KEYBISCAYNE

FOR SALE Re-Development OpportunityThe Bahama South Condominium202 – 204 Sunrise Drive, Key Biscayne, Florida, 33149

The Property has approvals for the re-development of an 11-unit luxury residential condominium building on a lot of + 29,600 SF

Front View of existing Condominium

Rendering of approved re-development

The Bahama South Condominium202 – 204 Sunrise Drive, Key Biscayne, Florida, 33149

This Offering Memorandum is prepared solely for informational purposes.

Disclaimer: The information contained herein was obtained from sources believed reliable however Dixon Commercial and Owner make no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior to sale or lease withdrawal without notice.

By acknowledgment of your receipt of this Memorandum, you agree that the Memorandum and its contents are confidential, that you will not disclose this Memorandum or its contents to any other firm or entity without prior written authorization and that you will not use its contents in any manner detrimental to the interest of the owner or other interested parties including Broker. Photocopying, electronic storage, or other duplication is strictly prohibited. You will use this Memorandum only for the purpose of evaluating the possible acquisition of the Property.

Confidentiality: Prospect and Prospect’s Broker acknowledge that all information and materials provided by Listing Broker regarding the above-referenced Property is confidential and may not be used for any purpose other than evaluation. Prospect and Prospect’s Broker dissemination of any information and materials provided by Listing Broker will be limited to attorneys, accountants, banking representatives, and business advisors directly involved with the above-referenced Property. In the event the transaction is not successful, Prospect and Prospects Broker will immediately return to Listing Broker any information and materials provided by Listing Broker.

Verification of Data: No representation is made by Listing Broker or Owner as to the accuracy of the information and materials provided. Prospect and Prospect’s Broker agree to thoroughly review and independently verify the information and materials provided. Listing Broker advises Prospect and Prospect’s Broker to consult appropriate professionals for legal, tax, environmental, and other specialized advice concerning matters affecting the Property and the transaction contemplated.

Licensed Real Estate Broker3191 Coral Way, Suite 204Miami, FL 33145Phone: +1.786.261.0374

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CONTACT Javier A RodriguezDirector

Mobile: +1.305.632.8908Office: +1.786.261.0472javier@dxpert.com

Licensed Real Estate Broker3191 Coral Way, Suite 204Miami, FL 33145Phone: +1.786.261.0374

The Bahama South Condominium202 – 204 Sunrise Drive, Key Biscayne, Florida, 33149

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Area Map of Miami-Dade County indicatingthe location of the property

Key BiscayneKey Biscayne

Dixon Commercial Real Estate, Inc. as exclusive agent for the Owner, offers this unique opportunity to acquire the Bahama House Condominium in exclusive Key Biscayne, Florida, The Property has approvals for the re-development of an 11-unit luxury residential condominium building on a lot of + 29,600 SF and therefore has vested development rights.

The Village of Key Biscayne is located on a barrier island across the Rickenbacker Causeway from Miami. It lies between 2 large parks—Crandon Park and Bill Baggs Cape Florida State Park—each with long, sheltered beaches, mangroves and tropical forest. The latter is home to the 19th-century Cape Florida Lighthouse.

EXISTING BUILDING• A unique opportunity for re-development in affluent Key Biscayne• Located on a lot of + 29,700 sf (+ 0.68 acre), two platted lots, built in 1964• It is a two-story residential condominium building, CBS, + 20,700 sf GBA of which + 14,172 sf isrentable• The units have 1,181 sf under air-conditioned area with 2 bedroom / 2 bathroom that presently are either on a month to month rents or with short remaining leases• The building is also within walking distance to the Atlantic Ocean beachfront.

The zoning is RM – 16, Medium Density, by the Village of Key Biscayne, FL.The current zoning designation permits multi-unit residential development at a density of 16 units/acre, a maximum height of 50 feet and four stories, with a maximum FAR of 0.8:1 for a four-story building. Residential uses at a higher density, and commercial and industrial use are prohibited.

The Property is located in flood zone AE per the National Flood Insurance Program map number 12086C0483L

APPROVED RE-DEVELOPMENTEstimated Net Sellable: 22,000 sf - Average Unit Size: 2,000 sf - Number of Units: 11

The only recent new inland, non-coastal development site in this submarket was the Sunrise 101 building on the corner of Sunrise Drive and Crandon Boulevard developed by the same owners of 202 Sunrise Drive.

EXECUTIVE SUMMARY 5

PROPERTY DETAILS

Address202 – 204 Sunrise Drive, Key Biscayne, Florida, 33149Land Acreage+ 0.68 acre or + 29,700 sfBuilding + 20,700 sf GBA of which + 14,172 sf is rentableZoningRM – 16, Medium Density, by the Village of Key Biscayne, FL.Flood ZoneThe Property is located in flood zone AE per the National Flood Insurance Program map number 12086C0483L

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OFFERING TERMS

Property

Dixon Commercial Real Estate, Inc. as exclusive agent for the Owner, offers this unique opportunity to acquire the Bahama House Condominium in exclusive Key Biscayne, Florida on “as-is” basis to investors.

Asking Price

$10,500,000

Conditions

When submitting an offer please indicate price, periods for due diligence, inspection and closing, escrow deposits and proof of funds

EXECUTIVE SUMMARY

Front view of Property

Aerial view of Property and Key Biscayne with Miami in the background

7PROPERTY DETAILS

8

Renderings for an approved Condo Re-Development Opportunity

The Property has approvals for the re-development of an 11-unit luxury residential condominium building on a lot of + 29,600 SF and therefore has vested development rights

Zoning Plans for the approved Condo Re-Development are available to qualified investors

RENDERINGS OF APPROVED PROJECT

9RENDERINGS OF APPROVED PROJECT

AREAS SCHEDULE FOR PROPOSED NEW CONDOSAT 202 SUNRISE DR.

PROPERTY ADDRESS202 SUNRISE DR., KEY BISCAYNE, FL 33149

PROPERTY USE: RESIDENTIAL

ZONING:RM-16 MEDIUM DENSITY

FOLIO:24-5205-018-0001 (Reference Only)

LEGAL DESCRIPTION: LOTS 4 & 5 BLK 1 PB 7L – 62

ALLOWED PROPOSED

LOT COVERAGE 8910 SF 8908.96

PARKING SPACES 22 301.75/UNIT + 1/5 UNITS

MAX HEIGHT AT ROOF 50’ 50’

AREAS SCHEDULE FOR PROPOSED NEW CONDOS AT 202 SUNRISE DR.

GROSS AREA OF SITE 29700.00 SFMAXIMUM AREA ALLOWED F.A.R. 0.8 23760.00 SF

FLOOR SPACE DESCRIPTION AREA AMOUNT TOTAL AREA

TERRACE RESTROOMS 119.67 SF 1 119.67 SF GYM 308.00 SF 1 308.00 SF CIRCULATION 74.30 SF 2 148.60 SF

FOURTH FLOOR APARTMENTS 1882.00 SF 2 3764.00 SF APARTMENTS 1860.00 SF 2 3720.00 SF CIRCULATION 160.86 SF 2 321.72 SF

THIRD FLOOR APARTMENTS 1882.00 SF 2 3764.00 SF APARTMENTS 1860.00 SF 2 3720.00 SF CIRCULATION 160.86 SF 2 321.72 SF

SECOND FLOOR APARTMENTS 1882.00 SF 2 3764.00 SF APARTMENTS 1860.00 SF 1 1860.00 SF CIRCULATION 160.86 SF 2 321.72 SF

FIRST FLOOR LOBBY 1001.00 SF 1 1001.00 SF

GROUND LEVEL ELEVATOR 60.00 SF 2 120.00 12.00 SF

10% OF ENCLOSED STORAGE 371.00 SF 1 356.76 35.60 SF AREA

TOTAL AREA PROPOSED 23758.30 SF

10AREAS FOR PROPOSED NEW CONDOS

Aerial view of Property

Front aerial View of Property

The Condominium has frontage on the south side of Sunrise Drive along the northern property line, a short distance from Crandon Blvd in the Village of Key Biscayne, Florida in a 2-lane local residential roadway. The building is also within walking distance to the Atlantic Ocean beachfront.

12EXISTING BUILDING

Front View Back View Pool & Deck

East view of Sunset Drive West View of Sunset Drive

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Interior views of rental units

EXISTING BUILDING

14

202 Sunrise

Rent roll As of 8/31/19

PROPERTY DETAILS

UNIT #

200-A

200-B

200-C

200-D

202-A

202-B

202-C

202-D

204-A

204-B

204-C

204-D

TOTALS

RENT $

$ 2,700.00

$ 2,500.00

$ 2,500.00

$ 2,500.00

$ 2,500.00

$ 2,700.00

$ 2,300.00

$ 2,500.00

$ 2,500.00

$ 1,500.00

$ 1,500.00

$ 2,300.00

$ 28,000.00

YEARLY

$ 32,400.00

$ 30,000.00

$ 30,000.00

$ 30,000.00

$ 30,000.00

$ 32,400.00

$ 27,600.00

$ 30,000.00

$ 30,000.00

$ 18,000.00

$ 18,000.00

$ 27,600.00

$ 336,000.00

FROM

1/17/19

4/4/19

5/20/19

2/15/19

1/27/19

TO

1/17/20

4/4/20

5/16/20

2/15/20

1/27/20

CONTRACT EXIT CLAUSE

N/A

30 DAY NOTICE

N/A

LANDLORD CAN CANCEL AFTER 9 MONTHS WITH 60 DAYS NOTICE

30 DAY NOTICE

N/A

30 DAY NOTICE

30 DAY NOTICE

N/A

30 DAY NOTICE

30 DAY NOTICE

30 DAY NOTICE

MONTH TO MONTH

MONTH TO MONTH

MONTH TO MONTH

MONTH TO MONTH

MONTH TO MONTH

MONTH TO MONTH

MONTH TO MONTH

LEASE PERIOD

15

Survey

LEGAL DESCRIPTION

For the 12 subject condominium units: All 12 units within the BAHAMA HOUSE SOUTH CONDOMINIUM, a Condominium, according to Declaration of Condominium thereof, as recorded in Book 4364, Page 395, in the of the Public Records of Miami-Dade County, Florida; together with an undivided interest in the common elements appurtenant thereto.

PROPERTY DETAILS

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Plat Map

LEGAL DESCRIPTION

For the 12 subject condominium units:

All 12 units within the BAHAMA HOUSE SOUTH CONDOMINIUM, a Condominium, according to Declaration of Condominium thereof, as recorded in Book 4364, Page 395, in the of the Public Records of Miami-Dade County, Florida; together with an undivided interest in the common elements appurtenant thereto.

For the Property’s condominium site:

Lots 4 and 5, Block 2, RUTGERS SUBDIVISION, according to the plat thereof, as recorded in Plat Book 76, Page 62, in the Public Records of Miami-Dade County, FL

PROPERTY DETAILS

Zoning

The zoning is RM – 16, Medium Density, by the Village of Key Biscayne, FL.

The current zoning designation permits multi-unit residential development at a density of 16 units/acre, a maximum height of 50 feet and four stories, with a maximum FAR of 0.8:1 for a four-story building. Residential uses at a higher density, and commercial and industrial use are prohibited.

The building is a “grandfathered,” legally non-conforming use with respect to site density and on-site parking requirements. These non-conformities are common for an older apartment building in Key Biscayne.

PROPERTY DETAILS 17

Flood Zone The Property is located in flood zone AE per the National Flood Insurance Program map number 12086C0483L.

PROPERTY DETAILS

Address (from parcels)

FEMA Data Source

Inside Special Flood

Hazard Area?

Risk Level

Flood Zone(s)

Description(s)

Base Flood Elevation

NFIP Community Name

Country

State

NFIP Community Number

NFIP Map Number or

Community Panel Number

Inside CBRA?

CBRA Type

Map Panel Effective Date

LOMA/LOMR (yes/no)

LOMA/LOMR Date

DFIRM - Digital Flood Information Rate Map

INSIDE SPECIAL FLOOD HAZARD

HIGH RISK AREAS

AE

AE = 100 YEARS FLOODPLAIN

9.000000000

VILLAGE OF KEY BISCAYNE

MIAMI_DADE

Florida

120648

12086C0483L

FALSE

N/A

9/11/2009

UNKNOWN - check map

UNKNOWN - check map

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DEMOGRAPHICS HIGHLIGHTS Key Biscayne is a Florida town on a barrier island across the Rickenbacker Causeway from Miami. It lies between 2 large parks—Crandon Park and Bill Baggs Cape Florida State Park—each with long, sheltered beaches, mangroves and tropical forest inhabited by birdlife, butterflies and loggerhead turtles. The latter is home to the 19th-century Cape Florida Lighthouse.• Ranked #1 in Miami-Dade County – Key Biscayne, FL - Zip Code 33149• ACBJ Wealth Index Score (2018): 27.7• Total Population 2016: 12,935• Median Household Income: $124,50• Number of Households valued $200K or more (2016): 32%• Median Value of Owner-Occupied Homes (2016): $1.03 million• % of Population Age 25+ With Bachelor’s Degree (2016): 71%• % of Population Age 25+ With Graduate or Professional Degree (2016): 33.70% (Source: South Florida Business Journal November 2018)• Census Bureau QuickFacts - Population estimates, July 1, 2017, (V2017)

LOCATION AND DESCRIPTION OF KEY BISCAYNE• The Property is located on the island of Key Biscayne, just south and east of the downtown area of Miami, Florida. This is a very desirable and exclusive neighborhood with high end luxury residential developments. The neighborhood is the corridor along Crandon Boulevard on Key Biscayne between Crandon Park to the north and Bill Baggs Cape Florida State Park to the south. The neighborhood is influenced primarily by the surround waters of Biscayne Bay and the Atlantic Ocean, the surround parks and its proximity to downtown Miami. The neighborhood is characterized by intense commercial development, and single and multi-family development. Aside from the permanent population, the island experiences a significant seasonal population increase in the winter. The western half of the island is one of the most exclusive residential neighborhoods in South Florida. Luxury hotel complexes line the eastern shore of the island.• The Property neighborhood is the entirety of Key Biscayne, a barrier island located six miles southeast of the coast of mainland Miami-Dade County, Florida. The island measures approximately eight miles long north-south, and varies from one to two miles wide, east-west.• The north and south thirds of the island are public parks (Miami-Dade County’s Crandon Park and Bill Baggs Cape Florida State Park, respectively), while the middle third is the populated Village of Key Biscayne, which was incorporated in 1991, and had an estimated 2016 Census population of 13,019 persons.• In summary, Key Biscayne, Florida enjoys transportation linkages, housing, shopping areas, an employment base, and a school system along with other amenities to promote continued growth, which has been the trend in recent years.

MARKET SUMMARY 19

Renderings for an approved Condo Re-Development Opportunity

The Property has approvals for the re-development of an 11-unit luxury residential condominium building on a lot of + 29,600 SF and therefore has vested development rights

Zoning Plans for the approved Condo Re-Development are available to qualified investors

• The quality and condition of the improvements in the neighborhood range average to excellent. The median household income for Key Biscayne is $124,504, which is higher than Miami-Dade County at $44,224, higher than the state at $48,900, and higher than the national average of $55,322. The neighborhood is 100% developed, except for the vacant parcel 12-24 Crandon Blvd. adjacent to the Mobil Gas Station.

ACCESS TO KEY BISCAYNE• From the mainland, sole vehicular access to Key Biscayne is via the Rickenbacker Causeway (State Road 913), a six-mile long, four-lane, divided toll roadway. Rickenbacker Causeway begins on the mainland just south of the Brickell neighborhood, at South Dixie Highway (US Highway 1), and becomes Crandon Boulevard upon entering the Village.• Crandon Boulevard is the principal thoroughfare in the Village of Key Biscayne and is the only commercial-oriented roadway within the Village. The remaining streets in the Village are primarily two-lane residential roadways.

LAND USES• East of Crandon Boulevard, the Village is developed mainly of mid-rise hotel properties on the beach along the Atlantic coast, and then mid-rise condominium buildings inland between the coast and Crandon Boulevard.• West of Crandon Boulevard, the Village is developed mainly with single unit detached residences. The Village is estimated to be over 99% developed.

MARKET ANALYSIS – KEY BISCAYNE MULTI-UNIT RESIDENTIAL MARKET• The condominium is located within a submarket of non-waterfront, multi-unit residential buildings on the eastern side of the island that were built in the 1960s and 1970s during the Village’s first development period. Currently, both seasonal residents and permanent residents occupy these buildings. Nearly every building within this specific submarket (28 of 31buildings) is owned in condominium, with the individual unit owners occupying their units on a permanent basis, seasonal basis, or operating the unit as a seasonal or annual rental property.• Since the 2000s, Key Biscayne has undergone a significant amount of gentrification and redevelopment of its hotel buildings along the beach and its single-unit residences on the western half of the island. However, the Property’s specific submarket of older multi-unit buildings has experienced nearly no redevelopment, as almost all the 1960s and 1970s era buildings in its submarket are owned in condominium by several different ownership entities. Multiple ownerships associated with the condominium form of property rights is a significant barrier to redevelopment of these properties.

MARKET SUMMARY 20

The only recent new inland, non-coastal development site in this submarket was the Sunrise 101building on the corner of Sunrise Drive and Crandon Boulevard developed by the same owners of 202 Sunrise Drive.

• Strong in-migration and employment outlook sustain demand. A favorable tax climate, international business ties and one of the nation’s largest coworking markets, has rapidly evolved Miami’s tech ecosystem, attracting more young entrepreneurs and startups to boost household formation this year. • Elevated investor confidence raising competition for assets. The lack of available assets for sale has heightened an already-competitive bidding environment with cap rates compressing and the average price per unit rising steadily over the past two years.

As-if vacant, the condominium site would be the only known redevelopment site within its submarket. • No other residential land is currently vacant for development, nor are any improved sites currently being marketed for sale for redevelopment. The prestige of a Key Biscayne location, walking distance to the beach, high barriers to development to procuring a site in Key Biscayne, and no inventory of competing sites indicate that the subject’s condominium site, as-if vacant, should compete at the absolute upper tier for non-waterfront, mid-rise, multi-unit residential sites in coastal Miami-Dade County, Florida.

MARKET SUMMARY

CONTACT Javier A RodriguezDirector

Mobile: +1.305.632.8908Office: +1.786.261.0472javier@dxpert.com

Licensed Real Estate Broker3191 Coral Way, Suite 204Miami, FL 33145Phone: +1.786.261.0374

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