15 Units East of US-1

Transcription

1 15 Units East of US-1 50 SE 3 RD AVE & 254 E DANIA BEACH BLVD DANIA BEACH OFFER MEMORANDUM $1,600,000 PeterDacko Media Realty & Advisors PDacko@MediaRealty.net

2 CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Media Realty & Advisors, Inc. (Media Realty)and should not be made available to any other person or entity without the written consent of Media Realty. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Media Realty has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Media Realty has not verified, and will not verify, any of the information contained herein, nor has Media Realty conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. 2

3 MISSION STATEMENT Media Realty was created in 2004 with the vision that real estate is the one common denominator that binds the neighborhoods to its residential and business communities alike. Media Realty is a full service real estate company with a business platform which includes brokerage services, property management, tenant placement services, and other ancillary services such as valuations, highest and best use analysis and tax abatement. Through our commitment of creating and maintaining long term relationships Media Realty is dedicated to reshaping our neighborhoods with best business practices and community involvement. Media Realty will enable our clients to maximize their net returns by providing the best information which allows our clients to make the most educated decision in a timely manner. Media Realty offers a unique value proposition no matter which side of the transaction you are on.

4 INTRODUCTION TO BROWARD COUNTY Broward County is well known for its brilliant sunshine in the winter, and ocean breezes in the summer, but it is also a vibrant, diverse destination for many growing businesses, corporations and others who seek the unique South Florida lifestyle. Currently, the County consists of thirty-one (31) unique municipalities, from the bustling urban center of the City of Fort Lauderdale, to the tranquil rural lifestyle found in the Town of Southwest Ranches. The diversity of lifestyles and tremendous population growth has positioned Broward County to become the second most populated county in the State of Florida. Broward County is an urbanized county located in southeast Florida. It is bounded by Palm Beach County to the north, Miami-Dade County to the south, Hendry and Collier Counties to the west, and the Atlantic Ocean on the east. The County population has increased steadily from 5,135 in 1920 to more than 1.7 million in This dramatic increase has made Broward County the 15th largest County (in terms of population) in the United States and the second largest in the State of Florida, just behind Miami-Dade One of the challenges residents of Broward County will face with is build-out. Broward County is the first County in the State to face the issue of build-out. Buildout occurs when available vacant or undeveloped land no longer exists. New development cannot occur without the demolishing, reconstructing, or subdividing of existing properties. As build-out becomes a reality, redevelopment within Broward County will be the future focus of how the County manages and directs growth, while protecting existing residential neighborhoods. This analysis has been prepared solely for informational purposes to assist the investor(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable4for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action.

5 INTRODUCTION TO DANIA BEACH Dania Beach, so named by the Danish residents who first lived there, is located in South Florida between Fort Lauderdale and Miami in a culturally diverse community with all the appeal of small town living. It was incorporated into Broward County in November 1904 with only 35 residents. Today with a population of nearly 30,000 people, Dania Beach remains one of Florida s most fascinating cities. Dania Beach not only provides a luxurious ocean view, but also offers a wide range of activities to pass the time including fishing, windsurfing, snorkeling, kiteboarding and much more. Stroll the immaculate parks and beaches while taking in the fresh sea breeze with the wide expanse of the gorgeous Atlantic Ocean. There are plenty of places to shop including a historic antiquities district with unique vintage finds. Take time to browse Dania Beach s local art galleries, sip coffee at a local shop, or try some famous ice cream. Why not take a gamble and try your hand at Poker? Dania Beach is known for its alluring Poker tournaments. Want something more exciting? Stop by Dania Jai-Alai and watch one of the word s fastest games! When you are not lying on the sand soaking up the sun, give surfing a try as the bluegreen waves that roll onto the beach. Hitch a ride with a sea captain for a day trip at sea or explore the Atlantic s inner depths with some scuba diving. If you re looking for a nice and relaxing time, come spend the day on the beach and enjoy gorgeous evening sunset. Dania Beach is definitely not one of your typical beach side towns. Dania Beach provides more to visitors than what meets the eye. From fishing and windsurfing to roller coaster rides and Jai-Alai, Dania Beach offers a variety activities for all ages. So pack your bags and book your flight today. Visit Dania Beach today, a place where relaxation and surf takes precedence. There is approximately $1 Billion of new development slated for Dania Beach. Click Here to view Sun Sentinel article regarding Dania New Development, This analysis has been prepared solely for informational purposes to assist the investor(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action.

6 DANIA BEACH Casino & Jai-Alai The Dania Beach Casino & Jai-Alai - The newest casino in Broward County is here in the City of Dania Beach. Featuring 900 Las Vegas style slot machines, a 24 table card room, nationally known recording artists and comedians, simulcast lounge and sports bar, multiple dining options and live Jai- Alai, the brand new Dania Beach offers a gaming and entertainment experience like no other in a friendly and fun environment. The Place The place at Dania Beach... a mixed-use project on approximately two acres featuring 144 residential rental units with 8,000 square feet of retail commercial space for restaurant and retail. Amenities also include a rooftop recreation facility, pool and fire-pit with some units available with a 'back-yard". The Place at Dania Beach is located at 180 East Dania Beach Blvd, and is owned by AHS Development Group. Dania Pointe - Mixed-Use Lifestyle Development. Dania Pointe is a 102-acre premier mixed-use development with almost 1 million square feet of retail and restaurants in addition to Class A offices, hotels, luxury apartments and public event space. With 1,600 linear feet of frontage on 1-95 and immediate proximity to the Fort Lauderdale- Hollywood International Airport, Port Everglades Cruise Port, and the DCOTA Design Center, Dania Pointe s sophisticated mix of shop, work, live, play and stay options will make it Broward County s preeminent lifestyle destination. 6

7 SUBJECT PROPERTY

8 BROWARD COUNTY PROPERTY APPRAISER Click here to Property Card 8

9 BROWARD COUNTY PROPERTY APPRAISER Click here to Property Card 9

10 LOCATION MAP Click here to view Google Map This analysis has been prepared solely for informational purposes to assist the investor(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable10 for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action.

11 PHOTO ADDENDUM 50 SE 3 AVE

12 PHOTO ADDENDUM 50 SE 3 AVE

13 PHOTO ADDENDUM 50 SE 3 AVE #4

14 PHOTO ADDENDUM 50 SE 3 AVE #5

15 PHOTO ADDENDUM 254 EAST DANIA BEACH BLVD

16 PHOTO ADDENDUM 254 EAST DANIA BEACH BLVD

17 PHOTO ADDENDUM

18 SKETCH 254 E DANIA BEACH BLVD 18

19 SKETCH 50 SE 3 RD AVE 19

20 RENT SURVEY Section 2

21 RENT ROLL 254 E DANIA BEACH BLVD Unit Type Rent 1 Studio $875 2 Studio $775 3 Eff $775 4 Studio $900 5 Eff $750 6 Eff $750 7 Studio $850 8 Studio $850 Total $6,525 This analysis has been prepared solely for informational purposes to assist the investor(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable21 for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action.

22 RENT ROLL 50 SE 3 AVE Unit # Rent Lease Expiration 1 $1,000 M-T-M 2 $950 M-T-M 3 $950 M-T-M 4 $1,000 10/31/ $875 M-T-M 6 $1,050 6/15/ $750 M-T-M Total $6,575 This analysis has been prepared solely for informational purposes to assist the investor(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable22 for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action.

23 RENT SURVEY 1 BEDROOM APTS. Address Current Price Sale Price Closing Date Rent Period Furnished Info (List) #Beds #FBaths Apt SqFt Year Built 1842 Thomas St Unit#R $1,075 Year Unfurnished SE 3rd Ter Unit#3 $1,100 Year Unfurnished Fillmore St Unit#A $1,100 Year Unfurnished LINCOLN ST Unit#2 $1,150 Year Unfurnished Wiley Street Unit#111 $1,195 Year Unfurnished Jackson St Unit#204 $1,200 Year Unfurnished Washington St Unit#2 $1,250 Year Unfurnished Dewey St Unit#403 $1,000 Year Unfurnished N 20th ave Unit#N $1,000 $1,000 10/12/2017 Year Unfurnished NE 2nd St Unit#325 $1,095 $1,095 7/12/2017 Year Unfurnished Plunkett St $1,100 $1,100 10/1/2017 Year Unfurnished SW 4th St Unit#2 $1,200 $1,200 11/1/2017 Year Unfurnished Lee St Unit#0 $1,235 $1,235 9/20/2017 Year Unfurnished Washington St Unit#2 $1,250 $1,250 10/10/2017 Year Unfurnished Wiley St Unit#215 $1,250 $1,250 7/9/2017 Year Unfurnished Tyler St Unit#7 $1,375 $1,375 6/1/2017 Year Unfurnished E Dania Beach Blvd $1,450 $1,450 7/11/2017 Year Unfurnished $1,178 $1,217 This analysis has been prepared solely for informational purposes to assist the investor(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable23 for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action.

24 RENT SURVEY (0/1) APTS Address Current Price Sale Price Closing Date Rent Period Furnishe d Info (List) Bed Bath Apt SqFt Year Built 1707 Taft St Unit#4 $850 Year Unfurnishe N 18th $850 Year Unfurnishe N 17TH AVE Unit# $775 Year Unfurnishe SE 13th St Unit#1-2 $975 Year Furnished S 16th Ave $875 $875 8/1/2017 Year Unfurnishe CT Unit#16 $875 $875 10/13/2017 Year Unfurnishe Polk St Unit#7 $900 $900 10/15/2017 Year Unfurnishe S 12th Ave Unit#0 $900 $900 10/15/2017 Year Part Furn SE 3rd Ter Unit#30 $950 $950 5/31/2017 Year Unfurnishe Lee St Unit#3 $950 $950 7/19/2017 Year Unfurnishe Dewey St Unit#2 $950 $950 9/29/2017 Year Unfurnishe Polk St Unit#7 $1,000 $1,000 7/1/2017 Year Furnished S 15th Ave Unit#1 $1,000 $1,000 9/1/2017 Year Unfurnishe SE Park St Unit#2 $1,100 $1,100 8/1/2017 Year Furnished $925 $950 This analysis has been prepared solely for informational purposes to assist the investor(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable24 for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action.

25 COMPARABLE SALES Section 3

26 COMMENTS DIRECT SALES COMPARISON A comparable sale is property that is similar to the subject property in most respects. It is located in a nearby location. It has recently sold for a fair market value. The selection of comparable sales is in most appraisals is the single most determining factor in establishing the value. The responsibility is to fully research the local real estate market and determine which comparable sales represent the best value characteristics of the subject property. The market or direct sales comparison approach to an estimate of value is a process of comparing market data, that is, prices paid for similar properties, prices asked by owners, and offers made by prospective buyers or the tenants willing to buy or lease. Typically a comparison grid is used and adjustments are made to each comparable sales used for major differences between the comparable and the subject property for such items as location, construction quality and significant amentias, etc. In the market approach, the attempts are made to both gauge and reflect the anticipated reaction by a typical purchaser to the subject property. This analysis has been prepared solely for informational purposes to assist the owner(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action. 26

27 Closed Sale Active SALES GRID SUBJECT NEIGHBORHOOD 2+4 UNITS PRIMARY EMPHASIS Address CITY List Price Sale Price CD Days on Market # Units SqFt Living Area $/SqFt Price/Unit GRM Cap 1820 Roosevelt St HOLLYWD $299, (2/1) $ (0/1) $ $ $99, % 1941 N 1544 ARTHUR ST HOLLYWD $625, (1/1)$900; (2/1)$1100;(3/2)$ $ $156, % 1968 N 1013 N 16th Ct HOLLYWD $290, (1/1); (0/1) 969 $ $145, % 1950 N 1832 N 16th Ct HOLLYWD $290, (2/1)$1000 (1/1)$ $ $145, % 1958 N 1214 N 15th Ct HOLLYWD $389, (2/2)$1350,$ $ $194, % 1955 Y 1628 WILSON ST # 1-2 HOLLYWD $225,000 $196,000 2/5/ (1/1) $1000, $ $ $98, % 1959 N 50 SE 10 TE OTHER $183,300 $208,254 3/17/ (2/2) (2/1) (1/1) 2442 $85.28 $69, N 1822 Lee St HOLLYWD $249,900 $220,000 1/17/ (1/1) $900; (2/1) $ $ $110, % 1957 N 334 SW 16 ST DANIABCH $229,000 $225,000 12/19/ (2/1) $1000,$ $ $112, % 1973 N 103 NE 3rd St DANIABCH $275,000 $235,000 4/15/ (2/2) $880, $ $ $117, % 1953 N 1719 Lincoln HOLLYWD $269,900 $268,900 11/23/ (2/2) $1000; (3/2) $ $ $134, % 1958 N 1725 Hayes St HOLLYWD $279,000 $269,000 10/26/ (1/1) $900 (0/1)$ $ $89, % 1936 N 35 NE 3rd St DANIABCH $295,000 $279,000 4/22/ (2/2)$1200; (2/1) $ $ $139, % 1977 N 42 NE 1 CT DANIABCH $325,000 $305,000 4/15/ (3/2)$1600; (2/1)$ $ $152, % 1978 N 103 SE 5th St DANIABCH $349,000 $310,000 8/5/ (4/4); (2/2) 2582 $ $155, % 1977 N 108 SE 4 te DANIABCH $335,000 $318,000 2/22/ (3/2)$1650; (2/1)$ $ $159, % 1978 N 1515 Garfield St HOLLYWD $339,500 $320,000 9/12/ (2/1) (1/1) 1696 $ $160, % 1953 N 2124 N 14th Ave HOLLYWD $339,000 $320,000 9/22/ (2/1)$1300; (2/2)$ $ $160, % 1973 N 1625 Wilson St HOLLYWD $345,000 $320,000 1/5/ (2/1) (1/1) 1679 $ $160, % 1959 N 29 NE 3rd St DANIABCH $399,000 $340,000 4/15/ (2/2) $1600 (2/1) $ $ $170, % 1969 Y 26 NE 3rd St DANIABCH $379,900 $360,000 7/22/ $ $120, Y 1637 Johnson St HOLLYWD $399,999 $380,000 4/1/ (2/2) $1200 (1/1) $ $ $126, % 1988 N $ $148, % $ $131, % Year Built Pool? This analysis has been prepared solely for informational purposes to assist the investor(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action.

28 INCOME & EXPENSES Section 4

29 INCOME AND EXPENSE 50 SE 3 AVE Summary Price: Down Payment: Number of Units: Price per Unit Current GRM: Current CAP: Market GRM: Market CAP: Annual Rent per Square Foot: Approximate Age: Approximate Lot Size: Approximate Net RSF: Cost per Net RSF: $800, % $200,000 Terms: 7 $114, % % $ , ,431 $ SQ FT Proposed Financing Purchase Money Mortgage 4.50% interest 30 yr. amortization Monthly Payment: $600,000 $3, Scheduled Gross Income: Less Vacancy Rate Reserve: Gross Operating Income: Less Expenses: Net Operating Income: Less Loan Payments: Pre Tax Cash Flow: Plus Principal Reduction: Total Return Before Taxes: Annualized Operating Data Current Rents $80,400 4, % $ 76,380 38, % $ 37,393 $ 36, % * $ 11,573 12, % * Market Rent $94,200 4,710 $ 89,490 38,987 $ 50,503 36,835 $ 13,668 11,573 $ 25, % 43.57% 6.83% 12.62% *As Percent of Down Payment Scheduled Income Annualized Expenses Current Rents Market Rent Taxes: $ 15,265 UNIT BDRMS/ Unit Monthly Monthly Monthly Monthly Insurance: 7,500 NUM BATHS Size Rent/Unit Income Rent/Unit Income Maintenance: 3, /1 $875-$1050 $5,825 $1,150 $6,900 Water & Trash 6, /1 $750 $750 $950 $950 Landscaping Licenses Electric Trash ,224 1,800 Total Scheduled Rent: $6,575 $7,850 Laundry Total Expenses: $ 38,987 Monthly Scheduled Gross Income: $6,700 $7,850 Per Net Sq.Ft.: $8.80 Annual Scheduled Gross Income: $80,400 $94,200 Per Unit: $5, This analysis has been prepared solely for informational purposes to assist the investor(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable29 for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action.

30 INCOME AND EXPENSE 254 E DANIA BEACH BLVD Summary Price: Down Payment: Number of Units: Cost per Unit: Current GRM: Current CAP: Market GRM: Market CAP: Annual Rent per Square Foot: Approximate Age: Approximate Lot Size: Approximate Net RSF: Cost per Net RSF: $795, % $198,750 Terms: 8 $99, % % $ , ,108 $ SQ FT Proposed Financing Obtain 1st Mortgage 4.50% 30 Monthly Payment: interest yr. amortization $596,250 $3, Scheduled Gross Income: Less Vacancy Rate Reserve: Gross Operating Income: Less Expenses: Net Operating Income: Less Loan Payments: Pre Tax Cash Flow: Plus Principal Reduction: Total Return Before Taxes: Annualized Operating Data Current Rents $78,300 3, % $ 74,385 31, % $ 42,615 $ 36,605 6, % * $ 11,573 17, % * Market Rent $88,800 4,440 $ 84,360 31,770 $ 52,590 36,605 $ 15,985 11,573 $ 27, % 37.66% 8.04% 13.87% *As Percent of Down Payment Scheduled Income Annualized Expenses Current Rents Market Rent Taxes: Rate: $ 9,000 UNIT BDRMS/ Monthly Monthly Monthly Monthly Insurance: 7,000 NUM BATHS Rent/Unit Income Rent/Unit Income Maintenance: 2,250 5 Studio $775-$900 $4,250 $1,000 $5,000 Water Sewer 1,800 3 Efficency $750-$775 $2,275 $800 $2,400 Landscaping Licenses Electric Cable ,600 2,520 Trash 1,680 Total Scheduled Rent: $6,525 $7,400 Total Expenses: $ 31,770 Monthly Scheduled Gross Income: $6,525 $7,400 Per Net Sq.Ft.: $10.22 Annual Scheduled Gross Income: $78,300 $88,800 Per Unit: $3, This analysis has been prepared solely for informational purposes to assist the investor(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable30 for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action.

31 DANIA BEACH PIPELINE

32 PENDING MAJOR PROJECTS LIST Click Here to view City s Pending Projects and Development Pipeline This analysis has been prepared solely for informational purposes to assist the investor(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action.

33 PENDING MAJOR PROJECTS LIST

34 ZONING

35 AERIAL VIEW Dania Beach Subject Click Here to view development regulations for EDBB-MU This analysis has been prepared solely for informational purposes to assist the owner(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action. 35

36 DEVELOPMENT REGULATIONS AS PER CITY WEBSITE EDBB-MU East Dania Beach Boulevard-Mixed Use Density: 35 du/ac by right; up to 75 du/ac with density bonus. F.A.R.: max. 8.0 Click Here to View development regulations for EDBB-MU

37 PLAT MAP

38 BUILDING HEIGHT MAP DANIA BEACH The subject property is located in District E 7 Stories 80 Ft by right and an additional 7 stories 70 Ft with incentives

39 EDBB-MU LAND DEVELOPMENT CODE DANIA BEACH

40 EDBB-MU LAND DEVELOPMENT CODE DANIA BEACH

41 EDBB-MU LAND DEVELOPMENT CODE DANIA BEACH