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The Agapi Apartments751 Euclid Ave, Miami Beach FL 33139
Manny Chamizo III - 786-453-3171
O F F E R I N G M E M O R A N D U M
The Agapi ApartmentsCONTENTS
Exclusively Marketed by:
Manny Chamizo IIIGlobal Commercial Director
(786) [email protected]
We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct yourown investigation of the property and transaction.
01 Executive Summary Investment Summary 4 Location Summary 5
02 Property Description Property Features 7 Aerial Map 8 Property Images 9
03 Room Rates Room Rate Summary 17
04 Financial Analysis Income & Expense Analysis 19 Multiyear Cash Flow Assumptions 20 Cash Flow Analysis 21 Disposition Sensitivity Analysis 23
05 Demographics Demographics 25 Demographic Charts 26
06 Additional Information Manny's Logo 29
The Agapi A
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Executive Summary
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Investment Summary
Location Summary
The Agapi Apartments Investment Summary | 04
OFFERING SUMMARYADDRESS 751 Euclid Ave
Miami Beach FL 33139COUNTY Miami- DadeMARKET Miami BeachBUILDING SF 4,160TOTAL ROOMS 8LAND SF 7,000 SFYEAR BUILT 1935APN 0242030091660
FINANCIAL SUMMARYOFFERING PRICE $2,099,000PRICE PER KEY $262,375PRICE PSF $504.57OCCUPANCY 100.00 %NOI (CURRENT) $79,284
CAP RATE (Pro Forma) 8.78 %ADR (CURRENT) $43ADR (Pro Forma) $43REV PAR (CURRENT) $43REV PAR (Pro Forma) $43
DEMOGRAPHICS 1 MILE 3 MILE 5 MILE2019 Population 30,976 53,068 225,0502019 Median HH Income $49,686 $56,580 $55,1182019 Average HH Income $79,019 $95,633 $89,095
VALUE ADD OPPORTUNITY 8- Unit Art Deco Apartment Building withvalue add land for expansion just steps from world-renowned OceanDrive. Fully rented 4 - 1B/1B and 4 Studio with upside potential. ONESotheby's is pleased to offer for sale The Agapi Apartments, an 8-unitapartment building located in the South Beach neighborhood of MiamiBeach, Florida.
The Agapi was constructed in 1935 by famous art deco architect, T HunterHenderson, and consists of an 8-unit, two-story building on a .16-acre site.The property sits on a great location- 7th Street between PennsylvaniaAvenue and Meridian in the RM-1 Miami Beach Subdivision. Zoned 38-62units to the acre, medium intensity multifamily district which allows for anadditional 8 units to be built on the site to maximize returns. The propertyhas an additional 4,000 buildable SF, it being perfect for developmentopportunities.
The property is made up of 4 one-bedroom and one-bathroom apartmentswith approximately 700 rentable square feet and 4 Studios. Eachapartment has its own electric meter, wall air-conditioning, separate gashot-water heater, gas stoves, solid wood cabinets, and wood flooring. Allthe 8 units have new kitchens, 5 of which are stainless steel. Additionally,2 of the apartments are fireplaces. 3 of the units are fully renovated. Theproperty is all re-paved and landscaped. Although there have been somerenovations to the property, it has not been completely renovated, likemany buildings on the Beach, which provides an excellent value addopportunity.
The Agapi has a terrazzo courtyard in the front and back. The building has5 freshly re-paved parking spaces and a +/- 200 SF shed behind theproperty. The back courtyard area is gated. There are new stairwells inboth the back and front of the building, which are updated to the newcode. Over 50% of the plumbing has also been re-done in the building.
Although the Agapi is over 80-years old, it still has not lost its “Art Deco” style and charm. This is a solid building with a 40-year building certification and provides its residents with a tranquil place to live. The immediate neighborhood is comprised of mainly residential buildings, with commercial buildings several blocks East along 8th Street to Ocean Drive.
See Development Opportuity Schedule:Development Opportunity of up to 4,590 of new construction which means you can build up to 5 more units on this parcel
The Agapi Apartments Location Summary | 05
- This 8 unit apartment building is perfect for an investor that
wants to enter the Miami Beach market.
- The property is in an excellent location with very stable
tenants and extremely low maintenance.
- Short Walk to Collins Avenue and the Atlantic Ocean
- Four 1 bedroom/1bathrooms at +/- 700 SF
- Four Studios at +/- 325 SF
- 8 brand new kitchens, 5 of which have stainless appliances
- 3 of the bathrooms have been renovated with showers and
glass enclosures, and 5 are updated with deep soaking tubs
- 3 of the 8 apartments are completely renovated
- 2 of the apartments have gas hookup fireplaces
- All of the apartments have wood floors
- +/- 200 SF utility shed on the property
- All electric is new and up to code with permits
-Development Opportunity of up to 4,590 of new construction which means you can build up to 5 more units on this parcel
Regional Map
Locator Map
The Agapi A
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escription
Property Description
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Property Features
Aerial Map
Parcel Map
Additional Maps
Amenities
Property Images
The Agapi Apartments Property Features | 07
PROPERTY FEATURESTOTAL ROOMS 8BUILDING SF 4,160LAND SF 7,000YEAR BUILT 1935# OF PARCELS 1ZONING TYPE RM-1NUMBER OF STORIES 2NUMBER OF BUILDINGS 1LOT DIMENSION 7000 SFNUMBER OF PARKING SPACES 5CONSTRUCTION Masonry
The Agapi Apartments Aerial Map | 08
The Agapi Apartments Property Images | 09
The Agapi Apartments Property Images | 10
The Agapi Apartments Property Images | 11
Sample Building next door with Value Add Opportunity
The Agapi Apartments Property Images | 12
The Agapi Apartments Property Images | 13
The Agapi Apartments Property Images | 14
The Agapi Apartments Property Images | 15
The Agapi A
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Room Rates
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Room Rate Summary
The Agapi Apartments Room Rate Summary | 17
Number OfUnits
Units SF Room Type In-Season Price Off-Season Price Notes
1 700 1 $1,450 Central air, gas stove, hot water gas heater, own meter,parking included
0 325 1A $1,200 Electric stove, $50 parking1 700 2 $1,450 Central air, completely renovated, gas hookup fireplace, gas
stove, hot water gas heater, own meter0 325 2A $1,175 Electric stove1 700 3 $1,450 Gas stove, hot water gas heater, own meter0 325 3A $1,200 Completely renovated, electric stove1 700 4 $1,450 Completely renovated, gas hookup fireplace, gas stove, hot
water gas heater, own meter0 325 4A $1,150 Electric stove
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Financial Analysis
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Income & Expense
Multiyear Cash Flow Assumptions
Multiyear Cash Flow Projections
Disposition Sensitivity Analysis
The Agapi Apartments Income & Expense Analysis | 19
INCOME CURRENT
Gross Room Revenue $124,800
Effective Gross Income $124,800
Less: Expenses $45,516
Net Operating Income $79,284
EXPENSES CURRENT
Real Estate Taxes $25,988
Insurance $10,000
Gas $960
Trash $1,668
Water / Sewer $4,800
License $300
Electric $1,200
Landscaping $600
Total Operating Expense $45,516
Expense / SF $10.94
% of EGI 36.47 %
REVENUE ALLOCATION
DISTRIBUTION OF EXPENSES
The Agapi Apartments Multiyear Cash Flow Assumptions | 20
GLOBALSale Price $2,099,000
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Demographics
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Demographic Details
Demographic Charts
The Agapi Apartments Demographics | 25
POPULATION 1 MILE 3 MILE 5 MILE
2000 Population 28,563 49,921 154,443
2010 Population 29,737 50,555 183,554
2019 Population 30,976 53,068 225,050
2024 Population 31,979 54,955 249,710
2019 African American 1,317 1,968 26,014
2019 American Indian 92 171 844
2019 Asian 759 1,281 4,840
2019 Hispanic 17,627 28,445 142,747
2019 White 26,231 46,160 175,180
2019 Other Race 1,479 1,912 10,758
2019 Multiracial 1,079 1,549 7,332
2019-2024: Population: Growth Rate 3.20 % 3.50 % 10.50 %
2019 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE
less than $15,000 3,327 4,572 18,867
$15,000-$24,999 1,851 2,798 10,461
$25,000-$34,999 1,995 2,773 9,531
$35,000-$49,999 2,339 3,519 12,627
$50,000-$74,999 2,866 4,259 17,009
$75,000-$99,999 1,946 3,079 11,916
$100,000-$149,999 2,232 3,918 14,583
$150,000-$199,999 1,088 1,928 6,715
$200,000 or greater 1,306 3,349 10,488
Median HH Income $49,686 $56,580 $55,118
Average HH Income $79,019 $95,633 $89,095
HOUSEHOLDS 1 MILE 3 MILE 5 MILE
2000 Total Housing 21,843 36,670 91,160
2010 Total Households 18,476 29,222 90,626
2019 Total Households 18,950 30,194 112,198
2024 Total Households 19,456 31,082 124,493
2019 Average Household Size 1.61 1.73 1.95
2000 Owner Occupied Housing 4,324 9,910 23,286
2000 Renter Occupied Housing 13,503 18,890 48,967
2019 Owner Occupied Housing 4,302 9,297 39,131
2019 Renter Occupied Housing 14,649 20,898 73,068
2019 Vacant Housing 6,894 12,361 33,196
2019 Total Housing 25,844 42,555 145,394
2024 Owner Occupied Housing 4,609 9,862 43,182
2024 Renter Occupied Housing 14,847 21,220 81,310
2024 Vacant Housing 7,000 12,552 33,939
2024 Total Housing 26,456 43,634 158,432
2019-2024: Households: Growth Rate 2.65 % 2.90 % 10.50 %
Source: esri
The Agapi Apartments Demographic Charts | 26
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Household Income
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Population by Race
The Agapi Apartments Demographic Charts | 27
2019 Household Occupancy - 1 Mile Radius
Average Income Median Income
2019 Household Income Average and Median
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dditional Information
Additional Information
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Manny's Logo
The Agapi Apartments Manny's Logo | 29
The Agapi Apartments
CONFIDENTIALITY and DISCLAIMERThe information contained in the following offering memorandum is proprietary and strictly confidential. It isintended to be reviewed only by the party receiving it from ONE Sotheby's International Realty and it should notbe made available to any other person or entity without the written consent of ONE Sotheby's InternationalRealty.
By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat allsuch information in the strictest confidence. The recipient further agrees that recipient will not photocopy orduplicate any part of the offering memorandum. If you have no interest in the subject property, please promptlyreturn this offering memorandum to ONE Sotheby's International Realty. This offering memorandum has beenprepared to provide summary, unverified financial and physical information to prospective purchasers, and toestablish only a preliminary level of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligence investigation. ONE Sotheby'sInternational Realty has not made any investigation, and makes no warranty or representation with respect tothe income or expenses for the subject property, the future projected financial performance of the property, thesize and square footage of the property and improvements, the presence or absence of contaminatingsubstances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical conditionof the improvements thereon, or financial condition or business prospects of any tenant, or any tenant’s plans orintentions to continue its occupancy of the subject property.
The information contained in this offering memorandum has been obtained from sources we believe reliable;however, ONE Sotheby's International Realty has not verified, and will not verify, any of the informationcontained herein, nor has ONE Sotheby's International Realty conducted any investigation regarding thesematters and makes no warranty or representation whatsoever regarding the accuracy or completeness of theinformation provided. All potential buyers must take appropriate measures to verify all of the information setforth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subjectproperty.
Exclusively Marketed by:
Manny Chamizo IIIGlobal Commercial Director
(786) [email protected]
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