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845 SW 4th Street • Miami, FL 33130
9-Unit Multifamily Apartment Building
Offering Memorandum
1
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and
strictly confidential. It is intended to be reviewed only by the party receiving it from
Marcus & Millichap Real Estate Investment Services of Florida, Inc. ("Marcus &
Millichap") and should not be made available to any other person or entity without the
written consent of Marcus & Millichap. This Marketing Brochure has been prepared to
provide summary, unverified information to prospective purchasers, 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. Marcus & Millichap
has not made any investigation, and makes no warranty or representation, with respect
to the income or expenses for the subject property, the future projected financial
performance of the property, the size and square footage of the property and
improvements, the presence or absence of contaminating substances, PCB's or
asbestos, the compliance with State and Federal regulations, the physical condition of
the improvements thereon, or the financial condition or business prospects of any
tenant, or any tenant's plans or intentions to continue its occupancy of the subject
property. The information contained in this Marketing Brochure has been obtained
from sources we believe to be reliable; however, Marcus & Millichap has not verified,
and will not verify, any of the information contained herein, nor has Marcus & Millichap
conducted any investigation regarding these matters and makes no warranty or
representation whatsoever regarding the accuracy or completeness of the information
provided. All potential buyers must take appropriate measures to verify all of the
information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap
Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial
tenant or lessee identified in this marketing package. The presence of any
corporation's logo or name is not intended to indicate or imply affiliation with, or
sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or
subsidiaries, or any agent, product, service, or commercial listing of Marcus &
Millichap, and is solely included for the purpose of providing tenant lessee information
about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE
DETAILS.
LITTLE HAVANA APARTMENTS
Miami, FL
ACT ID ZAA0390567
2
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02
Rent Roll Summary
Rent Roll Detail
Operating Statement
Notes
Pricing Detail
Acquisition Financing
MARKET COMPARABLES 03
Sales Comparables
Rent Comparables
MARKET OVERVIEW 04
Market Analysis
Demographic Analysis
LITTLE HAVANA APARTMENTS
3
INVESTMENT
OVERVIEW
LITTLE HAVANA APARTMENTS
#
EXECUTIVE SUMMARY
OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES
Cable Wrless Cmmunications Inc 6,156
HIG Surgery Centers LLC 5,100
Burger King Cpitl Holdings LLC 5,008
Royal Caribbean International 4,965
Ibt Group LLC 4,442
Bursars Office 4,418
County Miami Dade AVI Dept 4,000
Miami Dade Transit 4,000
Nephrology Division 4,000
Kimpton Epic Miami 3,724
ROYAL CARIBBEAN 3,400
Keystone Holdings 3,076
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2018 Estimate Pop 67,343 286,368 514,415
2010 Census Pop 60,287 257,055 464,219
2018 Estimate HH 29,014 117,670 212,308
2010 Census HH 25,744 104,791 190,997
Median HH Income $22,884 $32,473 $35,173
Per Capita Income $16,983 $25,087 $27,596
Average HH Income $39,024 $60,402 $66,364
UNIT MIX
NUMBEROF UNITS
UNIT TYPEAPPROX.SQUARE FEET
8 1 BEDROOM 1 BATH 518
1 2 BEDROOM 1 BATH 608
9 Total 4,752
VITAL DATA
Price $1,200,000 CURRENT YEAR 1
Down Payment 30% / $360,000 CAP Rate 5.5% 6.06%
Loan Amount $840,000 GRM 11.90 10.36
Loan Type Proposed NewNet Operating Income
$65,975 $72,762
Interest Rate / Amortization 5% / 25 YearsNet Cash Flow After Debt Service
6.66% / $23,975 8.55% / $30,762
Price/Unit $133,333 Total Return 6.66% / $23,975 8.55% / $30,762
Price/SF $252.53
Number of Units 9
Rentable Square Feet 4,752
Year Built 1930
Lot Size 0.17 acre(s)
4
THE OFFERING
Property Little Havana Apartments
Price $1,200,000
Property Address 845 SW 4th St, Miami, FL
Assessors Parcel Number 01-4138-003-4000
SITE DESCRIPTION
Number of Units 9
Year Built/Renovated 1930
Rentable Square Feet 4,752
Lot Size 0.17 acre(s)
Type of Ownership Fee Simple
LITTLE HAVANA APARTMENTS
OFFERING SUMMARY
▪ Seller Financing Available
▪ 100% Occupied with Significant Upside in Rental Income
▪ 40-Year Re-Certification Completed
▪ On-Site Parking
▪ Hurricane Shutters
▪ 7,500 Sq Ft Lot Zoned T4-R
INVESTMENT HIGHLIGHTS
Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale 845 SW 4th St in LittleHavana, a 1930 construction, nine unit apartment building. The property consists of eight one-bedroom/ one-bathroom units and one two-bedroom/ one-bathroom unit located in LittleHavana, one of the strongest rental sub-markets in Miami, Florida.
845 SW 4th St is located in the world-renowned Little Havana sub-market, the cultural epicenterof the Miami Latin community with close proximity to major public transportation, MarlinsStadium, Brickell/Downtown Miami, Coral Gables and Coconut Grove. The property is located inthe Eastern section of Little Havana, walking distance to commerce and entertainment corridorsFlagler Street and Calle Ocho.
Area employment is very strong due to the close proximity to the Miami Health District, thesecond largest Health District in the United States, along with Miami's Downtown/BrickellFinancial District and Miami Beach.
INVESTMENT OVERVIEW
5
LOCAL MAP
LITTLE HAVANA APARTMENTS
6
BrickellDowntown
845 SW 4th Street
The Roads
LOCAL MAP
LITTLE HAVANA APARTMENTS
7
PROPERTY PHOTO
LITTLE HAVANA APARTMENTS
8
PROPERTY PHOTO
LITTLE HAVANA APARTMENTS
9
PROPERTY PHOTO
LITTLE HAVANA APARTMENTS
10
PROPERTY PHOTO
LITTLE HAVANA APARTMENTS
11
LITTLE HAVANA APARTMENTS
12
FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
LITTLE HAVANA APARTMENTS
RENT ROLL SUMMARY
13
FINANCIAL ANALYSIS
LITTLE HAVANA APARTMENTS
OPERATING STATEMENT
14
FINANCIAL ANALYSIS
LITTLE HAVANA APARTMENTS
NOTES
15
FINANCIAL ANALYSIS
LITTLE HAVANA APARTMENTS
NOTES
16
FINANCIAL ANALYSIS
LITTLE HAVANA APARTMENTS
PRICING DETAIL
17
MARCUS & MILLICHAP CAPITAL CORPORATION
CAPABILITIES
MMCC—our fully integrated, dedicated financing arm—is committed to
providing superior capital market expertise, precisely managed execution, and
unparalleled access to capital sources providing the most competitive rates and
terms.
We leverage our prominent capital market relationships with commercial banks,
life insurance companies, CMBS, private and public debt/equity funds, Fannie
Mae, Freddie Mac and HUD to provide our clients with the greatest range of
financing options.
Our dedicated, knowledgeable experts understand the challenges of financing
and work tirelessly to resolve all potential issues to the benefit of our clients.
National platform
operating
within the firm’s
brokerage
offices
$6.24 billion
billion total
national
volume in 2018
Access to
more capital
sources than
any other firm
in the industry
Optimum financing solutions
to enhance value
Our ability to enhance
buyer pool by expanding
finance options
Our ability to enhance
seller control
• Through buyer
qualification support
• Our ability to manage buyers
finance expectations
• Ability to monitor and
manage buyer/lender
progress, insuring timely,
predictable closings
• By relying on a world class
set of debt/equity sources
and presenting a tightly
underwritten credit file
WHY MMCC?
Closed 1,678
debt and equity
financings
in 2018
ACQUISITION FINANCING
LITTLE HAVANA APARTMENTS
18
LITTLE HAVANA APARTMENTS
19
MARKET
COMPARABLES
LITTLE HAVANA APARTMENTS
SALES COMPARABLES MAP
20
LITTLE HAVANA APARTMENTS
(SUBJECT)
335 NW 12th Ave
529 SW 7th Ct
324 SW 19th Ave
SALES COMPARABLES
1
2
3
PROPERTY NAMELITTLE HAVANA APARTMENTS
SALES COMPARABLES
21
SALES COMPARABLES
Avg.
$270.18
$0.00
$40.00
$80.00
$120.00
$160.00
$200.00
$240.00
$280.00
$320.00
$360.00
$400.00
845 SW 4th St 335 NW 12th
Ave
529
SW 7th Ct
324 SW 19th
Ave
Average Price Per Square Foot
Avg.
$138,969
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
$200,000
845 SW 4th St 335 NW 12th
Ave
529
SW 7th Ct
324 SW 19th
Ave
Average Price Per Unit
SALES COMPARABLES SALES COMPS AVG
PROPERTY NAME
MARKETING TEAM
LITTLE HAVANA APARTMENTS
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
22
SALES COMPARABLES
Units Unit Type
Offering Price: $1,200,000 8 1 BEDROOM 1 BATH
Price/Unit: $133,333 1 2 BEDROOM 1 BATH
Price/SF: $252.53
CAP Rate: 5.50%
GRM: 11.90
Total No. of Units: 9
Year Built: 1930
Underwriting Criteria
Income $96,768 Expenses $30,793
NOI $65,975 Vacancy ($4,032)
Little Havana Apartments845 SW 4th St, Miami, FL, 33130
1
Units Unit Type
Close Of Escrow: 3/28/2018 9 1 Bdr 1 Bath
Sales Price: $1,260,000
Price/Unit: $140,000
Price/SF: $280.31
Total No. of Units: 9
Year Built: 1920
335 NW 12TH AVE335 NW 12th Ave, Miami, FL, 33128
Units Unit Type
Close Of Escrow: 4/22/2019 8 1 Bdr 1 Bath
Sales Price: $1,059,851
Price/Unit: $132,481
Price/SF: $200.96
Total No. of Units: 8
Year Built: 1922
2
529 SW 7TH CT529 SW 7th Ct, Miami, FL, 33130
PROPERTY NAME
MARKETING TEAM
LITTLE HAVANA APARTMENTS
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
23
SALES COMPARABLES
Units Unit Type
Close Of Escrow: 10/21/2018 8 1 Bdr 1 Bath
Sales Price: $1,155,400
Price/Unit: $144,425
Price/SF: $329.27
Total No. of Units: 8
Year Built: 1930
3
324 SW 19TH AVE324 SW 19th Ave, Miami, FL, 33135
8
LITTLE HAVANA APARTMENTS
RENT COMPARABLES MAP
LITTLE HAVANA APARTMENTS
(SUBJECT)
946 SW 4th St
Villa La Pinta Apartments
856 SW 6th St
1135 SW 6th St4
7
8
9
11
20
12
14
15
16
17
13
18
10
4
1
2
3
24
PROPERTY NAMELITTLE HAVANA APARTMENTS
RENT COMPARABLES
25
AVERAGE OCCUPANCY
Avg.
100.00%
0
10
20
30
40
50
60
70
80
90
100
845 SW 4th St 946
SW 4th St
Villa La
Pinta
Apartments
856
SW 6th St
1135
SW 6th St
Avg.
$1,183
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
845 SW 4th St 946
SW 4th St
Villa La
Pinta
Apartments
856
SW 6th St
1135
SW 6th St
1 Bedroom
PROPERTY NAME
MARKETING TEAM
LITTLE HAVANA APARTMENTS
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
26
YEAR BUILT: 1930
rentpropertyname1
rentpropertyaddress1
Unit Type Units SF Rent Rent/SF
1 BEDROOM 1 BATH
8 518 $938 $1.81
2 BEDROOM 1 BATH
1 608 $900 $1.48
Total/Avg. 9 528 $934 $1.77
Little Havana Apartments845 SW 4th St, Miami, FL, 33130
YEAR BUILT: 1926
1
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 24 700 $1,250 $1.79
Total/Avg. 24 700 $1,250 $1.79
946 SW 4TH ST946 SW 4th St, Miami, FL, 33130
2
YEAR BUILT: 1925
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 29 553 $1,200 $2.17
Total/Avg. 29 553 $1,200 $2.17
VILLA LA PINTA APARTMENTS501 SW 6th Ct, Miami, FL, 33130
PROPERTY NAME
MARKETING TEAM
LITTLE HAVANA APARTMENTS
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
27
OCCUPANCY: 100% | YEAR BUILT: 1937
3
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 8 665 $1,200 $1.80
Total/Avg. 8 665 $1,200 $1.80
856 SW 6TH ST856 SW 6th St, Miami, FL, 33130
OCCUPANCY: 100% | YEAR BUILT: 1925
4
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 8 774 $1,188 $1.53
1 Bdr 1 Bath 4 624 $1,082 $1.73
Total/Avg. 12 724 $1,153 $1.59
1135 SW 6TH ST1135 SW 6th St, Miami, FL, 33130
LITTLE HAVANA APARTMENTS
28
MARKET
OVERVIEW
MARKET OVERVIEW
MIAMI-DADEOVERVIEW
1
Miami-Dade County is a gateway to South American and Caribbean
markets and a tourist destination. The 2,400-square-mile county
extends from the Florida Everglades east to the Atlantic Ocean. It is
bordered to the north by Broward County and to the south by the
Florida Keys. The main portion of the city of Miami lies on the shores
of Biscayne Bay and is separated from the Atlantic Ocean by barrier
islands, the largest of which holds the city of Miami Beach. The metro,
with a population of roughly 2.7 million, is located entirely within
Miami-Dade County. Miami is the most populous city, with slightly
more than 443,000 residents, followed by Hialeah with roughly
237,000 people.
MARKET OVERVIEW
METRO HIGHLIGHTS
BUSINESS-FRIENDLY ENVIRONMENT
The metro has no local business or personal income
taxes, which attracts businesses and residents to
the area.
INTERNATIONAL GATEWAY
Miami is a gateway for international trading
activities, tourism and immigration, connecting to
airports and ports around the world.
MEDICAL COMMUNITY
The county contains the largest concentration of
medical facilities in Florida, drawing residents
needing services throughout the state.
LITTLE HAVANA APARTMENTS
MARKET OVERVIEW
ECONOMY▪ Various industries provide a diverse economy. Trade, international finance, healthcare and
entertainment have become major segments in the local business community.
▪ A strong tourism industry has developed with ties to Latin America and the Caribbean.
▪ Tourism and trade depend on a large transportation sector. PortMiami and Miami
International Airport are both major contributors to employment and the economy.
▪ The Miami metro gross metropolitan product (GMP) expansion is expected to be on par
with the U.S. GDP in 2019 and retail sales for the county are also rising.
SHARE OF 2018 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Baptist Health South Florida
University of Miami
American Airlines
Miami Children’s Hospital
Publix Supermarkets
Winn-Dixie Stores
Florida Power & Light Co.
Carnival Cruise Lines
AT&T
Mount Sinai Medical Center* Forecast
2
MANUFACTURING4%
GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+OTHER SERVICES
4%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
25%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
2%INFORMATION
14%
5%
12% 12% 7%
16%
LITTLE HAVANA APARTMENTS
MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
▪ The metro is expected to add nearly 127,000 people over the next five years. During
the same period, approximately 62,000 households will be formed, generating
demand for housing.
▪ The homeownership rate of 53 percent is below the national rate of 64 percent,
maintaining a strong rental market.
▪ The cohort of 20- to 34-year-olds composes 21 percent of the population.
Miami-Dade County has developed into a cosmopolitan urban area offering a vibrant
business and cultural community. The metro has an abundance of popular attractions.
Miami hosts the Capital One Orange Bowl and is home to several professional sports
teams, including the Miami Dolphins, the Miami Marlins and the Miami Heat. The county
has a broad array of cultural attractions, historic sites and parks. These include the
Adrienne Arsht Center for the Performing Arts, Zoo Miami and Everglades National Park.
The region is home to a vibrant and diverse culture, family-friendly neighborhoods, a
plethora of shops and restaurants, and beautiful weather and beaches. It also offers easy
access to Latin America and the Caribbean.
QUALITY OF LIFE
3
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s
Analytics; U.S. Census Bureau
LITTLE HAVANA APARTMENTS
2018 Population by Age
0-4 YEARS
6%5-19 YEARS
17%20-24 YEARS
6%25-44 YEARS
28%45-64 YEARS
27%65+ YEARS
16%
39.9
2018MEDIAN AGE:
U.S. Median:
38.0
$45,300
2018 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$58,800
2.7M
2018POPULATION:
Growth2018-2023*:
4.6%
954K
2018HOUSEHOLDS:
6.5%
Growth2018-2023*:
MARKET OVERVIEW
32
LITTLE HAVANA APARTMENTS
SOUTH FLORIDA
Miami leads construction boom in Southeast Florida. An estimated 7,500 apartmentswill open in the Miami-Dade metro by the end of 2019, the most active year forconstruction since at least 2003. Much of the new development is focused in theDowntown Miami-South Beach area, as developers open high-rise towers withnumerous amenities, ocean views and short walks to entertainment. The record levelof supply additions will lift the vacancy rate close to the 5 percent threshold, yetavailability remains tight in certain parts of the metro amid robust demand forworkforce housing. The elevated level of completions will temper rent growth thisyear as monthly rates are anticipated to advance at a pace more in line with thenational average.
Vacancy improves for most of Southeast Florida as rents align across the region.Construction activity is accelerating year over year in Fort Lauderdale. The bulk of theconstruction pipeline is in the city itself as suburban development slows from 2018.The added deliveries will not deter vacancy compression this year, as greater hiringhelps raise rental demand. Vacancy is also falling in West Palm Beach due to fewerarrivals. Most of the units opening in the market belong to a single completion, theTown Southern in Royal Palm Beach. Declining availability in West Palm Beach andFort Lauderdale is adding upward momentum to rents, which are appreciating athigher rates than in Miami. The differing paces of growth will bring the averageeffective rent for each of the three metros into the same $1,630 to $1,670 per monthrange.
Vacancy and Rent Gains Most Pronounced
Outside Miami Where Supply Wave Approaches
* Cap rate trailing 12-month average through 1Q; Treasury rate as of March 29
Includes sales $1 million and greater for Fort Lauderdale, Miami, and West Palm Beach.
Sources: CoStar Group, Inc.; Real Capital Analytics
Investment Trends
Southeast Florida’s rapid demographic and economic growth since the last
recession has opened the region up to a broader range of investors and fueled
new levels of trading activity. While gains in dollar volume and sales price are
likely to temper going forward, the underlying factors that contributed to this
change, including in-migration and corporate expansions, will continue to benefit
investment.
Fort Lauderdale
• Transaction volume is rising in Hollywood as many buyers pursue assets with
fewer than 20 units in neighborhoods such as Royal Poinciana that have
price points under $2 million. Such buildings provide renters with lower cost
housing options not far from the beach.
Miami
• Miami remains the primary market for sales volume in Southeast Florida as
more investors look downtown and in Miami Gardens. Cap rates here can
exceed the market average by up to 150 basis points.
West Palm Beach
• Institutional investors are active in the market, focusing on acquiring post-
2000-built Class B product in areas such as Royal Palm Beach. These assets
can trade at sale prices up to $200,000 per unit above the metro average,
with initial returns in the mid-4 percent zone.
Multifamily 2019 Forecast
Vacancy
Y-O-Y
BasisPoint
Change
MetroEffective
Rent
Y-O-Y
Change
Fort Lauderdale 4.8% -30 $1,631 3.8%
Miami 4.5% 40 $1,673 3.5%
West Palm Beach 4.4% -80 $1,665 5.1%
MARKET OVERVIEW
33
• Employers expanded staffs by
26,100 personnel over the past
12 months, more than in the
preceding annual period. The
professional and business
services sector led hiring, with
the addition of 8,600 new staff
members.
• The education and health
services sector is also growing at
an accelerated pace, creating
about 4,500 jobs over the past
four quarters, even as the
unemployment rate fell to 3.5
percent.
EMPLOYMENT
• Approximately 300 more
apartments opened in the market
over the past four quarters as
during the previous 12-month
period. The greatest
concentration of arrivals was in
Downtown Miami-South Beach
at 2,600 rentals, more than
double the total from last year.
• Total completions contracted in
other submarkets, including in
West Miami-Doral and
Westchester-Kendall. No units
have been delivered in the latter
submarket since before March
2018.
CONSTRUCTION
• After bottoming out at 2.8
percent in 2015, vacancy in
Miami has widened to 4.0
percent in March as the
construction pipeline has
expanded to meet the housing
needs of more residents.
• An above-national pace of
population growth contributes to
acute apartment demand,
maintaining minimal rental
availability in several submarkets
including Downtown and North
Central Miami despite the
increase in deliveries over the
past few years.
VACANCY
• Declining concession use in
Downtown Miami and South
Dade County led to greater rent
growth year over year in March.
The average effective rate rose
to $1,628 per unit following a 3.7
percent increase last year.
• North Central Miami’s 1.0
percent vacancy rate bolstered
the appreciation of monthly rents
here, especially for Class C
units.
RENTS
SOUTH FLORIDA: MIAMI
increase in effective
rents Y-O-Y6.5%basis point increase in
vacancy Y-O-Y30units completed
Y-O-Y5,300increase in total
employment Y-O-Y2.2%
* Forecast
LITTLE HAVANA APARTMENTS
1Q19 – 12-Month Period
MARKET OVERVIEW
34
Investment Activity for Class C Apartments
Continues Amid Extremely Tight Vacancy Rates
Outlook: The market’s gateway status
continues to draw foreign institutional
investment for stabilized assets. Private
buyers are also finding opportunities with
Class C properties, which are subject to
aggressive rental demand as vacancy
remains under 2 percent.
Vacancy
Rate
Y-O-Y
BasisPoint
Change
SubmarketEffective
Rent
Y-O-Y%
Change
North Central Miami 1.0% -40 $1,041 4.7%
Homestead/South Dade
County2.3% -60 $1,147 5.9%
Hialeah/Miami Lakes 3.0% 90 $1,432 4.7%
Downtown Miami/South
Beach3.6% -40 $2,067 5.2%
Westchester/Kendall 4.0% -30 $1,545 1.8%
Coral Gables/South
Miami4.8% -20 $1,920 4.5%
Miami Gardens 4.8% 120 $1,275 11.0%
Northeast Miami 5.1% 110 $1,649 1.2%
West Miami/Doral 5.6% 130 $1,886 3.9%
Overall Metro 4.0% 30 $1,628 6.5%
Submarket Trends
Lowest Vacancy Rates 1Q19
Sales Trends
SOUTH FLORIDA: MIAMI
• The average sale price dipped for in March to $164,100 per unit. Fewer trades of
higher-priced assets in areas such as Coral Gables and South Beach contributed to
the price drop.
• Miami’s average cap rate stayed in the high-5 percent band, 30 basis points below
Fort Lauderdale and West Palm Beach.
* Trailing 12 months through 1Q19
Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
LITTLE HAVANA APARTMENTS
* Forecast ** 2018-2023 Miami-Fort Lauderdale-West Palm Beach, FL Metropolitan Statistical Area
PROPERTY NAME
MARKETING TEAM
LITTLE HAVANA APARTMENTS
DEMOGRAPHICS
Source: © 2018 Experian
Created on July 2019
POPULATION 1 Miles 3 Miles 5 Miles
▪ 2023 Projection
Total Population 70,789 304,553 536,835
▪ 2018 Estimate
Total Population 67,343 286,368 514,415
▪ 2010 Census
Total Population 60,287 257,055 464,219
▪ 2000 Census
Total Population 54,438 222,305 424,434
▪ Daytime Population
2018 Estimate 79,207 454,601 834,364
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2023 Projection
Total Households 31,228 129,179 227,772
▪ 2018 Estimate
Total Households 29,014 117,670 212,308
Average (Mean) Household Size 2.29 2.35 2.36
▪ 2010 Census
Total Households 25,744 104,791 190,997
▪ 2000 Census
Total Households 21,782 83,737 165,878
Growth 2015-2020 7.63% 9.78% 7.28%
HOUSING UNITS 1 Miles 3 Miles 5 Miles
▪ Occupied Units
2023 Projection 31,228 129,179 227,772
2018 Estimate 30,600 130,997 236,928
Owner Occupied 4,268 31,558 67,814
Renter Occupied 24,746 86,112 144,494
Vacant 1,586 13,328 24,620
▪ Persons In Units
2018 Estimate Total Occupied Units 29,014 117,670 212,308
1 Person Units 38.01% 36.02% 36.12%
2 Person Units 28.18% 29.46% 29.39%
3 Person Units 15.26% 15.22% 15.00%
4 Person Units 10.05% 10.07% 10.04%
5 Person Units 5.10% 4.96% 4.99%
6+ Person Units 3.40% 4.27% 4.47%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2018 Estimate
$200,000 or More 1.47% 4.47% 5.46%
$150,000 - $199,000 1.48% 2.82% 3.23%
$100,000 - $149,000 4.25% 7.38% 7.53%
$75,000 - $99,999 4.33% 7.21% 7.63%
$50,000 - $74,999 10.64% 12.88% 13.47%
$35,000 - $49,999 12.21% 12.67% 12.84%
$25,000 - $34,999 12.35% 11.81% 11.30%
$15,000 - $24,999 18.76% 15.47% 14.54%
Under $15,000 34.50% 25.30% 24.00%
Average Household Income $39,024 $60,402 $66,364
Median Household Income $22,884 $32,473 $35,173
Per Capita Income $16,983 $25,087 $27,596
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population By Age
2018 Estimate Total Population 67,343 286,368 514,415
Under 20 18.83% 18.25% 18.93%
20 to 34 Years 23.70% 24.41% 23.61%
35 to 39 Years 7.83% 8.10% 7.86%
40 to 49 Years 13.77% 14.37% 14.35%
50 to 64 Years 17.88% 18.07% 18.46%
Age 65+ 18.00% 16.80% 16.77%
Median Age 39.76 39.50 39.74
▪ Population 25+ by Education Level
2018 Estimate Population Age 25+ 50,969 217,412 386,993
Elementary (0-8) 23.00% 14.91% 12.08%
Some High School (9-11) 10.44% 9.85% 9.73%
High School Graduate (12) 30.91% 29.23% 28.53%
Some College (13-15) 8.82% 10.23% 11.82%
Associate Degree Only 5.71% 6.73% 7.28%
Bachelors Degree Only 11.97% 16.30% 16.80%
Graduate Degree 5.90% 10.36% 11.39%
▪ Population by Gender
2018 Estimate Total Population 67,343 286,368 514,415
Male Population 51.31% 50.88% 50.28%
Female Population 48.69% 49.12% 49.72%
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Income
In 2018, the median household income for your selected geography is
$22,884, compare this to the US average which is currently $58,754.
The median household income for your area has changed by 48.74%
since 2000. It is estimated that the median household income in your
area will be $25,975 five years from now, which represents a change
of 13.51% from the current year.
The current year per capita income in your area is $16,983, compare
this to the US average, which is $32,356. The current year average
household income in your area is $39,024, compare this to the US
average which is $84,609.
Population
In 2018, the population in your selected geography is 67,343. The
population has changed by 23.71% since 2000. It is estimated that
the population in your area will be 70,789.00 five years from now,
which represents a change of 5.12% from the current year. The
current population is 51.31% male and 48.69% female. The median
age of the population in your area is 39.76, compare this to the US
average which is 37.95. The population density in your area is
21,468.66 people per square mile.
Households
There are currently 29,014 households in your selected geography.
The number of households has changed by 33.20% since 2000. It is
estimated that the number of households in your area will be 31,228
five years from now, which represents a change of 7.63% from the
current year. The average household size in your area is 2.29 persons.
Employment
In 2018, there are 41,642 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
35.33% of employees are employed in white-collar occupations in
this geography, and 65.09% are employed in blue-collar occupations.
In 2018, unemployment in this area is 4.49%. In 2000, the average
time traveled to work was 33.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
79.33% White, 8.14% Black, 0.01% Native American and 0.90%
Asian/Pacific Islander. Compare these to US averages which are:
70.20% White, 12.89% Black, 0.19% Native American and 5.59%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 87.14% of the current year
population in your selected area. Compare this to the US average of
18.01%.
PROPERTY NAME
MARKETING TEAM
LITTLE HAVANA APARTMENTS
Housing
The median housing value in your area was $220,019 in 2018,
compare this to the US average of $201,842. In 2000, there were
3,166 owner occupied housing units in your area and there were
18,616 renter occupied housing units in your area. The median rent at
the time was $441.
Source: © 2018 Experian
DEMOGRAPHICS
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