The Bay Front Apartments 960 Bay Drive, Miami Beach, Florida, 33141

New Luxury Waterfront Apartments in the Heart of the World’s Vacation Destination

The Bay Front Apartments at 960 Bay Drive are the latest creation of international Builder & Introduction 02 Developer Restate Group. Renowned for their high-quality craftsmanship and attention to detail, Location & Environs Map 03 the Bay Front draws on their long history of successful projects and is a shining example of their Asset Overview 04 exceptional orchestration of the finest Architects, Designers, and Builders.

Rent Roll & Current Occupancy 06 This Waterfront, Courtyard, Garden Style Apartment Complex comprises over 17,139 square feet Current Income & Expenses 07 of living area and consists of four 2-Bedroom 2-Bath Units with Direct Water Views across Biscayne Bay and ten 1-Bedroom 1-Bath Units with either Water Views or Street Front locations. Property Photographs 08 The large 17,000 square foot site provides ample room for amenities such as the Formal Entry First Floor Plan 12 Breezeway, lush tropically landscaped Courtyard, a large bay facing Swimming Pool, and 14 Second Floor Plan 13 brand-new apartments with high quality brand-name fixtures, fittings, and equipment. About North Beach 14 The Bay Front Apartments are located on Normandy Island in the highly desirable “North Beach” About Miami Beach 16 section of Miami Beach. North Beach has seen explosive growth in the last few years spurred by About Miami 17 a new Town Plan, The City’s incentives for development, and hundreds of millions of dollars invested in the creation and revitalization of the public domain- including parks, streetscapes,

public institutions, entertainment, transportation, and infrastructure making the Bay Front Apartments a wise investment to have and to hold.

HIGHLIGHTS: - Direct Waterfront, Courtyard Design - 14 Fully Renovated, Oversized Units $4,500,000 - Four 2/2 and Ten 1/1 Units Totaling 17,139 Square Feet.

Introduction - Expansive Swimming Pool right on the Bay - Easy Access to Shopping, Dining, Entertainment and all the Essentials. - The Beach, North Shore Park, Town Center, and South Beach all just minutes away.

North Shore Open Space Park Fun in the Sun

North Beach Youth Center New Golden Sands Motel

Tatum Waterway New North Beach Town Center

NormandyNormandy IsleShores Municipal Municipal Golf Golf Iris on the Bay Normandy Fountain Historic District NewlyBay DesignatedFront Apartments Town Center WorldSailing Famous the Ocean Bay Drive

Address 960 Bay Drive, Miami Beach, FL 33141 Asking Price $4,500,000

Building Composition 14 Luxury Waterfront Apartments Number of Units 14

Number of One-Bedroom Units 10 Zoning Classification RM-1: Residential Multifamily Number of Two-Bedroom Units 4 Allowable FAR 1.25 Occupancy 100% Total Site Area 17,000 SF

Total Buildable Area 21,250 SF Projected Gross Income 2021 $312,900 Existing Living Area 17,139 SF Projected Expenses 2021 $92,079 Latent FAR 4,111 SF Projected NOI 2021 $220,821

Cap Rate 4.9% Historic District Normandy Isle Historic District

Historic Status Contributing Construction Type Concrete Block & Stucco Price per Square Foot of Land $265 Shared Amenities Large Pool, Courtyard, Breezeway Price Per Square Foot of Building $263 Year Built 1951 Price Per FAR Square Foot $218 Year Restored 2020

Asset Overview

Property Photographs Most units feature views across Biscayne Bay to La Gorce and Indian Creek Islands. Sun swept beaches and the Atlantic Ocean lie east at the top of the page.

The Bay Front Apartments received their Certificate of Completion from the City of Miami Beach in September, 2020 and the Leasing 960 Bay Drive - Rental Update 2/11/2021 Phase is now complete. As of this printing, all of the fourteen units have been rented at rates exceeding expectations.

ASKING RENTED GROSS EXPENSES @ NET The chart at left shows the apartment numbers (keyed to plans on UNIT AREA SF TYPE PRICE PRICE INCOME 30% GROSS INCOME pages 12 & 13) Unit Square Footage, Unit Type, and Asking Price for each. Note that all units were rented at or near the asking prices. L 900 1,064 2 BD / 2 BA $2,400 $2,300 $27,600 ($8,280) $19,320 E 901 730 1 BD / 1 BA $1,600 $1,550 $18,600 ($5,580) $13,020 For purposes of anticipated ROI, a figure of 30% of the gross income V 902 810 1 BD / 1 BA $1,675 $1,650 $19,800 ($5,940) $13,860 for expenses was employed to cover property taxes, insurance, E 903 910 1 BD / 1 BA $1,675 $1,675 $20,100 ($6,030) $14,070 building management, maintenance, and generally all costs typically L 904 786 1 BD / 1 BA $1,650 $1,550 $18,600 ($5,580) $13,020 associated with any multifamily operation. While 35% is the standard # 905 784 1 BD / 1 BA $1,600 $1,525 $18,300 ($5,490) $12,810 rule of thumb for multifamily expenses in Miami Beach, the Bay Front 1 906 1,310 2 BD / 2 BA $2,200 $2,150 $25,800 ($7,740) $18,060 has been completely restored with all new mechanical, plumbing and L 907 1,064 2 BD / 2 BA $2,500 $2,500 $30,000 ($9,000) $21,000 electrical systems, Central A/C, Impact Windows and Doors, Fire E 908 730 1 BD / 1 BA $1,700 $1,650 $19,800 ($5,940) $13,860 Safety and Security systems as well as all new Floors, Appliances, V 909 810 1 BD / 1 BA $1,775 $1,750 $21,000 ($6,300) $14,700 Fixtures, Fittings, Equipment, Landscape, Hardscape & Pest Control. E 910 910 1 BD / 1 BA $1,775 $1,725 $20,700 ($6,210) $14,490 The Current Income and Expense Report on the following page closely L 911 786 1 BD / 1 BA $1,750 $1,650 $21,000 ($6,300) $14,700 mirrors the original projections and actually produces a Higher Cap # 912 784 1 BD / 1 BA $1,675 $1,650 $19,800 ($5,940) $13,860 rate than anticipated. 2 913 1,310 2 BD / 2 BA $2,300 $2,250 $27,000 ($8,100) $18,900 Rents remain slightly lower than market levels to promote full occupancy during the pandemic and to ensure upside for the potential TOTALS= 12,788 $26,275 $25,575 $306,900 ($92,430) $214,470 investor. Large, Luxury, Waterfront apartments fill a burgeoning niche At a Net Operating Income of $214,470 a 4.8% Cap Rate yields a purchase price of $4,468,125 in North Beach as the explosion of new development in the area brings new housing demands at a higher level of affluence.

Rent Roll & Current Occupancy

06 Monthly Income: Annual Expenses:

APT # TYPE: RENT PROPERTY TAXES* $28,663 $900 2BR-2BA $2,300 INSURANCE ** $8,000 $901 1BR-1BA $1,550 LEGAL & ACCOUNTING $2,500 $902 1BR-1BA $1,650 CMB WATER/SEWER $7,200 $903 1BR-1BA $1,675 ELECTRIC $1,200 $904 1BR-1BA $1,550 WASTE MANAGEMENT $3,324 $905 1BR-1BA $1,525 LANDSCAPE $960 $906 2BR-2BA $2,150 PROPERTY MGMT @ 5% of GSI $15,645 PEST CONTROL $1,200 $907 2BR-2BA $2,500 POOL SERVICE $3,000 $908 1BR-1BA $1,650 ANNUAL INSPECTIONS $500 $909 1BR-1BA $1,750 LICENSES AND TAXES $500 $910 1BR-1BA $1,725 $911 1BR-1BA $1,650 REPAIRS & MAINTENANCE $5,000 $912 1BR-1BA $1,650 CAPITAL RESERVES $5,000 $913 2BR-2BA $2,250 VACANCY @ 3% $9,387 Miscellaneous Income $500

Total: $26,075 Total: $92,079

Total Scheduled Income: Total Expenses:

Monthly $26,075 Monthly $7,673 Annually $312,900 Annually $92,079

CAP RATE = 4.91% NOI: $220,821

Normandy Isle occupies a special place in the hearts of those who live, work, and play in Miami Beach. The Current Income & Expenses Island is adjacent to the North Beach Commercial Center (See page 03) yet is comprised almost completely of Single-Family Residences, Garden Apartment Buildings, and the Normandy Shores Municipal Golf Course which commands half of the Island. 07 West Wing & Central Courtyard All Units have Ample Space for Dining Beatifully Appointed Interiors Throughout East Wing & Central Courtyard Areas

Street View Along Bay Drive Large Swimming Pool Overlooking Biscayne Bay Central Courtyard with Entry Breezeway Beyond

Property Photographs

0608

Aerial View Looking West toward Sunset and Miami Skyline

La Gorce Island immediately to the left, Normandy Island and the Bay Front Apartments at 10 right. The Miami skyline is in the distance across Biscayne Bay. 09 Custom Kitchens in All Units

Beautiful New Wood Floors Private Balconey Overlooking Pool & Bay Direct Views of La Gorce Island & Downtown Miami

High Ceilings & Spacious Interiors Throughout The Bay Front from Bay Drive Showing Entry Breezeway with Terrace Above All New, High Quality Materials & Fixtures

Property Photographs

Aerial View Looking East toward Sunrise and Ocean

The Bay Front Apartments in foreground with the North Beach Commercial Center in the middle of the photograph. World Famous Miami Beach and the ever -beckoning Atlantic Ocean are just minutes away. See pages 14 & 15 for new developments and upcoming highlights of the North Beach Masterplan. 11 7

First Floor Plan See page 06 for individual Unit sizes, types, and lease rates.

Second Floor Plan

North Beach (NoBe) is currently experiencing a renaissance of revitalization spurred by the support of the City of Miami Beach, Developers, and local North Beach neighborhoods. Countless new developments are in the works and underway based on the City’s adoption of a masterplan to accelerate new development through up-zoning, Municipal Funding, and incentivizing growth in this strategically located area. Perched between the wealthy communities of South Beach to the south and Surfside/Bal Harbor to the north, North Beach’s time has come.

City funding has already completed the rebuilding of the North Beach Bandshell, established a free electric trolley system to serve all North Beach neighborhoods, rebuilt the City Center fountain on Normandy Isle, and established a national level branding and advertising campaign to attract family friendly tourism. Additional projects in the works include the rebuilding of North Shore Park, Development of the City owned West lots along Collins Avenue, and major improvements to North Beach streetscapes to produce a true “live, work, play” environment in a pedestrian friendly and safe, historic urban environment.

In addition to City projects completed and in progress, private sector development has invested hundreds of millions of dollars in the last two years to acquire, amass, and develop land for new hotels, retail, residential, and mixed-use projects in this unique beachfront village that is North Beach.

About North Beach

Miami Beach is a coastal resort city located in Miami-Dade County, Florida. Miami Beach has a tropical climate with hot humid summers and warm dry

Incorporated on March 26, 1915, it is located on a series of natural and man- winters. Other than the Florida Keys, Miami Beach has the warmest winter made barrier islands between the Atlantic Ocean and Biscayne Bay, the latter weather in the United States (mainland). The warm and sunny weather in Miami separates the Beach from Miami city proper. The historic neighborhood of Beach and South Florida attracts millions of travelers from around the world from South Beach, comprising the southern-most 2.5 square miles of Miami Beach, November through April. Sea surface temperatures range from 75 F in winter to along with Downtown Miami and the port, collectively form the commercial 86 F in the summer/fall months. Miami Beach has the warmest ocean surf in the center of South Florida. The current total population is 91,562, however, U.S. annually. South Beach is well known as the playground of the rich and Miami Beach hosted over 8.6 million visitors in 2016 and boasts 23,138 hotel famous as well as the world’s entertainment mecca. Real estate values continue rooms. Miami Beach has remained one of America's pre-eminent beach their upward climb. resorts for the past 100 years. Mean Resident age 33139: 38.9 yrs March 2012 COL index: 117.2 Mean Resident Age in FL: 40.5 yrs Well above U.S. average: 100.0 In 1979, Miami Beach's Art Deco Historic District was listed on the National Avg. household size 33139: 1.7p Land area in square miles: 2.7 Register of Historic Places. The Art Deco District is the largest collection of Art Avg. household size in FL: 2.6p Water area in square miles: 3.3 Deco architecture in the world comprising hotels, apartments and other Avg. AGI in 2010 in 33139 $89,607 RE property taxes for housing units

structures erected between 1923 and 1943. Mediterranean, Streamline Avg. AGI in 2010 in FL $50,523 2010 in 33139: (1.2%) $4,175 Moderne, and Art Deco are all represented in the District. South Beach is Florida: ( 1.0%) $1,882 Avg. Wages filed in 33139: $52,304 bounded by the Atlantic Ocean on the East, Lenox Court on the West, 6th Avg. Wages filed in FL: $39,563 Median RE property taxes paid for Street on the South and Dade Boulevard along the Collins Canal to the North. housing with mortgages in 2010: 33139 population 2010: 32,255 5 (1.4%) $4,665 The movement to preserve the Art Deco District's architectural heritage was 33139 population 2000: 38,441 Median RE property taxes paid for led by former interior designer Barbara Capitman, who now has a street in Houses and Condos: 36,412 housing with no mortgage in 2010: the District named in her honor. Renter-occupied Apts: 16,452 5 5 (1.1%) $3,466

About Miami Beach Note: This property is being offered as an off-market opportunity to preferred clients of Neal Deputy and the Keyes Company. Please be aware that the information included herein is deemed accurate but is not guaranteed or warranted in any way. Also, this information is subject to change at any time without notice to recipients.

Miami is a city located on the Atlantic coast in southeastern Florida and the Downtown Miami and South Florida are home to the largest concentration of county seat of Miami-Dade County. The 42nd largest city proper in the United international banks in the United States, and is home to many large companies States, with a population of 408,568, it is the principal, central, and most both nationally and internationally. The Civic Center is a major center for hospitals, research institutes, medical centers, and biotechnology industries. populous city of the Miami metropolitan area, and the most populous metropolis For more than two decades, the Port of Miami, known as the "Cruise Capital in the Southeastern United States. According to the U.S. Census Bureau, Miami's of the World," has been the number one cruise passenger port in the world, metro area is the seventh most populous and fourth-largest urban area in the accommodating some of the world's largest cruise ships and operations, and United States, with a population of around 5.5 million. is currently the busiest in both passenger traffic and cruise lines

Miami is a major center and a leader in finance, commerce, culture, media, Miami has a tropical monsoon climate with hot and humid summers and short, entertainment, the arts, and international trade. In 2010, Miami was classified as warm winters, with a marked drier season in the winter. Its sea-level elevation, a Alpha- World City in the World Cities Study Group’s inventory. In 2010, Miami coastal location, position just above the Tropic of Cancer, and proximity to the ranked seventh in the United States in terms of finance, commerce, culture, Gulf Stream shapes its climate. The wet season begins sometime in May, ending in mid-October. During this period, temperatures are in the mid 80s to entertainment, fashion, education, and other sectors. Ranked thirty-third among low 70s. Much of the year's 55.9 inches (1,420 mm) of rainfall occurs during global cities. In 2008, Forbes magazine ranked Miami "America's Cleanest City", this period. for its year-round good air quality, vast green spaces, clean drinking water, clean streets and city-wide recycling programs. According to a 2009 UBS study of 73 world cities, Miami was ranked as the richest city in the United States, and the world's fifth-richest city in terms of purchasing power. Miami is nicknamed the "Capital of Latin America", is the second-largest U.S. city with a Spanish-speaking majority, and the largest city with a Cuban-American plurality.

Risks are involved in any real estate purchase. It is the investor’s responsibility to independently verify any data relied About Miami upon for an investment using qualified legal, financial, and operations advisors. Prior to investing in real estate, investors should also carefully consider possible tax consequences and legal requirements.

Please be aware that the information included herein is deemed accurate but is not guaranteed or warranted in any way. Also, this information is subject to change at any time without notice to recipients.

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