2765 Nw 17Th Terrace | Miami, Fl 33125 | Little Havana
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2765 NW 17TH TERRACE | MIAMI, FL 33125 | LITTLE HAVANA 2765 NW 17TH TERRACE | MIAMI, FL 33125 ADDRESS CITY STATE ZIP OFFERING PRICE PROPERTY TYPE APN BUILDING SF LOT SIZE YEAR BUILT ZONING ▪ Retail/Office Frontage, Heavy Traffic, Private Parking ▪ Seller Financing Available ▪ Great opportunity to own cash flow investment ▪ Fully Leased 6 unit building + parking lot ▪ 4 x 1/1 units + 2 x 3/2 units + parking lot (leased) ▪ Next to Miami River ▪ Also an excellent VALUE-ADD OR REDEVELOPMENT opportunity! 2765 NW 17TH TERRACE | MIAMI, FL 33125 2 2765 NW 17TH TERRACE | MIAMI, FL 33125 3 PROJECTED SCHEME: 45 UNITS | 66 CARS 100 LEVEL FLOORPLAN 200 LEVEL FLOORPLAN 400 – 700 LEVEL FLOORPLANS 800 LEVEL FLOORPLAN 2765 NW 17TH TERRACE | MIAMI, FL 33125 4 2765 NW 17TH TERRACE | MIAMI, FL 33125 PRICING OWNER FINANCING THE ASSET Price $1,300,000 Down 30% $390,000 Units 6 Price/Unit $216,667 Loan 70% $910,000 Year Built 1930 Price/SF $325.57 Ammort Years 20 Gross SF 3,993 GRM 13.80 9.10 Interest Rate Negotiable3.75% Lot SF 13,068 Cap 5.76% 8.00% Payments Negotiable($5,395) APN 01-3133-008-0340 Current Market MONTHLY RENT SCHEDULE # of Units Type Estimated SF Avg.Current Rent/SF Current Total Market Rent/SF Market Total 1 3/2 $1,500 #DIV/0! $1,500 $2,400 #DIV/0! $2,400 1 3/2 $1,300 #DIV/0! $1,300 $2,400 #DIV/0! $2,400 1 1/1 $700 #DIV/0! $700 $1,400 #DIV/0! $1,400 1 1/1 $950 #DIV/0! $950 $1,400 #DIV/0! $1,400 1 1/1 $950 #DIV/0! $950 $1,400 #DIV/0! $1,400 1 1/1 $950 #DIV/0! $950 $1,400 #DIV/0! $1,400 6 $6,350 $10,400 Rear Lot Income $1,500 $1,500 ANNUALIZED INCOME Current Market Gross Potential Rent $94,200 $142,800 Less Vacancy 3% ($2,826) 3% ($4,284) Scheduled Gross Income $91,374 $138,516 ANNUALIZED EXPENSES Current Market Tax 1.900000% $7,920.67 $26,000.00 Waste $1,800 $1,800 FPL $3,150 $3,150 Ins $3,600 $3,600 Total Expenses $16,471 $34,550 Expenses/Unit $2,745 $5,758 Expenses/SF $4.12 $8.65 % of EGI 18.03% 24.94% RETURN Current Market NOI $74,903 $103,966 2765 NW 17TH TERRACE | MIAMI, FL 33125 5 THE SHOPS TOP DOWNTOWN EMPLOYERS Jest Islands Miami Riverview Miami Riverfront Apartments Residences Elite River View Apartments 2765 NW 17TH TERRACE | MIAMI, FL 33125 6 2765 NW 17TH TERRACE | MIAMI, FL 33125 Little Havana is noted as a center of social, cultural, and political activity in Miami. Its festivals, including the Calle Ocho Festival, Viernes Culturales/Cultural Fridays, the Three Kings Parade and others, have been televised to millions of people every year on different continents. It is also known for its landmarks, including Calle Ocho (SW 8th Street/Tamiami Trail), and its Walk of Fame (for famous artists and Latin personalities, including Celia Cruz, Willy Chirino, and Gloria Estefan), the Cuban Memorial Boulevard, Plaza de la Cubanidad, Domino Park, the Tower Theater, José Martí Park, the Firestone/Walgreens Building, St. John Bosco Catholic Church, Municipio de Santiago de Cuba and others. ▪ Calle Ocho (SW 8th Street) ▪ Padilla Cigar Factory ▪ Cuban Memorial Boulevard (SW 13th Avenue) ▪ Marlins Park (former site of the Orange Bowl) ▪ Little Havana Visitors Center (1600 SW 10 Street) ▪ Calle Ocho Walk of Fame (SW 8th Street between SW 12th Avenue and SW 17th Avenue) ▪ Centro Cultural Español de Cooperación Iberoamericana ▪ Little Havana Food & Cultural Tour, ▪ Versailles Restaurant SW 8 Street and 36 Avenue ▪ Ball & Chain (1513 SW 8 Street) World Famous Live Music Bar & Lounge; originally opened in 1935 2765 NW 17TH TERRACE | MIAMI, FL 33125 8 2765 NW 17TH TERRACE | MIAMI, FL 33125 97 WALK SCORE DOWNTOWN TOP EMPLOYERS 2765 NW 17TH TERRACE | MIAMI, FL 33125 9 Located at 1450 SW Seventh Street, the 52-room, three-story building is around the corner from the club and about a three-minute walk to Domino Park on Calle Ocho. The project will focus on five main features: accommodations, which can be anything from bunk beds and hammocks to high-end rooms; a food and beverage concept in a space that also caters to events, including live music and HOTEL TOWER HAVANA LITTLE workshops; co-working spaces with full facilities, including conference rooms; tours of the local area, often through partnerships with the community; and a wellness component, which can come in the form of yoga classes or surfing lessons, for example. Plaza Celia, a 16-unit boutique apartment building, broke ground recently in Little Havana. The development’s name honors the late Cuban-born singer Celia Cruz, the Queen of Salsa and an advocate for freedom and justice for the Cuban people. The lobby will showcase images of Cruz’s PLAZA CELIA life. The four-story project is being developed by Metronomic, Inc, and is rising at 2640 Southwest 12th Street. The developer says the Miami apartment complex will offer housing for students and workforce apartments for local residents. Plaza Celia is a part of Metronomic’s unique crowdfunding platform. Units range in size from 700 to 905 square feet, range from one to two bedrooms, and feature amenities such as a rooftop terrace. The nearly 292-square-foot development, to be called Reflections Apartments, will have 138 units, less than 800 square feet of ground floor retail space, 7,700 square feet of open space, car and bicycle parking. The review board approved waivers sought by J. Milton that reduced the number of pedestrian entries, commercial loading zones and the length of the driveway aisle. The building is being designed by architecture firm Axioma3. SEVENTH ST 1000 NORTHWEST 2765 NW 17TH TERRACE | MIAMI, FL 33125 10 2765 NW 17TH TERRACE | MIAMI, FL 33125 Apartment rents in the Little Havana submarket increased by 0.6% year-over-year, and have posted an average annual gain of 2.0% over the past three years. Vacancies are very close to the five year cycle average of 2.9%, they currently registered at 3.0%, remaining stable over the past four quarters. There are about 950 units currently underway, representing a 1% expansion of the existing inventory. Over the past three years, 425 units have delivered, or a cumulative inventory expansion of 3.1%. Sales activity was very strong over the past four quarters, registering at $116,700,000 , prolonging a multi- year stretch of good investment. The average annual sales volume over the past five years has been $85 million. Over the past year, employment gains were essentially in line with the five year average: Total employment increased by 2.4%, or about 28,700 jobs. Over the past five years, employment has increased by 2.6% annually on average, compared to a 1.7% average increase nationally. ABSORPTION, NET DELIVERIES & VACANCY 12 Mo. Delivered Units 12 Mo. Absorption Units Vacancy Rate 12 Mo. Asking Rent Growth 2765 NW 17TH TERRACE | MIAMI, FL 33125 11 2765 NW 17TH TERRACE | MIAMI, FL 33125 Little Havana’s main strip, Calle Ocho is home to brightly painted roosters, local art galleries and the Walk of Fame that honors famous Cubans. It’s here you’ll see the center of local life, where local Cuban restaurants and bakeries will tempt you at every corner. Calle Ocho is also home to Cultural Fridays with the best of Cuban arts, culture and music in addition to Miami’s largest street festival, Carnival on Calle Ocho, an explosion of color with street performers and live Latin music. Dubbed the “Worlds Most Famous Cuban Restaurant,” Versailles is a culinary landmark in Florida that offers a complete immersion into the Cuban culture. You can’t go wrong with an order of croquetas, ropa vieja, lechon asado or a Cuban sandwich. Start your morning off right with a caffeine jolt with a cafe cubano or a cortadito con leche evaporada and side of morning empanadas and guava pastries at their outdoor takeaway window. An aesthetic beauty, Marlins Park looks like a space station on the outside and is a colorful wonderland on the inside. A perfect place to take the entire family, this kid-friendly venue is unlike any other baseball stadium in the country. It’s not only a great place to watch a game, but you can also find a variety of enticing food options. From ballpark favorites at Obies to burgers and skewers at Pincho and tacos at Butterfly, you’re spoiled with culinary choices. 2765 NW 17TH TERRACE | MIAMI, FL 33125 12 2765 NW 17TH TERRACE | MIAMI, FL 33125 | LITTLE HAVANA 2765 NW 17TH TERRACE | MIAMI, FL 33125 13.