POSSIBILITY TO ASSEMBLE ADJACENT 5,775 SF LOT COVERED LAND PLAY - FOR SALE
EXECUTIVE SUMMARY 222-230 NE 20 ST, 231 NE 19 ST 33137 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: $166,053 20 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 01-3231-002-0090 230 NE 20 ST 01-3231-002-0071 231 NE 19 ST 01-3231-060-0001 Possibility to assemble: 221 NE 19 ST 01-3231-003-0140 19 STREET FRONTAGE ADDRESS: WEB: CONTACT: EMAIL: 222-230 NE 20 ST, 231 NE 19 ST metro1.com 305.571.9991 info@metro1.com 2
POSSIBILITY TO ASSEMBLE ADJACENT 5,775 SF LOT ADDRESS: 222-230 NE 20 ST, 231 NE 19 ST WEB: metro1.com CONTACT: 305.571.9991 EMAIL: info@metro1.com 3
DOWNTOWN SUBJECT PROPERTY 5 MIN DRIVE TO DOWNTOWN ADDRESS: 222-230 NE 20 ST, 231 NE 19 ST WEB: metro1.com CONTACT: 305.571.9991 EMAIL: info@metro1.com 4
WYNWOOD SUBJECT PROPERTY 5 MIN DRIVE TO WYNWOOD ADDRESS: 222-230 NE 20 ST, 231 NE 19 ST WEB: metro1.com CONTACT: 305.571.9991 EMAIL: info@metro1.com 5
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 1 222 NE 20 ST N/A 8 01-3231-002-0090 4,807 5,507 T6-36B-O 22 / 40% Additional Public Benefit 121,154 169,616 63 2 230 NE 20 ST N/A 3 01-3231-002-0071 1,887 4,804 T6-36B-O 22 / 40% Additional Public Benefit 105,688 147,963 55 3 231 NE 19 ST N/A 8 Reference Below 4,224 5,689 T6-36B-O 22 / 40% Additional Public Benefit 125,158 175,221 65 231 NE 19 ST 101 1 01-3231-060-0010 528 T6-36B-O 231 NE 19 ST 102 1 01-3231-060-0020 528 T6-36B-O 231 NE 19 ST 103 1 01-3231-060-0030 528 T6-36B-O 231 NE 19 ST 104 1 01-3231-060-0040 528 T6-36B-O 231 NE 19 ST 201 1 01-3231-060-0050 528 T6-36B-O 231 NE 19 ST 202 1 01-3231-060-0060 528 T6-36B-O 231 NE 19 ST 203 1 01-3231-060-0070 528 T6-36B-O 231 NE 19 ST 204 1 01-3231-060-0080 528 T6-36B-O Total 10,918 16,000 352,000 492,800 184 Possibility To Assemble * 4 221 NE 19 ST N/A 1 01-3231-003-0140 2,658 5,775 T6-36B-O 127,050 177,870 66 Total 13,576 21,775 479,050 670,670 250 ADDRESS: WEB: CONTACT: EMAIL: 222-230 NE 20 ST, 231 NE 19 ST metro1.com 305.571.9991 info@metro1.com 6
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: EMAIL: 222-230 NE 20 ST, 231 NE 19 ST metro1.com 305.571.9991 info@metro1.com 7
SUBJECT PROPERTY ADDRESS: WEB: CONTACT: EMAIL: 222-230 NE 20 ST, 231 NE 19 ST metro1.com 305.571.9991 info@metro1.com 8
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: EMAIL: 222-230 NE 20 ST, 231 NE 19 ST metro1.com 305.571.9991 info@metro1.com 9
FINANCIALS EXISTING PARCELS UNITS MONTHLY RENT TOTAL YEARLY RENT 231 NE 19th Street # 101 1 BDR / 1 BTH $1,250 $15,000 231 NE 19th Street # 102 1 BDR / 1 BTH $1,200 $14,400 231 NE 19th Street # 103 1 BDR / 1 BTH $1,200 $14,400 231 NE 19th Street # 104 1 BDR / 1 BTH $1,300 $15,600 231 NE 19th Street # 201 1 BDR / 1 BTH $1,200 $14,400 231 NE 19th Street # 202 1 BDR / 1 BTH $1,200 $14,400 231 NE 19th Street # 203 1 BDR / 1 BTH $1,000 $12,000 231 NE 19th Street # 204 1 BDR / 1 BTH $1,200 $14,400 230 NE 20th Street # 1 1 BDR / 1 BTH $950 $11,400 230 NE 20th Street # 2 1 BDR / 1 BTH $850 $10,200 230 NE 20th Street # 3 1 BDR / 1 BTH $1,000 $12,000 222 NE 20th Street # 1 2 BDR / 1 BTH $1,400 $16,800 222 NE 20th Street # 2 2 BDR / 1 BTH $1,250 $15,000 222 NE 20th Street # 3 2 BDR / 1 BTH $1,300 $15,600 222 NE 20th Street # 4 3 BDR / 1 BTH $1,450 $17,400 222 NE 20th Street # 5 1 BDR / 1 BTH $1,000 $12,000 222 NE 20th Street # 6 1 BDR / 1 BTH $1,000 $12,000 222 NE 20th Street # 7 1 BDR / 1 BTH $1,000 $12,000 222 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 $5,900,000 2.81% ADDRESS: WEB: CONTACT: EMAIL: 222-230 NE 20 ST, 231 NE 19 ST metro1.com 305.571.9991 info@metro1.com 10
POSSIBILITY TO ASSEMBLE ADJACENT 5,775 SF LOT COVERED LAND PLAY - FOR SALE ADDRESS: WEB: CONTACT: EMAIL: 222-230 NE 20 ST, 231 NE 19 ST metro1.com 305.571.9991 info@metro1.com 11