WATCH VIDEO SOUTH OF FIFTH APARTMENTS 10 Units | Multifamily Property | South of Fifth OFFERING MEMORANDUM 349 Jefferson Ave, 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 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 • 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 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

* Demographic data derived from 2010 US Census

18 PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW SOUTH BEACH NEW DEVELOPMENTS SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

2 1 5TH STREET 4 S

JEFFERSON AVE

ALTON RD

3

1 2 3 4 5 URBANICA ON 5TH THE CANOPY CLUB MIAMI BEACH MARINA ROCA HOTEL STARWOOD HEADQUARTERS UNDER CONSTRUCTION UNDER CONSTRUCTION PROPOSED PROPOSED UNDER CONSTRUCTION 52 Hotel Rooms, Resturant, 45 500 Alton Road 300 Alton Road 419 Michigan Ave 2340 Collins Ave. Parking Spaces 44 Story, 330 Residential Marina Luxury Residential Tower with 30 Hotel Rooms 144,430 SF Office Building including Units, and a 3 Acre Public Park Retail, Resturant, and Office Space about 8,000 SF of Retail Space

PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 19 RENT COMPARABLES 20 South of Fifth Apartments | Miami Beach, FL OFFERING MEMORANDUM RENT COMPARABLES MAP

SOUTH OF FIFTH APARTMENTS 349 Jefferson Ave S Miami Beach, FL 33139

710 MERIDIAN AVENUE 710 Meridian Avenue 1 Miami Beach, FL 33139

Avg Rent: $1,600

345 MICHIGAN AVE 345 Michigan Ave 2 Miami Beach, FL 33139

Avg Rent: $1,550

935 8TH STREET 935 8th Street 3 Miami Beach, FL 33139

Avg Rent: $1,693

937 LENOX AVENUE 937 Lenox Avenue 4 Miami Beach, FL 33139

Avg Rent: $1,566

SOFI VACATION RENTALS 350 Washington Ave 5 Miami Beach, FL 33139

Avg Rent: $220

VILLA ITALIA SOUTH BEACH 354 Washington Avenue 6 Miami Beach, FL 33139 Avg Rent: $186

PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 21 RENT COMPARABLES MAP

URBANICA THE MERIDIAN 426 Meridian Avenue 7 Miami Beach, FL 33139

Avg Rent: $225

LIFE HOUSE SOUTH OF FIFTH 321 8 Miami Beach, FL 33139

Avg Rent: $138

URBANICA THE EUCLID 426 Euclid Avenue 9 Miami Beach, FL 33139

Avg Rent: $225

22 PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW TRADITIONAL & SHORT-TERM RENT COMPARABLES SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

710 MERIDIAN AVENUE 345 MICHIGAN AVE 935 8TH STREET 1 710 Meridian Avenue Miami Beach, FL 33139 2 345 Michigan Ave Miami Beach, FL 33139 3 935 8th Street Miami Beach, FL 33139

Building SF: 8,850 SF Year Built: 1962 Building SF: 420 SF Year Built: 1965 Building SF: 13 SF Year Built: 1951 Lot Size: 0.16 AC # Of Units: 14 Lot Size: 0 AC # Of Units: 1 Lot Size: 0.32 AC # Of Units: 23 Avg. Rent/SF: $2.53 Avg. Size: 632 SF Avg. Rent/SF: $3.69 Avg. Size: 420 SF Avg. Rent/SF: $2.88 Avg. Size: 588 SF Avg. Rent: $1,600 Occupancy: 100.00% Avg. Rent: $1,550 Occupancy: 100.00% Avg. Rent: $1,693 Occupancy: 100.00%

1 2 3

Unit Type Units Sqft Rent Rent/sqft Unit Type Units Sqft Rent Rent/sqft Unit Type Units Sqft Rent Rent/sqft

1/1 17 558 $1,550 $2.78 1/1 14 632 $1,600 $2.53 1/1 1 420 $1,550 $3.69 2/2 6 674 $2,100 $3.12

Total/Avgs 14 8,848 $1,600 $2.53 Total/Avgs 1 420 $1,550 $3.69 Total/Avgs 23 13,530 $1,693 $2.88

1/1 Condo. Renovated Interior

PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 23 TRADITIONAL & SHORT-TERM RENT COMPARABLES SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

937 LENOX AVENUE SOFI VACATION RENTALS VILLA ITALIA SOUTH BEACH 4 937 Lenox Avenue Miami Beach, FL 33139 5 350 Washington Ave Miami Beach, FL 33139 6 354 Washington Avenue Miami Beach, FL 33139

Building SF: 4,205 SF Year Built: 1935 Building SF: 2,986 SF Year Built: 1939 Building SF: 5,916 SF Year Built: 1935 Lot Size: 0.23 AC # Of Units: 6 Lot Size: 0.16 AC # Of Units: 5 Lot Size: 0.14 AC # Of Units: 13 Avg. Rent/SF: $2.34 Avg. Size: 670 SF Avg. Rent/SF: $0.37 Avg. Size: 597 SF Avg. Rent/SF: $0.41 Avg. Size: 455 SF Avg. Rent: $1,566 Occupancy: 100.00% Avg. Rent: $220 Occupancy: 90.00% Avg. Rent: $186 Occupancy: %

4 5 6

Unit Type Units Sqft Rent Rent/sqft Unit Type Units Sqft Rent Rent/sqft Unit Type Units Sqft Rent Rent/sqft

Studio 4 631 $1,450 $2.30 1/1 3 550 $200 $0.36 Studio 12 433 $180 $0.42

1/1 2 750 $1,800 $2.40 2/2 2 668 $250 $0.37 2/2 1 720 $260 $0.36

Total/Avgs 6 4,024 $1,566 $2.34 Total/Avgs 5 2,986 $220 $0.37 Total/Avgs 13 5,916 $186 $0.41

24 PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW TRADITIONAL & SHORT-TERM RENT COMPARABLES SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

URBANICA THE MERIDIAN LIFE HOUSE SOUTH OF FIFTH URBANICA THE EUCLID 7 426 Meridian Avenue Miami Beach, FL 33139 8 321 Collins Avenue Miami Beach, FL 33139 9 426 Euclid Avenue Miami Beach, FL 33139

Building SF: 29,382 SF Year Built: 1925 Building SF: 8,766 SF Year Built: 1937 Building SF: 15,451 SF Year Built: 2019 Lot Size: 0.32 AC # Of Units: 70 Lot Size: 0.15 AC # Of Units: 23 Lot Size: 0.16 AC # Of Units: 30 Avg. Rent/SF: $0.68 Avg. Size: 330 SF Avg. Rent/SF: $0.81 Avg. Size: 170 SF Avg. Rent/SF: $0.63 Avg. Size: 360 SF Avg. Rent: $225 Occupancy: % Avg. Rent: $138 Occupancy: % Avg. Rent: $225 Occupancy: %

7 8 9

Unit Type Units Sqft Rent Rent/sqft Unit Type Units Sqft Rent Rent/sqft Unit Type Units Sqft Rent Rent/sqft

Studio 70 330 $225 $0.68 Studio 23 170 $138 $0.81 Studio 30 360 $225 $0.63

Total/Avgs 70 23,100 $225 $0.68 Total/Avgs 23 3,910 $138 $0.81 Total/Avgs 30 10,800 $225 $0.63

PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 25 SALE COMPARABLES 26 South of Fifth Apartments | Miami Beach, FL OFFERING MEMORANDUM SALE COMPARABLES MAP

SOUTH OF FIFTH APARTMENTS 349 Jefferson Ave S Miami Beach, FL 33139

Price Per Unit: $325,000

320 EUCLID AVE Miami Beach, FL 1 33139

Price Per Unit: $340,882

221 COLLINS AVE Miami Beach, FL 2 33139

Price Per Unit: $490,909

321 COLLINS AVE Miami Beach, FL 3 33139

Price Per Unit: $295,652

250 COLLINS AVE Miami Beach, FL 4 33139

Price Per Unit: $540,740

726 JEFFERSON AVE Miami Beach, FL 5 33139

Price Per Unit: $312,500

912 EUCLID Miami Beach, FL 6 33139 Price Per Unit: $387,500

PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 27 SALE COMPARABLES SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

320 EUCLID AVE 1 Miami Beach, FL 33139 1 Sale Price: $5,795,000 Lot Size: 0.16 Acres Year Built: 1937 Building SF: 10,000 SF Price PSF: $579.50 Price/Unit: $340,882 Sale Date: No. Units: 17

Currently on market.

221 COLLINS AVE 2 Miami Beach, FL 33139 2 Sale Price: $5,400,000 Lot Size: 0.15 Acres Year Built: 1922 Building SF: 9,008 SF Price PSF: $599.47 Price/Unit: $490,909 Sale Date: 06/13/2019 No. Units: 11

Property was vacant at the time of sale.

321 COLLINS AVE 3 Miami Beach, FL 33139 3 Sale Price: $6,800,000 Lot Size: 0.15 Acres Year Built: 1937 Building SF: 8,766 SF Price PSF: $775.72 Price/Unit: $295,652 Sale Date: 04/11/2018 No. Units: 23

28 PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW SALE COMPARABLES SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

250 COLLINS AVE 4 Miami Beach, FL 33139 4 Sale Price: $14,600,000 Lot Size: 0.3 Acres Year Built: 1959 Building SF: 21,032 SF Price PSF: $694.18 Price/Unit: $540,740 Sale Date: 03/06/2018 No. Units: 27

726 JEFFERSON AVE 5 Miami Beach, FL 33139 5 Sale Price: $1,250,000 Lot Size: 0.16 Acres Year Built: 1940 Building SF: 5,065 SF Price PSF: $246.79 Price/Unit: $312,500 Sale Date: 07/01/2020 No. Units: 4

912 EUCLID 6 Miami Beach, FL 33139 6 Sale Price: $1,550,000 Lot Size: 0.15 Acres Year Built: 1921 Building SF: 2,399 SF Price PSF: $646.10 Price/Unit: $387,500 Sale Date: 05/22/2019 No. Units: 4

PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 29 SALE COMPARABLES SUMMARY SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

PROPERTY NAME PRICE BLDG SF PRICE/SF PRICE/UNIT # UNITS YEAR BUILT SALE DATE

320 EUCLID AVE 1 Miami Beach $5,795,000 10,000 SF $579.50 $340,882 17 1937 - FL 33139

221 COLLINS AVE 2 Miami Beach $5,400,000 9,008 SF $599.47 $490,909 11 1922 06/13/2019 FL 33139

321 COLLINS AVE 3 Miami Beach $6,800,000 8,766 SF $775.72 $295,652 23 1937 04/11/2018 FL 33139

250 COLLINS AVE 4 Miami Beach $14,600,000 21,032 SF $694.18 $540,740 27 1959 03/06/2018 FL 33139

726 JEFFERSON AVE 5 Miami Beach $1,250,000 5,065 SF $246.79 $312,500 4 1940 07/01/2020 FL 33139

912 EUCLID 6 Miami Beach $1,550,000 2,399 SF $646.10 $387,500 4 1921 05/22/2019 FL 33139

PRICE BLDG SF PRICE/SF PRICE/UNIT # UNITS TOTALS/AVERAGES $5,899,167 9,378 SF $590.29 $394,697 14.33

30 PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW SALE COMPS CHART SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 31 FINANCIAL ANALYSIS 32 South of Fifth Apartments | Miami Beach, FL OFFERING MEMORANDUM UNIT MIX SUMMARY SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 33 CURRENT INCOME & EXPENSE SUMMARY SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

34 PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW APARTMENT HOTEL OPPORTUNITY SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

R-PS2 ZONING APARTMENT HOTEL • The property is located is zoned R-PS2- Residential Performance Standard which allows for Medium Density Residential • Permitted Uses: Single family, townhome residences, apartments, apartment hotels and institutional uses. • The property may be converted to Apartment hotels as defined in section 114-1, shall conform with the following regulations: • (1)All units shall comply with the minimum unit size requirements in the underlying zoning district. In the R-PS2 district, the minimum unit size for hotel units shall be 335 square feet. • (2)Cooking facilities in hotel units shall be limited to one microwave oven, one sink, and one five-cubic-foot refrigerator. • (3)Hotel and suite hotel units located in the C-PS2, R-PS2, R-PS3, R-PS4, RM-2, and RM-3 zoning districts, shall not exceed the following occupancy limits per individual unit:a.For units less than 335 square feet, occupancy shall be limited to four persons.b.For units between 335 and 485 square feet, occupancy shall be limited to six persons.c.For units larger than 485 square feet, occupancy shall be limited to eight persons.d.No hotel or suite hotel unit may be occupied by more than eight persons.e.Notwithstanding the foregoing, an apartment hotel owner or operator may at its discretion further restrict the maximum occupancy of a hotel unit or suite hotel unit from the maximum occupancy set forth in this section 142-1105. • (4)Apartment hotels shall be prohibited in all zoning districts and overlay districts that do not list apartment hotel as a permitted or conditional use.(5)The building shall contain a registration desk and a lobby for any transient guest or occupant for a suite hotel unit, hotel unit, or the short-term rental of an apartment unit. All transient guest(s) or occupant(s) of a suite hotel unit, hotel unit, or the short-term rental of an apartment unit must register at the registration desk and are prohibited from accessing the suite hotel unit, hotel unit or the apartment unit without registration.

PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 35 APT-HOTEL DAILY RATE SUMMARY SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

36 PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW APT-HOTEL INCOME & EXPENSE SUMMARY SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 37 PRICING SUMMARY SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

Asking Price: $3,250,000 Price Per Unit: $325,000 Price per Square Foot: $570.78

Apartment-Hotel

Pro-Forma NOI $230,809

Value Indicators

Pro-Forma Cap Rate Gross 7.10%

Rent Multiplier 5.95

38 PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW FINANCING OPTIONS SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

Quote 1 Quote 2 Quote 3 Loan Type Bank - Short Term Rental Bank - Traditional Bank - Traditional Rate 3.00%-3.25% 2.95%-3.25% 3.75-4.00% Term (years) 5 years 5,7 or 10 years 10 years Amortization (years) 30 years 30 years 30 years LTV 60% 65% 70% DSCR 1.25x 1.25x 1.25x Interest Only Periods None None Up to one year Recourse Full Recourse Full Recourse Full Recourse Prepayment Penalty Stepdown Stepdown Stepdown Lender Origination Fee 0.25%-0.50% 0.25%-0.50% 0.25%-0.50% Comments No P&I Reserve No P&I Reserve 3-6 month P&I Reserve

Joseph Landsberg Franklin Street Capital Advisors (FSCA) provides tailored capital market information and we have a strong commitment to the Director - Debt & Equity Origination clients we serve. Our professionals work in partnership with our clients to develop, optimize, and implement a plan that enables them to achieve more, retain more, and profit more through our real estate expertise and extensive local and national network of [email protected] bank, debt fund, life company, conduit, agency, and equity providers. Current rates and terms are based on market conditions as of O: 954-487-1940 October 16, 2020 and are subject to review of borrower’s credit and personal balance sheet. For additional details or questions, please contact a FSCA professional listed below.

PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 39 MARKET OVERVIEW 40 South of Fifth Apartments | Miami Beach, FL OFFERING MEMORANDUM LOCATION INFORMATION SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

MIAMI -DADE MSA OVERVIEW

TOP EMPLOYERS Source: https://www.beaconcouncil.com/data/economic-overview/top-employers A LEADER IN FINANCE & COMMERCE AND A GATEWAY TO LATIN AMERICA Miami is a major center and a leader in finance, commerce, culture, media, entertainment, the arts, and international trade. In 2012, Miami was classified as an Alpha- World City in the World Cities Study Group’s inventory. It has a gross metropolitan product of $292 billion and is ranked 21st worldwide in GMP and 11th in the United States. Cosmopolitan Downtown Miami is also home to the largest concentration of international banks in the United States, and many large national and international companies.

LATIN AMERICAN REGIONAL HEADQUARTERS Miami-Dade County is a natural strategic location for Latin American regional headquarters. In addition to its central position in the Western Hemisphere, Miami-Dade benefits from its unmatched access to key destinations throughout the region, and a diverse pool of multicultural, multilingual professionals. Today, more than 1,100 multinationals have operations in South Florida, making it an ideal choice for regional headquarters. Latin American regional headquarters operations in Miami-Dade County include: • Kraft Foods Latin America • Acer Latin America • Medtronic Latin America Operations • Adobe Latin America • MTV Networks Latin America • Audi Latin America • Nickelodeon Latin America • Canon Latin America • Nokia Latin America • Cisco Systems Latin America • Novartis Latin America Services • Discovery Networks Latin America/US Hispanic • Oracle Latin America • Disney Media Networks Latin America • Panasonic Latin America, SA • Electrolux Major Appliances - Latin America • Parfums Christian Dior Latin America • Epson Latin America • Porsche Latin America, Inc. • ESPN Latin America • Samsung Electronics Latin America • FedEx Express, Latin America & Caribbean Division • Sony Broadcast & Professional Latin America • Ferragamo Latin America • Sony Ericsson Latin America • HBO Latin America Group • UPS Americas and the Caribbean • HP Latin America & Caribbean • Visa International, Latin America & Caribbean Region • Komatsu Latin America • Xerox Business Services Latin America

PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW 41 LOCATION INFORMATION SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

MIAMI -DADE MSA OVERVIEW TARGETED INDUSTRY CLUSTERS AVIATION From flight simulators to MRO (maintenance, repair and operations) providers, Miami-Dade County provides a strategic base to a wide range of aviation companies. One of the world’s busiest hubs for domestic and international air travelers and cargo, Miami International Airport (MIA) is served by a network of more than 300 freight forwarders and customs brokers, and supported by a one-stop Cargo Clearance Center with 24-hour service. Top employers include:

BANKING AND FINANCE Known as the financial capital of Latin America, Miami-Dade has the largest concentration of domestic and international banks on the East Coast south of New York City. Private banking, wealth management and trade finance are important components of the region’s financial sector, attracting institutions from Europe, Latin America and Canada serving individual, family and business customers. Top employers include:

CREATIVE DESIGN Miami-Dade County has captured the attention of the international creative design community. With a talented, multilingual pool of creative professionals and a solid infrastructure for producing and distributing creative work, Miami-Dade attracts leading-edge film, fashion, architecture, engineering, advertising, public relations and marketing firms. Top employers include:

HOSPITALITY AND TOURISM With its appealing combination of beaches, nightlife, restaurants, shopping, golf, tennis and national parks, Miami-Dade is one of the world’s top urban resorts. It also is a favored location for business meetings, sales events and trade shows, including high-profile diplomatic and hemispheric events. Top employers include:

42 PROPERTY INFORMATION LOCATION INFORMATION RENT COMPARABLES SALE COMPARABLES FINANCIAL ANALYSIS MARKET OVERVIEW LOCATION INFORMATION SOUTH OF FIFTH APARTMENTS // MIAMI BEACH, FL

MIAMI -DADE MSA OVERVIEW TARGETED INDUSTRY CLUSTERS

INFORMATION TECHNOLOGY Miami-Dade enjoys a thriving information technology (IT) sector, ranging from entrepreneurial startups to regional businesses and Fortune 500 companies. One of Miami-Dade County’s strategic advantages is the NAP of the Americas, one of the world’s few Tier-1 network access points and a high-speed connection for data, voice and video traffic throughout the Americas and Europe. Other data centers include Telefonica USA, ColoHouse, QTS and Miami Data Vault. Top employers include:

LIFE SCIENCES AND HEALTHCARE Since the 1950s, Miami-Dade’s entrepreneurial climate has nurtured successful biomedical, medical device and pharmaceutical companies. Today, Miami-Dade is home to industry leaders such as Beckman Coulter, BD Biosciences, Cordis (a Johnson & Johnson Company) and Merck, along with vibrant life science research programs and strong community healthcare organizations. Top employers include:

TRADE & LOGISTICS A strategic location for serving the Americas, unsurpassed air, sea and data connections, and a skilled multicultural workforce are among the key reasons trade and logistics companies choose Miami-Dade for their regional or global facilities. Companies from virtually every region of the world are represented in Miami-Dade’s international trade and logistics community. Japan’s Crystal Mover Services, Inc., a specialized operations and maintenance organization, recently established its U.S. headquarters in Miami-Dade, as did Uni Logistics America, LLC, one of the top 10 private international freight forwarding companies in China. Top employers include:

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EXCEPTIONAL QUALITY OF LIFE Miami-Dade is one of the state’s – and the world’s – most popular vacation spots. Though destinations often are said to offer something for everyone, the Miami area offers multiple enticements for everyone: The trendy nightlife of South Beach and the excitement of the Art Deco district. The bustle of Calle Ocho and the highly caffeinated energy of Little Havana. The plush hotels of Miami Beach and the historic hideaways of Coral Gables. Seemingly endless shopping opportunities in modern, sprawling malls and the quiet, personal attention offered by the family-owned shops of and many other corners of the region. The lures of deep-sea fishing and golf and tennis, major league football, basketball, hockey and baseball, boat shows and auto racing, art festivals, outdoor food, and wine extravaganzas, an international airport and the world’s busiest cruise port - the Miami area offers all of this – and so much more. OUTDOOR RECREATION Miami-Dade’s beaches, boating and fishing offer opportunities for year-round recreational pursuits. There are miles of popular beaches along the Atlantic Ocean and Biscayne Bay, from Sunny Isles Beach through Key Biscayne and south to Homestead’s . Just offshore is , and to the west is National Park, making Miami-Dade one of the only communities in the U.S. to have two of these natural treasures. Golf and tennis are among the many other outdoor recreational activities that Miami-Dade residents enjoy year-round. The region also has an extensive network of parks and other recreational facilities, as well as an extensive network of bicycle lanes that runs throughout Miami-Dade County.

SOUTH BEACH DOWNTOWN MIAMI SKYLINE MUSEUM, CULTURE & ATTRACTIONS Miami-Dade has a vibrant cultural scene, with private and public dollars flowing into the arts. In downtown Miami, the Perez Art Museum Miami and Miami Science Museum are creating a new waterfront cultural hub near the Adrienne Arsht Center for the Performing Arts of Miami-Dade County. On Miami Beach, the New World Symphony, America’s orchestra academy, is enjoying its new symphony hall that includes a unique outdoor projection screen for viewing concerts in the park.

From contemporary to historical treasures, Miami’s cultural and art museums offer an overview of international art drawn from private collections and traveling ADRIENNE ARSHT CENTER FOR THE PERFORMING ARTS exhibitions. Visitors learn about Miami’s earliest inhabitants at HistoryMiami, which has interactive exhibits and offers exciting boat, walking, coach and eco- history tours of Miami.

Art buffs have a wealth of options, including Pérez Art Museum Miami (PAMM), Museum of Contemporary Art (MOCA), Frost Museum of Art at Florida International University and the . On Miami Beach, the Bass Museum of Art features Old Masters as well as modern and contemporary exhibits. Vizcaya Museum and Gardens has many amazing antiques-filled rooms to explore, along with enchanting formal gardens. A humbler yet no less fascinating historic home is The Barnacle House, built in 1891 by Coconut Grove pioneer Ralph Munroe. The is housed in a 1936 Art Deco synagogue on Miami Beach. The Haitian Heritage Museum features a collection of beautiful Haitian art, historical artifacts, music, film and literary works. The Coral Gables Museum offers an VIZCAYA MUSEUM AND GARDENS interesting glimpse at one of Miami’s most historic neighborhoods. Rated one of the top 10 zoos in the U.S. by TripAdvisor.com in 2014, is a 340-acre zoo that showcases more than 3,000 animals including koalas, tigers, and elephants in large open-air exhibits.

Miami Seaquarium is one of South Florida’s premier marine attractions and boasts a wide variety of marine life, remarkable educational programs and state of the art rescue and rehabilitation efforts. The 38-acre park is located on Key Biscayne and is home to dolphins, killer whales, sea lions, sea turtles and manatees, among many others.

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AWARD-WINNING EDUCATION SYSTEM A private research university with more than 15,000 students from around the world, the is a vibrant and diverse academic community. Led by President Donna E. Shalala, the University comprises 11 schools and colleges serving undergraduate and graduate students in more than 180 majors and programs. In 2014, for the sixth year in a row, U.S. News & World Report ranked AMERICAN AIRLINES ARENA MARLINS PARK DORAL GOLF RESORT AND SPA UM among the top 50 universities in the country in its “Best Colleges” listings. U.S. News also cites several of its UNIVERSITY OF MIAMI programs in “America’s Best Graduate Schools.” SPORTS, RECREATION & ENTERTAINMENT is the largest and most diverse college Miami-Dade is one of the nation’s premier locations for professional and college sports. Led by LeBron James, in the nation. With seven campuses, two centers and more Dwayne Wade and Chris Bosh, the Miami Heat captured back-to-back National Basketball Association (NBA) than 165,000 students from across the world, the College championships in 2012-2013, selling out their home games at American Airlines Arena in Downtown Miami. The offers over 300 programs of study and several degree National Football League’s Miami Dolphins play at in Miami Gardens, which also hosts the options, including vocational, associate, and baccalaureate University of Miami Hurricane football team and the collegiate Orange Bowl each January. Florida International degrees. MDC features numerous Continuing Education University also fields a division 1 football team, and many local colleges and universities have competitive classes, online credit classes through the Virtual College, athletic programs. the New World School of the Arts, the School for Advanced Studies, The Honors College and Dual Enrollment. Near downtown, the Miami Marlins play their National League baseball games at Marlins Park, a new 37,000- MIAMI DADE COLLEGE seat facility with a retractable roof and numerous other fan-friendly features. South Florida residents can also watch the Florida Panthers play their National Hockey League games in BB&T Center in Sunrise. Florida International University (FIU) is Miami’s first and only public research university, offering bachelor’s, Other major Miami-Dade professional sporting events include the Sony Ericsson Open at the Tennis Center at master’s, and doctoral degrees. Designated as a top- on Key Biscayne, World Golf Championships – CA Championship at Trump National Doral Miami, tier research institution, FIU emphasizes research as a and NASCAR’s Sprint Cup and other motorsports championships at Homestead-Miami Speedway in Homestead. major component in the university’s mission. The Herbert Wertheim College of Medicine and the School of Computing and Information Sciences’ Discovery Lab, are just two of many colleges, schools, and centers that actively enhance SHOPPING the university’s ability to set new standards through Miami-Dade is a shopper’s paradise, drawing fashion-seeking visitors from around the world. There are FLORIDA INTERNATIONAL UNIVERSITY research initiatives. exclusive, high-end shops and boutiques, as well as dynamic regional malls and plenty of neighborhood options for bargain hunters. Mall and are among the nation’s most successful shopping centers, offers more than 100 bachelor’s, master’s, while leading shopping districts include Miracle Mile in Coral Gables, in Kendall and and doctoral degree programs. The Barry community in Miami Beach. To the west, draws a global clientele as an outlet shopping and entertainment includes a dynamic, multicultural student body of more center. High-end retail centers include , just a block from the ocean and Village of Merrick than 9,000 students from nearly all 50 states and 80 Park near U.S. 1 in Coral Gables. North of downtown is the Miami Design District, which has designer showrooms countries. Founded in 1940 as a Catholic college, Barry and home furnishing stores. To the south, Homestead’s quaint main street is populated with antiques stores, promotes knowledge and truth, an inclusive community, specialty shops and restaurants, and bargain is available at the nearby Prime Outlets Mall in Florida City. social justice, and collaborative service.

BARRY UNIVERSITY

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MIAMI INTERNATIONAL AIRPORT (MIA) Miami International Airport (MIA), located on 3,230 acres of land near downtown Miami, is operated by the Miami- Dade Aviation Department and is the property of Miami-Dade County government. Founded in 1928, MIA now offers more flights to Latin America and the Caribbean than any other U.S. airport, is America’s second-busiest airport for international passengers, boasts a lineup of 100 air carriers and is the top U.S. airport for international freight. MIA is also the leading economic engine for Miami-Dade County and the state of Florida, generating business revenue of $33.7 billion annually and welcoming 70 percent of all international visitors to Florida. MIA’s vision is to grow from a recognized hemispheric hub to a global airport of choice that offers customers a world- class experience and an expanded route network with direct passenger and cargo access to all world regions. PORT OF MIAMI OPA-LOCKA EXECUTIVE AIRPORT (OPF) PORT OF MIAMI Opa-locka Executive Airport (OPF) is located only 10 minutes from Sun Life Stadium (home of the MiamiDolphins and the Florida Marlins), 35 minutes from Downtown Miami, 30 minutes from Miami Beach and only 20 minutes The Port of Miami is among America’s busiest ports and recognized throughout the world with the from Miami International Airport. Designated as a reliever to Miami International Airport, Opa-locka Executive dual distinction of being the “Cruise Capital of the World” and the “Cargo Gateway of the Americas.” Airport features no landing fees and quick and easy access. The airport offers full FBO service, a wide range of It handles more than 25 shipping lines calling on approximately 100 countries and 250 ports around aircraft repair and maintenance services, including airframe, powerplant and avionics repair, and US Custom the world and is currently undergoing a multi-phase Capital Improvement Plan that includes a twin- Service on the airfield. The airport is also home to the busiest U.S. Coast Guard Air/Sea Rescue Station. tube tunnel directly linked to the interstate highway system; an on-dock rail system providing direct rail access; and a deep dredge project that will widen and deepen the channel to 50 feet in order MIAMI EXECUTIVE AIRPORT (TMB) to accommodate Post Panamax ships, the largest class of cargo vessels. This will make the Port of Miami Executive Airport (TMB) is one of the busiest general aviation airports in Florida, serving corporate, Miami the first port of call on the eastern coast of the U.S. with this capability. recreational, flight training, and governmental agency activities. Miami Executive Airport is just 15 minutes from the business centers of South Miami-Dade County. As a reliever to Miami International Airport, its location also provides fast and easy access to the Florida Turnpike, Ocean Reef, the Florida Keys as well as the recreational and RAIL business activities in Miami and Miami Beach. The airport provides modern, efficient and professionally staffed Florida East Coast Railway’s (FEC) Miami ramp terminal facility is the company’s largest and busiest FBO facilities serving the expanding corporate and business interests of South Florida. facility in the State of Florida. Located conveniently close to Port Miami, steamship line customers are able to use the intermodal service to get their cargo to and from their customers in a timely HOMESTEAD AIR RESERVE BASE and efficient manner. With an In Bond Department located at the ramp terminal and day-to-day The 482nd Fighter Wing, Air Force Reserve Command, maintains and operates Homestead Air Reserve Base, interaction with the Customs Service, FEC offers unique and speedy handling of all customer needs. located near the southern end of the Florida peninsula, about 25 miles south of Miami. It is a fully combat-ready Brightline’s express high speed rail system service runs between Miami and West Palm with a single unit capable of providing F-16C multi-purpose fighter aircraft, along with mission ready pilots and support personnel, for short-notice worldwide deployment. The wing has approximately 1,600 members, including more intermediate stop in Ft Lauderdale. than 1,200 reservists, of which 260 are full-time reservists, in addition to 325 full-time civilians. HIGHWAYS Miami-Dade County is served by an extensive network of roads and highways that connect major employment hubs with Miami International Airport and PortMiami, as well as residential suburbs and popular visitor attractions from the Everglades to Miami Beach. The County’s highway system includes the Florida Turnpike, Interstate 95, Interstate 75, and a network of Florida State Roads, including the Palmetto Expressway (SR 826), Dolphin Expressway (SR 836), Turnpike Homestead Extension (SR 821), Don Shula Expressway (SR 874), and Snapper Creek Expressway (SR 878). Among the twelve largest urban statistical areas in the United States, Miami has the most efficient,

MIAMI INTERNATIONAL AIRPORT MIAMI EXECUTIVE AIRPORT lowest-impact road system of all according to a ranking by Road Network Efficiency.

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MIAMI-DADE DEVELOPMENTS

BRICKELL CITY CENTRE is a $1.05 billion shopping and mixed-use development. Brickell City Centre brings unparalleled shopping, dining and entertainment. It’s 500,000 fq. Ft. vertical shopping experience is rounded out with a mix of premium and contemporary shops filled with beauty, home décor, jewelry, apparel and more. This combined with 3 45 floor high rises truly combines eat sleep and play. https://www.brickellcitycentre.com/work/overview

MIAMI WORLD CENTER MIAMI STADIUM - INTER MIAMI Miami World Center -Miami Worldcenter is one of the largest The $1 billion development calls for a 25,000-seat stadium and private master-planned projects in the United States, featuring a a hotel, office park and commercial campus on the city-owned diversity of urban land use, including retail, hospitality, residential Melreese golf course, which spans 73 acres. Beckham’s MLS team and commercial space. Located in the core of downtown Miami, would also build a public park on an adjacent site. the ten-block, mixed-use development is situated immediately north of the Central Business District and is surrounded by world- https://therealdeal.com/miami class amenities and boasts convenient access to transportation. At nearly 30 acres Miami Worldcenter is home to 1,875 residential units, 300K sq.ft., 2,050 hotel rooms, 500K sq. ft. expo space and 500K sq. ft. of office space. http://miamiworldcenter.com/masterplan

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MIAMI-DADE DEVELOPMENTS AMERICAN DREAM The largest mall in the US called The American Dream is coming to Miami. Slated to be 6 million square CITY PLACE feet , the $4 Billion retail and entertainment complex will be twice the size of the nations current largest Located in the center of Doral, City Place is known as South Florida’s new entertainment hub. Boasting mall, the King of Prussia mall in Pennsylvania. Developed by American Dream is said 250,000 of retail with more than 40 dining, shopping, and entertainment options plus luxury living space. to be more like an than traditional mall. The complex will feature a water park, giant indoor pool, an indoor ice rink and artificial ski slope, “submarine” rides, dozens of restaurants and up Source: https://www.miamiherald.com/miami-com/things-to-do/article225721225.html to 1,200 stores. Triple Five anticipates that 30 million people will visit each year.

Source: https://www.businessinsider.com/largest-mall-us-american-dream-miami-2018-5

GABLES STATION Gables Station is a transit oriented development, located only 30 feet away from the Miami Metrorail and Underline Park. The 1.3 million sq. ft. mixed use development will feature three towers set to include 120,000 sq. ft of retail, 500 residential units including 66 furnished extended-stay hotel units and is expected to employ approximately 500 workers. Expected to be completed in the fourth quarter of 2020.

Source: https://www.globest.com/2018/07/23/construction-begins-on-gales-station-development

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