EDGEWATER DEVELOPMENT SITE

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1 POSSIBILITY TO ASSEMBLE ADJACENT 5,775 SF LOT COVERED LAND PLAY - FOR SALE

2 EXECUTIVE SUMMARY NE 20 ST, 231 NE 19 ST PRICE: TOTAL LAND SF: TOTAL BUILDING SF: $5.9 M 16,000 SF 10,918 SF Gross Development SF: 352,000 Gross Development SF Including Bonuses: 492,800 Density Allowed: 184 Residential Units / 368 Hotel Keys NOI: $166, STREET FRONTAGE DESCRIPTION: Metro 1 Commercial is proud to present a premium 3 parcel portfolio of properties located in Edgewater (within the Omni CRA district). The Properties are ideally situated between the high traffic corridor of Biscayne Blvd and NE 2nd Ave. They are south of The Design District and North of the Adrienne Arsht Center for the Performing Arts. It s also minutes away from Design District, Buena Vista, Midtown and Wynwood. This site is across the street from planned 36 story 2000 Biscayne 393-unit apartment tower and within walking distance of grocery stores, banks, retail and restaurants. This area has witnessed unprecedented growth, which has created a compelling development opportunity. A gross development of 352,000 SF can be achieved as of right. Uses allowed include office, retail, mixed-use, hospitality and multifamily. PARCELS: 222 NE 20 ST NE 20 ST NE 19 ST Possibility to assemble: 221 NE 19 ST STREET FRONTAGE ADDRESS: WEB: CONTACT: NE 20 ST, 231 NE 19 ST metro1.com info@metro1.com 2

3 POSSIBILITY TO ASSEMBLE ADJACENT 5,775 SF LOT ADDRESS: NE 20 ST, 231 NE 19 ST WEB: metro1.com CONTACT:

4 DOWNTOWN SUBJECT PROPERTY 5 MIN DRIVE TO DOWNTOWN ADDRESS: NE 20 ST, 231 NE 19 ST WEB: metro1.com CONTACT: info@metro1.com 4

5 WYNWOOD SUBJECT PROPERTY 5 MIN DRIVE TO WYNWOOD ADDRESS: NE 20 ST, 231 NE 19 ST WEB: metro1.com CONTACT: info@metro1.com 5

6 ZONING ANALYSIS Property # Property Address: Unit # # Units Parcel # Building/U nit SF Lot SF Zoning FLR Gross Development SF Gross Development SF w/ Bonuses Density Allowed NE 20 ST N/A ,807 5,507 T6-36B-O 22 / 40% Additional Public Benefit 121, , NE 20 ST N/A ,887 4,804 T6-36B-O 22 / 40% Additional Public Benefit 105, , NE 19 ST N/A 8 Reference Below 4,224 5,689 T6-36B-O 22 / 40% Additional Public Benefit 125, , NE 19 ST T6-36B-O 231 NE 19 ST T6-36B-O 231 NE 19 ST T6-36B-O 231 NE 19 ST T6-36B-O 231 NE 19 ST T6-36B-O 231 NE 19 ST T6-36B-O 231 NE 19 ST T6-36B-O 231 NE 19 ST T6-36B-O Total 10,918 16, , , Possibility To Assemble * NE 19 ST N/A ,658 5,775 T6-36B-O 127, , Total 13,576 21, , , ADDRESS: WEB: CONTACT: NE 20 ST, 231 NE 19 ST metro1.com info@metro1.com 6

7 5 MINUTE DRIVE TO SOUTH BEACH > NE 19 STREET BISCAYNE BOULEVARD - 39,000 VPD 5 MINUTE DRIVE TO < WYNWOOD 5 MINUTE DRIVE TO DOWNTOWN v ADDRESS: WEB: CONTACT: NE 20 ST, 231 NE 19 ST metro1.com info@metro1.com 7

8 SUBJECT PROPERTY ADDRESS: WEB: CONTACT: NE 20 ST, 231 NE 19 ST metro1.com

9 NEIGHBORHOOD OVERVIEW PHOTOS The Edgewater/Midtown submarket is comprised of East Edgewater and the Midtown district just west of Biscayne Boulevard and West Edgewater. Edgewater is located on the eastern strip of coastal land immediately north of Downtown Miami {aka the CBD), with Midtown found on the west side of the Florida East Coast Railway. Edgewater had been overlooked for over a decade leading up to 2012, when Jorge Perez of the Related Group announced that he would be developing a fourtower residential/resort project within the Edgewater submarket known as the Paraiso Bay master development. Related s plan called for about 1,400 residential units, luxury amenities and an elaborate, bayfront walkway within the two-acre development site. Paraiso Bay was just the first of various residential and mixed-use developments to be announced in the neighborhood later on. There are now over 1,500 condo units currently under construction with more than 2,000 more units in the planning pipeline. Much of the charm and appeal of the Biscayne Corridor area is the easy accessibility to the Miami CBD, the interstate highways and Miami Beach. Additionally, the area is significantly less congested than the Central Business District and condo residences are typically much larger and more affordable than they are in comparable developments elsewhere in the Greater Downtown Miami market. ADDRESS: WEB: CONTACT: NE 20 ST, 231 NE 19 ST metro1.com info@metro1.com 9

10 FINANCIALS EXISTING PARCELS UNITS MONTHLY RENT TOTAL YEARLY RENT 231 NE 19th Street # BDR / 1 BTH $1,250 $15, NE 19th Street # BDR / 1 BTH $1,200 $14, NE 19th Street # BDR / 1 BTH $1,200 $14, NE 19th Street # BDR / 1 BTH $1,300 $15, NE 19th Street # BDR / 1 BTH $1,200 $14, NE 19th Street # BDR / 1 BTH $1,200 $14, NE 19th Street # BDR / 1 BTH $1,000 $12, NE 19th Street # BDR / 1 BTH $1,200 $14, NE 20th Street # 1 1 BDR / 1 BTH $950 $11, NE 20th Street # 2 1 BDR / 1 BTH $850 $10, NE 20th Street # 3 1 BDR / 1 BTH $1,000 $12, NE 20th Street # 1 2 BDR / 1 BTH $1,400 $16, NE 20th Street # 2 2 BDR / 1 BTH $1,250 $15, NE 20th Street # 3 2 BDR / 1 BTH $1,300 $15, NE 20th Street # 4 3 BDR / 1 BTH $1,450 $17, NE 20th Street # 5 1 BDR / 1 BTH $1,000 $12, NE 20th Street # 6 1 BDR / 1 BTH $1,000 $12, NE 20th Street # 7 1 BDR / 1 BTH $1,000 $12, NE 20th Street # 8 1 BDR / 1 BTH $1,000 $12,000 EXPENSES TOTAL GROSS INCOME $261,000 YEARLY EXPENSE FPL $500 Waste $5,232 Water $5,940 Insurance $25,981 Taxes $54,894 Association Fees 231 NE 19 $2,400 TOTAL YEARLY EXPENSE $94,947 NET YEARLY INCOME PRICE CAP $166,053 $5,900, % ADDRESS: WEB: CONTACT: NE 20 ST, 231 NE 19 ST metro1.com info@metro1.com 10

11 POSSIBILITY TO ASSEMBLE ADJACENT 5,775 SF LOT COVERED LAND PLAY - FOR SALE ADDRESS: WEB: CONTACT: NE 20 ST, 231 NE 19 ST metro1.com info@metro1.com 11