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310 MERIDIAN AVE
OFFER
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MEM
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MANNY CHAMIZO III - (786) 453-3171310 MERIDIAN AVE, MIAMI BEACH FL 33139
310 Meridian AveCONTENTS
Exclusively Marketed by:
Manny Chamizo IIIGlobal Commercial Director
(786) [email protected]
We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct yourown investigation of the property and transaction.
01 Executive Summary Investment Summary 4 Location Summary 5
02 Property Description Property Features 7 Aerial Map 8 Property Images 9
03 Financial Analysis Income & Expense Analysis 17
04 Demographics Demographics 19 Demographic Charts 20
310 Meridian A
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Executive Summary
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Investment Summary
Location Summary
310 Meridian Ave Investment Summary | 04
OFFERING SUMMARY310 MERIDIAN AVE 310 Meridian Ave
Miami Beach FL 33139MARKET Miami BeachBUILDING SF 7,013TOTAL ROOMS 17LAND SF 6,970 SFYEAR BUILT 1940APN 02-4203-009-5190OWNERSHIP TYPE Ground Lease
FINANCIAL SUMMARYOFFERING PRICE $4,750,000PRICE PER KEY $279,412PRICE PSF $677.31CAP RATE (CURRENT) -1.15 %CAP RATE (Pro Forma) -1.15 %
DEMOGRAPHICS 1 MILE 3 MILE 5 MILE2019 Population 22,975 51,785 218,7912019 Median HH Income $49,049 $56,547 $54,6542019 Average HH Income $80,264 $95,560 $88,793
310 Meridian is a vacant 17 unit multi-family apartment building ideallylocated in the highly desired SoFi area of Miami Beach (South of 5th).This is a shovel ready repurposing project delivered with approved plans.This unique project entails the repositioning of a 17 unit Multifamily into aHotel or Boutique Short term Rental Villa. This property is located 1 blockfrom Joes Stone Crab and Prime 112. This sale comes with approvedplans for a hotel with entitlements for short term rentals such as Airbnbwhich is in high demand. This is a great opportunity for a shovel readyproject such as this that you can break ground on the rehab on day 1.This project is fully approved - No other project allows aninvestor/developer the opportunity to acquire a turnkey project in theadvanced stages of development.
310 Meridian Ave Location Summary | 05
310 Meridian A
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Property Description
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Property Features
Aerial Map
Parcel Map
Property Images
310 Meridian Ave Property Features | 07
PROPERTY FEATURESTOTAL ROOMS 17BUILDING SF 7,013LAND SF 6,970LAND ACRES 0.16YEAR BUILT 1940# OF PARCELS 1ZONING TYPE R-PS2NUMBER OF STORIES 2NUMBER OF BUILDINGS 1LOT DIMENSION 7000 SF
CONSTRUCTIONELEVATOR No
310 Meridian Ave Aerial Map | 08
310 Meridian Ave Property Images | 09
310 Meridian Ave Property Images | 10
310 Meridian Ave Property Images | 11
310 Meridian Ave Property Images | 12
310 Meridian Ave Property Images | 13
310 Meridian Ave Property Images | 14
310 Meridian Ave Property Images | 15
310 Meridian A
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Financial Analysis
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Income & Expense
310 Meridian Ave Income & Expense Analysis | 17
INCOME
Less: Expenses $54,457
Net Operating Income ($54,457)
EXPENSES CURRENT
Real Estate Taxes $54,457
Total Operating Expense $54,457
Expense / SF $7.76
REVENUE ALLOCATION
DISTRIBUTION OF EXPENSES
310 Meridian A
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Demographics
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Demographic Details
Demographic Charts
310 Meridian Ave Demographics | 19
POPULATION 1 MILE 3 MILE 5 MILE
2000 Population 21,994 48,309 146,908
2010 Population 21,867 49,332 177,930
2019 Population 22,975 51,785 218,791
2024 Population 23,810 53,613 243,038
2019 African American 996 1,925 23,772
2019 American Indian 57 170 844
2019 Asian 538 1,223 4,628
2019 Hispanic 13,142 28,392 140,977
2019 White 19,600 44,990 171,688
2019 Other Race 991 1,922 10,698
2019 Multiracial 781 1,528 7,080
2019-2024: Population: Growth Rate 3.60 % 3.50 % 10.60 %
2019 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE
less than $15,000 2,656 4,537 18,748
$15,000-$24,999 1,435 2,742 10,168
$25,000-$34,999 1,332 2,747 9,375
$35,000-$49,999 1,602 3,504 12,202
$50,000-$74,999 2,022 4,161 16,221
$75,000-$99,999 1,427 3,034 11,384
$100,000-$149,999 1,613 3,881 14,197
$150,000-$199,999 796 1,999 6,611
$200,000 or greater 1,011 3,244 10,129
Median HH Income $49,049 $56,547 $54,654
Average HH Income $80,264 $95,560 $88,793
HOUSEHOLDS 1 MILE 3 MILE 5 MILE
2000 Total Housing 16,671 35,987 86,808
2010 Total Households 13,457 28,901 87,777
2019 Total Households 13,895 29,848 109,039
2024 Total Households 14,316 30,716 121,131
2019 Average Household Size 1.61 1.70 1.95
2000 Owner Occupied Housing 3,383 9,456 22,111
2000 Renter Occupied Housing 10,236 18,886 46,781
2019 Owner Occupied Housing 3,597 9,051 37,800
2019 Renter Occupied Housing 10,298 20,797 71,239
2019 Vacant Housing 5,334 11,350 31,465
2019 Total Housing 19,229 41,198 140,504
2024 Owner Occupied Housing 3,850 9,594 41,716
2024 Renter Occupied Housing 10,465 21,123 79,415
2024 Vacant Housing 5,453 11,510 32,142
2024 Total Housing 19,769 42,226 153,273
2019-2024: Households: Growth Rate 3.00 % 2.85 % 10.65 %
Source: esri
310 Meridian Ave Demographic Charts | 20
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Household Income
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Population by Race
310 Meridian Ave Demographic Charts | 21
2019 Household Occupancy - 1 Mile Radius
Average Income Median Income
2019 Household Income Average and Median
310 Meridian Ave
CONFIDENTIALITY and DISCLAIMERThe information contained in the following offering memorandum is proprietary and strictly confidential. It isintended to be reviewed only by the party receiving it from ONE Sotheby's International Realty and it shouldnot be made available to any other person or entity without the written consent of ONE Sotheby's InternationalRealty.
By taking possession of and reviewing the information contained herein the recipient agrees to hold and treatall such information in the strictest confidence. The recipient further agrees that recipient will not photocopy orduplicate any part of the offering memorandum. If you have no interest in the subject property, pleasepromptly return this offering memorandum to ONE Sotheby's International Realty. This offering memorandumhas been prepared to provide summary, unverified financial and physical information to prospectivepurchasers, and to establish only a preliminary level of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligence investigation. ONE Sotheby'sInternational Realty has not made any investigation, and makes no warranty or representation with respect tothe income or expenses for the subject property, the future projected financial performance of the property, thesize and square footage of the property and improvements, the presence or absence of contaminatingsubstances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical conditionof the improvements thereon, or financial condition or business prospects of any tenant, or any tenant’s plansor intentions to continue its occupancy of the subject property.
The information contained in this offering memorandum has been obtained from sources we believe reliable;however, ONE Sotheby's International Realty has not verified, and will not verify, any of the informationcontained herein, nor has ONE Sotheby's International Realty conducted any investigation regarding thesematters and makes no warranty or representation whatsoever regarding the accuracy or completeness of theinformation provided. All potential buyers must take appropriate measures to verify all of the information setforth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subjectproperty.
Exclusively Marketed by:
Manny Chamizo IIIGlobal Commercial Director
(786) [email protected]
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