411 Michigan Avenue
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411 Michigan Ave 411 Michigan Avenue MIAMI BEACH, FLORIDA OFFERING MEMORANDUM NON-ENDORSEMENT & DISCLAIMER NOTICE CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) and should not be made available to any other person or entity without the written consent of Marcus & Millichap. 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. Marcus & Millichap 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, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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 of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap. All rights reserved. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. 411 Michigan Avenue Miami Beach, FL Activity ID: ZAB0390710 OFFICES THROUGHOUT THE U.S. AND CANADA www.marcusmillichap.com SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.) OFFICES THROUGHOUT THE U.S. AND CANADA www.marcusmillichap.com 411 Michigan Ave EXCLUSIVELY LISTED BY PAUL D. NUDELMAN SHELLY ARGY First Vice President Investments Associate Member Associate Member National Multi Housing Group - Miami Office National Multi Housing Group - Miami Office Direct: (786) 522-7069 // Fax: (786) 522-7010 Direct: (786) 522-7020 // Fax: (786) 522-7010 [email protected] [email protected] License: FL SL3121830 License: FL SL3430303 RYAN NEE Broker of Record [email protected] License: FL BK3154667 411 Michigan Ave TABLE OF CONTENTS 01 INVESTMENT OVERVIEW // 07 02 03 MARKET COMPARABLES // 39 MARKET OVERVIEW // 49 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap 411 Michigan Ave section 1 Investment Overview 411 Michigan Ave OFFERING SUMMARY 411 411 Michigan Avenue Michigan Ave Total Price $2,200,000 Property Address Miami Beach, FL Buildable SqFt 14,000 Price Per Buildable SqFt $157.14 Number of Buildable Multifamily Unit 16 Price Per Buildable Multifamily Unit $137,500 Number of Buildable Hotel Room 41 Price Per Buildable Room $52,381 Lot Size SqFt 7,000 Price Per SqFt $314.29 8 PROPERTY OVERVIEW 411 MICHIGAN AVENUE Miami Beach, FL Marcus & Millichap is pleased to present 411 Michigan Avenue in Miami Beach , the subject property is uniquely located in the southernmost neighborhood of Miami Beach, strategically positioned on the southeast corner of 4th Street and Michigan Ave. The subject property is just a few blocks east of Alton Road which connects to the MacArthur Causeway. The Macarthur Causeway is the connecting thoroughfare from South Beach to the Miami mainland, providing access to Miami International Airport, Port Miami, I-395, Interstate-95 and the Dolphin Expressway. Other major thoroughfares providing access to the site include Collins Avenue, Washington Avenue and the Venetian Causeway. The property is surrounded by some of Miami Beach’s most iconic restaurant and entertainment venues such as Joes Stone Crab, Smith & Wollensky, Story Nightclub, Big Pink restaurant and Prime 112, all of which are a short walk of the subject property. The “South of Fifth” neighborhood is also known as “Walkers Paradise” for its proximity to fine dining, casual dining, supermarkets, the beach, various parks, and so on. The South of Fifth neighborhood has experienced consistent development growth, with a focus on boutique luxury residential development projects nearby including 321 Ocean, a 21-unit luxury residence garnering international attention prior to its completion in 2015. In addition to 321 Ocean, the South of Fifth neighborhood now boasts six unique and recently completed luxury projects including 350 Meridian, Glass, Louver House, Marea South Beach, One Ocean and Three Hundred Collins. PROPERTY OVERVIEW 9 411 Michigan Ave 10 PROPERTY OVERVIEW 411 Michigan Ave PROPERTY OVERVIEW 11 411 Michigan Ave 411 Michigan Ave 12 PROPERTY OVERVIEW ZONING DETAILS // 411 Michigan Avenue General Use Category C-PS2 Single-family; townhome; apartment; Commercial performance standards. apartment hotel pursuant to section 142- P 1105 of this chapter# (1) The commercial performance standards districts are designed to accom- Hotel and suite hotels pursuant to section P modate a range of business, commercial, office and hotel uses, as well as medium to 142-1105 of this chapter# high density residential development pursuant to performance standards which con- Hostel, pursuant to section 142-1105 of P trol the permissible type, density or intensity, and mix of development. Performance this chapter# standards development will allow for modification of requirements affecting certain Commercial P individual lots; greater flexibility, particularly for large-scale development; large com- Institutional C mercial, medium to high density residential and mixed use developments in phases Accessory outdoor bar counters, provided that the accessory outdoor bar counter is over time where the overall development at a single point in time or in a single in- P* not operated or utilized between midnight stance by private owners would not be practical; providing incentives for provision of and 8:00 a.m.; however, for an accessory North certain amenities and for conformance with specified objectives, thereby encouraging outdoor bar counter which is adjacent to of 5th more flexible and innovative design and development in accordance with the goals a property with an apartment unit, the Street accessory outdoor bar counter may not and objectives of the comprehensive plan and the redevelopment plan. only. be operated or utilized between 8:00 p.m. and 8:00 a.m. (2) In order to adequately and properly distinguish between types, densities Entertainment establishments, outdoor and intensities of uses and mix of permitted commercial development in the redevel- entertainment establishments, and open N opment area, districts are divided as follows: air entertainment establishments