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OFFERING MEMORANDUM Piedra Villas 2614 SW 8 th Street MIAMI, FL. 5/24/2018 Will C Real Estate 1

Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

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Page 1: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

OFFERING MEMORANDUM

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

5/24/2018 Will C Real Estate 1

Page 2: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

5/24/2018 Will C Real Estate 2

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

Page 3: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

5/24/2018 Will C Real Estate 3

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

Page 4: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

5/24/2018 Will C Real Estate 4

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

Page 5: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

5/24/2018 Will C Real Estate 5

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

Page 6: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

5/24/2018 Will C Real Estate 6

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

Page 7: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

5/24/2018 Will C Real Estate 7

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

Page 8: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

5/24/2018 Will C Real Estate 8

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

Page 9: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

5/24/2018 Will C Real Estate 9

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

Page 10: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

5/24/2018 Will C Real Estate 10

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

Page 11: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

5/24/2018 Will C Real Estate 11

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

Page 12: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

5/24/2018 Will C Real Estate 12

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

Page 13: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

5/24/2018 Will C Real Estate 13

CONFIDENTIALITY AND DISCLAIMER

The 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 Will C Real Estate and should not be

made available to any other person or entity without the written consent of Will C Real Estate. 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. Will C Real

Estate 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

intent, 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, Will C Real Estate has not verified, and will not verify, any of the information

contained herein, nor has Will C Real Estate conducted any investigations 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.

CONFIDENTIALITY AND DISCLAIMER

Will C Real Estate 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 company of Will C Real

Estate LLC., its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Will C

Real Estate, 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 WILL C REAL ESTATE AGENT FOR MORE DETAILS.

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

Page 14: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

5/24/2018 Will C Real Estate 14

2500 SW 8th Street T6-8 O 1925 - Freestanding Retail Closed sale 12.05.17 (demolished & rebuilding) Sold $850,000 $308.86/sf bldg, $167.32/sf lot

1731 SW 8th Street and 1730 SW 7th Street T6-8 O and T5 O 1926 - 14 Multifamily units and 1950 - 11 Multifamily units Closed sale 01.18.18 Sold $4,600,000 $184,000/unit, $292.69/sf of bldg, $148.38/sf lot

2555 SW 8th Street T6-8 O 1981 - Freestanding Retail Pending Sale Under Contract $2,025,000 $290.53/sf of bldg, $264.02/sf lot

2055 SW 8th Street T6-8 O 1997 - Multitenant Retail Closed sale 05.25.17 Sold $3,100,000 $426.52/sf of bldg, $153.08/sf lot

528 & 534 SW 9th Avenue T4 R 1925 - Hospitality 33 rooms Closed sale 04.12.18 Sold $8,600,000 $260,606/unit, $678.61/sf of bldg, $880.78/sf lot

432 NE 26th Street T6-36a L 1925 - Hospitality 24 rooms Closed sale 12.18.17 Sold $4,895,000 $203,958/unit, $447.44/sf bldg, $998.98/sf lot

2614 SW 8th Street - Subject T6-8 O 1930 - 24 Apts & 4 Retail For sale $5,000,000 $178,571/unit, $293.50/sf bldg, $505.86/sf lot

SALES COMPARABLES

3003 Indian Creek Miami Beach RM-2 1949 – 20 Apts sold for Hotel Closed sale 10.05.16 Sold $8,200,000 $410,000/unit, $554.50/sf bldg, $1,093.33/sf lot

Page 15: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

PRICING AND FINANCIAL ANALYSIS

5/24/2018 Will C Real Estate 15

Piedra Villas 2614 SW 8th Street

MIAMI, FL.

No. of

Units Unit Type

Approx.

SF

Current

Rents Rent/SF

Monthly

Income

Pro Forma

Rents Rent/ SF

Monthly

Income

4 Retail 1,250 $2,000 $19.20 $8,000 $2,100 $20.16 $8,400

24 1 Bed 1 Bath 502 $975 $1.94 $23,400 $1,200 $2.39 $28,800

28 Total 17,036 $31,400 $37,200

UNIT MIX & CURRENT RENTS

Page 16: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

Income Current Per Unit Pro Forma Per Unit

Gross Potential

Income $376,800 $13,457 $446,400 $15,943

Vacancy/Collection

Allowance 5% ($18,840) 5% ($672.86) 5% ($22,320) 5% ($797.14)

Effective Gross

Income $357,960 $12,784 $424,080 $15,145

Expenses Current Per Unit Pro Forma Per Unit

Real Estate Taxes $23,895 $853.39 $92,000 $3,286

Property Insurance $22,036 $787 $30,716 $1,097

Management $17,898 (5%) $639.21 (5%) $21,204 (5%) $757.28 (5%)

Electricity $4,480 $160 $4,480 $160

Water & Sewer $5,796 $207 $5,796 $207

Waste Services $7,364 $263 $7,364 $263

Landscaping $0 $0 $0 $0

Repairs &

Maintenance $14,000 $500 $14,000 $500

Reserves &

Replacements $14,000 $500 $14,000 $500

Total Expenses $109,469 $3,909 $189,560 $6,770

% of EGI 30.58% 44.69%

Net Operating

Income Current Per Unit Pro Forma Per Unit

Total $248,491 $19,046 $234,520 $8,375.71

ANNUALIZED INCOME & EXPENSES

Total Adjusted Area 17,036 sf

Total Number of Units 28

Total Land Area 9,884 sf

5/24/2018 Will C Real Estate 16

Page 17: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

Price $5,000,000

Total Properties 1

Total Adjusted Area 9,884 sf

CAP Rate - Current 4.96%

CAP Rate – Pro Forma 4.69%

GRM - Current 13.27

GRM – Pro Forma 11.79

Year Built 1930

Total Number of Units 28

Lot Size 9,884

Type of Ownership Fee Simple

Income Current Pro Forma

Gross Potential Rent $376,800 $424,080

Less Vacancy/Collections 5% ($18,840) 5.0% ($22,320)

Effective Gross Income $357,960 $424,080

Less Expenses $109,469 $189,560

Net Operating Income $248,491 $234,520

Net Cash Flow Before Debt Service $248,494 $234,520

Annual Debt Service $161,052 $161,052

Debt Coverage Ratio 1.54 1.45

Net Cash Flow After Debt Service $87,442 $73,468

Total Cash on Cash Return % 3.49% 2.9%

Expenses Current Pro Forma

Real Estate Taxes $23,895 $92,000

Property Insurance $22,036 $30,716

Management Fee $17,898 (5%) $21,204 (5%)

Electricity $4,480 $4,480

Water & Sewer $5,796 $5,796

Waste Services $7,364 $7,364

Landscaping $0 $0

Repairs & Maintenance $14,000 $14,000

Reserves & Replacements $14,000 $14,000

Total Expenses $109,469 $189,560

Expenses per Unit $3,909 $6,770

% of EGI 30.58% 44.69%

Financing Pro Forma

Loan Type New

Down Payment $2,500,000

Loan Amount $2,500,000

Loan to Value 50%

Interest Rate 5%

Amortization 30 Years

Program 7 Year Fixed

FINANCIAL OVERVIEW

ANNUALIZED OPERATING DATA

Location

2614 SW 8th Street

Miami, FL. 33135

5/24/2018 Will C Real Estate 17

Page 18: Piedra Villas - LoopNet · 2614 SW 8th Street MIAMI, FL. No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Rents Rent/ SF Monthly Income 4 Retail 1,250

OFFERING MEMORANDUM

5/24/2018 Will C Real Estate 18

Presented by:

William Cabrera

Principal Broker

Will C Real Estate LLC

BK 3251009

305.812.1216

[email protected]

Piedra Villas 2614 SW 8th Street

MIAMI, FL.