IPANEMA APARTMENTS O F F E R I N G M E M O R A N D U M | 120 8TH AVENUE • MIAMI, FL
NON-ENDORSEMENT AND DISCLAIMER NOTICE
P R E S E N T E D B Y
Arthur D. Porosoff
CRE Advisor Multifamily Hospitality Development
NMHC PAC Contributor
Tel: (305) 733-6066
Fax: (305) 675-2701
art@porosoff.com
License: FL SL3160379
1200 Brickell Avenue #1470 Miami, FL 33131
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
Non-Endorsements
D Stone Realty LLC 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 D Stone Realty LLC, its
affiliates or subsidiaries, or any agent, product, service, or commercial listing of D
Stone Realty LLC, 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 D STONE REALTY LLC AGENT FOR MORE DETAILS.
Disclaimer
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF
VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no
representations or warranties, express or implied, as to the accuracy of the
information. References to square footage or age are approximate. Buyer must
verify the information and bears all risk for any inaccuracies. D Stone Realty LLC is a
service mark of D Stone Realty LLC. All rights reserved.
mailto:art@porosoff.com
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01
AREA HIGHLIGHTS 02
Aerials
Property Photo
FINANCIAL ANALYSIS 03
Rent Roll Summary
Rent Roll Detail
Operating Statement
Pricing Detail
MARKET COMPARABLES 04
Comparables
MARKETING OVERVIEW 05
P R E S E N T E D B Y
IPANEMA APARTMENTS
Miami, FL
Arthur D. Porosoff
CRE Advisor Multifamily Hospitality Development
NMHC PAC Contributor
Tel: (305) 733-6066
Fax: (305) 675-2701
art@porosoff.com
License: FL SL3160379
1200 Brickell Avenue #1470 Miami, FL 33131
mailto:art@porosoff.com
INVESTMENT
OVERVIEW
5
IPANEMA APARTMENTS 120 8TH AVENUE
6
IPANEMA APARTMENTS 120 8TH AVENUE
7
IPANEMA APARTMENTS 120 8TH AVENUE
8
IPANEMA APARTMENTS 120 8TH AVENUE
FINANCIAL ANALYSIS
RENT ROLL SUMMARY
10
IPANEMA APARTMENTS FINANCIAL ANALYSIS
Current Potential
# of Avg Sq Rental Average Average Monthly Average Average Monthly
Unit Type Units Feet Range Rent Rent / SF Income Rent Rent / SF Income
1 Bed +Den /1.5 Bathroom 20 730 $1,250 - $1,400 $1,344 $1.84 $26,875 $1,511 $2.07 $30,225
2 Bedroom/2 Bathroom 42 846 $1,300 - $1,600 $1,539 $1.82 $64,625 $1,770 $2.09 $74,350
Totals/Weighted Averages 62 809 $1,476 $1.83 $91,500 $1,687 $2.09 $104,575
Gross Annualized Rents $1,098,000 $1,254,900
1 Bed + Den/1.5 Bathroom
32%
2 Bedroom/2 Bathroom
68%
Unit Distribution
$1.81 SF
$1.81 SF
$1.82 SF
$1.82 SF
$1.83 SF
$1.83 SF
$1.84 SF
$1.84 SF
$1.85 SF
1200
1250
1300
1350
1400
1450
1500
1550
1600
1 Bed + Den/1.5 Bathroom 2 Bedroom/2 Bathroom
Rent per SF/M
onthR
en
t p
er
M
on
th
Unit Type
Unit Rent
Rent Rent SF
RENT ROLL DETAIL
11
IPANEMA APARTMENTS FINANCIAL ANALYSIS
Current Current Potential Potential
Square Rent / Rent / SF/ Rent / Rent/ SF/
Unit Unit Type Feet Month Month Month Month
501 2 Bedroom/2 Bathroom 846 $1,525 $1.80 $1,750 $2.07
502 1 Bed +Den /1.5 Bathroom 730 $1,350 $1.85 $1,525 $2.09
503 2 Bedroom/2 Bathroom 846 $1,575 $1.86 $1,750 $2.07
504 1 Bed +Den /1.5 Bathroom 730 $1,375 $1.88 $1,525 $2.09
505 2 Bedroom/2 Bathroom 846 $1,600 $1.89 $1,750 $2.07
506 2 Bedroom/2 Bathroom 846 $1,500 $1.77 $1,750 $2.07
507 1 Bed +Den /1.5 Bathroom 730 $1,350 $1.85 $1,525 $2.09
508 2 Bedroom/2 Bathroom 846 $1,500 $1.77 $1,800 $2.13
509 2 Bedroom/2 Bathroom 846 $1,475 $1.74 $1,800 $2.13
601 2 Bedroom/2 Bathroom 846 $1,525 $1.80 $1,800 $2.13
602 1 Bed +Den /1.5 Bathroom 730 $1,325 $1.82 $1,525 $2.09
603 2 Bedroom/2 Bathroom 846 $1,575 $1.86 $1,800 $2.13
604 1 Bed +Den /1.5 Bathroom 730 $1,250 $1.71 $1,525 $2.09
605 2 Bedroom/2 Bathroom 846 $1,600 $1.89 $1,800 $2.13
606 2 Bedroom/2 Bathroom 846 $1,575 $1.86 $1,800 $2.13
607 1 Bed +Den /1.5 Bathroom 730 $1,350 $1.85 $1,525 $2.09
608 2 Bedroom/2 Bathroom 846 $1,600 $1.89 $1,800 $2.13
609 2 Bedroom/2 Bathroom 846 $1,600 $1.89 $1,800 $2.13
701 2 Bedroom/2 Bathroom 846 $1,600 $1.89 $1,800 $2.13
702 1 Bed +Den /1.5 Bathroom 730 $1,350 $1.85 $1,525 $2.09
703 2 Bedroom/2 Bathroom 846 $1,525 $1.80 $1,800 $2.13
704 1 Bedroom/1.5 Bathroom 730 $1,375 $1.88 $1,525 $2.09
705 2 Bedroom/2 Bathroom 846 $1,600 $1.89 $1,800 $2.13
706 2 Bedroom/2 Bathroom 846 $1,500 $1.77 $1,800 $2.13
707 1 Bed +Den /1.5 Bathroom 730 $1,375 $1.88 $1,525 $2.09
708 2 Bedroom/2 Bathroom 846 $1,550 $1.83 $1,750 $2.07
709 2 Bedroom/2 Bathroom 846 $1,600 $1.89 $1,600 $1.89
801 2 Bedroom/2 Bathroom 846 $1,550 $1.83 $1,600 $1.89
802 1 Bed +Den /1.5 Bathroom 730 $1,300 $1.78 $1,400 $1.92
803 2 Bedroom/2 Bathroom 846 $1,600 $1.89 $1,600 $1.89
804 1 Bed +Den /1.5 Bathroom 730 $1,325 $1.82 $1,400 $1.92
805 2 Bedroom/2 Bathroom 846 $1,525 $1.80 $1,600 $1.89
806 2 Bedroom/2 Bathroom 846 $1,600 $1.89 $1,600 $1.89
807 1 Bed +Den /1.5 Bathroom 730 $1,350 $1.85 $1,400 $1.92
808 2 Bedroom/2 Bathroom 846 $1,525 $1.80 $1,800 $2.13
809 2 Bedroom/2 Bathroom 846 $1,500 $1.77 $1,800 $2.13
901 2 Bedroom/2 Bathroom 846 $1,575 $1.86 $1,800 $2.13
902 1 Bed +Den /1.5 Bathroom 730 $1,375 $1.88 $1,400 $1.92
903 2 Bedroom/2 Bathroom 846 $1,400 $1.65 $1,800 $2.13
904 1 Bed +Den /1.5 Bathroom 730 $1,350 $1.85 $1,400 $1.92
905 2 Bedroom/2 Bathroom 846 $1,525 $1.80 $1,800 $2.13
906 2 Bedroom/2 Bathroom 846 $1,550 $1.83 $1,800 $2.13
907 1 Bed +Den /1.5 Bathroom 730 $1,375 $1.88 $1,575 $2.16
908 2 Bedroom/2 Bathroom 846 $1,500 $1.77 $1,800 $2.13
909 2 Bedroom/2 Bathroom 846 $1,525 $1.80 $1,800 $2.13
RENT ROLL DETAIL
12
IPANEMA APARTMENTS FINANCIAL ANALYSIS
Current Current Potential Potential
Square Rent / Rent / SF/ Rent / Rent/ SF/
Unit Unit Type Feet Month Month Month Month
1001 2 Bedroom/2 Bathroom 846 $1,600 $1.89 $1,800 $2.13
1002 1 Bed +Den /1.5 Bathroom 730 $1,350 $1.85 $1,575 $2.16
1003 2 Bedroom/2 Bathroom 846 $1,600 $1.89 $1,800 $2.13
1004 1 Bed +Den /1.5 Bathroom 730 $1,250 $1.71 $1,575 $2.16
1005 2 Bedroom/2 Bathroom 846 $1,575 $1.86 $1,800 $2.13
1006 2 Bedroom/2 Bathroom 846 $1,550 $1.83 $1,800 $2.13
1007 1 Bed +Den /1.5 Bathroom 730 $1,400 $1.92 $1,575 $2.16
1008 2 Bedroom/2 Bathroom 846 $1,550 $1.83 $1,800 $2.13
1009 2 Bedroom/2 Bathroom 846 $1,325 $1.57 $1,800 $2.13
1101 2 Bedroom/2 Bathroom 846 $1,300 $1.54 $1,800 $2.13
1102 1 Bed +Den /1.5 Bathroom 730 $1,350 $1.85 $1,575 $2.16
1103 2 Bedroom/2 Bathroom 846 $1,600 $1.89 $1,800 $2.13
1104 1 Bed +Den /1.5 Bathroom 730 $1,350 $1.85 $1,575 $2.16
1105 2 Bedroom/2 Bathroom 846 $1,550 $1.83 $1,800 $2.13
1106 2 Bedroom/2 Bathroom 846 $1,450 $1.71 $1,800 $2.13
1107 1 Bed +Den /1.5 Bathroom 730 $1,375 $1.88 $1,575 $2.16
1108 2 Bedroom/2 Bathroom 846 $1,525 $1.80 $1,800 $2.13
1109 2 Bedroom/2 Bathroom 846 $1,600 $1.89 $1,800 $2.13
Total 50,862 $92,875 $1.83 $106,100 $2.09
OPERATING STATEMENT
13
IPANEMA APARTMENTS FINANCIAL ANALYSIS
Income Current Year 1 Per Unit Per SF
Gross Potential Rent 1,254,900 1,292,547 20,848 25.78
Loss / Gain to Lease (156,900) 12.5% 0 0 0.00
Gross Current Rent 1,098,000 1,292,547 20,848 25.78
Physical Vacancy (43,920) 4.0% (51,702) 4.0% (834) (1.03)
Economic Vacancy
Total Vacancy ($43,920) 4.0% ($51,702) 4.0% ($834) ($1)
Economic Occupancy 96.00% 96.00%
Effective Rental Income 1,054,080 1,240,845 20,014 24.75
Other Income
NSF Fees/Pet Fee/App. Fee/Late Fee 12,475 12,475 201 0.25
Parking Income 700 700 11 0.01
Total Other Income $13,175 $13,175 $213 $0.26
Effective Gross Income $1,067,255 $1,254,020 $20,226 $25.01
Expenses Current Year 1 Per Unit Per SF
Real Estate Taxes 148,619 221,865 3,578 4.43
Insurance 48,470 48,470 782 0.97
U
til
iti
es Utilities - Electric 36,228 36,228 584 0.72
Utilities - Water & Sewer 39,126 39,126 631 0.78
Cleaning/Payroll 12,000 12,000 194 0.24
O
p
er
at
in
g
E
xp
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Trash Removal 11,202 11,202 181 0.22
Repairs & Maintenance 28,513 28,350 457 0.57
Landscaping 2,400 2,400 39 0.05
Pool Maintenance 3,721 3,721 60 0.07
Alarm Monitoring/Inspection 4,011 4,011 65 0.08
Elevator/Pest Control 11,340 11,340 183 0.23
Operating Reserves 12,000 12,000 194 0.24
Management Fee 32,018 3.0% 37,621 3.0% 607 0.75
Total Expenses $389,647 $468,333 $7,554 $9.34
Expenses as % of EGI 36.5% 37.3%
Net Operating Income $677,608 $785,687 $12,672 $15.67
TAX CARDS
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IPANEMA APARTMENTS FINANCIAL ANALYSIS
PRICING DETAIL
15
IPANEMA APARTMENTS FINANCIAL ANALYSIS
Summary Operating Data
Price $16,500,000
Down Payment $16,500,000 100%
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