multifamily property for sale miami beach four plex€¦ · miami beach. the property consists of...

©MMXVI ONE Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company.Equal Housing Opportunity. Each Office is Independently Owned and Operated. The information contained herein is deemed accurate but not guaranteed. Prices are subject to change without notice.

EDUARDO "EDDIE" GILSenior Commercial [email protected]

ROBINSON SEDA JRSenior Commercial [email protected]

For more information, please contact:

The RE Team at ONE Commercial Real Estate is proud to present 805 81st Street inMiami Beach. The property consists of four One Bedroom / One Bath units of 750 SFeach. The property was completely renovated in 2016, with hurricane impact windows,tile floors, kitchens and bathrooms. The units are 100% leased and rents are slightlybelow market, providing an investor an opportunity to increase rents after acquisition.With limited supply of fully renovated units in the area, this asset is poised to continuestrong rent grown off the strong demand for the units. This is offered on a confidentialand off-market basis.

PROPERTY OVERVIEW

The property is located in North Beach in the City of Miami Beach. The North Beach areahas seen tremendous growth in recent years from tenants moving in from South Beachand from nearby Biscayne Corridor. With recent changes in zoning and majordevelopments underway in nearby Collins Avenue, Harding and Alton, the North Beacharea is the next frontier for Miami Beach. Transportation, access to retail and minutesfrom the mainland are components that will continue to drive the demand for rentals inthe area.

LOCATION OVERVIEW

OFFERING SUMMARYSale Price: $849,000

Price / SF: $283.19

Number Of Units: 4

Cap Rate: 4.72%

NOI: $40,096

Lot Size: 5,663 SF

Year Built: 1952

Building Size: 2,998 SF

Renovated: 2016

Zoning: RM-2

Market: South Florida

Submarket: Biscayne Beach MF

Executive Summary

Multifamily Property For Sale

MIAMI BEACH FOUR PLEX805 81st Street, Miami Beach, FL 33141





Additional Photos







INVESTMENT OVERVIEW CURRENT PROFORMA

Price $849,000 $849,000

Price per Unit $212,250 $212,250

GRM - -

CAP Rate 4.7% 4.5%

Cash-on-Cash Return (yr 1) 4.72 % 4.53 %

Total Return (yr 1) $40,096 $38,436

Debt Coverage Ratio - -

OPERATING DATA CURRENT PROFORMA

Gross Scheduled Income - -

Other Income - -

Total Scheduled Income - -

Vacancy Cost - -

Gross Income $63,095 $67,895

Operating Expenses $22,999 $29,459

Net Operating Income $40,096 $38,436

Pre-Tax Cash Flow $40,096 $38,436

FINANCING DATA CURRENT PROFORMA

Down Payment $849,000 $849,000

Loan Amount - -

Debt Service - -

Debt Service Monthly - -

Principal Reduction (yr 1) - -

Financial Summary







INCOME SUMMARY CURRENT PER UNIT PROFORMA PER UNIT

Rental Income $62,400 $15,600 $67,200 $16,800

Laundry Facilities $695 $173 $695 $173

GROSS INCOME $63,095 $15,773 $67,895 $16,973

EXPENSE SUMMARY CURRENT PER UNIT PROFORMA PER UNIT

Real Estate Taxes $6,460 $1,615 $12,920 $3,230

Utilities - Water/Sewer $4,250 $1,062 $4,250 $1,062

Landscaping $1,289 $322 $1,289 $322

Repairs and Maintenance $600 $150 $600 $150

Property Insurance $8,000 $2,000 $8,000 $2,000

Management Fees $2,400 $600 $2,400 $600

GROSS EXPENSES $22,999 $5,749 $29,459 $7,364

NET OPERATING INCOME $40,096 $10,024 $38,436 $9,609

Income & Expenses







UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MIN RENT MAX RENT MARKET RENT MARKET RENT/SF

1/1 4 100.0 750 $1,300 $1.73 $1,400 $1.87

Totals / Averages 4 100% 3,000 $5,200 $1.73 $0.00 $0.00 $5,600 $1.87

Unit Mix Summary







* Demographic data derived from 2010 US Census

POPULATION 1 MILE 3 MILES 5 MILESTOTAL POPULATION 19,470 66,884 197,535MEDIAN AGE 39.3 39.9 37.2MEDIAN AGE (MALE) 38.7 39.6 36.3MEDIAN AGE (FEMALE) 41.6 40.8 38.0

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILESTOTAL HOUSEHOLDS 8,259 29,391 77,271# OF PERSONS PER HH 2.4 2.3 2.6AVERAGE HH INCOME $59,797 $79,997 $70,716AVERAGE HOUSE VALUE $355,568 $463,325 $472,589

Demographics Map







* Demographic data derived from 2010 US Census

1 MILE 3 MILES 5 MILES

Total households 8,259 29,391 77,271

Total persons per hh 2.4 2.3 2.6

Average hh income $59,797 $79,997 $70,716

Average house value $355,568 $463,325 $472,589

1 MILE 3 MILES 5 MILES

Total population 19,470 66,884 197,535

Median age 39.3 39.9 37.2

Median age (male) 38.7 39.6 36.3

Median age (female) 41.6 40.8 38.0

Demographics Report







805 81st Street

Regional Map







Location Maps







Aerial Map



multifamily property for sale miami beach four plex€¦ · miami beach. the property consists of...

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