Flagami Development Opportunity 840 NW 44 Avenue, Miami FL 33126 Architectural Plans for 14-Unit Multifamily Development Included O F F E R I N G M E M O R A N D U M Flagami Development Opportunity CONTENTS 01 Executive Summary 07 Additional Information Investment Summary 3 Development Plans 24 Unit Mix Summary 5 Flagami: AIRDNA Market Data 28 Location Summary 6 Short Term Rental Analysis 29 02 Property Description Property Features 7 Aerial Map 8 Parcel Map 9 Property Images 10 03 Rent Comps Rent Comparables Summary 12 Rent Comparables Map 20 06 Demographics Demographics 21 Demographic Charts 22 Exclusively Marketed by: David Arca Rafael Fermoselle Associate Director of Multi-Family Sales Lic: SL3364849 (305) 877-3966 (305) 299-4136 [email protected] [email protected] We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. Flagami Development Opportunity Investment Summary | 03 OFFERING SUMMARY 14-Unit Development Proposal prepared and included in this opportunity. ADDRESS 840 NW 44 Avenue Miami FL 33126 Centrally located in thriving Rental Market COUNTY Miami-Dade Possibility of Duplicating Density to 20-Units with MARKET Miami-Dade a Zero Parking Waiver SUBMARKET Flagami BUILDING SF 2,831 LAND SF 7,140 NUMBER OF UNITS 14 (PROPOSED) YEAR BUILT 1956 YEAR OF BUILDING ADDITION 1977 APN 01-3132-016-0030 OWNERSHIP TYPE Fee Simple FINANCIAL SUMMARY OFFERING PRICE $850,000 PRICE PSF $300.25 PRICE PER UNIT $60,714 OCCUPANCY 100.00 % NOI (As-Is) $35,431 ElevenTrust is pleased to offer for Sale 840 NW 44th Ave (the CAP RATE (As-Is) 4.17 % “Property”) in Miami, FL. A Multifamily property located in the heart of Miami. GRM (As-Is) 14.91 GRM (Redeveloped 3.46 The value estimate herein gives no consideration to the existing Opportunity (14-Unit)) building improvements, a multifamily property. If the improvements were considered, the cost to demolish the structure, as well as any offsetting income that could potentially DEMOGRAPHICS 1 MILE 3 MILE 5 MILE be derived from the continued operation of the multifamily property while plans and permits for the new development are 2018 Population 30,385 234,035 627,747 secured, would be considered and could affect the value estimate. The value estimated herein assumes the land is vacant 2018 Median HH Income $34,123 $35,941 $37,834 and available to be developed to its highest and best use. 2018 Average HH Income $45,230 $57,308 $63,170 Flagami Development Opportunity Investment Summary | 04 The proposed development property consists of 12 units of 2 bedroom-1bath apartments at approximately 650 sq. ft. and 2 units 1 bedroom – 1 bath apartments at approximately 449 sq. ft., totaling 9,516 square feet of living space. Rents in the building will range from $1,250 to $1,500 per month on an annual basis with a projected +$200,000 Anual Gross Income. Each unit has been designed to be conveniently accessible through a private hall entrance. Depending on your investment approach, you may be interested in operating the property with short-term rentals such as AirBnB, VRBO, etc.! (Analysis for operating as a Short- Term Rental Property at the end of this package for your review and consideration)> This property is located half a block away from NW 7th St, a main retail center and close to MIA and enjoys an impressive Walk Score of 84 (very walkable). This investment property allows for easy commuting with its close proximity to Brickell, Downtown, Coconut Grove, Coral Gables, and Miami International Airport. Flagami Development Opportunity Unit Mix Summary | 05 Actual Market Unit Mix # Units Square Feet Current Rent Rent PSF Monthly Market Rent Market Rent Market Income Income PSF 2 bd / 1 ba 12 650 $0 $0 $1,550 $2.38 $18,600 1 bd / 1 ba 2 449 $0 $0 $1,250 $2.78 $2,500 Totals/Averages 14 621 $0 $0 $1,507 $2.44 $21,100 Notes: **The Provided Unit Mix is based off the Proposed Development of the 14 Units** Flagami Development Opportunity Location Summary | 06 Regional Map Located in South Florida in the Miami Springs and Doral areas, Flagami acts as a quiet neighborhood outlying a major city. When looking at the map of Miami, the "tail" that curves out of the west border is the neighborhood of Flagami. Residents dwell in the area for its affordable apartments and single-family homes. Brightly painted houses bring a lively vibe to the streets of Flagami. Locals appreciate the nightlife scene, dining options, superb weather and location to the city center. Flagami lies 9 miles away from Miami, which amounts to a quick 20-minute drive. The analysis of a market-related basis indicates that the highest and best use of the site is a rental development taking maximum advantage of the site’s high-rise T5L zoning. Therefore, the existing improvements are not considered to be the most profitable use of the site from a market value perspective. The existing property consists of 2,831 adjusted square feet, a lot size of 7,140 square feet and a total monthly rent of $4,750. The property has a total of 7 bedrooms and 3 bathrooms and it was completely remodeled. *Close Proximity to: Miami Freedom Park at Melreese Soccer Stadium, Hotel, Office Park TV news reported that by July 12 it will be confirmed Locator Map that the area of Melreese Golf Camp located at NW 42 Ave in front of the airport entrance (in a walking distance from 840 Nw 44 Ave) will be the new location for the soccer stadium. It was reported that David Beckham partner with Jorge Mas will build a 28,000 seating Major League Soccer Stadium for the MLS team with an underground garage w/ office complex, a hotel, shops, restaurants, technology center, youth academy with a 58-acre park built with there group money, they will pay 4 @ 5 Million in rent for the 78 acres of land, the city-owned Melreese golf course area, floating a 180-acre alternative near Miami International Airport. Flagami Development Opportunity Property Features | 07 PROPERTY FEATURES NUMBER OF UNITS (PROPOSED) 14 BUILDING SF 2,831 LAND SF 7,140 LAND ACRES 0.17 YEAR BUILT 1956 YEAR OF BUILDING ADDITION 1977 # OF PARCELS 1 ZONING TYPE T5-R BUILDING CLASS C NUMBER OF STORIES 1 NUMBER OF BUILDINGS 1 LOT DIMENSION 62' x 114' SUBAREA INFORMATION (Sq. Ft.) BUILDING ADDITION (IN YR 1977) 936 PORCH, PITCH (IN YR 1977) 152 UTILITIES WATER Currently Paid by Landlord CONSTRUCTION EXTERIOR Wood & Chain Link Fence PATIO (670 SQ. FT.) Concrete Slab Flagami Development Opportunity Aerial Map | 08 Flagami Development Opportunity Parcel Map | 09 Flagami Development Opportunity Property Images | 10 Flagami Development Opportunity Property Images | 11 Flagami Development Opportunity Rent Comparables Summary | 12 Unit Mix and Rent Schedule 1 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1 ba 12 595 $1,190 $2 Total/Avg 12 595 $1,190 $2 Unit Mix Breakdown 328 NW 12 AVE, Miami, FL 33128 Comparables Rent Analysis Property Summary UNITS 12 1 bd / 1 ba $0 - $1,650 YEAR BUILT 2006 LOW HIGH Flagami Development Opportunity Rent Comparables Summary | 13 Unit Mix and Rent Schedule 2 Unit Mix # of Units Square Feet Rent Rent per SF 2 bd + 1 ba 1 882 $1,700 $1.92 Total/Avg 1 882 $1,700 $1.92 Unit Mix Breakdown 890 NW 22 AVE, Miami, FL 33125 Comparables Rent Analysis Property Summary UNITS 2 2 bd / 1 ba $0 - $1,825 YEAR BUILT 1965 LOW HIGH OCCUPANCY 100.00 % Flagami Development Opportunity Rent Comparables Summary | 14 Unit Mix and Rent Schedule 3 Unit Mix # of Units Square Feet Rent Rent per SF 2 bd + 1 ba 2 900 $1,575 $1.75 2 bd + 1 ba 2 1,150 $1,825 $1.58 Total/Avg 4 1,025 $1,700 $1.67 Unit Mix Breakdown 4332 W FLAGLER ST, Apt 303, Miami, FL 33134 Property Summary Comparables Rent Analysis UNITS 9 YEAR BUILT 2017 2 bd / 1 ba $0 - $1,825 LOW HIGH 2 bd / 1 ba $0 - $1,825 LOW HIGH Flagami Development Opportunity Rent Comparables Summary | 15 Unit Mix and Rent Schedule 4 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1.5 ba 1 760 $1,500 $1.97 2 bd + 2 ba 1 900 $1,500 $1.66 2 bd + 2 ba 1 950 $1,500 $1.57 Total/Avg 3 870 $1,500 $1.73 Unit Mix Breakdown 500 SW 19 AVE, Miami, FL 33135 Property Summary UNITS 26 Comparables Rent Analysis YEAR BUILT 2008 OCCUPANCY 100.00 % Flagami Development Opportunity Rent Comparables Summary | 16 Unit Mix and Rent Schedule 5 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1 ba 1 650 $1,525 $2.34 1 bd + 1 ba 1 650 $1,475 $2.26 1 bd + 1 ba 1 650 $1,425 $2.19 1 bd + 1 ba 1 650 $1,575 $2.42 1 bd + 1 ba 1 650 $1,550 $2.38 1 bd + 1 ba 1 800 $1,650 $2.06 Total/Avg 6 675 $1,533 $2.28 Unit Mix Breakdown 411 SW 37 AVE, Miami, FL 33135 Property Summary UNITS 12 YEAR BUILT 1988 OCCUPANCY 100.00 % Comparables Rent Analysis 1 bd / 1 ba $0 - $1,650 LOW HIGH 1 bd / 1 ba $0 - $1,650 LOW HIGH 1 bd / 1 ba $0 - $1,650 LOW HIGH 1 bd / 1 ba $0 - $1,650 LOW HIGH 1 bd / 1 ba $0 - $1,650 LOW HIGH 1 bd / 1 ba $0 - $1,650 LOW HIGH Flagami Development Opportunity Rent Comparables Summary | 17 Unit Mix and Rent Schedule 6 Unit Mix # of Units Square Feet Rent Rent per SF 2 bd + 1 ba 1 747 $1,450 $1.94 2 bd + 1 ba 1 747 $1,600 $2.14 2 bd +