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South of Fifth Apartments WATCH VIDEO SOUTH OF FIFTH APARTMENTS 10 Units | Multifamily Property | South of Fifth OFFERING MEMORANDUM 349 Jefferson Ave, Miami Beach, FL 33139 CONFIDENTIALITY AGREEMENT SOUTH OF FIFTH APARTMENTS This is a confidential Offering Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest into the acquisition of the Subject Property. This Offering Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner or Franklin Street Real Estate Services, LLC. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or Franklin Street Real Estate Services, LLC. , nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Offering Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Offering Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any obligations therein have been satisfied or waived. By receipt of the Offering Memorandum, you agree that this Offering Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or the Franklin Street Real Estate Services, LLC. Furthermore, you agree not to use this Offering Memorandum or any of its contents in a manner detrimental to the interest of the Owner or Franklin Street Real Estate Services, LLC. In this Offering Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are so advised and expected to review all such summaries and other documents of whatever nature independently and not to rely on the contents of this Offering Memorandum in any manner. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR FRANKLIN STREET REAL ESTATE SERVICES, LLC AGENT FOR MORE DETAILS. Disclaimer: The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, Franklin Street has not verified, and will not verify, any of the information contained herein. All potential buyers must take appropriate measures to verify all of the information set through the due diligence period. South of Fifth Apartments TABLE OF CONTENTS CONTACT US PROPERTY INFORMATION SERGIO DIEZ (LEAD) OSCAR BANEGAS 4 Senior Associate Senior Associate 305.755.4260 305.776.7210 LOCATION INFORMATION [email protected] [email protected] 13 20 RENT COMPARABLES 26 SALE COMPARABLES 32 FINANCIAL ANALYSIS VISITS & OFFERS Please do not contact on-site management and residents. To schedule a tour or to make an offer, please contact a Franklin Street team member. 40 MARKET OVERVIEW Visit us at: FranklinSt.com PROPERTY INFORMATION 4 South of Fifth Apartments | Miami Beach, FL OFFERING MEMORANDUM SOUTH OF FIFTH APARTMENTS 10 Units - Multifamily Property 349 Jefferson Ave, Miami Beach, FL 33139 Sale Price: $3,250,000 Price / Unit: $325,000 Price / SF: $570.78 Number of Units: 10 Pro-Forma Cap Rate: 7.10% Pro-Forma NOI: $230,809 Year Built: 1953 Lot Size: 0.17 Acres INVESTMENT HIGHLIGHTS INVESTMENT SUMMARY South of Fifth Apartments is a 10-unit multifamily community located at 349 Jefferson Avenue, south of 5th • Ultra-Exclusive South of Fifth Neighborhood Street and just north of South Pointe. The immediate neighborhood consists primarily of luxury condominiums and boutique hotels. • Walking distance to the Beach (0.3 miles) The investment opportunity consists of a unit mix of (6) studios, (2) one-bedroom, one-bathroom, & (2) • Located just north of South Pointe Park and west of Ocean Drive two-bedroom, two-bathroom unit, totaling approximately 5,694 RSF. Apartment units offer updated kitchens with modern kitchen appliances, bathrooms, floorings, and wall unit A/C’s. Water and sewer are included in the rent while tenants pay for all their utilities. • Zoning allows conversion to Apartment-Hotel The asset is in the ultra exclusive “South of Fifth” neighborhood which is the most desired area of South Beach • Surrounded by world class dining, entertainment, & tourist destinations and all of Miami Beach. The property sits just four blocks from the beach and the world famous Ocean Drive. The immediate area boasts many high end restaurants, including Joe’s Stone Crab and Smith & Wolensky, as • Transient License currently in place well as access to various parks including South Pointe Park which offers breathtaking views of the Miami Skyline, Atlantic Ocean, and Fisher Island. • Updated Bathrooms & Kitchens South of Fifth Apartments offers an investor the opportunity to purchase an irreplaceable, income producing property in one of the most exclusive areas in Miami-Dade County, while having the opportunity to renovate to luxury quality apartments or operate the asset as an Apartment-Hotel and take advantage of the incredible location and local amenities. PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 5 PROPERTY DETAILS SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL LOCATION INFORMATION PROPERTY DETAILS Address 349 Jefferson Ave Property Name South of Fifth Apartments Zip 33139 Primary Property Type Multifamily City Miami Beach Zoning R-PS2 State Florida Lot Size 0.17 Acres County Miami-Dade APN # 02-4203-009-5270 Market South Beach Building Size (SF) 5,694 SF Submarket South of Fifth Year Built 1953 Nearest Highway I-395 MacArthur Causeway Number of Buildings 2 Nearest Airport Miami International Airport PARKING & TRANSPORTATION BUILDING INFORMATION Parking Type Surface Number of Floors 2 Parking Description Permitted On-Street Parking Construction Status Existing Framing Concrete Block UTILITIES & AMENITIES HVAC Wall-Unit Roof Cement Tile Utilities Gas Stoves Exterior Walls Painted Stucco 6 PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW S PROPERTY PHOTOS SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL 8 PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW PROPERTY PHOTOS SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 9 INTERIOR PHOTOS SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL 10 PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW INTERIOR PHOTOS SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 11 LOCATION INFORMATION 13 South of Fifth Apartments | Miami Beach, FL OFFERING MEMORANDUM REGIONAL & LOCAL MAP SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL 14 PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW SOUTH POINTE PARK SMITH & WOLLENSKY FISHER ISLAND THE YACHT CLUB JOE’S STONE CRAB PRIME 112 STORY NIGHTCLUB OCEAN DRIVE SOUTH OF 5TH NEIGHBORHOOOD ALTON RD WASHINGTON AVE S JEFFERSON AVE MICHIGAN AVE MERIDIAN AVE SOUTH BEACH MARJORY STONEMAN DOUGLAS OCEAN BEACH PARK 31000 AADT 5TH STREET S 4TH STREET PORT OF MIAMI AMERICANAIRLINES ARENA BRICKELL MIAMI BEACH MARINA MACARTHUR CAUSEWAY SOUTH POINTE ELEMENTARY SCHOOL 5TH STREET S 4TH STREET AREA OVERVIEW SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL DEMOGRAPHICS 1 MILE 3 MILES 5 MILES POPULATION Total population 23,402 54,498 235,830 Median age 35.6 38.4 38.9 Median age (Male) 35.1 37.8 38.9 Median age (Female) 36.2 39.2 39.5 HOUSEHOLDS & INCOME Total households 14,289 31,441 116,806 # of persons per HH 1.7 1.7 1.7 Average HH income $97,672 $114,194 $90,616 Average house value $273,956 $306,349 $324,683
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