new 14 multi-family units 3525 nw 35 avenue & 3475 nw 35 street … · 2019. 1. 31. · florida...
TRANSCRIPT
FOR SALE - ALLAPATTAH
14 Multi-family units
3525 NW 35 Avenue &3475 NW 35 Street Miami,Florida 33142
Presented ByLaura Kefalidis | Commercial Real Estate AdvisorRealty World Executive | Commercial Divisionc. 786.251.2319 | efax: 888.966.071312498 SW 127 Avenue | Miami, FL [email protected]
Page | 2The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
This property is located in Allapattah, a transforming neighborhood alsoknown as the WOW District. The location offers close proximity to LeJeune, Miami International Airport, Wynwood, Miami Design DistrictCenter, Miami Beach, Brickell and Downtown Miami. The location is ideal,minutes from schools, shops and Jackson Memorial Hospital. Thisgentrified and extremely populated area has one of the lowest vacancyrates in South Florida. Location offers multiple transportation options.
LOCATION OVERVIEW
Property sits on a corner lot and consists of two separate buildings and 2folios. This 100% occupied property has extremely low operating expensesand also has room for rental increases. Very well kept building with acentral courtyard, on-site coin laundry. 40 Year re-certification in place.
Unit Mix:.10 1 bedroom/1 bath. 2 2 bedroom/1 bath. 2 Studios
Showings are by appointment only, please do not disturb tenants or tourthe property on your own.
PROPERTY OVERVIEW
OFFERING SUMMARY
Sale Price: $1,456,000
Price / Unit: $104,000
Number Of Units: 14
Cap Rate: 6.7%
NOI: $97,038
Lot Size: 20,700 SF
Building Size: 6,892 SF
Market: Miami
Submarket: Allapattah
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
ExExecutivecutive Summarye Summary
Page | 3The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
PROPERTY NAME: Melrose Allappatah 13 apartments
PROPERTY ADDRESS: 3525 NW 35 AV and 3471 NW 35 ST
Miami, FL 33142
APN: 30-3128-013-3540 and 30-3128-013-3540
PRICE / UNIT: $104,000
LOT SIZE: 20,700 SF
BUILDING SIZE: 6,892 SF
BUILDING CLASS: C
ZONING: Hotel, Motel, Multifamily
PARKING SPACES: 15 assigned plus street parking
YEAR BUILT: 1958 and 1965
NUMBER OF STORIES: 1 -2
ROOF: Shingle-Flat
FOUNDATION: Concrete
WALLS: CBS
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
PrProperty Detailsoperty Details
Page | 4The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
AAdditional Photdditional Photosos
Page | 5The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
AAdditional Photdditional Photosos
Page | 6The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
AAdditional Photdditional Photosos
Page | 7The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
LLocaocation Mapstion Maps
Page | 8The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
AAerial Maperial Map
Page | 9The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
SurvSurveeyy
Page | 10The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
SurvSurveeyy
Page | 11The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
INVESTMENT OVERVIEW Actual Pro-Forma
Price $1,456,000 $1,456,000
Price per Unit $104,000 $104,000
CAP Rate 6.7% 6.1%
Cash-on-Cash Return (yr 1) 5.89 % 6.1%
Total Return (yr 1) $27,018 $88,990
OPERATING DATA Actual Proforma
Gross Scheduled Income $135,600 $156,000
Other Income $6,000 $6,000
Total Scheduled Income $141,600 $152,000
Vacancy Cost (3%) $4,248 $4,860
Gross Income $137,352 $147,140
Operating Expenses $40,314 $58,450
Net Operating Income $97,038 $88,690
Pre-Tax Cash Flow $27,018 $88,690
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
Financial SummaryFinancial Summary
Page | 12The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
INCOME SUMMARY ALLAPPATAH MULTI-FAMILY FOR SALE PER UNIT
Rental Income $135,600 $9,685
Laundry $6,000 $428
GROSS INCOME $141,600 $10,114
EXPENSE SUMMARY ALLAPPATAH MULTI-FAMILY FOR SALE PER UNIT
Real Estate Taxes $8,683 $620
Insurance $17,181 $1,227
Licenses $110 $7
Maintenance/Repairs $4,000 $285
Electricity $840 $60
Water $5,200 $371
Garbage $3,300 $235
Septic tank clean out $1,000 $71
GROSS EXPENSES $40,314 $2,879
NET OPERATING INCOME $97,038 $6,931
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
IncIncome & Expensesome & Expenses
Page | 13The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
UNITNUMBER
UNITBED
UNITBATH
CURRENTRENT
MARKETRENT
1 1 1 $800 $900
2 1 1 $800 $900
3 1 1 $800 $900
4 1 1 $650 $900
5 1 1 $850 $900
6 1 1 $800 $900
7 1 1 $850 $900
8 1 1 $850 $900
9 1 1 $800 $900
10 1 1 $800 $900
A 2 1 $1,000 $1,200
B 2 1 $1,000 $1,200
C 0 1 $650 $800
D 0 1 $650 $800
Totals/Averages 0 $11,300 $13,000
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
RRent Rent Rolloll
Page | 14The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
SUBJECT PROPERTY
3525 NW 35 Avenue | Miami, FL 33142
$1,456,000Sale Price: 6,892 SFBuilding SF:
$211.26Price PSF: 14No. Units:
$104,000Price / Unit: 10.74GRM:
6.66%Cap: $97,038NOI:
1894 NW 35 ST | Miami, FL 33142
$1,000,000Sale Price: 1925Year Built:
4,896 SFBuilding SF: $204.25Price PSF
8No. Units $125,000Price / Unit
5.1%CAP: 100%Occupancy:
1
1
1333 NW 15 ST | Miami, FL 33142
$1,500,000Sale Price: 1963Year Built:
6,000 SFBuilding SF: $250.00Price PSF
12No. Units $125,000Price / Unit
5.98%CAP:
2
2
2930 NW 22 AV | Miami, FL 33142
$1,100,000Sale Price: 1984Year Built:
6,328 SFBuilding SF: $173.83Price PSF
6No. Units $183,333Price / Unit
6.8%CAP:
3
3
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
Sale CSale Compsomps
Page | 15The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
1760 SW 7 ST | Miami, FL 33135
$1,125,000Sale Price: 1975Year Built:
6,246 SFBuilding SF: $180.12Price PSF
8No. Units $140,625Price / Unit
04/23/1018Closed: 100%Occupancy:
4
4
2238 SW 9 ST | Miami, FL 33135
$1,325,000Sale Price: 1925Year Built:
5,472 SFBuilding SF: $242.14Price PSF
12No. Units $110,416Price / Unit
06/25/2018Closed: 100%Occupancy:
5
5
1553 SW 7 ST | Miami, FL 33135
$2,000,000Sale Price: 1926Year Built:
8,609 SFBuilding SF: $232.32Price PSF
16No. Units $125,000Price / Unit
05/04/2018Closed: 100%Occupancy:
6
6
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
Sale CSale Compsomps
Page | 16The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS
3525 NW 35 Avenue, Miami, FL331423525 NW 35 AvenueMiami, FL 33142
$1,456,000 6,892 SF $211.26 $104,000 6.66% 10.74 14
SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE
1 1894 NW 35 STMiami, FL 33142
$1,000,000 4,896 SF $204.25 $125,000 5.1% - 8 On Market
2 1333 NW 15 STMiami, FL 33142
$1,500,000 6,000 SF $250.00 $125,000 5.98% - 12 On Market
3 2930 NW 22 AVMiami, FL 33142
$1,100,000 6,328 SF $173.83 $183,333 6.8% - 6 On Market
4 1760 SW 7 STMiami, FL 33135
$1,125,000 6,246 SF $180.12 $140,625 N/A - 8 04/23/1018
5 2238 SW 9 STMiami, FL 33135
$1,325,000 5,472 SF $242.14 $110,416 N/A - 12 06/25/2018
6 1553 SW 7 STMiami, FL 33135
$2,000,000 8,609 SF $232.32 $125,000 N/A - 16 05/04/2018
PRICE PRICE/SF PRICE/UNIT CAP GRM # OF UNITS
TOTALS/AVERAGES $1,341,667 $214.36 $129,880 5.96% - 10.33
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
Sale CSale Comps Summaryomps Summary
Page | 17The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
3525 NW 35 Avenue | Miami, FL 33142SUBJECT PROPERTY
1 1894 NW 35 STMiami, FL 33142
2 1333 NW 15 STMiami, FL 33142
3 2930 NW 22 AVMiami, FL 33142
4 1760 SW 7 STMiami, FL 33135
5 2238 SW 9 STMiami, FL 33135
6 1553 SW 7 STMiami, FL 33135
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
Sale CSale Comps Mapomps Map
Page | 18The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness
* Demographic data derived from 2010 US Census
POPULATION 1 MILE 3 MILES 5 MILES
TOTAL POPULATION 12,711 227,357 617,697
MEDIAN AGE 38.1 39.3 39.5
MEDIAN AGE (MALE) 38.4 37.4 37.7
MEDIAN AGE (FEMALE) 37.4 40.9 41.1
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
TOTAL HOUSEHOLDS 4,106 77,461 218,946
# OF PERSONS PER HH 3.1 2.9 2.8
AVERAGE HH INCOME $38,387 $36,037 $42,597
AVERAGE HOUSE VALUE $238,690 $264,731 $323,619
3525 NW 35 Avenue, Miami, FL 33142
Allappatah Multi-Family For Sale
DemogrDemographics Mapaphics Map