8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Sam Mekras Senior Investment Associate Exclusive Listing Direct: 786.671.0154 [email protected] 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Table of Contents Confidentiality Disclaimer Property Description................................................................................ 3 This is a confidential Offering Memorandum intended solely for your limited use and benefit in de-termining whether you desire to express further interest into the acquisition of the Subject Property. This Offering Memorandum contains selected information pertaining to the Property Financial Analysis.................................................................................... 12 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 About MSP Group................................................................................... 15 require to evaluate a pur-chase 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 MSP Group Deals..................................................................................... 25 the Owner or MSP Group ,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 approxima-tions. Additional information and an oppor- tunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or MSP Group, LLC. , nor any of their respective directors, offi- cers, affiliates or representatives are making any representation or warranty, expressed or -im plied, 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 inves-tigations 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 Mem-orandum. The Owner shall have no legal commit-ment or obligation to any entity review-ing this Offering Memoran- dum or making an offer to purchase the Prop-erty unless and un-til 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 MSP Group, LLC. Furthermore , you agree not to use this Offering Mem-oran- dum or any of its con-tents in a manner detrimental to the interest of the Owner or MSP Group, LLC. In this Offering Memorandum, certain documents, including leases and other materi- als, are de-scribed in summary form. These summaries do not purport to be complete nor necessarily accu-rate descriptions of the full agreements referenced. Interested parties are so advised and expect-ed to review all such summaries and other documents of whatever nature independently and not to rely on `the contents of this Offering Memoran-dum in any manner. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MSP Group, LLC AGENT FOR MORE DETAILS 2 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Property Description 3 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Property Description Address: 6950 NW 8th Avenue City, State Zip: Miami, FL 33150 County: Miami-Dade Folio: 01-3114-019-0860 Units: 8 Total Square Feet: 3,494 Year Built: 1956 Lot Size(SF): 6,316 # of Buildings: 1 # of Stories: 1 Framing: CBS Exterior Wall: Painted Stucco Roof Structure: Flat Wood Roof Covering: Built Up HVAC: Wall # Parking Spaces: 13 and Street More Details MSP Group is pleased to have been appointed as the 6950 NW 8th Avenue is comprised of two (2) 1 bed- exclusive listing broker for 6950 NW 8th Avenue Miami, room 1 bathroom units and six (6) studio units. A rar- FL 33150. This 8-unit multifamily property is located ity in the area is off-street parking, something this in the City of Miami, just 1 block west US-441 and a property has plenty of with more than 1.5 space s per few blocks west of I-95 two of Miami’s most trafficked unit along with adequate street parking. The units are north south throughfares. The subject location on NW individually metered for both electric and water for 70th Street and 8th Avenue makes for a convenient lo- each tenant providing for more stable operating ex- cation as tenants can easily get to Downtown/Brickell, penses; and eliminating surprise water bills if tenants Wynwood, Miami International Airport, the Port of Mi- leave a faucet running. The property’s low operating ami and many other major employment and economic cost, efficiently laid out units combined with the low hubs of Miami-Dade. In addition to the ease of access price per unit presents an excellent cash flowing mul- to highways, tenants of the subject property have ready tifamily asset in bustling Miami-Dade County. access to public transit. 4 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Aerial NW 8th Avenue 5 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Aerial Edgewater/Midtown Downtown/Brickell South Beach Miami Beach NW 62nd Street Exit 6 6950 NW 8th Ave 6 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Aerial Golden Beach/Sunny Isles Aventura Bal Harbour 6950 NW 8th Ave NW 69th Street 7 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Unit 900 B - 1 Bed 1 Bath 8 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Unit 900 B - 1 Bed 1 Bath 9 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Unit 900 B - 1 Bed 1 Bath 10 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Unit 900 B - 1 Bed 1 Bath 11 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Financial Analysis 12 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Unit Mix Current Market Pro Forma # of Units Unit Type SF Rent Range Wtd Average Rent SF Rent Rent SF Rent Rent SF PF Growth 6 Studio 380 $600 - $800 $767 $2.02 $800 $2.11 $850 $2.24 10.87% 2 1 Bed 1 Bath 607 $800 - $900 $850 $1.40 $900 $1.48 $1,000 $1.65 17.65% 8 3,494 $788 $1.80 $825 $1.89 $888 $2.03 12.70% Current Monthly Pro Forma Monthly Potential Rent Potential Rent $6,300 $7,100 Current Annual Pro Forma Annual 1 Bed 1 Bath, 25% Potential Rent Potential Rent $75,600 $85,200 Studio, 75% Studio 1 Bed 1 Bath 13 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 Income & Expense List Price $795,000 Loan Assumptions $/Unit $99,375 Down Payment: 35% $278,250 $/SF $228 Loan Amount: 65% $516,750 Current Pro Forma Interest Rate: 3.50% Cap Rate 6.81% 8.11% Amortization: 30 Years DSCR/Debt Yield 1.95 10.48% 2.32 12.48% Leveraged Return 9.46% 13.17% Total Return 13.02% 16.86% Income % Per Unit Current % Per Unit Pro Forma Gross Potential Rent (GPR) $9,900 $79,200 $10,650 $85,200 Loss to Lease -4.55% ($450) ($3,600) 0.00% $0 $0 Gross Potential Income (GPI) $9,450 $75,600 $10,650 $85,200 Vacancy -5.00% ($473) ($3,780) -5.00% ($533) ($4,260) Effective Gross Income $8,978 $71,820 $10,118 $80,940 Expenses Current Taxes 6.14% $551 $4,410 5.45% $551 $4,410 Insurance 7.30% $655 $5,241 6.48% $655 $5,241 Electric 0.84% $75 $600 0.74% $75 $600 Water and Sewer 0.00% $0 $0 0.00% $0 $0 Trash 5.85% $525 $4,200 3.71% $375 $3,000 Contract Services/Lanscaping 4.46% $400 $3,200 3.95% $400 $3,200 Total Expenses 24.58% $2,206 $17,651 20.32% $2,056 $16,451 Net Operating Income (NOI) $6,771 $54,169 $8,061 $64,489 Debt Service DSCR 1.95 $27,845 DSCR 2.32 $27,845 Leveraged Return 9.46% $26,324 13.17% $36,644 Principal Paydown $9,917 $9,917 Total Return 13.02% $36,241 16.73% $46,561 *Every unit individually metered for water 14 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 About MSP Group 15 | MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com Follow Us 8 Units | 6950 NW 8th Avenue, Miami, FL 33150 About MSP Group Integrity | Service | Results To date, the duo of Deme Mekras and Elliot Shainberg have closed nearly ous sales awards, receiving several promotions and helped found the Miami $800,000,000 and more than 11,000 units in their careers.