EXCLUSIVE OFFERING MEMORANDUM Westview Development Site NW 119 th Street, Miami, FL 33167 Great Access Cash Flow and Development Site
Table of Contents Table of Contents 2 Points of Interest 3 Investment Summary 4 Aerial 5 Property Description 6 Cash Flow & Income Statement 7 Disclosure 8 Contact Information 9 OFFERING OVERVIEW: Flagler Real Estate Services, LLC has been appointed as the exclusive agent for the marketing and sale of Westview Development Site. The Property is being offered on an as-is, where-is basis for the fee-simple interest in the building and the land. DUE DILIGENCE INFORMATION: The following due diligence items are available for download via the Property website: Offering Memorandum PROPERTY INQUIRIES AND TOURS: Inquiries and tour request should be directed to the following: Westview Development Site NW 119 th Street, Miami, FL 33167 Directions from I-95: Exit NW 119 th Street/Gratigny Parkway West. Property is located approximately half mile West on the North side of 119 th Street. Cary Cohen Vice President 305.520.2311 Cary.Cohen@flaglerdev.com 2 Westview Development Site
Points of Interest 5 4 1. Westview Country Club 2. Miami-Dade College- North Campus 3. Amelia Earhart Park 4. Opa Locka Airport 5. St. Thomas University 3 NW 27 th Avenue 1 NW 119 th Street I-95 2 Downtown Miami 3
Investment Summary Flagler Real Estate Services, LLC is pleased to exclusively offer investors the opportunity to acquire Westview Development Site (Property), a partially developed tract of land with three rental townhomes and a clubhouse on site, located in Miami-Dade County, Florida. Westview Development Site represents a unique opportunity to acquire a highly desirable development property perfect for Multi-Family or affordable housing development. The site already has 3 townhomes completed in addition to the community clubhouse (1,210 SF). The site has already been entitled and subdivided (plans included) for a rental townhome community containing 35 units (max allowable without obtaining variance or zoning change). The Property is conveniently located on NW 119 th Street/Gratigny Parkway just west of I-95. Gratigny Parkway and I-95, provide easy access throughout Miami-Dade County and the Greater South Florida area. 4 Westview Development Site
Aerial NW 17 th Avenue NW 119 th Street 5 NW 27 th Avenue
Property Description PROPERTY: Westview Development Site ADDRESS: NW 119 th Street, Miami, FL 33167 EXISTING CONSTRUCTION: ZONING: PROPOSED USE: ALLOWABLE USES: HEIGHT RESTRICTIONS: MAX FAR: MAX DENSITY: LAND AREA: 3 Townhome Units (Two 3- Bedrooms, One 4-Bedroom) and Clubhouse RU-3M (Residential- MF) 35 Townhome Units, (3 Units and 1,210 SF Clubhouse Completed) Single-Family, Multi-Family, Townhomes, Workforce Housing 2 Stories (35 feet) 0.30 (Single-Story), 0.50 (Two- Stories) 12.9 DU Per Acre +/- 2.79 Acres (121,334 SF) TAX FOLIO #: 30-2127-001-0010 through 0080 TAXES (2011): $14,247.20 ACCESS: NW 119 th Street NW 17 th Ave I-95 TRAFFIC COUNT: PRICE: Borders property East on NW 119 th Street Exit NW 119 th Street West 45,211 Vehicles Per Day on NW 119 th Street and NW 27 th Avenue $899,000 ($7.40 PSF) 6
Cash Flow & Income Statement Westview Annual Income and Expenses Income Flow: Total (yr) Actual Rent (mo) Tenant Portion (mo) Section 8 Portion (mo) 11910 NW 19 th (3-bed) $16,800 $1,400 $674 $726 11912 NW 19 th (3-bed) $14,100 $1,175 $146 $1,029 11914 NW 19 th (3-bed) $14,664 $1,222 $77 $1,145 Total Annual Income: $45,564 Expenses: Real Estate Taxes 12,783.25 Insurance 3,820.44 Repairs and Maintenance 3,600.00 Lawn Car / Pest Control 3,600.00 Electric Paid by tenants Water & Sewer Paid by tenants Total Expenses: 23,803.69 Net Operating Income: 21,760.31 7
Disclosure Flagler Real Estate Services, Inc ( FRES ) has been retained as exclusive real estate agent on behalf of 360 Property Holdings ( Owner ) regarding the sale Westview Development Site, a semi vacant land parcel with an existing MF block and clubhouse located in Miami, Miami-Dade County, Florida ( Property ). This confidential Offering Memorandum was prepared by FRES, and has been reviewed by Owner. It contains selected information pertaining to the Property and does not purport to be all-inclusive, nor to contain all the information that a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors that, therefore, are subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers. This Offering Memorandum is-the property of FRES and may be used only by parties approved by FRES. The Property is privately offered and by accepting this Offering Memorandum, the party in possession hereof agrees that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of FRES and Owner. The terms and conditions set forth apply to this Offering Memorandum in its entirety. Should you require additional information regarding this investment opportunity, please contact Flagler Real Estate Services, LLC at (305) 520-2311. Sources of information contained within this Offering Memorandum include, but are not limited to: CoStar. In this Offering Memorandum, certain documents including leases and other materials, are described in summary form and do not purport to be complete, nor necessarily accurate, descriptions of the full agreements involved, nor do they constitute a legal analysis of such document. Interested parties are expected to independently review all documents. This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the value of the Property by FRES or the Owner. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Owner and any conditions to Owner s obligations thereunder have been satisfied or waived. FRES is not authorized to make any representations or agreements on behalf of Owner. 8
For More Information Please Contact: Cary Cohen Vice President 305.520.2311 Cary.Cohen@flaglerdev.com ASSET SOLUTIONS GROUP MIAMI-DADE COUNTY 2855 LeJeune Road 4 th Floor Coral Gables, Florida 33134 305.520.2300 BROWARD COUNTY 515 E Las Olas Blvd Suite 515 Ft. Lauderdale, Florida 33301 954.903.1797 PALM BEACH COUNTY 1875 N.W. Corporate Boulevard Suite 280 Boca Raton, Florida 33431 561.443.5550