NORMANDY DR. 1795 For more information contact: PROPERTY HIGHLIGHTS Stunning newly remodel building in Miami Beach with plenty of street parking and across Normandy Isle park & pool. The units have porcelain tile flooring, stainless steel appliances and white kitchen cabinets with granite counter tops The building is located minutes away from the beach. The units are very spacious with impact window and glass doors for plenty of natural sunlight. The bathrooms have been completely remodel with new fixtures and walk in showers with glass. Phone: 305-751-0899 4330 NE 2nd Av. Miami, FL 33137 www.eleventrustrealestate.com
INVESTMENT DETAILS 1795 Analysis Analysis Date January 2018 Property Property Property Address 1795 Year Built 1949 Purchase Information Property Type MultiFamily Purchase Price $2,180,000 Units 8 Total Rentable Sq. Ft. 6,692 Financial Information Down Payment $654,000 Loans Type Debt Term Amortization Rate Payment LO Costs Fixed $1,526,000 30 years 30 years 4.0% $7,285 Income & Expenses Gross Operating Income $159,936 Monthly GOI $13,328 Total Annual Expenses ($54,120) Monthly Expenses ($4,510) Contact Information Page 2
PROPERTY DESCRIPTION 1795 Two one story buildings in Normandy drive just steps away from each other. The two buildings were constructed in the 1940's and were fully renovated. Both buildings sit on a 6k+ Sq. Ft. and each buildings are 3k+ Sq. Ft. The buildings are minutes away from the beach and also sit on main a main road for more exposure. Both buildings are RM-1 zoning. Newly installed impact windows and doors. Legal 8 units in Miami Beach. Unit mix: One(one bed & one bath) and two(two bed & one bath) bedroom units. Spacious units offer open living & dining area, central AC. porcelain tile flooring, equipped with stainless steel appliances Page 3
PROPERTY PHOTOS 1795 Front Exterior Side Exterior Living & Dining Area Kitchen Bedroom Bathroom Page 4
SALE COMPARABLES 1795 S 1795 Sale Price $2,180,000 Units 8 Price/Unit $272,500 Price/SqFt $325.76 Cap Rate 4.85% Year Built 1949 GRM 13.36 # Units Unit Type 4 1+1 4 2+1 1 Sale Date 6/28/2017 7301 Carlyle Ave. Miami Beach, FL 33141 Sale Price $2,450,000 2 Price/Unit $204,167 Price/SqFt $455.22 Cap Rate Year Built 1954 GRM # Units Unit Type 12 One Bedroom One Bath 2 Sale Date 3/31/2017 2130 Bay Dr Sale Price $1,225,000 Units 5 Price/Unit $245,000 Price/SqFt $370.65 Cap Rate Year Built 1950 GRM # Units Unit Type 5 One Bedroom One Bath Page 5
SALE COMPARABLES 1795 3 Sale Date 3/3/2017 2200 Calais Dr. Sale Price $990,000 Units 6 Price/Unit $165,000 Price/SqFt $227.17 Cap Rate Year Built 1950 GRM # Units Unit Type 6 One Bedroom One Bath 4 Sale Date 3/3/2017 2220 Calais Dr. Sale Price $660,000 Units 4 Price/Unit $165,000 Price/SqFt $216.25 Cap Rate Year Built 1954 GRM # Units Unit Type 4 One Bedroom One Bath 5 Sale Date 11/14/2016 1995 Marseille Dr. Sale Price $1,745,000 Units 8 Price/Unit $218,125 Price/SqFt $315.78 Cap Rate Year Built 1946 GRM # Units Unit Type 8 One Bedroom One Bath Page 6
SALE COMPARABLES 1795 6 Sale Date 10/27/2016 1930 71st St. Sale Price $3,860,304 Units 21 Price/Unit $183,824 Price/SqFt $283.12 Cap Rate Year Built 1955 GRM # Units Unit Type 21 One Bedroom One Bath 7 Sale Date 10/27/2016 1950 71st St. Sale Price $2,389,712 3 Price/Unit $183,824 Price/SqFt $170.93 Cap Rate Year Built 1955 GRM # Units Unit Type 13 Two Bedroom Two Bath 8 Sale Date 5/5/2016 1905 Calais Dr. Sale Price $2,300,000 2 Price/Unit $191,667 Price/SqFt $1,178.88 Cap Rate Year Built 1951 GRM # Units Unit Type 12 Studio/Efficiency Page 7
RENT COMPARABLES 1795 S 1795 Avg Rent/rsf $24.39 RSF 6,692 Units 8 Year Built 1949 4 1+1 $1,600 4 2+1 $1,800 1 2160 Bay Dr. #1-4 Avg Rent/rsf $2.09 RSF 550 Year Built 1949 1 One Bedroom One Bath $1,150 2 1780 Marseille Dr. #3 Avg Rent/rsf $1.98 RSF 607 Year Built 1945 1 One Bedroom One Bath $1,200 Page 8
RENT COMPARABLES 1795 3 7125 Rue Granville #3 Avg Rent/rsf $1.44 RSF 850 Year Built 1952 1 One Bedroom One Bath $1,225 4 2195 Bay Dr. #2 Avg Rent/rsf $2.05 RSF 609 Year Built 1956 1 One Bedroom One Bath $1,250 5 1780 Marseille Dr. #4 Avg Rent/rsf $2.05 RSF 607 Year Built 1945 1 One Bedroom One Bath $1,250 Page 9
RENT COMPARABLES 1795 6 1965 Calais Dr. #7 Avg Rent/rsf $2.20 RSF 705 Year Built 1946 1 One Bedroom One Bath $1,250 7 1920 Biarritz Dr. #3 Avg Rent/rsf $2.09 RSF 700 Year Built 1948 1 One Bedroom One Bath $1,275 8 1955 #2 Avg Rent/rsf $1.54 RSF 826 Year Built 1956 1 One Bedroom One Bath $1,275 Page 10
RENT COMPARABLES 1795 9 2220 Calais Dr. #4 Avg Rent/rsf $1.70 RSF 763 Year Built 1954 1 One Bedroom One Bath $1,300 A 1995 Bay Dr. #15 Avg Rent/rsf $2.53 RSF 550 Year Built 1939 1 One Bedroom One Bath $1,300 B 1925 Calais Dr. #2 Avg Rent/rsf $1.98 RSF 655 Year Built 1951 1 One Bedroom One Bath $1,300 Page 11
RENT COMPARABLES 1795 C 7155 Rue Notre Dame #7 Avg Rent/rsf $2.13 RSF 650 Year Built 1953 1 One Bedroom One Bath $1,300 D 1980 Bay Dr. #20 Avg Rent/rsf $2.50 RSF 540 Year Built 1945 1 One Bedroom One Bath $1,350 E 1911 Marseille Dr. #1 Avg Rent/rsf $2.44 RSF 675 Year Built 1949 1 One Bedroom One Bath $1,650 Page 12
RENT COMPARABLES 1795 F 1784 Marseille Dr. #4 Avg Rent/rsf $1.64 RSF 855 Year Built 1945 1 Two Bedroom One Bath $1,400 G 1785 Calais Dr. #6 Avg Rent/rsf $1.84 RSF 870 Year Built 1951 1 Two Bedroom One Bath $1,600 Page 13
UNIT RENT ROLL 1795 Unit Description Approx. Sq. Ft. Current Rent Pro Forma Rent Comments 1725-1 1+1 675 $1,600 $1,600 1725-2 1+1 675 $1,600 $1,600 1725-3 2+1 837 $1,800 $1,800 1725-4 2+1 837 $1,800 $1,800 1795-1 1+1 800 $1,600 $1,600 1795-2 1+1 800 $1,600 $1,600 1795-3 2+1 1,036 $1,800 $1,800 1795-4 2+1 1,036 $1,800 $1,800 Page 14
LOCATION MAP 1795 Page 15
AERIAL MAP 1795 Page 16
DEMOGRAPHICS 1795 Population Characteristic 1 Mile 3 Mile 5 Mile Ages 0-4 791 3,941 14,156 Ages 5-9 976 4,991 17,147 Ages 10-14 882 4,714 15,663 Ages 15-19 837 4,470 15,031 Ages 20-24 896 4,449 15,680 Ages 25-29 963 4,547 16,684 Ages 30-34 1,059 4,958 17,525 Ages 35-39 1,199 5,794 18,921 Ages 40-44 1,338 6,757 20,517 Ages 45-49 1,442 7,537 21,678 Ages 50-54 1,386 7,450 20,805 Ages 55-59 1,267 6,980 19,012 Ages 60-64 1,106 6,087 16,253 Ages 65-69 898 5,125 13,341 Ages 70-74 703 4,214 10,716 Ages 75-79 539 3,360 8,263 Ages 80-84 389 2,520 5,819 Race Characteristic 1 Mile 3 Mile 5 Mile Non Hispanic White 15,204 77,325 158,387 Population Black 754 9,959 103,016 Population Am In/AK Nat 7 14 66 Household Income 1 Mile 3 Mile 5 Mile Median Household Income $40,894 $48,307 $43,005 < $10000 751 3,882 13,410 $10000-$14999 374 2,727 8,245 $15000-$19999 539 2,264 7,511 $20000-$24999 721 3,135 8,469 $25000-$29999 469 2,331 6,671 $30000-$34999 337 2,594 6,887 $35000-$39999 405 1,697 6,350 $40000-$44999 616 2,585 6,355 $45000-$49999 341 1,297 4,619 $50000-$60000 324 2,954 8,183 $60000-$74000 538 3,743 9,280 $75000-$99999 759 3,844 10,488 $100000-$124999 412 2,785 6,565 $125000-$149999 225 1,659 3,405 $150000-$199999 328 1,989 3,793 > $200000 458 3,530 5,586 Characteristic Housing 1 Mile 3 Mile Housing Units 9,693 62,931 Occupied Housing Units 8,043 45,157 Owner Occupied Housing Units 3,411 22,015 Renter Occupied Housing Units 4,632 23,142 Vacant Housing,650 17,774 Page 17
PRO FORMA SUMMARY 1795 INCOME Description Actual Per Unit Market Per Unit Gross Potential Rent $163,200 $20,400 $163,200 $20,400 Less: Vacancy ($3,264) ($408) $0 $0 Effective Gross Income $159,936 $19,992 $163,200 $20,400 OPERATING EXPENSES Description Actual Per Unit Market Per Unit Water & Sewer $2,400 $300 $2,400 $300 Building Insurance $8,900 $1,113 $8,900 $1,113 Landscaping $1,300 $163 $1,300 $163 Management Fees $6,520 $815 $6,520 $815 Repairs $2,000 $250 $2,000 $250 Reserves $2,000 $250 $2,000 $250 Taxes - Real Estate $30,000 $3,750 $30,000 $3,750 FPL $1,000 $125 $1,000 $125 Total Expenses ($54,120) ($6,765) ($54,120) ($6,765) NET OPERATING INCOME $105,816 $13,227 $109,080 $13,635 Page 18
PRO FORMA SUMMARY 1795 UNIT MIX & ANNUAL SCHEDULED INCOME Type Units Actual Total Market Total 1+1 4 $19,200 $76,800 $19,200 $76,800 2+1 4 $21,600 $86,400 $21,600 $86,400 TOTALS 8 $163,200 $163,200 INVESTMENT SUMMARY Price: $2,180,000 Year Built: 1949 Units: 8 Price/Unit: $272,500 RSF: 6,692 Price/RSF: $325.76 Lot Size: 12,968 sf Floors: 1 Parking Spaces: 0 APN: 02321001700 Cap Rate: 4.85% Market Cap Rate: 5.0% GRM: 13.36 Market GRM: 13.36 FINANCING SUMMARY Loan Amount: $1,526,000 Down Payment: $654,000 Loan Type: Fixed Interest Rate: 4% Term: 30 years Monthly Payment: $7,285 DCR: 1.21 ANNUALIZED INCOME Description Actual Market Gross Potential Rent $163,200 $163,200 Less: Vacancy ($3,264) $0 Effective Gross Income $159,936 $163,200 Less: Expenses ($54,120) ($54,120) Net Operating Income $105,816 $109,080 Debt Service ($87,424) ($87,424) Net Cash Flow after Debt Service $18,392 $21,656 Principal Reduction $26,873 $26,873 Total Return $45,265 $48,529 ANNUALIZED EXPENSES Description Actual Market Water & Sewer $2,400 $2,400 Building Insurance $8,900 $8,900 Landscaping $1,300 $1,300 Management Fees $6,520 $6,520 Repairs $2,000 $2,000 Reserves $2,000 $2,000 Taxes - Real Estate $30,000 $30,000 FPL $1,000 $1,000 Total Expenses $54,120 $54,120 Expenses Per RSF $8.09 $8.09 Expenses Per Unit $6,765 $6,765 Page 19
EXECUTIVE SUMMARY 1795 Acquisition Costs Purchase Price, Points and Closing Costs $2,180,000 Investment - Cash $654,000 First Loan $1,526,000 Investment Information Purchase Price $2,180,000 Price per Unit $272,500 Price per Sq. Ft. $325.76 Income per Unit $20,400 Expenses per Unit ($6,765) Income, Expenses & Cash Flow Gross Scheduled Income $163,200 Total Vacancy and Credits ($3,264) Operating Expenses ($54,120) Net Operating Income $105,816 Debt Service ($87,424) Cash Flow Before Taxes $18,392 Financial Indicators Cash on Cash Return Before Taxes 2.81% Debt Coverage Ratio 1.21 Capitalization Rate 4.85% Gross Rent Multiplier 13.36 Gross Income / Square Feet $24.39 Gross Expenses / Square Feet ($8.09) Operating Expense Ratio 33.84% Page 20