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

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The Bay Front Apartments 960 Bay Drive, Miami Beach, Florida, 33141 z 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. 02 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 04 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. 05 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 10 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. 12 Second Floor Plan 13 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.
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