bonita drive...• miami international airport is one of the largest airline hubs in the united...
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Bonita DriveApartments
17-unit, waterfront garden style apartment building located in the North Beach town center.
www.urbanresource.com
Since 2008 Urban Resource has been the premierbroker and property management company in NorthBeach FL. With laser-sharp focus, Urban Resource isdedicated to serving the needs of property owners inNorth Beach as well as supporting the growth of thearea through community-driven initiatives and day-to-day property improvement. As the largestproperty management company in North Beach, withover 100 buildings under management, The brother-sister founders, Daniel and Laura Veitia, havegarnered a strong reputation for being deeplyknowledgeable of the market, highly dependable,responsive, and a highly competent team thatdelivers above and beyond expectations.Laura Veitia
Broker & Vice President Phone: (305)403-8686Email:[email protected]
Daniel VeitiaPresident
Bonita Drive Apartments
Atlantic Ocean
Biscayne Bay
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
Table of contents
1. Location Overview2. Investment Overview3. Property Summary4. Unit Mix & Rent Roll5. Unit & Building Features6. Financials7. Comparables
North Beach
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
This northern stretch of Miami Beach is thelast under-developed section of the island andit is completely surrounded by the most well-established and thriving economic engines ofFlorida.
North beach is poised tobecome the epicenter ofgrowth in Miami Beachfor the next 20 years.
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
South Beach (5 miles way)The iconic world-class destination for sunshine, luxury and fun. The southern tip of Miami Beach has established itself as one of the most vital economic engines in the state of Florida as it attracts over 15.9 Million* of visitors every year to enjoy its beaches, events, nightlife and endless entertainment options. SoBe continues to attract international interest from investors around the world creating demand for new and exciting residential and mixed-use developments while steadily rising the median rental prices year over year.
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
*Total number of visitors that traveled to Miami-Dade in 2017 - Greater Miami Convention and Visitors Bureau
Bal Harbour (3.3 miles away)
Prestigious village in Miami known to be the getaway forthe rich and famous of the world, with plenty of luxuryshops, elegant hotels, five-star restaurants, and pristinebeaches. Bal Harbour offers the perfect blend of indoor andoutdoor entertainment, fabulous views, and variedactivities.
Bal Harbour Shops is perhaps the most successful shoppingmall in the country, currently planning a $400 millionexpansion. It regularly tops the annual list of the mostproductive shopping centers in America, according to realestate research firm Green Street Advisors.
Sales at Bal Harbour Shops have increased every single yearsince its opening in 1965. For the year ended 2013, salesper square foot hit a record high of $3,010.
Across the street are The Ritz-Carlton & St. Regis Hotel withone bedroom suites that can run more than $1,000 a night.Between them sits more than a half-dozen luxury high-risecondominiums lining that famous beach.
Downtown Miami (11.4 miles away)
• Downtown Miami is the fastest-growing area inFlorida, with rapid increase in population andthe greatest concentration of high-rises in the region.
• Greater Downtown is home to many majormuseums, parks, education centers, banks, companyheadquarters, courthouses, government offices,theaters, shops and many of the oldest buildings inthe city.
• Miami International Airport is one of the largestairline hubs in the United States and busiest Airportin Florida as well as #1 Int’l Cargo Airport in the U.S.,12th Busiest Airport in the U.S. and 30th BusiestAirport in the World.
• PortMiami is the busiest cruise/passenger port in theworld one of the largest cargo ports in the UnitedStates.
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
North Beach Demographics
14% of residents are between 25- to 34-years old.
33% Household Income over $75,000
$334,195 is the Average Housing Value
56.2% of population work in Retail, Hospitality/ Food Service or Health Care
29.9% of population between 25-44 Years old
3.9% growth in North Beach population forecasted between 2016-2021
The median age for the area is 41.8. The largest
age group, at 21.8%, is over the age of 55Sources:• Costar, February 2018• Alteryx Demographics, 2017• Reinhold Wolff report, 2017
Great Market Fundamentals
Apartment occupancies average 95.0%
1BD apartment rent avr. $1,752/mo
Average price for Sale Product at almost $210,000 per unit
The 18 sales averaged $181,056 per unit including non-renovated properties
Year-to-date there have been 18 sales within zip code 33141
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
2BD apartment rent avr. $2,284/mo
*Figures are for zip code 33141 – CoStar, Feb 2018
Bonita Drive Apartments
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
The North Beach Master Plan
The Miami Beach City Commissionunanimously approved a masterplan for the city’s North Beachneighborhood, which stretchesfrom 63rd Street to 87th Street.
The plan developed by plannersDover Kohl, offers a set of 5 BigIdeas specific proposals torevitalize the North BeachCommunity. These five consensusideas provided an outline for PlanNoBe.
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
Pathway for Growth
Vibrant, dynamic, compact, pedestrian-friendly and withmix of uses to ensure a pedestrian experience that iswelcoming and interesting.
1. Make A Town Center
Safe, comfortable, interesting, and beautiful streets with widersidewalks, world-class bike infrastructure, shade trees for sidewalks,better lighting, and buried or relocated overhead utilities.
2. More Mobility Options
Preservation is the soundest long-term economic developmentstrategy. New construction should occur in vacant orunderutilized spaces and complement the existing buildings.
3. Protect & Enhance Neighborhoods
Enhance and utilize its properties to support thesurrounding community and attract new investment.
4. Maximize Public Lands Utility
Improving its ability to deal with sea level rise and climate change by upgrading all infrastructure to new standards.
5. Improve Protection
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
Plan NoBe by the Numbers
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
7143 Bonita Dr. is a waterfront propertysituated within the limits of the North BeachTown Center with strong rental demand,stable cash flow, and huge potential forredevelopment. This property is truly one ofa kind.
Property Summary
Units 17
Year Built 1941
Area 6,127 Sq. Ft.
Avg. Unit Size 360 Sq. Ft.
Lot Size 13,000 Sq. Ft.
Investment Highlights
• Located within the NoBe Town Center • Tc3 Zoning Allows Hotel, Office or other
variety of conditional Uses• Hotel Use Can Include Dining For Guests• 40 Yr. Certification Completed• New Electrical Service • New Concrete Tile Roof - 2015• Exterior Repaired & Painted 2015• Unit Interiors Renovated 2015• 130 Linear Feet Of Waterfront
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
Unit Mix & Rent Roll
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
UNIT TYPE RENT MARKET END LEASE
7133-01 STUDIO $1,100 $1,150 3/31/2016
7133-02 STUDIO $950 $1,000 12/31/2017
7133-03 STUDIO $975 $1,000 12/31/2018
7133-04 STUDIO $1,100 $1,150 12/31/2018
7133-05 STUDIO $1,150 $1,175 10/30/2018
7133-06 STUDIO $1,000 $1,050 8/31/2018
7133-07 STUDIO $1,000 $1,050 12/31/2018
7133-08 STUDIO $1,000 $1,050 10/31/2018
7133-09 1/1 Jr $1,200 $1,250 8/31/2018
7143-01 STUDIO $1,125 $1,150 9/30/2017
7143-02 STUDIO $1,075 $1,150 1/31/2019
7143-03 STUDIO $1,075 $1,100 12/31/2018
7143-04 STUDIO $1,100 $1,150 10/31/2018
7143-05 STUDIO $1,150 $1,200 8/31/2018
7143-06 STUDIO $1,075 $1,100 7/31/2017
7143-07 STUDIO $1,050 $1,100 6/30/2018
7143-08 STUDIO $1,150 $1,200 5/31/2018
Total Monthly Rent $18,275 $19,025
All units come with updated interiors including all stainless steel appliances, granite countertops and
modern cabinetry.
All units are bright and sunny and feature Luxury Vinyl Tile (LVT) flooring throughout.
Modern Light fixtures and fresh paint throughout. Bathrooms are
clean and updated.
Corner units feature large windows and some of them overlook the waterway
Residents enjoy the peaceful setting by the waterway and their private entrance through
the gorgeous courtyard and garden
8 premium units include direct water views and 4 private balconies
The building features secure entrance, laundry on site, lounge and BBQ areas by
the water, showers, and a peaceful, flowery garden setting just blocks from the beach.
Net Income Actual Proforma
Annual Gross Rent $219,300 $228,300Expenses $54,682 $54,682NOI $164,618 $173,618
Maintenance Expenses (Yearly)
Landscaping $1,200
Cleaning $3,000
Water & Sewer $9,171
Electric / gas $2,126
Trash $3,072
Total $18,569
Property Expenses (Yearly)
RE Taxes (2017) $31,339
Insurance $4,774
Maint $18,569
Total $54,682
Pricing Actual Proforma
Sale Price $3,150,000 $3,150,000Price per Unit $185,294 $185,294CAP 5.23% 5.51%
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
Financial Summary
Photo Address No. Units Sale Price Status Price/ Unit Price/Sq.ft. Zoning
Subject7143 Bonita Dr.
17 3,150,000 Active $185,294 $185,294 TC-3
8260 Byron Ave 19 $5,300,000 Active $278,947 $508.83 RM-1
7130 Harding Ave. (Hotel) 27 $5,500,000 Active $203,703 $738.85 TC-1
8201 Harding Ave. 6 $1,350,000 Active $225,000 $499.26 RM-1
Comparables
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
Photo Address No. Units Sale Price Status Price/ Unit Price/Sq.ft. Zoning
Subject7143 Bonita Dr.
17 3,150,000 Active $185,294 $185,294 TC-3
6985 Abbott Ave. 8 $2,150,000 SOLD3/13/2017
$268,750 $718.34 TC-1
7136 Abbott Ave. - $2,500,000 SOLD08/28/2017
- $671.32 TC-1
7320 Byron Ave. (Hotel/ Motel) 16 $3,810,000 SOLD
01/14/2016$238,125 $417.27 RM-1
7337 Harding Ave. (Hotel & Spa) 10 $2,400,000 SOLD
01/31/2017$240,000 $442.07 CD-2
Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com
Contact Information
Urban ResourceLaura VeitiaBroker & Vice President Phone: (305)403-8686Office: (305)403-2424Email: [email protected]