8 units + lot - allapattah

Rafael FermoselleMultifamily [email protected]

8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142

4330 NE 2nd Av. Miami, FL 33137www.eleventrustrealestate.com

PROPERTY HIGHLIGHTS

8 Unit Multifamily property in the heart ofAllapattah2 Buildings, 4 units in each plus lot of 4,440sq. ft.

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Property has been updated with new impactwindows, electrical & some plumbing. 40Year re-certification, in progress

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Units are spacious 1 Bed/ 1 Bath with tilefloors, window/ wall A/CUpdated kitchen & bathsPotential to add laundry

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Great corner location, additional lot behind isa bonus, great for parking or build.Currently producing a 5% CAP

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Allapattah is the next up & comingneighborhood, minutes from Wynwood,Brickell, Downtown & Beaches.

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INVESTMENT DETAILS8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142

Rafael FermoselleMultifamily Specialist

[email protected]

Analysis

Analysis Date December 2017

Property

Property 8 Units + Lot - Allapattah

Property Address 1894 NW 35 St. Miami, FL 33142

Year Built 1925

Financial Information

Down Payment $250,000

Purchase Information

Property Type MultiFamily

Purchase Price $1,000,000

Units 8

Total Rentable Sq. Ft. 5,200

Loans

Type Debt Term Amortization Rate Payment LO Costs

Fixed $750,000 30 years 30 years 4.0% $3,581

Income & Expenses

Gross Operating Income $93,120

Monthly GOI $7,760

Total Annual Expenses ($42,140)

Monthly Expenses ($3,512)

Contact Information

Rafael Fermoselle

[email protected]

PROPERTY DESCRIPTION8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142


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Great opportunity to own 8 units the next hip neighborhood of Allapattah.

Property sits on a corner lot, T3-O zoning, has 2 buildings, 4 units in each plus an additional 4,440 sq. ft. lot behind.

All units are 1 Bed/ 1 Bath with approximately 650 sq. ft. Units offer: updated kitchen & baths, open living/dining area,tile floors & window/wall A/C.

Property has new impact windows, electrical & some plumbing. 40 Year Re-certification is being completed.

Potential to add laundry, parking or build on the lot behind.

All units are rented, some with leases others month-to-month.

Make the lot as parking for the 8 units or build a home.

Currently producing a 5% return with a potential of 6% at Pro-forma.

Allapattah is a transforming neighborhood that is growing fast. Also known as Little Santo Domingo, it is located East ofWynwood, close proximity to Brickell, Downtown, Midtown, hospitals & airport. The location is ideal, minutes fromschools, shops, restaurants, nightlife and the new Allapattah market place.

PROPERTY PHOTOS8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142


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SALE COMPARABLES8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142


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S 8 Units + Lot - Allapattah1894 NW 35 St. Miami, FL 33142

Sale Price $1,000,000

Units 8

Price/Unit $125,000

Price/SqFt $192.31

Cap Rate 5.1%

Year Built 1925

GRM 10.42

# Units Unit Type

8 1 Bed/ 1 Bath

1 Allapattah- 4- plex 1901 NW 30 St. Miami, FL 33142

Sale Price $497,000

Units 4

Price/Unit $124,250

Price/SqFt $216.37

Cap Rate N/A

Year Built 1957Sale Date 8/23/2017

GRM N/A

# Units Unit Type

2 One Bedroom One Bath


2 Holleman Manor - Fourplex1849 NW 35 St. Miami, FL 33142

Sale Price $397,000

Units 4

Price/Unit $99,250

Price/SqFt $168.72

Cap Rate N/A


GRM N/A

# Units Unit Type


2 Two Bedroom One Bath



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3 1910 NW 28 St. Miami, FL 33142

Sale Price $590,000

Units 5

Price/Unit $118,000

Price/SqFt $154.86

Cap Rate N/A


GRM N/A

# Units Unit Type

1 Three Bedroom Two Bath



4 1716 NW 19 St. Miami, FL 33142


Units 10

Price/Unit $100,000

Price/SqFt $241.55

Cap Rate N/A


GRM N/A

# Units Unit Type


5 3051 NW 22 Ave. Miami, FL 33142

Sale Price $370,000

Units 4

Price/Unit $92,500

Price/SqFt $149.31

Cap Rate N/A


GRM N/A

# Units Unit Type




[email protected]

6 3101 NW 22 Ave. Miami, FL 33142

Sale Price $380,000

Units 4

Price/Unit $95,000

Price/SqFt $116.00

Cap Rate N/A


GRM N/A

# Units Unit Type


7 2412 NW 19 Ave. Miami, FL 33142

Sale Price $375,000

Units 4

Price/Unit $93,750

Price/SqFt $148.10

Cap Rate N/A


GRM N/A

# Units Unit Type


8 2081 NW 30 St. Miami, FL 33142

Sale Price $800,000

Units 8

Price/Unit $100,000

Price/SqFt $152.56

Cap Rate N/A


GRM N/A

# Units Unit Type




[email protected]

9 2145 NW 26 St. Miami, Fl 33142

Sale Price $460,000

Units 4

Price/Unit $115,000

Price/SqFt $143.39

Cap Rate N/A


GRM N/A

# Units Unit Type


A 1925 NW 56 St. Miami, FL 33142

Sale Price $355,000

Units 4

Price/Unit $88,750

Price/SqFt $121.24

Cap Rate N/A


GRM N/A

# Units Unit Type


B 2090 NW 31 STMiami, FL 33142

Sale Price $800,000

Units 8

Price/Unit $100,000

Price/SqFt $152.56

Cap Rate N/A


GRM N/A

# Units Unit Type




[email protected]

C 2061 NW 30th St.Miami, FL 33142


Units 22

Price/Unit $112,500

Price/SqFt $178.19

Cap Rate N/A


GRM N/A

# Units Unit Type


RENT COMPARABLES8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142


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S 8 Units + Lot - Allapattah1894 NW 35 St. Miami, FL 33142

Avg Rent/rsf $18.46

RSF 5,200

Occupancy 100%

Units 8

Year Built 1925

# Units Unit Type Rent

8 1 Bed/ 1 Bath $1,000

1 1901 NW 30 St. Miami, FL 33142

Avg Rent/rsf $1.73

RSF 575

Occupancy 100%

Units 1

Year Built 1957


1 One Bedroom One Bath $1,000

2 Rental 3120 NW 19 Ave. #1Miami, FL 33142

Avg Rent/rsf $1.60

RSF 523

Occupancy 100%

Units 1

Year Built 1956


1 One Bedroom One Bath $850

RENT COMPARABLES8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142


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3 Rental2536 NW 24 St. #3HMiami, FL 33142

Avg Rent/rsf $1.83

RSF 571

Occupancy 100%

Units 1

Year Built 2006



4 3359 NW 33 St. #FMiami, FL 33142

Avg Rent/rsf $0.00

RSF 500

Occupancy 100%

Units 1

Year Built 1953



5 2524 NW 29 St. #BMiami, FL 33142

Avg Rent/rsf $0.00

RSF N/A

Occupancy 100%

Units 1

Year Built 1977


One Bedroom One Bath $1,000

LOCATION MAP8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142


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AERIAL MAP8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142


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DEMOGRAPHICS8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142


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Population Characteristic 1 Mile 3 Mile 5 Mile

Ages 0-4 1,888 14,160 30,137

Ages 5-9 2,292 17,218 36,731

Ages 10-14 2,147 15,913 33,537

Ages 15-19 2,076 15,510 32,212

Ages 20-24 2,151 16,099 33,582

Ages 25-29 2,177 16,647 35,289

Ages 30-34 2,099 16,822 36,713

Ages 35-39 2,021 17,228 38,811

Ages 40-44 1,964 17,854 41,472

Ages 45-49 1,992 18,413 43,612

Ages 50-54 1,924 17,704 42,289

Ages 55-59 1,800 16,162 39,314

Ages 60-64 1,613 14,115 35,169

Ages 65-69 1,356 11,988 30,613

Ages 70-74 1,125 10,151 26,422

Ages 75-79 903 8,310 21,703

Ages 80-84 661 6,208 16,270

Household Income 1 Mile 3 Mile 5 Mile

Median Household Income $21,978 $25,123 $31,384

< $10000 2,116 18,162 34,826

$10000-$14999 922 10,611 22,459

$15000-$19999 1,427 9,321 18,941

$20000-$24999 1,278 8,242 17,379

$25000-$29999 744 6,920 14,324

$30000-$34999 589 6,173 13,971

$35000-$39999 452 4,988 12,048

$40000-$44999 472 4,599 11,627

$45000-$49999 478 3,595 8,625

$50000-$60000 412 6,004 14,914

$60000-$74000 531 5,096 16,207

$75000-$99999 360 4,861 15,181

$100000-$124999 44 2,403 9,140

$125000-$149999 101 1,015 4,752

$150000-$199999 66 787 4,974

> $200000 40 886 6,475

Race Characteristic 1 Mile 3 Mile 5 Mile

Non Hispanic White 17,328 161,170 435,388

Population Black 10,769 80,867 130,986

Population Am In/AK Nat 13 73 90

Characteristic Housing 1 Mile 3 Mile

Housing Units 11,760 108,347

Occupied Housing Units 10,563 95,264

Owner Occupied Housing Units 3,305 26,715

Renter Occupied Housing Units 7,258 68,549

Vacant Housing Units 1,197 13,083

UNIT RENT ROLL8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142


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Unit Description Approx. Sq. Ft. Current Rent Pro Forma Rent Comments

1 1+1 650 $1,000 $1,100

2 1+1 650 $860 $1,100

3 1+1 650 $1,000 $1,100

4 1+1 650 $800 $1,100

5 1+1 650 $910 $1,100

6 1+1 650 $1,010 $1,100

7 1+1 650 $1,100 $1,100

8 1+1 650 $1,000 $1,100

EXECUTIVE SUMMARY8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142


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Acquisition Costs

Purchase Price, Points and Closing Costs $1,000,000

Investment - Cash $250,000

First Loan $750,000

Investment Information

Purchase Price $1,000,000

Price per Unit $125,000

Price per Sq. Ft. $192.31

Income per Unit $12,000

Expenses per Unit ($5,268)

Income, Expenses & Cash Flow

Gross Scheduled Income $96,000

Total Vacancy and Credits ($2,880)

Operating Expenses ($42,140)

Net Operating Income $50,980

Debt Service ($42,967)

Cash Flow Before Taxes $8,013

Financial Indicators

Cash on Cash Return Before Taxes 3.21%

Debt Coverage Ratio 1.19

Capitalization Rate 5.10%

Gross Rent Multiplier 10.42

Gross Income / Square Feet $18.46

Gross Expenses / Square Feet ($8.10)

Operating Expense Ratio 45.25%

PRO FORMA SUMMARY8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142


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INCOME

Description Actual Per Unit Pro-forma Per Unit

Gross Potential Rent $96,000 $12,000 $105,600 $13,200

Less: Vacancy ($2,880) ($360) ($3,168) ($396)

Effective Gross Income $93,120 $11,640 $102,432 $12,804

OPERATING EXPENSES

Description Actual Per Unit Pro-forma Per Unit

Property Management Fee $4,800 $600 $5,280 $660

Building Insurance $6,400 $800 $6,400 $800

Landscaping $1,440 $180 $1,440 $180

Licenses $500 $63 $500 $63

Pest Control $600 $75 $600 $75

Repairs $2,000 $250 $2,000 $250

Reserves $2,000 $250 $2,000 $250

Taxes - Real Estate $15,000 $1,875 $15,000 $1,875

Trash Removal $5,000 $625 $5,000 $625

Utility - Electricity $2,400 $300 $2,400 $300

Utility - Water $2,000 $250 $2,000 $250

Total Expenses ($42,140) ($5,268) ($42,620) ($5,328)

NET OPERATING INCOME $50,980 $6,373 $59,812 $7,477

PRO FORMA SUMMARY8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142


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UNIT MIX & ANNUAL SCHEDULED INCOME

Type Units Actual Total Pro-forma Total 1 Bed/ 1 Bath 8 $12,000 $96,000 $13,200 $105,600TOTALS 8 $96,000 $105,600

ANNUALIZED INCOME Description Actual Pro-forma

Gross Potential Rent $96,000 $105,600Less: Vacancy ($2,880) ($3,168)Effective Gross Income $93,120 $102,432Less: Expenses ($42,140) ($42,620)Net Operating Income $50,980 $59,812Debt Service ($42,967) ($42,967)Net Cash Flow after Debt Service $8,013 $16,845Principal Reduction $13,208 $13,208Total Return $21,220 $30,052

ANNUALIZED EXPENSES Description Actual Pro-forma

Property Management Fee $4,800 $5,280Building Insurance $6,400 $6,400Landscaping $1,440 $1,440Licenses $500 $500Pest Control $600 $600Repairs $2,000 $2,000Reserves $2,000 $2,000Taxes - Real Estate $15,000 $15,000Trash Removal $5,000 $5,000Utility - Electricity $2,400 $2,400Utility - Water $2,000 $2,000Total Expenses $42,140 $42,620Expenses Per RSF $8.10 $8.20Expenses Per Unit $5,268 $5,328

INVESTMENT SUMMARY

Price: $1,000,000

Year Built: 1925

Units: 8

Price/Unit: $125,000

RSF: 5,200

Price/RSF: $192.31

Lot Size: 9,257 sf

Floors: 2

Cap Rate: 5.1%

Pro-forma Cap Rate: 5.98%

GRM: 10.42

Pro-forma GRM: 9.47

FINANCING SUMMARY

Loan Amount: $750,000

Down Payment: $250,000

Loan Type: Fixed

Interest Rate: 4%

Term: 30 years

Monthly Payment: $3,581

DCR: 1.19

8 units + lot - allapattah

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