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Martin Goldstein 561-310-0935
Russell Goldstein561-503-3648
Development Opportunity Homestead, FL5 Acre Development site, located in the Gateway to the Florida Keys
US Hwy 1
Florida Keys25mi to Key Largo
Site217,800 SF
(5 AC)
JALIL Condominium Townhomes – 3rd Phase
underway.1 and 2 Substantially Pre-sold
Atlantic Coast
Gateway Subdivision Community
NMiami, Broward Co
Facing East
FL997/Krome Avenue. Major North/South artery. Currently
being widened.
Future access to SW 3rd
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
N
US Hwy 1
Florida Keys25mi to Key Largo
Site217,800 SF
(5 AC)
Facing South-SE
660’
Future access to SW 3rd
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
PRICE: $2,000,000.00• 5 Acres – 217,800 SF• Approved for 20 Residential
Multifamily or Condominium Units• 24 units per acre is possible • Prime location adjacent to Florida
City’s multiple converging Commercial Corridors
Summary
• 100-120 Units• Avg 1000 SF• 2&3 Bedrooms• Rents• $1,150 for 2 BR Units• $1,450 for 3 BR Units
• Amenities would include• Pool• Clubhouse• Parks and Playground
Units 100 Unit Multifamily 120 Unit Multifamily
2 BR Units @ 1150/mo (50% of total) 57,500.00$ 66,000.00$
3 BR Units @ 1450/mo (50% of total) 72,500.00$ 84,000.00$
Total RR 130,000.00$ 150,000.00$
Annualized Revenues $1,560,000.00 $1,800,000.00
Operating Expenses @ 35% (546,000.00)$ (630,000.00)$
Pro Forma NOI 1,014,000.00$ 1,170,000.00$
Land Cost 2,000,000.00$ 2,000,000.00$
Construction cost 10,850,000.00$ 13,020,000.00$
Total Investment 12,850,000.00 15,020,000.00
Capitalization Rate 7.89% 7.79%
MKT Value at a 5% Cap Rate, Day 1 20,280,000.00$ 23,400,000.00$
Equity Investment 3,212,500.00 3,755,000.00
Total Financing Obtained 9,637,500.00 11,265,000.00
Debt Service @ 3.8% 366,225.00 428,070.00
NOI After Debt Service 647,775.00 741,930.00
Cash on Cash Return 20.16% 19.76%
Development Pro Forma - Multifamily Rental Units
Sales Revenues 100 Units 120 Units
Residential Units for sale 16,500,000.00$ 19,800,000.00$
1000 SF Avg at $165,000 per
Total Sales Revenue 16,500,000.00$ 19,800,000.00$
Est Development Costs per unit
Land Cost (total price 2m) 20,000.00$ 16,666.67$
Development 6,000.00$ 6,000.00$
Hard Costs 100,000.00$ 100,000.00$
Soft Costs 2,500.00$ 2,500.00$
Total Investment / Unit 128,500.00 125,166.67
Total Cost to Build 12,850,000.00$ 15,020,000.00$
Gross Profit 3,650,000.00$ 4,780,000.00$
Development Pro Forma -Residential Units
Size & Zoning5 acre lot approved for 100-120 Multi-Family Rental Units or Condominiums. Attached site plan shows a 100 unit concept, can be altered to accommodate buyer’s development concepts.
LocationExtremely high-density, high-traffic location 2 blocks from Us HWY 1 and situated near the southern tip of the state, less than 30mi from the Florida Keys (see attached map)
AccessVia SW 7th Ave (see aerials and site plan)– to be extended by the county at its sole expense to reach SW 3rd ave. FL 997, which runs nearly adjacent to the site, serves as a major north/south traffic artery and is currently being widened to include additional travel and turning lanes in both directions. This will add to the already substantial existing traffic and traffic capacity.
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Homestead
FL City
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Proposed Site Plan for 100 Units
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Site Plan Overlay
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Concept Rendering & Pro Forma Rents
100-120 Units
Avg 1000 SF2&3 Bedrooms
Amenities include-Pool-Clubhouse-Parks and Playground
Rents-$1,150 for 2 BR Units-$1,450for 3 BR Units
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Contact Listing Agents
For more information or to schedule a property tour please do not hesitate to contact us at the numbers and/or email addresses below:
Martin Goldstein, Lic. Real Estate Broker
Martin@TheGoldsteinRealEstateGroup.com
561-310-0935
Russell Goldstein
Russell@TheGoldsteinRealEstateGroup.com
561-503-3648
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