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Drexel Suites South Beach 440 14Th Street & 1355-57 Drexel Avenue

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Drexel Suites South Beach 440 14Th Street & 1355-57 Drexel Avenue Drexel Suites South Beach 440 14th Street & 1355-57 Drexel Avenue Licensed Short-Term Rentals in the Heart of the World’s Vacation Destination Suite Hotels have quickly become the “go-to” destinations for vacationers, business travelers, and Introduction 02 those seeking a non-traditional hotel experience. Each Suite comprises a stand-alone apartment Location Map 03 complete with full kitchen, living room, dining area, and all the comforts of home. Perfect for families, groups, or getaways, the Suite Hotel is here to stay. Asset Overview 04 Suite Hotels in Miami Beach will soar in value due to recent restrictions passed by the City of Miami Comparable Market Activity 05 Beach outlawing the operation of unlicensed short-term rentals in Residential districts, prohibiting Pro Forma 06 the use of AirBnB, Bookings.com, VRBO, HomeAway, etc. Fines for first time offenses are $20,000. Derson Monthly Projections 07 The Drexel Suites South Beach present a remarkable investment opportunity. Each of the eighteen Site Plan 08 Suites has been lovingly restored and meticulously maintained- both inside and out. There are twelve Two-Bedroom Suites and six One-Bedroom Suites to maximize both occupancy and ADR. Building Photographs 09 All Suites have been renovated with new kitchens and baths, finishes, furnishings, central A/C, 440 14th- Ground Floor Plan 10 impact windows and doors, and fire safety systems. The Drexel Suites South Beach is fully ADA 1335 Drexel- Ground Floor Plan 11 compliant, includes a small lobby, is legally licensed for daily rentals, and is fully operational. About Miami Beach 12 HIGHLIGHTS: About Miami 13 - All Suites Licensed for Daily Rentals - Exceptional South Beach Location - All Suites are Beautifully Renovated - Twelve 2BR Suites & Six 1BR Suites - Use AirBnB, Bookings.com, Expedia, etc, Introduction - Multiple Additional Income Streams $8,850,000 - CD-2 Commercial Zoning $27,500,000 02 Location Map L I N C O L N R O A D M A L L 440 14th Street Bayshore Municipal Golf Course New Convention Center 1355-57 Drexel Sailing the Bay Lincoln Road Mall Alton Road Commercial District Fun in the Sun Flamingo Park Tree Lined Meridian Boulevard Alton Road to Miami Causeway Collins Avenue Shopping District World Famous Ocean Drive Address 440 14th Street, 1355-57 Drexel Avenue Asking Price $8,850,000 Building Composition 18 Condominiums Number of Suites 18 Number of One-Bedroom Suites 6 Zoning Classification CD-2: Commercial Medium Intensity Number of Two-Bedroom Suites 12 Allowable FAR 1.5 Price per Suite $472,222 Total Site Area 9,326 SF Total Buildable Area 13,989 SF Projected Gross Income 2019 $1,172,718 Existing Building Area 10,694 SF Projected Expenses 2019 $552,039 Latent FAR 3,295 SF Projected NOI 2019 $620,679 Margin 53% Historic District Flamingo Park Historic District Cap Rate 7.01% Historic Status Contributing Price per Square Foot of Land $949 ADR Blended One-Bedroom $175 Price Per Square Foot of Building $828 ADR Blended Two-Bedroom $237 Price Per FAR Square Foot $633 Occupancy 77% Asset Overview 04 The subject property consists of two buildings; 440 14th Street and 1355-57 Drexel Avenue. Both Similar Suite Hotel Activity 1355 & 1357 Drexel Ave. Closed Sales- Suites Hotels buildings were constructed as garden apartments in 1935 of reinforced concrete block with wood framed floors and roof structure. 440 14th Street is comprised of eight two-bedroom Suites totaling SIMILAR PROPERTY SALE DATE SALE PRICE # SUITES TOTAL SF COST/SUITE COST/SF MVR 4,548 square feet. 1355-57 Drexel Avenue comprises ten units with four two-bedroom Suites and six one-bedroom Suites totaling 6,164 square feet. The total County Adjusted building area equals 10,694 ROYAL STAYS- BULK SALE 12/15 $12,500,000 30 24,813 $416,667 $504 1534 Euclid Ave. 4 3,611 1.40 square feet. 1032 Michigan Ave. 5 4,692 1.00 The most significant feature of the property’s location is its proximity to South Beach’s primary 1440 Pennsylvania Ave. 5 4,331 1.90 Commercial District comprised of Collins Avenue and Washington Avenue as well as Ocean Drive, the 1536 Jefferson Ave. 16 12,179 2.80 Beach, and Atlantic Ocean. It is also walking distance (three blocks) to Lincoln Road Mall and the new LA COSTA SUITES 5/16 $8,200,000 19 14,788 $431,579 $555 3.60 Convention Center. 3003 Indian Creek Dr. The property lies in a CD-2 (Commercial- Medium Intensity) zoning district which allows for hotels as CREST SUITES 9/16 $10,800,000 24 11,952 $450,000 $904 N/A a main permitted use. The property has been fully upgraded with new impact windows and doors, a 1966 James Ave. fire suppression and fire alarm system, new kitchens and baths, finishes, furnishings hardscape, landscaping, and is fully ADA compliant. The property is appropriately licensed as a Hotel and is fully ST. AUGUSTINE HOTEL 4/17 $9,000,000 24 6,566 $375,000 $1,371 2.10 operational. 347 Washington Ave. Significant upside exists through the introduction of additional amenities such as Food & Beverage VILLA ITALIA 5/17 $5,150,000 13 5,916 $396,154 $871 2.10 Service, a plunge pool, vending, laundry, valet service, zip cars, scooters, bicycles, as well as on-call 354 Washington Ave. specialty vendors such as chefs, masseuses, and yoga instructors. Additionally, significant latent FAR allows for additional construction. Property valuation methods are illustrated below; REDBURY HOTEL 10/17 $32,000,000 69 42,611 $463,768 $751 1.62 1776 Collins Ave. METHOD: Metric: Value: Total: Villa Paradiso ACTIVE $7,500,000 17 8,379 $441,176 $895 2.87 1. Average Suite Cost: 18 x $434,439 = $7,819,902 1415 Collins Ave. 2. Average Cost per SF: 10,694 SF x $740/SF = $7,913,560 Total Cost= $85,150,000 Total SF= 115,025 Avg Cost/SF= $740 3. Pro Forma Financial Model: See Page 06 = $8,850,000 Total Suites= 196 Avg. Cost/Suite= $434,439 2.15 4. Market Value Ratio: 2.15 x $4,311,143 = $9,268,957 Comparable Market Activity 05 Drexel Ave. Sales Price $8,850,000 No.Units SF Monthly Total Per Year No. of Suites 18 18 594 $5,429 $97,727 $1,172,718 Price per Suite $491,667 Totals 10,694 $5,429 $97,727 $1,172,718 Gross Income $1,172,718 Based on Derson projections. Includes Cleaning fees Vacancy factor 20% Already deducted from monthly income Occupancy is projected at 80% Other income $0 Alternate potential revenue streams exist, such as F&B, valet, vendors, etc. Operating Expenses $552,039 *RE Taxes-reassesed $134,824 Electric $15,626 Legal/Acct $2,500 Pest/termite $1,800 Currently no issues. Fees are for preventative measures. **Insurance $18,000 ***Mgmt Fee $109,531 15% of net revenue ($730,210). Employees are paid by management company CC Commissions $23,454 2% Based on Derson Projections Water/Sewer $10,800 OTAs Commissions $131,784 12% average of primary OTAs employed: AirBnB, Booking, & Expedia *Dade County Property Taxes indicated have been calculated using the Dade County Property Appraiser’s Cable/Internet/phone $16,200 Represents competitive bulk agreement in place. Property Tax Calculator. However, RE taxes can be reduced substantially by separating cost of business from Capital Reserves $6,000 Estimated. Building is completely renovated. Linen $17,280 Based on Derson projections purchase price. Repairs & Maintenance $6,000 Estimated. Buildings are fully renovated. Marketing $0 Sales and bookings are driven by OTAs. ** Insurance costs can vary significantly based on lender, carriers, required coverages, business liability, etc. Tourist/Resort Tax $0 Pass-through entity not factored into pro forma. Cleaning $37,800 Based on existing agreements with cleaning service. Cost reflected in proforma is indicative of similar sized facilities in the area ($1,000 per Suite). Customer Service $19,440 Based on Derson projections Food Supplies $0 Not applicable at this time. *** Management Fee is based on an assumed 15% of Net Income. However, this figure can be increased or Licenses & Permits $1,000 Typical annual licene renewal fees. NOI prior to DS $620,679 $51,723 monthly decreased depending on desired level of service or eliminated altogether by an owner/operator. Cap rate 7.01% Equity required $3,097,500 DSCR Significant upside exists through the introduction of additional amenities such as Food & Beverage Service, Loan Amt $5,752,500 1.54 a plunge pool, vending, laundry, valet service, zip cars, scooters, bicycles, as well as on-call specialty vendors P&I annualized $403,543 $33,629 monthly NOI after DS $217,136 $18,095 monthly such as chefs, masseuses, and yoga instructors. Cash on Cash 7.01% Pro Forma Figures in the Pro Forma at left are derived from projections provided by Derson along with additional Income and Expense information provided by the Owner/Operator. 06 Derson Monthly Projections 12 Two-Bedroom Suites & 6 One-Bedroom Suites TOTALS: Figures above are provided by Derson exclusively for the Drexel Suites South Beach. Derson is the leading Derson Monthly Projections Suite Hotel and Apartment Hotel consulting firm providing analysis, design, recommendations, and income projections from their offices in New York, Rome, Miami, Chicago, London, San Francisco, Montreal, Houston, and Boston. 07 440 14th Street 1355 & 1357 Drexel Avenue Site Plan 08 Building Photographs 09 BEDROOM BEDROOM BEDROOM BEDROOM Suite 1 Suite 3 500 SF 504 SF Suite 4 Suite 2 476 SF 478 SF BEDROOM BEDROOM BEDROOM th 440 14 Street- Ground Floor Plan Second Floor is Identical 10 Suite 5 570 SF Suite 1 Suite 2 Suite 7 816 SF 414 SF 448 SF Suite 6 448 SF 1355-57 Drexel Avenue- Ground Floor Plan Second Floor is Similar 11 Miami Beach is a coastal resort city located in Miami-Dade County, Florida.
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