TURNKEY MULTI-FAMILY PORTFOLIO OPPORTUNITY

[Pages:38]OFFERING MEMORANDUM

TURNKEY MULTI-FAMILY PORTFOLIO OPPORTUNITY

Allapattah Gardens | 1940 NW 31 Street, Miami, FL, 33142

Allapattah Gardens

CONTENTS

01 Executive Summary

Investment Summary Unit Mix Summary Location Summary

04 Sale Comps

08 Additional Information

4

Sale Comparables Summary

18

Allapattah

33

6

Sale Comparables Charts

22

7

Sale Comparables Map

23

02 Property Description

Property Features Aerial Map Parcel Map

Property Images

03 Rent Comps

Rent Comparables Summary Rent Comparables Map

8 05 Rent Roll

9

Rent Roll Details

24

10

11

12 06 Financial Analysis

Income & Expense Analysis

25

Multiyear Cash Flow Assumptions

26

Cash Flow Analysis

27

Disposition Sensitivity Analysis

29

14

17

07 Demographics

Demographics

30

Demographic Charts

31

Exclusively Marketed by:

David Fermoselle

Associate 305-299-4124 License # 3306806 df@

Rafael Fermoselle

Director of Multi-Family Sales 305-299-4136

rf@

Jose Ramos

Associate 7865565515 License # SL3344854 jramos@

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 other conditions, 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 your own investigation of the property and transaction.

Allapattah Gardens

CONFIDENTIALITY AND DISCLAIMER:

Confidentiality and Disclaimer | 03

The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Eleventrust and it should not be made available to any other person or entity without the written consent of Eleventrust.

By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return this offering memorandum to Eleventrust. This offering memorandum has been prepared to provide summary, unverified financial and physical 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. Eleventrust 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 of absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property.

The information contained in this offering memorandum has been obtained from sources we believe reliable; however, Eleventrust has not verified, and will not verify, any of the information contained herein, nor has Eleventrust conducted any investigation 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. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT ELEVENTRUST FOR MORE DETAILS.

Copyright ? 2019 CREOP, LLC. All Rights Reserved.

Allapattah Gardens

OFFERING SUMMARY

ADDRESS

COUNTY MARKET SUBMARKET BUILDING SF LAND SF NUMBER OF UNITS YEAR BUILT YEAR RENOVATED APN OWNERSHIP TYPE

FINANCIAL SUMMARY

OFFERING PRICE PRICE PSF PRICE PER UNIT OCCUPANCY NOI (CURRENT) NOI (Pro Forma) CAP RATE (CURRENT) CAP RATE (Pro Forma) GRM (CURRENT) GRM (Pro Forma)

1940 NW 31 Street Miami FL 33142 Miami-Dade Miami Allapattah 8,327 28,945 16 1956/1957 2018/9 01-3127-008-0160 Fee Simple

$2,600,000 $312.24 $162,500 98.00 % $171,566 $180,646 6.59 % 6.94 % 11.10 10.67

Investment Summary | 04

PROPOSED FINANCING

LOAN TYPE DOWN PAYMENT LOAN AMOUNT INTEREST RATE ANNUAL DEBT SERVICE LOAN TO VALUE

$650,000 $1,950,000 5.00 % $125,612 75 %

DEMOGRAPHICS

2017 Population 2017 Median HH Income 2017 Average HH Income

1 MILE

37,575 $23,680 $32,786

3 MILE

298,379 $27,826 $43,702

Gutted and Completely Remodeled in 2018/9 Current Cap Rate 6.59% (Pro-forma 6.94%) Current NOI: $171,566 Central A/C Hurricane Impact Windows 40 Year Re-certification Completed

5 MILE

642,313 $36,151 $59,929

Allapattah Gardens

Investment Summary | 05

Eleventrust is proud to present its exclusive listing for the Allapattah Gardens Apartment Portfolio at 1930-1940 NW 31 Street and 1911 NW 30 Street, in the fast-changing, emerging rental market of Allapattah in Miami, Florida.

The portfolio consists of (4) one-story buildings made up of four, 1 bedroom and 1 bathroom units constructed in 1956 and 1957. Each building was completely gutted and renovated in the Spring of 2018 with a total of 8,327 of rentable square footage. This investment opportunity allows the future investor to acquire a stabilized, turn-key asset with low foreseeable future maintenance costs in a sub-market positioned for increased appreciation.

Property 1930- is under renovations and will be ready before closing, or the buyer has the option to purchase now without renovation complete.

The portfolio is currently generating $230,400 in gross rental income, with a Net Operating Income of $171,566 and operating at a 6.59% capitalization rate with a potential to generate $240,000 in pro-forma gross rental income, with a Net Operating Income of $180,646 operating at a 6.94% capitalization rate.

Allapattah Gardens

Unit Mix

# Units Square Feet Current Rent

1 bd / 1 ba

4

516

1 bd / 1 ba

4

538

1 bd / 1 ba

4

516

1 bd / 1 ba

4

512

Totals/Averages

16

521

$1,195 $1,195 $1,195 $1,195 $1,195

Actual

Rent PSF

$2.32 $2.22 $2.32 $2.33 $2.30

Monthly Income $4,780 $4,780 $4,780 $4,780 $19,120

Unit Mix Summary | 06

Market Rent

$1,250 $1,250 $1,250 $1,250 $1,250

Market

Market Rent PSF $2.42 $2.32 $2.42 $2.44 $2.40

Market Income $5,000 $5,000 $5,000 $5,000 $20,000

Allapattah Gardens

Allapattah, from the Seminole language which means Alligator, is bordered by State Road 112 to the north, Interstate I-95 to the East, the Miami River to the South and Lejuene Road to the West.

In recent years the area has gained increased attention, especially from investors, who have been priced out of booming areas such as the Wynwood Arts District (immediately East), Little Havana (immediately South) and the Little River/Little Haiti market (Northeast) - all located in Miami's urban core.

Allapattah was previously a predominantly industrial and textile district but has become a hot rental market due to it's central location and close proximity to Miami International Airport, the Hospital District/Jackson Memorial Hospital, MiamiDade Community College's Medical Campus, Downtown Miami, Miami Beach and the shops, restaurants, and nightlife minutes away in the Wynwood Arts District.

The area has also drawn attention from industrial business owners who are looking to centralize their operations and artists/restauranteurs who have refurbished existing buildings for use as art galleries, retail shops and cafes/restaurants to serve the changing demographic that is moving into the neighborhood.

Location Summary | 07 Regional Map

Locator Map

Allapattah Gardens

Site Description

NUMBER OF UNITS BUILDING SF LAND SF LAND ACRES YEAR BUILT YEAR RENOVATED # OF PARCELS ZONING TYPE BUILDING CLASS LOCATION CLASS NUMBER OF STORIES NUMBER OF BUILDINGS NUMBER OF PARKING SPACES PARKING RATIO WASHER/DRYER

MECHANICAL

HVAC

UTILITIES

WATER TRASH ELECTRIC

16 8,327 28,945 0.66 1956/1957 2018/9 4 T4-R A C 1 4 16 1:1 Yes - Common Areas

Central A/C

Landlord Landlord Tenant

CONSTRUCTION

FOUNDATION FRAMING EXTERIOR PARKING SURFACE ROOF LANDSCAPING

Property Features | 08

Concrete Slab Concrete Concrete finish Concrete Hip Grass & Shrubs

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