Post on 29-Aug-2019
15 UNIT MULTIFAMILY BUILDING FOR SALE810 SALZEDO STREET CORAL GABLES, FL. 33134
Marcelo LlorenteCommercial DirectorMobile: (305) 979-3025Marcelo@GlobalGroupRealty.com
Matthew LlorenteManaging BrokerMobile: (305) 527-9659Matt@GlobalGroupRealty.com
Global Group Realty - 117 Majorca Ave. STE 2 Coral Gables, FL 33134 - Office:305-569-0252 - Fax: 305-569-0253
I. INTRODUCTION
II. PROPERTY OVERVIEW
III. INVESTMENT HIGHLIGHTS
IV. LOCATION OF PROPERTY
V. MARKET DEMOGRAPHICS
VI. RENT ROLL
VII. INCOME & EXPENSES (ACTUAL & PROFORMA)
VIII. RECENT COMPARABLE SALES
IX. OFFERING PROCEDURE
X. DISCLAIMER
TABLE OF CONTENTS
INTRODUCTION
Global Group Realty is pleased to exclusively offer for sale this 15 unit apartment building in the heart of Coral Gables. The asset consists of twelve 2 bed/1 Bath units and three 1 Bed/1 Bath units. Two of the apartments have been completely renovated with new wood cabinets, tile floors, granite counter tops and updated bathrooms. The 15,381 SF building sits on an 11,000 SF lot and has 15 parking spaces. Recent upgrades to the building include new hurricane impact windows and doors, renovated elevator, resurfaced pool, new exterior paint and much more. All units have central air conditioning. The property offers great upside potential.
Property Overview
GENERAL DESCRIPTION
OFFERING PRICE: $5,000,000
LOCATION: 810 Salzedo Street
Coral Gables, FL 33134
ADJ. BUILDING SQUARE FOOTAGE: 15,381 SF
LOT SIZE: 11,000 SF (0.25 Acres)
DESCRIPTION: 15 Unit Multifamily Building
YEAR BUILT: 1969
PARKING: 15 Parking Spaces
Parcel ID: 03-4108-009-0050
SUMMARY OF PROPERTY
Investment Highlights
INVESTMENT HIGHLIGHTS
810 Salzedo Street is a remarkable opportunity for a well-qualified investor to acquire a 15 unit multifamily building
in the heart of Coral Gables. It consists of twelve 2 Bed/1 Bath units and three 1 Bed/1 Bath units. All apartments
have central air conditioning and spacious floor plans. The one bedroom units measure approximately 700 SF and
the two bedroom units measure about 825 SF. The property has 15 parking spaces which is uncommon for a
building of this size in Coral Gables. Recent upgrades include hurricane impact windows and doors, new exterior
paint, remodeled elevator, resurfaced pool and much more. Two of the units have been completely renovated with
new kitchen cabinets, stainless steel appliances, granite counter tops, tile flooring and updated bathroom. This
asset offers steady cash flow with incredible upside potential.
The property is located just north of SW 8th Street and one block west of Ponce de Leon Blvd. It is walking distance
to world class restaurants, hotels, Downtown Coral Gables and Miracle Mile. Mass transportation is within walking
distance of the building, including the free Coral Gables trolley. The property is in close proximity to major
expressways, making it easily accessible to Miami International Airport, Coconut Grove, Downtown Miami and
Miami Beach.
The city of Coral Gables is known as the “corporate capital of the Americas.” George Merrick, its founder, predicted
in 1925 that Coral Gables would someday be the gateway to Latin America. The city has a wide variety of multi-
national corporations. Coral Gables is the regional headquarters of approximately 155 of those corporations. Over
100 countries have corporate addresses in Coral Gables. Its economy is made up of local and international
businesses. The city is considered one of the premium residential markets in South Florida.
810 Salzedo Street
Coral Gables, FL 33134
810 Salzedo Street
Coral Gables, FL 33134
810 Salzedo Street
Coral Gables, FL 33134
810 Salzedo Street
Coral Gables, FL 33134
810 Salzedo Street
Coral Gables, FL 33134
810 Salzedo Street
Coral Gables, FL 33134
Location of Property
810 Salzedo Street
Coral Gables, FL 33134
810 Salzedo Street
Coral Gables, FL 33134
Market Demographics
MARKET DEMOGRAPHICS
Population for 1 Mile Radius from Subject Property
MARKET DEMOGRAPHICS
Demographic Overview: 1 Mile Radius from Subject Property
Source: 2010 Census / US Census Bureau
Source: 2013 American Community Survey, 5 year estimates / US Census Bureau
Rent Roll
Bedroom/Bath Scheduled Potential
Rent Rent
Unit 10 2Bed/1Bath $1,500 $1,950
Unit 11 2Bed/1Bath $1,500 $1,950
Unit 12 2Bed/1Bath $1,500 $1,950
Unit 14 1Bed/1Bath $1,400 $1,600
Unit 15 2Bed/1Bath $1,600 $1,950
Unit 20 2Bed/1Bath $1,550 $1,950
Unit 21 2Bed/1Bath $1,500 $1,950
Unit 22 2Bed/1Bath $1,500 $1,950
Unit 23 2Bed/1Bath $1,550 $1,950
Unit 24 1Bed/Bbath $1,450 $1,600
Unit 30 2Bed/1Bath $1,550 $1,950
Unit 31 2Bed/1Bath $1,500 $1,950
Unit 32 2Bed/1Bath $1,800 $1,950
Unit 33 2Bed/1Bath $1,500 $1,950
Unit 34 1Bed/1Bath $1,400 $1,600
Total Monthly Rent $22,800 $28,200
810 Salzedo Street
Coral Gables, FL 33134
Income & Expenses
INCOME & EXPENSES
OFFERING PRICE: $5,000,000
Income & Expenses
Current Proforma
Potential Gross Income 273,600 338,400
Vacancy 3% (Projected) 8,208 10,152
Effective Rental Income 265,392 328,248
Other Income (Laundry Income) 3,600 3,600
Effective Gross Income 268,992 331,848
Operating Expenses
Real Estate Taxes 33,883
Insurance 9,553
Electric 2,730
Waste Removal 3,587
Landscaping 600
Water & Sewer 7,863
Elevator Phone 1,740
Fire Alarm 428
Elevator Maintenance 1,591
Pool Service 1,680
Licenses & Permits 639
Professional Fees 262
Repair & Maintenance 5,000
Management Fee 6,600
Total Operating Expenses 76,156
Net Operating Income 192,836 255,692
Cap. Rate at Offering Price: 3.85%
Proforma Cap. Rate at Offering Price: 5.11%
Recent Comparable Sales
COMPARABLE PROPERTIES
Offering Procedure
OFFERING PROCEDURE
Offers must specify the following information:
PRICE:
LENGTH OF INSPECTION PERIOD:
LENGTH OF CLOSING PERIOD:
DEPOSIT:
ADDITIONAL DEPOSIT DUE AT INSPECTION EXPIRATION:
SUBMIT OFFERS TO: Marcelo Llorente Matthew Llorente Commercial Director Managing Broker
Mobile: (305) 979-3025 or Mobile: (305) 527-9659marcelo@globalgrouprealty.com matt@globalgrouprealty.com
117 Majorca Ave. STE 2 Coral Gables, FL 33134 Office: (305) 569-0252 Fax: (305) 569-0253
DISCLAIMER
THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use, in considering whether to
pursue negotiations to purchase 810 Salzedo Street Coral Gables, FL (the “Property”) from Global Group
Realty(“Broker representing the Owner”).
This confidential memorandum contains brief, selected information pertaining to the business and affairs of
the Property. All projections are based on assumptions relating to the general economy, competition and
other factors beyond the control of Owner and are therefore subject to variation. This confidential
memorandum does not purport to be all-inclusive or to contain all of the information that a prospective
purchaser may desire and shall not be relied on as a promise or representation as to the future performance
of the Property. Owner expects prospective purchasers to exercise independent due diligence in verifying all
information. Neither the Owner, or any of its directors or employees or Global Group Realty makes any
representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential
memorandum or any of its contents and no legal liability is assumed or is to be implied by any of the
aforementioned with respect thereto.
This confidential memorandum shall not be deemed a representation of the state of affairs of the Property or
constitute an indication that there has been no change in the business or affairs of the Property since the date
of preparation of this memorandum.
By your receipt of this confidential memorandum, you agree that the information contained herein is of a
confidential nature and you will not disclose this memorandum or any part of the contents to any other
person, firm or entity without prior authorization from Global Group Realty. Photocopying or other
duplication is not authorized.
Thank You
Matthew LlorenteManaging BrokerMobile: (305) 527-9659matt@globalgrouprealty.com
Marcelo LlorenteCommercial DirectorMobile: (305) 979-3025marcelo@globalgrouprealty.com