8 Units + Lot - Allapattah
Transcript of 8 Units + Lot - Allapattah
Rafael FermoselleMultifamily [email protected]
8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
4330 NE 2nd Av. Miami, FL 33137www.eleventrustrealestate.com
PROPERTY HIGHLIGHTS
8 Unit Multifamily property in the heart ofAllapattah2 Buildings, 4 units in each plus lot of 4,440sq. ft.
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Property has been updated with new impactwindows, electrical & some plumbing. 40Year re-certification, in progress
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Units are spacious 1 Bed/ 1 Bath with tilefloors, window/ wall A/CUpdated kitchen & bathsPotential to add laundry
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Great corner location, additional lot behind isa bonus, great for parking or build.Currently producing a 5% CAP
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Allapattah is the next up & comingneighborhood, minutes from Wynwood,Brickell, Downtown & Beaches.
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INVESTMENT DETAILS8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
Analysis
Analysis Date December 2017
Property
Property 8 Units + Lot - Allapattah
Property Address 1894 NW 35 St. Miami, FL 33142
Year Built 1925
Financial Information
Down Payment $250,000
Purchase Information
Property Type MultiFamily
Purchase Price $1,000,000
Units 8
Total Rentable Sq. Ft. 5,200
Loans
Type Debt Term Amortization Rate Payment LO Costs
Fixed $750,000 30 years 30 years 4.0% $3,581
Income & Expenses
Gross Operating Income $93,120
Monthly GOI $7,760
Total Annual Expenses ($42,140)
Monthly Expenses ($3,512)
Contact Information
Rafael Fermoselle
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PROPERTY DESCRIPTION8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
Great opportunity to own 8 units the next hip neighborhood of Allapattah.
Property sits on a corner lot, T3-O zoning, has 2 buildings, 4 units in each plus an additional 4,440 sq. ft. lot behind.
All units are 1 Bed/ 1 Bath with approximately 650 sq. ft. Units offer: updated kitchen & baths, open living/dining area,tile floors & window/wall A/C.
Property has new impact windows, electrical & some plumbing. 40 Year Re-certification is being completed.
Potential to add laundry, parking or build on the lot behind.
All units are rented, some with leases others month-to-month.
Make the lot as parking for the 8 units or build a home.
Currently producing a 5% return with a potential of 6% at Pro-forma.
Allapattah is a transforming neighborhood that is growing fast. Also known as Little Santo Domingo, it is located East ofWynwood, close proximity to Brickell, Downtown, Midtown, hospitals & airport. The location is ideal, minutes fromschools, shops, restaurants, nightlife and the new Allapattah market place.
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PROPERTY PHOTOS8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
97360-PP-2.jpg
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SALE COMPARABLES8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
S 8 Units + Lot - Allapattah1894 NW 35 St. Miami, FL 33142
Sale Price $1,000,000
Units 8
Price/Unit $125,000
Price/SqFt $192.31
Cap Rate 5.1%
Year Built 1925
GRM 10.42
# Units Unit Type
8 1 Bed/ 1 Bath
1 Allapattah- 4- plex 1901 NW 30 St. Miami, FL 33142
Sale Price $497,000
Units 4
Price/Unit $124,250
Price/SqFt $216.37
Cap Rate N/A
Year Built 1957Sale Date 8/23/2017
GRM N/A
# Units Unit Type
2 One Bedroom One Bath
2 One Bedroom One Bath
2 Holleman Manor - Fourplex1849 NW 35 St. Miami, FL 33142
Sale Price $397,000
Units 4
Price/Unit $99,250
Price/SqFt $168.72
Cap Rate N/A
Year Built 1956Sale Date 5/31/2017
GRM N/A
# Units Unit Type
2 One Bedroom One Bath
2 Two Bedroom One Bath
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SALE COMPARABLES8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
3 1910 NW 28 St. Miami, FL 33142
Sale Price $590,000
Units 5
Price/Unit $118,000
Price/SqFt $154.86
Cap Rate N/A
Year Built 1956Sale Date 3/1/2017
GRM N/A
# Units Unit Type
1 Three Bedroom Two Bath
2 Two Bedroom One Bath
2 One Bedroom One Bath
4 1716 NW 19 St. Miami, FL 33142
Sale Price $1,000,000
Units 10
Price/Unit $100,000
Price/SqFt $241.55
Cap Rate N/A
Year Built 1962Sale Date 3/6/2017
GRM N/A
# Units Unit Type
10 One Bedroom One Bath
5 3051 NW 22 Ave. Miami, FL 33142
Sale Price $370,000
Units 4
Price/Unit $92,500
Price/SqFt $149.31
Cap Rate N/A
Year Built 1957Sale Date 4/26/2016
GRM N/A
# Units Unit Type
4 One Bedroom One Bath
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SALE COMPARABLES8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
6 3101 NW 22 Ave. Miami, FL 33142
Sale Price $380,000
Units 4
Price/Unit $95,000
Price/SqFt $116.00
Cap Rate N/A
Year Built 1975Sale Date 3/18/2016
GRM N/A
# Units Unit Type
4 Two Bedroom One Bath
7 2412 NW 19 Ave. Miami, FL 33142
Sale Price $375,000
Units 4
Price/Unit $93,750
Price/SqFt $148.10
Cap Rate N/A
Year Built 1972Sale Date 4/6/2016
GRM N/A
# Units Unit Type
4 Two Bedroom One Bath
8 2081 NW 30 St. Miami, FL 33142
Sale Price $800,000
Units 8
Price/Unit $100,000
Price/SqFt $152.56
Cap Rate N/A
Year Built 1955Sale Date 8/8/2017
GRM N/A
# Units Unit Type
8 Two Bedroom One Bath
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SALE COMPARABLES8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
9 2145 NW 26 St. Miami, Fl 33142
Sale Price $460,000
Units 4
Price/Unit $115,000
Price/SqFt $143.39
Cap Rate N/A
Year Built 1926Sale Date 6/1/2017
GRM N/A
# Units Unit Type
4 One Bedroom One Bath
A 1925 NW 56 St. Miami, FL 33142
Sale Price $355,000
Units 4
Price/Unit $88,750
Price/SqFt $121.24
Cap Rate N/A
Year Built 1954Sale Date 12/15/2016
GRM N/A
# Units Unit Type
4 Two Bedroom One Bath
B 2090 NW 31 STMiami, FL 33142
Sale Price $800,000
Units 8
Price/Unit $100,000
Price/SqFt $152.56
Cap Rate N/A
Year Built 1955Sale Date 7/28/2017
GRM N/A
# Units Unit Type
8 Two Bedroom One Bath
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SALE COMPARABLES8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
C 2061 NW 30th St.Miami, FL 33142
Sale Price $2,475,000
Units 22
Price/Unit $112,500
Price/SqFt $178.19
Cap Rate N/A
Year Built 1971Sale Date 11/15/2017
GRM N/A
# Units Unit Type
22 One Bedroom One Bath
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RENT COMPARABLES8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
S 8 Units + Lot - Allapattah1894 NW 35 St. Miami, FL 33142
Avg Rent/rsf $18.46
RSF 5,200
Occupancy 100%
Units 8
Year Built 1925
# Units Unit Type Rent
8 1 Bed/ 1 Bath $1,000
1 1901 NW 30 St. Miami, FL 33142
Avg Rent/rsf $1.73
RSF 575
Occupancy 100%
Units 1
Year Built 1957
# Units Unit Type Rent
1 One Bedroom One Bath $1,000
2 Rental 3120 NW 19 Ave. #1Miami, FL 33142
Avg Rent/rsf $1.60
RSF 523
Occupancy 100%
Units 1
Year Built 1956
# Units Unit Type Rent
1 One Bedroom One Bath $850
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RENT COMPARABLES8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
3 Rental2536 NW 24 St. #3HMiami, FL 33142
Avg Rent/rsf $1.83
RSF 571
Occupancy 100%
Units 1
Year Built 2006
# Units Unit Type Rent
1 One Bedroom One Bath $1,050
4 3359 NW 33 St. #FMiami, FL 33142
Avg Rent/rsf $0.00
RSF 500
Occupancy 100%
Units 1
Year Built 1953
# Units Unit Type Rent
1 One Bedroom One Bath $1,000
5 2524 NW 29 St. #BMiami, FL 33142
Avg Rent/rsf $0.00
RSF N/A
Occupancy 100%
Units 1
Year Built 1977
# Units Unit Type Rent
One Bedroom One Bath $1,000
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LOCATION MAP8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
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AERIAL MAP8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
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DEMOGRAPHICS8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
Population Characteristic 1 Mile 3 Mile 5 Mile
Ages 0-4 1,888 14,160 30,137
Ages 5-9 2,292 17,218 36,731
Ages 10-14 2,147 15,913 33,537
Ages 15-19 2,076 15,510 32,212
Ages 20-24 2,151 16,099 33,582
Ages 25-29 2,177 16,647 35,289
Ages 30-34 2,099 16,822 36,713
Ages 35-39 2,021 17,228 38,811
Ages 40-44 1,964 17,854 41,472
Ages 45-49 1,992 18,413 43,612
Ages 50-54 1,924 17,704 42,289
Ages 55-59 1,800 16,162 39,314
Ages 60-64 1,613 14,115 35,169
Ages 65-69 1,356 11,988 30,613
Ages 70-74 1,125 10,151 26,422
Ages 75-79 903 8,310 21,703
Ages 80-84 661 6,208 16,270
Household Income 1 Mile 3 Mile 5 Mile
Median Household Income $21,978 $25,123 $31,384
< $10000 2,116 18,162 34,826
$10000-$14999 922 10,611 22,459
$15000-$19999 1,427 9,321 18,941
$20000-$24999 1,278 8,242 17,379
$25000-$29999 744 6,920 14,324
$30000-$34999 589 6,173 13,971
$35000-$39999 452 4,988 12,048
$40000-$44999 472 4,599 11,627
$45000-$49999 478 3,595 8,625
$50000-$60000 412 6,004 14,914
$60000-$74000 531 5,096 16,207
$75000-$99999 360 4,861 15,181
$100000-$124999 44 2,403 9,140
$125000-$149999 101 1,015 4,752
$150000-$199999 66 787 4,974
> $200000 40 886 6,475
Race Characteristic 1 Mile 3 Mile 5 Mile
Non Hispanic White 17,328 161,170 435,388
Population Black 10,769 80,867 130,986
Population Am In/AK Nat 13 73 90
Characteristic Housing 1 Mile 3 Mile
Housing Units 11,760 108,347
Occupied Housing Units 10,563 95,264
Owner Occupied Housing Units 3,305 26,715
Renter Occupied Housing Units 7,258 68,549
Vacant Housing Units 1,197 13,083
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UNIT RENT ROLL8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
Unit Description Approx. Sq. Ft. Current Rent Pro Forma Rent Comments
1 1+1 650 $1,000 $1,100
2 1+1 650 $860 $1,100
3 1+1 650 $1,000 $1,100
4 1+1 650 $800 $1,100
5 1+1 650 $910 $1,100
6 1+1 650 $1,010 $1,100
7 1+1 650 $1,100 $1,100
8 1+1 650 $1,000 $1,100
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EXECUTIVE SUMMARY8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
Acquisition Costs
Purchase Price, Points and Closing Costs $1,000,000
Investment - Cash $250,000
First Loan $750,000
Investment Information
Purchase Price $1,000,000
Price per Unit $125,000
Price per Sq. Ft. $192.31
Income per Unit $12,000
Expenses per Unit ($5,268)
Income, Expenses & Cash Flow
Gross Scheduled Income $96,000
Total Vacancy and Credits ($2,880)
Operating Expenses ($42,140)
Net Operating Income $50,980
Debt Service ($42,967)
Cash Flow Before Taxes $8,013
Financial Indicators
Cash on Cash Return Before Taxes 3.21%
Debt Coverage Ratio 1.19
Capitalization Rate 5.10%
Gross Rent Multiplier 10.42
Gross Income / Square Feet $18.46
Gross Expenses / Square Feet ($8.10)
Operating Expense Ratio 45.25%
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PRO FORMA SUMMARY8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
INCOME
Description Actual Per Unit Pro-forma Per Unit
Gross Potential Rent $96,000 $12,000 $105,600 $13,200
Less: Vacancy ($2,880) ($360) ($3,168) ($396)
Effective Gross Income $93,120 $11,640 $102,432 $12,804
OPERATING EXPENSES
Description Actual Per Unit Pro-forma Per Unit
Property Management Fee $4,800 $600 $5,280 $660
Building Insurance $6,400 $800 $6,400 $800
Landscaping $1,440 $180 $1,440 $180
Licenses $500 $63 $500 $63
Pest Control $600 $75 $600 $75
Repairs $2,000 $250 $2,000 $250
Reserves $2,000 $250 $2,000 $250
Taxes - Real Estate $15,000 $1,875 $15,000 $1,875
Trash Removal $5,000 $625 $5,000 $625
Utility - Electricity $2,400 $300 $2,400 $300
Utility - Water $2,000 $250 $2,000 $250
Total Expenses ($42,140) ($5,268) ($42,620) ($5,328)
NET OPERATING INCOME $50,980 $6,373 $59,812 $7,477
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PRO FORMA SUMMARY8 Units + Lot - Allapattah1894 NW 35 St. | Miami, FL 33142
Rafael FermoselleMultifamily Specialist
UNIT MIX & ANNUAL SCHEDULED INCOME
Type Units Actual Total Pro-forma Total 1 Bed/ 1 Bath 8 $12,000 $96,000 $13,200 $105,600TOTALS 8 $96,000 $105,600
ANNUALIZED INCOME Description Actual Pro-forma
Gross Potential Rent $96,000 $105,600Less: Vacancy ($2,880) ($3,168)Effective Gross Income $93,120 $102,432Less: Expenses ($42,140) ($42,620)Net Operating Income $50,980 $59,812Debt Service ($42,967) ($42,967)Net Cash Flow after Debt Service $8,013 $16,845Principal Reduction $13,208 $13,208Total Return $21,220 $30,052
ANNUALIZED EXPENSES Description Actual Pro-forma
Property Management Fee $4,800 $5,280Building Insurance $6,400 $6,400Landscaping $1,440 $1,440Licenses $500 $500Pest Control $600 $600Repairs $2,000 $2,000Reserves $2,000 $2,000Taxes - Real Estate $15,000 $15,000Trash Removal $5,000 $5,000Utility - Electricity $2,400 $2,400Utility - Water $2,000 $2,000Total Expenses $42,140 $42,620Expenses Per RSF $8.10 $8.20Expenses Per Unit $5,268 $5,328
INVESTMENT SUMMARY
Price: $1,000,000
Year Built: 1925
Units: 8
Price/Unit: $125,000
RSF: 5,200
Price/RSF: $192.31
Lot Size: 9,257 sf
Floors: 2
Cap Rate: 5.1%
Pro-forma Cap Rate: 5.98%
GRM: 10.42
Pro-forma GRM: 9.47
FINANCING SUMMARY
Loan Amount: $750,000
Down Payment: $250,000
Loan Type: Fixed
Interest Rate: 4%
Term: 30 years
Monthly Payment: $3,581
DCR: 1.19
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