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2005-2023 Calais Dr. Miami Beach, FL 33141
OFFER MEMORANDUM
Page 11Rent roll & financial summary
Page 14Redevelopment potential
Page 16Property location & landmarks
Page 3Introduction to the property & details
Page 6Offer summary
Page 7Unit photos
TABLE OF CONTENTS
Page 18North Beach market, statistics, & developments
Page 27About Us
This one-of-a-kind waterfront property is located in the heart of one of the best neighborhoods in South Florida — Normandy Isle. Centrally located and just steps from the Normandy Shores Golf Course & Club House, bayfront tennis courts, the Normandy Pool & park, and the local trolley. Minutes away from South Beach & Downtown Miami, this property has no trouble attracting a high volume of desirable tenants on a consistent basis.
WELCOME... TO 2005-2023 CALAIS DR.
Normandy Shores Tennis & Outdoor Gym
Normandy Shores Golf Course
2005-2023 Calais
NoBe Central Park
Town Center
Normandy Fountain
WHY 2005-2023 CALAIS DR.
2005-2023 Calais dr. is located in one of the few neighborhoods in Miami Beach that allows for the redevelopment of commercial properties. Surrounded by single family neighborhoods in high demand, with the average price of $2M for a waterfront home or $7200 per month for rent, this property is perfectly positioned for redevelopment. With few neighborhoods, offering the low key, amenity rich lifestyle provided with this location, the redevelopment of this property, either as a condominium or rental community, will prove to be a smart endeavor.
PROPERTY DETAILS
✓ Sits on a double lot in front of the water
✓ 21,224 sq.ft. of land
✓ 143 ft. of water frontage
✓ Zoned to build up to 5 stories or a
total of 26,530 sq.ft.
✓ Stable tenancy with long term
residents in place
✓ Annual Gross Rent of $175,572
✓ Net Operating Income of $103,577
✓ Continue producing income until
ready to build
OFFER SUMMARY
Building Size9,802 sq.ft
Avg. Unit Size 980 sq.ft.
No. of Units10
Lot Size 21,224 sq.ft
Asking Price:$1,998,000
HAVE A LOOK INSIDE
HAVE A LOOK INSIDE
UNIT PHOTOS
UNIT PHOTOS
POTENTIAL UNIT MIX & RENT ROLL
Unit Make Up Qty Rental Rate Total
1 bedroom 6 $2,200.00 $13,200.00
2 bedroom 7 $3,000.00 $21,000.00
3 bedroom 4 $4,200.00 $16,800.00
17 Total: $51,000.00
Annualized $612,000.00
FUTURE FINANCIAL SUMMARY
Insurance $30,000.00
Water $14,280.00
FPL $900.00
Maintenance $3,400.00
Management $10,704.00
Taxes $80,000.00
Building Expenses
Net Operating Income $472,716
CAP RATE 6.68%
TOTAL ANNUAL OPERATING COSTS $139,284.00
TOTAL INVESTMENT COST $7,077,183
PRESENT FINANCIAL SUMMARY
Insurance $6,585.00
Operating Expenses $19,692.00
Maintenance $3,500.00
Management $5,267.00
Vacancy $5,267.00
Taxes $31,683.00
Building Expenses
Net Operating Income $103,577
CAP RATE 5.18%
TOTAL ANNUAL OPERATING COSTS $71,995.00
SALE PRICE $1,998,000
Unit Make Up Qty Rental Rate Total
Studio 1 $864.00 $864.00
1 bedroom 4 $1,336.00 $5,344.00
2 bedroom 4 $1,643.00 $6,573.00
3 bedroom 1 $1,850.00 $1,850.00
10 Total $14,631.00
Annualized $175,572
Current Unit Mix & Rent Roll
POTENTIAL REDEVELOPMENT
RENDERINGS BY WILLIAM LANE
POTENTIAL REDEVELOPMENT
RENDERINGS BY WILLIAM LANE
Through a bird’s eye view, you’ll notice the property’s proximity to Normandy Shores, the Bayfront Tennis Courts, the Normandy Fountain, and the Normandy Shores Golf Course.
LOCATION
Looking at the rendering below, you’ll notice the 143 ft of waterfront alongside the 2005-2023 Calais, as well as plenty of street parking for residents.
LOCATIONCLOSER LOOK
The current lot size of 21,224 sq.ft allows for the construction of a 26,530 sq.ft. building with docks.
2005 - 2023 Calais Dr.
This northern stretch of Miami Beach is the last underdeveloped section of the city and it is surrounded by the most well- established and thriving economic enginesof South Florida.
Current private and public investment growth in North Beach and a shrinking housing supply create the best time for investment NOW! These investments drive the economy creating more employment opportunity and increasing the tax base for more investments in the local community thus, creating a richer quality of life for all North Beach residents and a higher demand for housing. Nestled at the core of the most established and fastest growing neighborhoods in America, North Beach is attracting a more upscale demographic in line with the surrounding neighborhoods.
Several incredible local schools, restaurants, parks and places of worship give residents an idyllic life. The free trolley and plentiful bike lanes make transportation easy and affordable. Residents bursting with pride for North Beach give back to their neighborhood with beach clean-ups, enjoy the weekly Normandy Village Farmers Market and attend regular events at the North Beach Bandshell Amphitheater! North Beach is poised to become the epicenter of growth in Miami Beach for the next 20 years with $90M in public projects already committed.
“Several incredible local schools, restaurants and parks give residents an idyllic life.”
NORTH BEACH
“Like many others, Paskal was awed by North Beach’s modest, affordable yet distinctive mid-20th Century architecture, its low-scale walkability, the abundance of parks. And above all, the intimate proximity of water everywhere — the Atlantic Ocean on one side, waterways and Biscayne Bay on the other, and in between a series of islands connected by 14 scenic bridges.He soon discovered that North Beach had history, authenticity, personality and a wide range of amenities, neighborhoods and people. A picturesque, French-inspired fountain on Normandy Isle, and a Space Age bandshell on the beach. Suburban-style single-family homes occupied by old-line, well-to-do Beach families and clusters of garden-style apartments redolent of the subtropics and densely populated by immigrants and hotel workers.”
“Rents in North Beach have already been climbing for years, said Daniel Veitia, a longtime Normandy Isle resident and one of the busiest property managers and listing agents in the neighborhood. In 2005, he said, a one-bedroom apartment went for $800 a month. Now the same unit rents for as much as $1,450 a month, said Veitia, who also sits on the city planning board.”
“Several incredible local schools, restaurants and parks give residents an idyllic life.””
“The new town center guidelines, which allow micro-units to foster housing affordability, are intended to turn several lifeless blocks into a vibrant and pedestrian-friendly urban district that can anchor a broader revitalization of North Beach.”
“I am wildly optimistic about North Beach,” said Miami Beach Commissioner Ricky Arriola, a key backer of the plan along with former Mayor Philip Levine, who launched the effort while in office. “We have laid the groundwork from a legislative perspective to make that happen. This is going to be the biggest success story in Miami-Dade County in years. Once it’s done, the quality of life is going to be very high.”
NORTH BEACH IN THE NEWS
JAN 6, 2020
Source: https://www.miamiherald.com/news/business/real-estate-news/article238515478.html
WHY NORTH BEACH? NORTH BEACH RENTAL & SALES MARKET STATISTICS
NORTH BEACH LOCATION AND PUBLIC INVESTMENTS STATISTICS✓ North Beach public projects planned/completed over last 6 years
totaling $54M!✓ 2019-2030 G.O.Bond plan has allocated almost $134M to North Beach!✓ 3% population growth forecasted through 2024 in North Beach!✓ 3.3 miles to the key tourist destination, South Beach • 1 mile to
prestigious Bal Harbour✓ 11.4 miles to Downtown,Miami✓ 13.6 miles to Miami International Airport
✓ ZERO new entry level rentals are forecasted in the North Beach Market✓ Entire Miami Market Vacancy Rate: 5.7% vs. North Beach Submarket
Vacancy Rate: 3.8%✓ 96% Occupancy Rate!✓ 2019-1 Bedroom Apt Rent Avg = $1,395/month✓ 2019-2 Bedroom Apt Rent Avg = $1,991/month✓ 2019-3 Bedroom Apt Rent Avg = $4,060/month✓ 2019 Avg Price of Single-Family Home Sales = $2.7M✓ 2018 Avg Price of Condo Sales = $523,000
*Data from MLS, Costar: May 2019, U.S. Census Bureau, and City of Miami Beach*
NORTH BEACH ZONINGNorth Beach is filled with amazing communities and public amenities. See where 2005 - 2023 Calais stands within the zoning map.
Remember, we’re always just around the corner.
2005 - 2023 Calais Dr.
5 BIG IDEAS TO GROW NORTH BEACH
The Miami Beach City Commission unanimously approved a master plan for the city’s North Beach neighborhood, which stretches from 63rd Street to 87th Street.
The plan developed by planners Dover Kohl, offers a set of 5 Big Ideas proposed to encourage the growth of the North Beach Community. These five consensus ideas provided an outline for Plan North Beach.
1. Make A Town Center – Vibrant, dynamic, compact, pedestrian –friendly and with a mix of uses to ensure a pedestrian experience that is welcoming and interesting.
2. More Mobility Options – Safe, comfortable, interesting, and beautiful streets with wider sidewalks, world-class bike infrastructure, shade trees for sidewalks, better lighting, and buried or relocated overhead utilities.
3. Protect & Enhance Neighborhoods – Preservation is the soundest long-term economic development strategy. New construction should occur in vacant or underutilized spaces and complement the existing buildings.
4. Maximize Public Lands Utility and utilize its properties to support the surrounding community and attract new investment
5. Improve Protection – Improving its ability to deal with sea level rise and climate change by upgrading all infrastructure to new standards.
AREA PUBLIC DEVELOPMENTSADDRESS/ PROPERTY DETAILS
OCEAN TERRACE
Approved: Repurposing beach front property for pedestrian friendly walkways, public plaza, shade structures, dining terraces volleyball courts, etc.
ALTOS DEL MAR PARK
Completed: Approx.$5 Million investment into 76th Street & Collins Avenue. A 5- acre oceanfront park, restrooms,
volleyball courts, and an open field overlooking the ocean.
NORTH BEACH OCEANSIDE PARK
2019 – 2020 - $10.66 Million of improvements. 79th Street to 87th Street. New pathways, lighting, entry
gates, and the completion of the existing beach walk.
RUE VENDOME PLAZA
In Progress – Open Plaza, activation and programming, pedestrian friendly, shade trees and
lighting.
72 STREET COMMUNITY COMPLEXJust east of 2005-2023 Calais dr. is the site for the 72nd street community complex — a community facility that includes a rooftop swimming competition pool, a warm-up pool, a library & media center, a community room, an activated liner, fitness gym, running track, green space, and multi-level garage. This facility is projected to be completed in 2023 and will be the hearth of North Beach and it’s neighborhoods. For more information click here →.
AREA RESIDENTIAL & MIXED-USE DEVELOPMENTSADDRESS/ PROPERTY STAGE MORE DETAILS
TOWN CENTER: 72ND
PARK APPROVED
Mixed-Use 22-Story Tower with283 Residential Units & 12,500
sq.ft. Commercial Space.
8421 – 8427 CRESPI BLVD: “Nobe Marina” COMPLETED
New construction. Luxury residential.
7925 – 7935 CRESPI BLVD:
“NOBE ISLAND” APPROVED
New construction. Luxury residential.
8701 COLLINS AVENUE: “EIGHTY
SEVEN PARK” COMPLETEDNew construction. Luxury
residential.
AREA RESIDENTIAL & MIXED-USE DEVELOPMENTSADDRESS/ PROPERTY STAGE MORE DETAILS
6800INDIAN CREEK:
“MONACO YACHT CLUB” UNDER CONSTRUCTION
New construction. Luxury residential.
7140 ABBOTT AVENUE APPROVED
Mixed-Use 14-Story Tower with162 Residential Units.
68TH & COLLINS:
“L’ATELIER’ COMPLETEDNew construction. Luxury
residential.
7140 COLLINS
AVENUE APPROVED187 hotel rooms, 24 residential
units, 28,000 sq ft. of retail
Urban Resource is the premier expert for North Beach real estate! Brother-sister founders, Daniel and Laura Veitia, who live and work in North Beach can provide you with real estate knowledge as a resident, investor, and business owner in the area. Dedicated to their customer and supporting the growth of the neighborhood, Urban Resource’s team of highly trained and licensed real estate professionals are reliable and responsive.
Additionally, as the largest property management company in North Beach with 100+ buildings under management, Urban Resource’s success and reputation are the direct result of the relationships built with their owners, residents and local North Beach community. A hands-on approach and honest assessments exceed customer expectations by adding value at every step.
ABOUT US “ With a combined team experience and commitment to North Beach of over 200 years…”
Laura VeitiaBroker & Vice PresidentOffice: [email protected]
