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1535 West AvenueMiami Beach, Florida33139
Offering Memorandum
WARRANTY AND CONFIDENTIALITY
This is a confidential Offering Memorandum, which is intended solely for your limited use and benefit in determining whether you desire to express any further interest in acquiring 1535 West Avenue, Miami Beach, FL, (the “Property”). You are bound by the Confidentiality Agreement executed in connection withyour receipt of this Offering Memorandum.
This Offering Memorandum was prepared by Douglas Elliman Commercial Florida, a Florida limited liability Company broker. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information, which prospective investors may desire. It should be noted that all or any of the market analysis projections are provided for general reference purposes and are based on assumptions relating to the general economy, competition and other factors beyond our control and, therefore, are subject to material variation.
Additional information and an opportunity to inspect material related to the Property will be made available to interested and qualified prospective capital sources. Neither the Owner, Broker, nor any of their respective officers have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents, and no legal commitments or obligations shall arise by reason of this Offering Memorandum or its contents.
It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Broker does not conduct investigations or analyses of environmental matters and, accordingly, urges interested parties to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, pcbs, other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions are present at the Property and if so, whether any health danger or other liability exists.
Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending on past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required.
Consequently, legal counsel and technical experts should be consulted where these substances are or may be present. In this Offering Memorandum, certain documents are described in summary form. The summaries do not purport to be complete descriptions of the full agreements involved, nor do they purport to constitute any legal analysis of the provisions of the documents. This brochure shall not be deemed an indication of the state of affairs of the Owner nor constitute an indication that there has been no change in the business or affairs of the Owner since the date of preparation of this Offering Memorandum. Duplication of the Offering Memorandum in part or entirety without the expressed written consent of Broker is not authorized.
THE PROPERTY
1535 West Avenue, Miami Beach, FL 33139PROPERTY ADDRES
BUILDING CLASS C
UNITS 8
YEAR BUILT 1950
STORIES 2
BUILDING SIZE (Sq Ft) +/- 7,400 SqFt
LOT SIZE (AC) +/- 0.17 AC
TYPE Multi-Family
AMENITIES On-site Laundry
THE PROPERTY
1535 West Avenue is perfectly located in the Flamingo Park residential Neighborhood, with easy access to Lincoln Road, the shops at Sunset Harbour, multiple grocery, restaurant, and services. This is a Walker's Paradise with a 96 Walkscore. 100% occupied and the ability to increase the current rents by nearly 25%.
The 1535 West Avenue Apartments offer an investor the opportunity to purchase an irreplaceable building in the heart of South Beach. After over two decades of ownership the family has decided to offer this property for sale. Long term tenants and ease of ownership are hallmarks of this property. For the active investor, the opportunity exists to reposition the apartments to optimize gains. For those seeking further upside, an owner can follow the lead of many buildings in the area and convert the property to townhouse style condominiums with upstairs and downstairs living and generous floorplans.
SUMMARY
UNIT MIX
4 - Two bedoom Apartments +/- 1,200 sqft
4 - One bedroom Apartments +/- 800 sqft
Two story building provides attractive front porches for first level apartments and two stairwells for access to the second level apartments
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MARKET OVERVIEW
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POPULATION FACTS
1914 1967 2006 2016
1. New York 1.New York 1. California 1. California
5. Texas 2.California 2. Texas 2. Texas
12. California 6.Texas 3. New York 3. Florida
33. Florida 15. Florida 4. Florida 4. New York
POPULATION
UNITED VAN LINES 2016 NATIONAL MOVERS STUDY United Van Lines, a national moving company also
produced the United Van Lines’ 40th Annual
National Movers Study, which tracked customers’
migration patterns state-to-state in 2016. Florida
was No. 10 of the Top Ten “Inbound States” (57
percent or more of moves within the United States
were made to Florida).
Florida, once ranked 33rd in U.S. population
rankings, has now surpassed New York as the 3rd
most populated state. In August of 2015, the United
States Census Bureau also released numbers on
“Metro Area-to-Metro Area Migration Flows.”
Between 2009 and 2013, 22,000 New Yorkers
relocated to Miami, the second largest migration
between America’s largest metro areas. Florida
ranked second nationally for population growth,
with an average of over 1,000 new residents a day,
ahead of much larger California and behind only
Texas.
MARKET OVERVIEW
Source: United Van Lines
Source: US Census
Miami Beach is home to the world's most extensive collection of Art Deco Architecture
This provides for a very robust tourist industry coupled with the extrodinary weather and beaches within walking distance from anywhere in the City of Miami Beach.
In fact, there are more than 800 buildings that feature Art Deco Architecture in Miami Beach. This makes it the largest collection of this type of architecture in the entire world. The historic districts of Espanola Way, Collins/Washington Avenues, Flamingo Park and Museum make up the National Register Art Deco District.
Tourism, Hospitality, Arts & Culture define the employment base of Miami Beach.
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MARKET OVERVIEW
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Please Contact
DAVID RESTAINER, CCIMManaging Director Commercial Real Estate 305.482.1450 [email protected]
1111 LINCOLN ROAD SUITE 805, MIAMI BEACH, FL 33139
THE INFORMATION CONTAINED IN THIS DOCUMENT IS PROPRIETARY TO DOUGLAS ELLIMAN COMMERCIAL AND SHALL BE USED SOLELY FOR THE PURPOSES OF EVALUATING THIS PROPOSAL. ALL SUCH DOCUMENTATION AND INFORMATION REMAINS THE PROPERTY OF DOUGLAS ELLIMAN COMMERCIAL AND SHALL BE KEPT CONFIDENTIAL. REPRODUCTION OF ANY PART OF THIS DOCUMENT IS AUTHORIZED ONLY TO THE EXTENT NECESSARY FOR ITS EVALUATION. IT IS NOT TO BE SHOWN TO ANY THIRD PARTY WITHOUT THE PRIOR WRITTEN AUTHORIZATION OF DOUGLAS ELLIMAN COMMERCIAL. ALL INFORMATION CONTAINED HEREIN IS FROM SOURCES DEEMED RELIABLE; HOWEVER, NO REPRESENTATION OR WARRANTY IS MADE AS TO THE ACCURACY THEREOF.
801 Brickell Avenue, Suite #210 Miami, FL 33130