24-UNIT APARTMENT BUILDING 181 NW 57Th Avenue, Miami, FL 33126 TABLE of CONTENTS
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FOR SALE 24-UNIT APARTMENT BUILDING 181 NW 57th Avenue, Miami, FL 33126 TABLE OF CONTENTS 1 Executive Summary Investment Summary Investment Highlights 2 Property Overview Rent Roll Income & Expenses Rental Market Analysis Recent Sales Aerial Area Market Overview 3 Affiliated Business Disclosure Confidentiality Agreement 181 NW 57th Avenue, Miami, FL 33126 1 EXECUTIVE SUMMARY INVESTMENT SUMMARY 4 CBRE is pleased to exclusively offer for sale a 20,960 SF parcel of land 181 NW 57th Avenue Address improved with a 24-unit apartment building. The property is located on Miami, FL 33126 busy NW 57th Avenue (Red Road) just north of Flagler Street. The Parcel Size 20,960 SF apartments are 100% leased with a waiting list of renters. Rents average $1.80 per square foot per month which is approximately 20% under 15,498 SF on three stories market at $2.20 per square foot. The property has a frontage of 24 units total approximately 200 feet on Red Road. The property is connected to Sewer. Building Size 3 units are 2/1 21 units are 1/1 The Red Road corridor is one of the busiest north-south arteries in Miami- 30 parking spaces Dade County leading all the way from the Miami International Airport and the 836 Expressway south to South Miami and Coral Gables. 24,000 Price per Unit $136,250 vehicles per day transit on Red Road every day. West Flagler Street also Zoning T6-8 has a high rate of traffic with 43,000 vehicles per day. There is a large Publix anchored shopping center blocks away from the site to the north. NOI $228,850 Burger King just completed their new headquarters at the NWC of Blue Lagoon Drive and Red Road. Access to the 836 Expressway is readily Asking Price $3,270,000 accessible from Red Road just a mile north of the site. Demographics Pro Forma Cap Rate 7.0% show a population of 185,978 with an average household income of $66,364 within a three-mile radius of the property. 181 NW 57th Avenue, Miami, FL 33126 INVESTMENT SUMMARY 5 FRONT REAR 181 NW 57th Avenue, Miami, FL 33126 INVESTMENT HIGHLIGHTS 6 Miami, Florida Market The Miami – Fort Lauderdale – Palm Beach Metropolitan Statistical Area (MSA Population: 6.0 Million) consists of Broward, Miami-Dade and Palm Upside Core Infill Beach Counties and is situated along the Demographics southeastern coast of Florida. The South Florida Potential and Population of 185,978 MSA contains over 5,775 square miles. With over 6 millionresidents, South Florida is home to 29% of Retail and average household the state’s population and is the most populated Apartment rents are income of $66,364 MSA in Florida. The area population is projected below market within 3 miles. grow by 1.2% annually. Excellent Location Built-in Customer Traffic Counts of Located on Red Road (NW Base 43,000 on West 57th Avenue) just North of The property benefits from Flagler Street, two main a substantial built-in Flagler Street and arteries in Miami-Dade customer base due to its 24,000 on Red County. proximity to The Miami International Airport. The Road (NW 57th property is 10 miles from Avenue) Demographics 1 Mile 3 Miles 5 Miles Brickell and Downtown Population 33,672 185,978 561,354 Miami. Avg. HH Income $51,237 $66,364 $63,212 Daytime Population 37,982 250,843 723,175 Median Age 47.4 44.4 42.4 181 NW 57th Avenue, Miami, FL 33126 2 PROPERTY OVERVIEW RENT ROLL 8 ROLL 2018 TENANT DEPOSIT Rent Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov NOELIA PATRICIA TALAVERA 1 1,370.00 1,295.00 1,295.00 1,295.00 1,295.00 1,295.00 1,295.00 1,295.00 1,370.00 1,370.00 1,370.00 1,370.00 1,370.00 ANDRES FRANCO 2 1,150.00 1,150.00 1,125.00 1,125.00 1,125.00 1,125.00 741.00 1,095.00 VACANT 1,150.00 1,150.00 1,180.00 1,150.00 JOAQUIN CASTILLO 3 350.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 EDDY PELAEZ RAMIREZ 4 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 LEONARDO ALVAREZ 5 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 DIANA DOUGHERTY 6 1,150.00 1,150.00 1,125.00 1,125.00 1,125.00 1,125.00 1,125.00 1,125.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 REINALDO MONTALVO 7 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 JUAN SMITH 8 1,150.00 1,150.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 890.00 1,150.00 1,150.00 1,150.00 BERTA, CABALLERO 9 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 MARLEN MORENO 10 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 HUMBERTO, PELLON 11 770.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 NETTYS DOUBLES 12 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 SANDRA CORPAS 13 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 MARIA COLATO 14 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 MERCEDES PEREIDA 15 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 ELIER, PAEZ 16 500.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 IVANIA ABAUNZA 17 1,350.00 1,350.00 1,350.00 1,350.00 1,350.00 1,350.00 1,350.00 1,350.00 1,350.00 1,350.00 1,350.00 1,350.00 1,350.00 YOLANDA, ALBERNAS 18 350.00 895.00 895.00 895.00 895.00 895.00 895.00 895.00 895.00 895.00 895.00 895.00 895.00 GERTUDIS RODRIGUEZ BAUZA 19 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1,095.00 1.095.00 1,095.00 1,095.00 1,095.00 SERGIO D. VENERO 20 500.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 CARMEN GARCIA 21 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,150.00 1,170.00 1,170.00 1,170.00 NILDA MENDEZ 22 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 1,075.00 JOSE SERRANO 23 1,095.00 1,095.00 1,115.00 1,115.00 1,115.00 1,115.00 1,115.00 1,115.00 VACANT 1,095.00 1,125.00 1,095.00 1,095.00 EDDY TORRES 24 950.00 1,050.00 1,050.00 1,050.00 1,050.00 1,080.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 1,050.00 26,780.00 26,780.00 26,780.00 26,810.00 26,396.00 26,750.00 24,640.00 25,585.00 26,990.00 26,990.00 26,960.00 181 NW 57th Avenue, Miami, FL 33126 INCOME & EXPENSES 9 181 NW 57th Ave Profit and Loss January - December 31, 2018 Total Monthly (Average) Income Rental Income 323,320.00 $ 26,900.00 Total Income $ 323,320.00 Gross Income $ 323,320.00 Expenses Alarm Maintenance 510.00 Dues & Subscriptions 573.72 $ 47.81 Comcast Elevator Maintenance 2,160.00 $ 180.00 Insurance Insurance - Liability 2,726.29 Property 6,038.00 Total Insurance $ 8,764.29 Labor 3,120.93 Licenses & Permit 916.75 Pest Control 1,440.00 $ 120.00 Property Tax 39,625.09 Utilities Florida Power & Light 1,560.00 $ 130.00 FPL Gas 16,800.00 $ 1,400.00 Waste 7,800.00 $ 650.00 Water 11,400.00 $ 950.00 Total Utilities $ 37,560.00 Total Expenses $ 94,670.78 Net Operating Income $ 228,850.00 181 NW 57th Avenue, Miami, FL 33126 RENTAL MARKET ANALYSIS 10 181 NW 57th Avenue, Miami, FL 33126 RECENT SALES 11 16030 NE 19 Ct (Multi-Family Apartments) 7021-7035 SW 23rd St (Multi-Family Apartments) Sold on: 5/17/2018 Sold on: 3/27/2018 Sale Price: $3,900,000 ($181.18 per SF) Sale Price: $2,450,000 ($164.01 per SF) Price per unit: $144,444 Price per unit: $153,125 Number of units: 27 Number of units: 16 GBA: 21,525 SF GBA: 14,938 SF 1515 S 14th Ave (Multi-Family Apartments) 105 W 26th St (Multi-Family Apartments) Sold on: 4/20/2018 Sold on: 10/12/2017 Sale Price: $3,500,000 ($162.33 per SF) Sale Price: $2,200,000 ($$234.57 per SF) Price per unit: $140,000 Price per unit: $137,500 Number of units: 25 Number of units: 16 GBA: 21,561 SF GBA: 9,379 SF 2019 Jackson St (Multi-Family Apartments) 2025 Madison St (Multi-Family Apartments) Sold on: 9/23/2018 Sold on: 4/2/2018 Sale Price: $3,300,000 ($184.24 per SF) Sale Price: $2,100,000 Price per unit: $137,500 Price per unit: $131,250 Number of units: 24 Number of units: 16 GBA: 17,911 SF GBA: 11,700 SF 181 NW 57th Avenue, Miami, FL 33126 AERIAL 12 W Flagler St - 43,000 VPD NW 57th Ave (Red Rd) - 24,000 VPD N AREA MARKET OVERVIEW 13 MIAMI, FLORIDA The Miami – Fort Lauderdale – Palm Beach Metropolitan trends fuse to create an ideal arena for investment in real Statistical Area (MSA Population: 6.0 Million) consists of estate.