit#6 Miami $900 $900 2/1/2019 7 0 1 500 1923
1700 NW 22 CT Unit#6 Miami $900 $900 1/3/2019 36 0 1 500 1923
645 NW 32nd St Unit#12A Miami $750 $750 12/1/2018 41 0 1 425 1962
1811 NW 18th street Unit#4 Miami $875 $875 8/31/2018 31 0 1 500 1972
$856 $856
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. 23
RENT SURVEY 1 BEDROOM APTS.
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AddressCity
Name
Current
Price
Rent
Price
Closing
Date
Days on
Market#Beds Bath
SqFt Liv
Area
Year
Built
4651 NW 16th Ave Unit#4651 Miami $1,050 94 1 1 902 1955
3138 NW 22nd Ave Unit#102 Miami $1,200 12 1 1 2017
1479 NW 16th St Unit#6 Miami $1,200 39 1 1 658 1974
1479 NW 16th St Unit#5 Miami $1,200 39 1 1 658 1974
3138 NW 22nd Ave Unit#201 Miami $1,200 52 1 1 2017
1479 NW 16th St Unit#1 Miami $1,250 32 1 1 658 1974
1479 NW 16th St Unit#3 Miami $1,250 32 1 1 658 1974
1740 NW 41 St Unit#1740 Miami $1,300 32 1 1 800
2398 NW 33rd st Unit#2 Miami $1,000 74 1 1
2524 NW 29th St Unit#B Miami $800 $800 2/1/2019 118 1 1 1977
1991 NW 56th St Unit#0 Miami $900 $900 2/13/2019 13 1 1 420 1950
2649 NW 24th Ave Unit#G Miami $900 $900 10/1/2018 15 1 1 1932
3033 NW 32 ST Unit#R Miami $900 $900 2/20/2019 9 1 1 1974
1060 NW 47th St Unit#8 Miami $950 $950 10/1/2018 59 1 1 1927
2959 NW 56th St Unit#Rear Miami $999 $999 10/1/2018 44 1 1 1950
1700 NW 22 CT Unit#5 Miami $1,000 $1,000 1/1/2019 13 1 1 650 1923
3138 NW 22nd Ave Unit#307 Miami $1,200 $1,200 11/2/2018 15 1 1 2017
$1,076 $956
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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. 24
RENT SURVEY 2 BEDROOM APTS.
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AddressCity
Name
Current
PriceSale Price
Closing
Date
Days
on
Market
#Beds Bath
SqFt
Liv
Area
Year
Built
2321 NW 26th St Unit#u Miami $1,300 113 2 1 1,248 1925
1621 NW 19th Ave Unit#0 Miami $1,450 11 2 1 1,584 1949
1883 NW 20th Ave Unit#3 Miami $1,500 28 2 1 696 1974
4730 NW 23rd Ave Unit#1 Miami $1,550 5 2 1 810 1967
4730 NW 23rd Ave Unit#1 Miami $1,550 5 2 1 810 1967
1068 NW 29th Ter Unit#1068 Miami $1,650 7 2 1 0
2184 NW 17th St Unit#2182 Miami $1,700 1 2 1 1975
1807 NW 33rd St Unit#0 Miami $1,700 7 2 1 1,070 1975
2339B NW 29th St Unit#B Miami $1,299 9 2 1 1971
4540 NW 23rd Ct Unit#4540 Miami $1,300 5 2 1 812 1977
1737 NW 47 ter Unit#0 Miami $1,500 120 2 1
653 NW 30 St Unit#3 Miami $1,200 $1,200 1/11/2019 14 2 1 650
1925 NW 56th St Unit#1927B Miami $1,200 $1,200 10/1/2018 23 2 1 1954
2775 NW 48th St Unit#2775 Miami $1,251 $1,251 10/12/2018 11 2 1 725 1964
5252 NW 12th Ave Unit#5250 Miami $1,270 $1,270 12/1/2018 23 2 1 690 1960
4761 NW 11th Ave Unit#Back Miami $1,290 $1,290 2/1/2019 19 2 1 925 1939
2536 NW 24 STREET Unit#4B Miami $1,300 $1,300 11/1/2018 34 2 2 758 2006
1700 NW 22 CT Unit#4 (Upper) Miami $1,300 $1,300 12/22/2018 22 2 1 900 1923
1747 NW 40th St Unit#1 Miami $1,300 $1,300 2/2/2019 4 2 1 1,309 1953
1467 NW 53 St Unit#3 Miami $1,300 $1,300 1/31/2019 47 2 1 800
1720 NW 50th St Unit#1720 Miami $1,300 $1,300 11/19/2018 31 2 1 850 1956
2339A NW 29th St Unit#A Miami $1,300 $1,300 11/30/2018 0 2 1 1971
2150 NW 18th Ave Unit#2150 Miami $1,350 $1,350 11/14/2018 18 2 1 826 1950
1700 NW 22 CT Unit#1 Miami $1,400 $1,400 2/8/2019 22 2 1 820 1923
3138 NW 22nd Ave Unit#300 Miami $1,400 $1,400 2/1/2019 4 2 2 2017
1857 NW 24 ST Unit#1 Miami $1,400 $1,400 1/17/2019 16 2 1 950 2014
2745 NW 16th St Unit#0 Miami $1,400 $1,400 12/27/2018 66 2 1 1,200 1959
1944 NW 22nd Pl Unit#Duplex Miami $1,400 $1,400 11/2/2018 4 2 1 851 1966
2703 NW 24TH COURT Unit#2703 Miami $1,450 $1,450 1/10/2019 35 2 1 850 1973
3315 NW 19th Ave Unit#3315 Miami $1,450 $1,450 10/1/2018 26 2 1 1975
1700 NW 22 CT Unit#7 (Upper) Miami $1,450 $1,450 1/15/2019 41 2 1 900 1923
1845 NW 34th St Unit#1 Miami $1,500 $1,500 1/29/2019 39 2 1 1970
1700 NW 22 CT Unit#8 Miami $1,500 $1,500 2/1/2019 56 2 1 900 1923
$1,400 $1,351
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COMPARABLE SALES
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. 26
COMMENTS DIRECT SALES COMPARISON
A COMPARABLE SALE IS PROPERTY THAT IS SIMILAR TO THESUBJECT PROPERTY IN MOST RESPECTS. IT IS LOCATED IN ANEARBY LOCATION. IT HAS RECENTLY SOLD FOR A FAIRMARKET VALUE. THE SELECTION OF COMPARABLE SALES ISIN MOST APPRAISALS IS THE SINGLE MOST DETERMININGFACTOR IN ESTABLISHING THE VALUE. THE RESPONSIBILITYIS TO FULLY RESEARCH THE LOCAL REAL ESTATE MARKETAND DETERMINE WHICH COMPARABLE SALES REPRESENTTHE BEST VALUE CHARACTERISTICS OF THE SUBJECTPROPERTY.
THE MARKET OR DIRECT SALES COMPARISON APPROACHTO AN ESTIMATE OF VALUE IS A PROCESS OFCOMPARING MARKET DATA, THAT IS, PRICES PAID FORSIMILAR PROPERTIES, PRICES ASKED BY OWNERS, ANDOFFERS MADE BY PROSPECTIVE BUYERS OR THE TENANTSWILLING TO BUY OR LEASE. TYPICALLY A COMPARISONGRID IS USED AND ADJUSTMENTS ARE MADE TO EACHCOMPARABLE SALES USED FOR MAJOR DIFFERENCESBETWEEN THE COMPARABLE AND THE SUBJECT PROPERTYFOR SUCH ITEMS AS LOCATION, CONSTRUCTIONQUALITY AND SIGNIFICANT AMENTIAS, ETC. IN THEMARKET APPROACH, THE ATTEMPTS ARE MADE TO BOTHGAUGE AND REFLECT THE ANTICIPATED REACTION BY ATYPICAL PURCHASER TO THE SUBJECT PROPERTY.
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. 27
COMPARABLE GRID3-4 UNITS
SECONDARY EMPHASIS
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AddressCity
Name
Original List
PriceCurrent Price Sale Price
Closing
Date
Days on
Market
Total
Units
Adjusted
Area SFPrice per Unit Price per SF Year Built
1911 NW 22nd Ave Miami $324,999 $324,999 477 3 1,180 $108,333 $275.42 1928
1145 NW 28th St Miami $370,000 $339,000 274 3 930 $113,000 $364.52 1935
2001 NW 33 Street Miami $340,000 $340,000 1 3 1733 $113,333 $196.19 1941
2001 NW 33 Street Miami $340,000 $340,000 1 3 1,733 $113,333 $196.19 1941
3018 NW 23rd Ave Miami $399,000 $379,000 127 3 1,318 $126,333 $287.56 1920
1810 NW 34th St Miami $545,000 $429,900 172 3 1,333 $143,300 $322.51 1936
2292 NW 26th Street Miami $449,000 $449,000 8 3 1841 $149,667 $243.89 1953
2292 NW 26th St Miami $449,000 $449,000 8 3 1,337 $149,667 $335.83 1953
2500 NW 23rd Ave Miami $550,000 $550,000 29 4 2,460 $137,500 $223.58 2000
1418 NW 35th St Miami $570,000 $570,000 160 3 1,333 $190,000 $427.61 1930
1045 NW 27th St Miami $690,000 $690,000 302 3 1,286 $230,000 $536.55 1938
1883 NW 20th Ave Miami $750,000 $724,500 111 4 2,782 $181,125 $260.42 1974
2550 NW 23rd Ave Miami $875,000 $875,000 5 5 3,989 $175,000 $219.35 1950
1021 NW 30th St Miami $550,000 $550,000 183 5 2,520 $110,000 $218.25 1936
1932 NW 18th Ter Miami $230,000 $230,000 7 3 1758 $76,667 $130.83 1925
1932 NW 18th Ter Miami $230,000 $230,000 7 3 1,758 $76,667 $130.83 1925
1661 NW 16th St Miami $250,000 $250,000 17 3 1,666 $83,333 $150.06 1941
2635 NW 22 CT Miami $359,000 $359,000 70 4 2,200 $89,750 $163.18 1937
2730 NW 19th Ave Miami $485,000 $375,000 73 4 1748 $93,750 $214.53 1958
760 NW 32nd St Miami $899,900 $899,900 181 3 1,453 $299,967 $619.34 1930
1247 NW 28th St Miami $399,000 $395,000 9/18/2018 16 3 2,358 $133,000 $169.21 2005
1930 NW 31st St Miami $300,000 $400,000 1/22/2019 6 4 2,050 $75,000 $146.34 1957
2010 NW 31st St Miami $550,000 $480,000 10/24/2018 88 4 2,062 $137,500 $266.73 1960
1137 NW 29th St Miami $715,000 $505,000 11/7/2018 344 4 3,197 $178,750 $223.65 1970
767 NW 35th St Miami $649,900 $600,000 10/19/2018 358 4 2,540 $162,475 $255.87 1937
On Market $148,507 $299
Pending Sale $118,590 $232
Sold $137,345 $212
On
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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. 28
COMPARABLE GRID2PLEX
SECONDARY EMPHASIS
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AddressCity
Name
Original
List Price
Current
PriceSale Price
Closing
Date
Days on
Market
Total
Units
Adj
Area
SF
Price per Unit Price per SFYear
Built
2738 NW 28th Street Miami $109,000 $109,000 20 2 2,463 $54,500 $44.25 1935
2738 NW 28th St Miami $109,000 $109,000 20 2 1,555 $54,500 $70.10 1935
1101 NW 26th St Miami $199,000 $199,000 9 2 1,032 $99,500 $192.83 1941
3491 NW 34th St Miami $250,000 $250,000 28 2 1,947 $125,000 $128.40 1973
2967 NW 28th St Miami $267,000 $267,000 5 2 881 $133,500 $303.06 1938
2623 NW 19th Avenue Miami $300,000 $300,000 38 2 1,552 $150,000 $193.30 1926
2623 NW 19th Ave Miami $300,000 $300,000 586 2 1,435 $150,000 $209.06 1926
2847 NW 22nd Ct Miami $159,900 $162,500 $162,500 1/17/2019 20 2 1,498 $81,250 $108.48 1936
2630 NW 13th Ave Miami $247,000 $200,000 $200,000 11/21/2018 30 2 1,246 $100,000 $160.51 1926
2900 NW 30th St Miami $250,000 $210,000 $210,000 2/12/2019 136 2 949 $105,000 $221.29 1954
2445 NW 21st Ter Miami $210,000 $210,000 $210,000 11/13/2018 22 2 1,766 $105,000 $118.91 1947
1930 NW 18th St Miami $310,000 $275,000 $275,000 9/18/2018 31 2 2,076 $137,500 $132.47 1972
3120 NW 15th Avenue Miami $300,000 $282,000 $282,000 3/4/2019 10 2 1,450 $141,000 $194.48 1948
3120 NW 15th Ave Miami $300,000 $282,000 $282,000 3/4/2019 10 2 1,541 $141,000 $183.00 1948
3053 NW 22nd Ct Miami $349,900 $297,000 $297,000 12/7/2018 34 2 1,739 $148,500 $170.79 1970
1877 NW 18th Ter Miami $209,900 $305,000 $305,000 1/28/2019 8 2 2,574 $152,500 $118.49 1930
2601 NW 11th Ave Miami $354,900 $314,900 $314,900 1/30/2019 101 2 1,596 $157,450 $197.31 1952
3115 NW 33rd St Miami $338,000 $330,000 $330,000 1/29/2019 2 2 2,011 $165,000 $164.10 1971
1270 NW 25th St Miami $346,000 $335,000 $335,000 10/9/2018 54 2 920 $167,500 $364.13 1930
2735 NW 27th St Miami $399,000 $345,000 $345,000 9/30/2018 43 2 2,430 $172,500 $141.98 1976
1590 NW 38th St Miami $399,000 $360,000 $360,000 12/17/2018 322 2 2,282 $180,000 $157.76 1930
1891 NW 17th Street Miami $385,000 $369,000 $369,000 3/4/2019 91 2 1,725 $184,500 $213.91 1954
1891 NW 17th St Miami $385,000 $369,000 $369,000 3/4/2019 224 2 1,839 $184,500 $200.65 1954
3300 NW 23rd Ave Miami $489,000 $410,000 $410,000 9/7/2018 35 3 2,158 $136,667 $189.99 1958
$109,571 $163.00
$144,698 $178.72
Pe
nd
ing
Sa
le
So
ld
INCOME & EXPENSES
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. 30
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
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. 31
INCOME &E X P E N S EAPPROACH TO VALUE
COMBINED PROPERTIES
Price:
25.00% $356,250 Terms:
12
$118,750
8.0
7.15%
7.8
7.51%
$28.49
1981
19,250.0
6,254
$227.85
$178,200
8,910
169,290$
67,472
101,818$
65,612
36,206$ *
11,573
47,779$ *
Market Rent Taxes: 29,272$
UNIT BDRMS/ Monthly Monthly Monthly Monthly 12,500
NUM BATHS Rent/Unit Income Rent/Unit Income 5,250
1 3/2 $2,300 $2,300 $2,300 6,000
1 3/1 $1,800 $1,800 $1,800 Landscaping 900
1 2/2 $1,400 $1,400 $1,400 Electric 12,800
3 2/1 $1300-$1500 $4,200 $4,200 Licenses 750
3 1/1 $1000-$1200 $3,350 $3,600
2 0/1 $900 $1,800 $2,000
$14,850 $15,300
Laundry 67,472$
$14,850 $10.79
Annual Scheduled Gross Income: $178,200 $8,100 Per Unit: $5,622.65
Water & Sewer & Trash
Total Expenses:
Per Net Sq.Ft.:
Maintenance:
Rate:
Monthly Scheduled Gross Income:
Current Rents
Total Scheduled Rent:
$1,000
$1,800
$1,400
106,948$ Net Operating Income:
*As Percent of Down Payment
10.16%
Total Return Before Taxes:
Plus Principal Reduction:
5.00%
Market Rent
41,336$
9,180
65,612
$183,600
174,420$
67,472
5.00%
$15,300
11,573
Annualized ExpensesScheduled Income
Less Loan Payments:
Pre Tax Cash Flow:
13.41%
11.60%
$2,300
Insurance:
$1,400
$1,200
52,909$ 14.85%
Monthly Payment:
38.68%
Summary Proposed Financing
interest
yr. amortization
4.50%Down Payment:
Cost per Unit:
Current GRM:
$1,068,750Obtain 1st Mortgage
30
$1,425,000
$5,467.68
Number of Units:
Current CAP:
Approximate Net RSF:
Cost per Net RSF:
Gross Operating Income:
Less Expenses:
Current Rents
Scheduled Gross Income:
Market GRM:
Market CAP:
SQ FTApproximate Lot Size:
Less Vacancy Rate Reserve:
Annual Rent per Square Foot:
Approximate Age:
Annualized Operating Data
37.86%
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. 32
INCOME &E X P E N S EAPPROACH TO VALUE
1337 NW 33 STREETL E G A L D U P L E X
Price:
20.00% $95,000 Terms:
4
$118,750
8.6
6.62%
8.4
6.86%
$30.55
1929
6,150.0
1,807
$262.87
$55,200
2,760
52,440$
20,989
31,451$
24,020
7,431$ *
11,573
19,004$ *
Market Rent Taxes: 8,139$
UNIT BDRMS/ Monthly Monthly Monthly Monthly 5,500
NUM BATHS Rent/Unit Income Rent/Unit Income 1,750
Front House 3/2 $2,300 $2,300 $2,300 1,800
Rear Apt 1 2/2 $1,400 $1,400 $1,400 Landscaping 250
Rear Apt 2 0/1 $900 $900 $1,000 350
3,200
$4,600 $4,700
20,989$
$4,600 $11.62
Annual Scheduled Gross Income: $55,200 $56,400 Per Unit: $5,247.31
Water & Trash
Total Expenses:
Per Net Sq.Ft.:
Maintenance:
Rate:
Monthly Scheduled Gross Income:
Current Rents
Total Scheduled Rent:
$4,700
Electric
$2,300
Insurance:
$1,400
53,580$
20,989
5.00%
20.00%
9.02%
39.17%
32,591$ Net Operating Income:
*As Percent of Down Payment
7.82%
$1,000
20,144$
Licenses
21.20%
11,573
Annualized ExpensesScheduled Income
Less Loan Payments:
Pre Tax Cash Flow:
Total Return Before Taxes:
Plus Principal Reduction:
8,571$
24,020
5.00%
Market Rent
2,820
$56,400
Summary Proposed Financing
interest
yr. amortization
4.75%Down Payment:
Cost per Unit:
Current GRM:
$380,000Obtain 1st Mortgage
30
$475,000
$2,001.63
Number of Units:
Monthly Payment:
Current CAP:
Approximate Net RSF:
Cost per Net RSF:
Gross Operating Income:
Less Expenses:
Current Rents
Scheduled Gross Income:
Market GRM:
Market CAP:
SQ FTApproximate Lot Size:
Less Vacancy Rate Reserve:
Annual Rent per Square Foot:
Approximate Age:
Annualized Operating Data
38.02%
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. 33
INCOME &E X P E N S EAPPROACH TO VALUE
1386 NW 28 STREET
Price:
20.00% $95,000 Terms:
4
$118,750
7.5
7.47%
7.1
8.31%
$26.65
1948
6,000.0
2,364
$200.93
$63,000
3,150
59,850$
24,389
35,461$
24,020
11,441$ *
11,573
23,014$ *
Market Rent Taxes: 8,139$
UNIT BDRMS/ Monthly Monthly Monthly Monthly 5,500
NUM BATHS Rent/Unit Income Rent/Unit Income 1,750
Lest Side 2/1 $1,500 $1,500 $1,500 2,400
Left Side 1/1 $1,200 $1,200 $1,200 Landscaping 250
Right Side 2/1 $1,400 $1,400 $1,400 350
Right Side 1/1 $1,150 $1,150 $1,500 6,000
$5,250 $5,600
24,389$
$5,250 $10.32
Annual Scheduled Gross Income: $63,000 $67,200 Per Unit: $6,097.31
Water & Trash
Total Expenses:
Per Net Sq.Ft.:
Maintenance:
Rate:
Monthly Scheduled Gross Income:
Current Rents
Total Scheduled Rent:
$1,500
$5,600
Electric
$1,500
Insurance:
$1,200
63,840$
24,389
5.00%
24.23%
16.24%
38.20%
39,451$ Net Operating Income:
*As Percent of Down Payment
12.04%
$1,400
27,004$
Licenses
28.43%
11,573
Annualized ExpensesScheduled Income
Less Loan Payments:
Pre Tax Cash Flow:
Total Return Before Taxes:
Plus Principal Reduction:
15,431$
24,020
5.00%
Market Rent
3,360
$67,200
Summary Proposed Financing
interest
yr. amortization
4.75%Down Payment:
Cost per Unit:
Current GRM:
$380,000Obtain 1st Mortgage
30
$475,000
$2,001.63
Number of Units:
Monthly Payment:
Current CAP:
Approximate Net RSF:
Cost per Net RSF:
Gross Operating Income:
Less Expenses:
Current Rents
Scheduled Gross Income:
Market GRM:
Market CAP:
SQ FTApproximate Lot Size:
Less Vacancy Rate Reserve:
Annual Rent per Square Foot:
Approximate Age:
Annualized Operating Data
38.71%
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. 34
INCOME &E X P E N S EAPPROACH TO VALUE
3070 NW 27 STREET
Price:
20.00% $95,000 Terms:
4
$118,750
7.9
7.39%
7.8
7.63%
$28.80
1981
7,100.0
2,083
$228.04
$60,000
3,000
57,000$
21,879
35,121$
24,020
11,101$ *
11,573
22,674$ *
Market Rent Taxes: 8,139$
UNIT BDRMS/ Monthly Monthly Monthly Monthly 5,500
NUM BATHS Rent/Unit Income Rent/Unit Income 1,750
3/1 $1,800 $1,800 $1,800 1,800
1/1 $1,000 $1,000 $1,000 Landscaping 250
2/1 $1,300 $1,300 $1,300 840
0/1 $900 $900 $1,000 3,600
$5,000 $5,100
21,879$
$5,000 $10.50
Annual Scheduled Gross Income: $60,000 $61,200 Per Unit: $5,469.81
Current CAP:
Approximate Net RSF:
Cost per Net RSF:
Gross Operating Income:
Less Expenses:
Current Rents
Scheduled Gross Income:
Market GRM:
Market CAP:
SQ FTApproximate Lot Size:
Less Vacancy Rate Reserve:
Annual Rent per Square Foot:
Approximate Age:
Annualized Operating Data
36.47%
Down Payment:
Cost per Unit:
Current GRM:
$380,000Obtain 1st Mortgage
30
$475,000
$2,001.63
Number of Units:
Monthly Payment:
Summary Proposed Financing
interest
yr. amortization
4.75%
5.00%
Market Rent
3,060
$61,200
36,261$ Net Operating Income:
*As Percent of Down Payment
11.69%
$1,300
23,814$
Licenses
25.07%
11,573
Annualized ExpensesScheduled Income
Less Loan Payments:
Pre Tax Cash Flow:
Total Return Before Taxes:
Plus Principal Reduction:
12,241$
24,020
58,140$
21,879
5.00%
23.87%
12.89%
37.63%
Water & Trash
Total Expenses:
Per Net Sq.Ft.:
Maintenance:
Rate:
Monthly Scheduled Gross Income:
Current Rents
Total Scheduled Rent:
$1,000
$5,100
Electric
$1,800
Insurance:
$1,000