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IPANEMA APARTMENTS OFFERING MEMORANDUM|120 8TH · PDF file IPANEMA APARTMENTS. CRE Advisor Multifamily Hospitality Development. NMHC PAC Contributor Tel: (305) 733 -6066. 1200 Brickell

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Text of IPANEMA APARTMENTS OFFERING MEMORANDUM|120 8TH · PDF file IPANEMA APARTMENTS. CRE Advisor...

  • 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

    en se

    s

    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

    14

    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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