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Home , Flagler Street, Red Road (Miami)

FOR SALE 24-UNIT APARTMENT BUILDING 181 NW 57th Avenue, , 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 () just north of . 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. 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, 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 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 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. With projections for continued population growth Broward, Miami-Dade and Palm Beach Counties and is and a limited supply of new development sites, existing situated along the southeastern coast of Florida. Bordered properties in the South Florida MSA should benefit from by the Florida Keys to the south, Martin County to the high occupancy rates, growing tenant sales and increasing north, to the west and the Atlantic market rents well into the foreseeable future. Along with Ocean to the east, the South Florida MSA contains over the city’s ever-booming construction sector, professional 5,775 square miles. With over 6 million residents, South and business services are expected to substantially Florida is home to 29% of the state’s population and is contribute to Miami’s annual growth rate. Investment in the most populated MSA in Florida. Although many South South Florida continues to climb each year, including a Florida communities are densely developed, the area’s rapid escalation over the past two years. population is still projected grow by 1.2% annually for the foreseeable future. Given the city’s proximity to South America, it is highly attractive to foreign investors who invested nearly $2.9 Tourism and the service industry are among the top billion in its real estate last year. The Miami MSA boasts employers in the area – over 20 million tourists per three major international passenger and cargo airports, year visit South Florida, including 6 million foreign two modern deep water ports, extensive rail service and a visitors. The area is also well known for its international large trucking network. The area has numerous museums business climate and is home to over 1,200 multinational and cultural institutions and benefits corporations. South Florida residents enjoy a high quality from the presence of the , Florida of life and low local taxes. Its primary employment centers, Atlantic University, Nova Southeastern University, Florida growing population, highly developed transportation International University, the Miami Performing Arts Center, infrastructure and strong and diverse economy make it the Broward Center for Performing Arts and the Raymond F. Florida’s dominant MSA. Favorable income and spending Kravis Center for the Performing Arts in West Palm Beach.

181 NW 57th Avenue, Miami, FL 33126 3 AFFILIATED BUSINESS DISCLOSURE AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT 15

CBRE, Inc. operates within a global family of companies with many Property and the Owner, and does not purport to be all-inclusive or subsidiaries and related entities (each an “Affiliate”) engaging in a contain all or part of the information which prospective investors broad range of commercial real estate businesses including, but not may require to evaluate a purchase of the Property. The information limited to, brokerage services, property and facilities management, contained in this Memorandum has been obtained from sources valuation, investment fund management and development. At times believed to be reliable, but has not been verified for accuracy, different Affiliates, including CBRE Global Investors, Inc. or Trammell completeness, or fitness for any particular purpose. All information Crow Company, may have or represent clients who have competing is presented “as is” without representation or warranty of any kind. interests in the same transaction. For example, Affiliates or their Such information includes estimates based on forward-looking clients may have or express an interest in the property described in assumptions relating to the general economy, market conditions, this Memorandum (the “Property”), and may be the successful bidder competition and other factors which are subject to uncertainty and for the Property. Your receipt of this Memorandum constitutes your may not represent the current or future performance of the Property. acknowledgement of that possibility and your agreement that neither All references to acreages, square footages, and other measurements CBRE, Inc. nor any Affiliate has an obligation to disclose to you such are approximations. This Memorandum describes certain documents, Affiliates’ interest or involvement in the sale or purchase ofthe including leases and other materials, in summary form. These Property. In all instances, however, CBRE, Inc. and its Affiliates will summaries may not be complete nor accurate descriptions of the full act in the best interest of their respective client(s), at arms’ length, agreements referenced. Additional information and an opportunity not in concert, or in a manner detrimental to any third party. CBRE, to inspect the Property may be made available to qualified prospective Inc. and its Affiliates will conduct their respective businesses ina purchasers. You are advised to independently verify the accuracy manner consistent with the law and all fiduciary duties owed to their and completeness of all summaries and information contained respective client(s). herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s Your receipt of this Memorandum constitutes your acknowledgement suitability for your needs. ANY RELIANCE ON THE CONTENT OF that (i) it is a confidential Memorandum solely for your limited use THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK. and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the The Owner expressly reserves the right, at its sole discretion, to reject strictest confidence, (iii) you will not disclose it or its contents to any any or all expressions of interest or offers to purchase the Property, third party without the prior written authorization of the owner of the and/or to terminate discussions at any time with or without notice to Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part you. All offers, counteroffers, and negotiations shall be non-binding of this Memorandum in any manner detrimental to the Owner or and neither CBRE, Inc. nor the Owner shall have any legal CBRE, Inc. commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

This Memorandum contains select information pertaining to the © 2018 CBRE, Inc. All Rights Reserved

181 NW 57th Avenue, Miami, FL 33126 © 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources PACO DIAZ believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Senior Vice President Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are +1 305 381 6411 service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners. [email protected] Use of these images without the express written consent of the owner is prohibited.

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