Biscayne Bay - LoopNet...Biscayne Bay. Palmetto Station 271 Unit Mixed Use Development. Soleste...
Transcript of Biscayne Bay - LoopNet...Biscayne Bay. Palmetto Station 271 Unit Mixed Use Development. Soleste...
Miami, FL 33157371 Unit | Eureka Development Site
Deme Mekras Elliot ShainbergCEO, Managing Partner Managing Partner
Direct: 786.671.0149 Direct: [email protected] [email protected]
Exclusively Listed By
Biscayne Bay
Palmetto Station271 Unit
Mixed Use Development
Soleste Palmetto Bay211 Unit
Planned Development
Sandpiper Village82 Unit
Planned Development
Atlantic Pacific Proposed Transit Oriented Development
Phase II
Eureka Residences SiteZoned for 371 Units, up to
15-stories
South Miami-Dade Busway
Homestead Ave
SW
184
th S
t/E
ure
ka D
r
SW 186th St/Q
uail Roost Dr
Sam MekrasInvestment AssociateDirect: 786.671.0154
Atlantic Pacific Proposed Transit Oriented Development Phase I
371 Units | Eureka Development Site
MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com|2 Follow Us
Table of Contents Confidentiality Disclaimer
This is a confidential Offering Memorandum intended solely for your limited use and benefit in de-termining whether you desire to express further interest into the acquisition of the Subject Property. This Offering Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a pur-chase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner or MSP Group ,LLC. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approxima-tions. Additional information and an oppor-tunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or MSP Group, LLC. , nor any of their respective directors, offi-cers, affiliates or representatives are making any representation or warranty, expressed or im-plied, as to the accuracy or completeness of this Offering Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Offering Memorandum or use of its contents; and you are to rely solely on your own inves-tigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Offering Mem-orandum. The Owner shall have no legal commit-ment or obligation to any entity review-ing this Offering Memoran-dum or making an offer to purchase the Prop-erty unless and un-til written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any obligations therein have been satisfied or waived. By receipt of the Offering Memorandum, you agree that this Offering Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or MSP Group, LLC. Furthermore , you agree not to use this Offering Mem-oran-dum or any of its con-tents in a manner detrimental to the interest of the Owner or MSP Group, LLC. In this Offering Memorandum, certain documents, including leases and other materi-als, are de-scribed in summary form. These summaries do not purport to be complete nor necessarily accu-rate descriptions of the full agreements referenced. Interested parties are so advised and expect-ed to review all such summaries and other documents of whatever nature independently and not to rely on `the contents of this Offering Memoran-dum in any manner.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MSP Group, LLC AGENT FOR MORE DETAILS
Property Description................................................................................
Land Sales Comparables.........................................................................
Rent Comparables...................................................................................
Multifamily Sales Comparables..............................................................
About MSP Group...................................................................................
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371 Units | Eureka Development Site
MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com|3 Follow Us
Property Description
371 Units | Eureka Development Site
MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com|4 Follow Us
Property Description
More Details
Description
Property Name:Address:
City, State Zip:County:
Folio:
Units:Lot Size (SF):
Year Built:# of Stories:
Eureka Residences Site10208 Eureka DriveMiami, FL 33157Miami-Dade30-6005-001-0271 and 14 others371 (Proposed)106,286TBDMin of 3, Max of 15
Eureka Residences is a development site that allows for up to 371 multifamily units on approximately 2.44 acres. The site is at the southwest corner of Eureka Drive (aka SW 184th Street) and Homestead Avenue. US-1, about 900’ to the east, is one of the most heavily trafficked north/south thoroughfares in all of Miami-Dade county. The South Miami-Dade Busway is about 400’ to the east and runs parallel to US-1. The Busway offers the future tenants of the Eureka Residences easy ac-cess to the Metro Rail’s Dadeland station about 6.5 miles north, making it a viable residence for tenants that work in Miami’s urban core. 1 mile west on Eureka Drive is an on-off ramp to the Florida Turnpike; further enhancing accessibility for tenants working in Dade, Broward and Monroe Counties. In addition to excellent access to jobs in and outside the immediate area, the site is ideally situated in close proximity
to numerous other employers such as Publix (walking distance), Walgreens, Home Depot, City Furniture and Bank of America to name a few. The 2.44 acre site was recently rezoned, calling for a minimum of 3 and a maximum of 15 stories and a max density of 371 units. The Eureka Residences site offers developers an exciting opportunity with a critical mass of units in a densely populated and growing area. This point is accented by the two new A-Class apartment building rentals just to east of the property; the 271-unit Palmetto Station (currently in lease up) and the 200-unit Soleste Village (already topped off).
371 Units | Eureka Development Site
MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com|5 Follow Us
List Price:Buildable Units:
Price/Buildable Unit:Acres:
Price/Acre:
$3,250,000371$8,7602.44 +/-$1,331,967
Eureka Residences SiteZoned for 371 Units, up to
15-stories
371 Units | Eureka Development Site
MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com|6 Follow Us
SW 184th St/Eureka DR
Hom
este
ad A
ve
Sout
h M
iam
i-Dad
e B
usw
ay
Eureka Residences SiteZoned for 371 Units, up to
15-stories
371 Units | Eureka Development Site
MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com|7 Follow Us
SW
184th St/E
ureka Dr
Homestead Ave
SW 186th St/Quail Roost Dr
W
Exit 13
1 Mile to Exit 13
Eureka Residences SiteZoned for 371 Units, up to
15-stories
371 Units | Eureka Development Site
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SW 184th St/Eureka Dr
N
So
uth
Mia
mi-D
ad
e B
usw
ay
Dadeland South Metro Rail Station 6.5 Miles
From Site
Downtown Miami
6.5 Miles to D
adeland South
Eureka Residences SiteZoned for 371 Units, up to
15-stories
371 Units | Eureka Development Site
MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com|9 Follow Us
SW
184
th S
t/E
ure
ka D
r
Homestead Ave SW 186th St/Q
uail Roost Dr
Biscayne Bay
Palmetto Station271 Unit
Mixed Use Development
Soleste Palmetto Bay211 Unit
Planned Development
Sandpiper Village82 Unit
Planned Development
Atlantic Pacific Proposed Transit Oriented Development
Phase II
E
Eureka Residences SiteZoned for 371 Units, up to
15-stories
South Miami-Dade Busway
Atlantic Pacific Proposed Transit Oriented Development
Phase I
371 Units | Eureka Development Site
MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com|10 Follow Us
SW
184
th S
t/E
ure
ka D
r
Homestead Ave
South Miami-Dade Busway
Biscayne Bay
E
Eureka Residences SiteZoned for 371 Units, up to
15-stories
371 Units | Eureka Development Site
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SW 184th St/Eureka Dr
S
South Miami-Dade Busway
Homestead Ave
Corporate Office
South Dade Governemnt Center Complex
South DadeCultural Arts Center
Eureka Residences SiteZoned for 371 Units, up to
15-stories
371 Units | Eureka Development Site
MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com|12 Follow Us
Land Sales Comparables
371 Units | Eureka Development Site
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Land Sales Map
Palmetto Station
Soleste Palmetto Bay
Sandpiper Village
Parkview at Palmetto Bay
1.
2.
3.
4.
Eureka Residences Site
2
3
4
1
Legend
371 Units | Eureka Development Site
MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com|14 Follow Us
Land Sales Graphs
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
Price Per Acre
$2,294,590Average
$0.00
$5,000.00
$10,000.00
$15,000.00
$20,000.00
$25,000.00
$30,000.00
$35,000.00
$40,000.00
$45,000.00
$50,000.00
Price Per Buildable Unit
$32,009Average
371 Units | Eureka Development Site
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Land Sales Comparables
Subject
Sales Comparable 2
Sales Comparable 1
Sales Comparable 3
Price:Units:
Sale Date:
Price:Units:
Sale Date:
Price:Units:
Sale Date:
Price:Units:
Sale Date:
$3,250,000371On Market
$4,400,0002112/15/2018
$7,800,0002717/25/2016
$2,800,0008212/15/2017
Acres:Price/Acre:
Price/Buildable Unit:
Property:
Property:
Property:
Property:
2.44$1,331,967$8,760
1.99$2,206,204$20,853
3.98$1,958,746$28,782
1.34$2,094,986$34,146
Eureka Residences Site10208 Eureka Drive Miami, FL 33157
Soleste Palmetto Bay 18301 S Dixie Highway Miami, FL 33157
Palmetto Station17945 SW 97th AvenuePalmetto Bay, FL 33157
Sandpiper Village9700 E Indigo StreetPalmetto Bay, FL 33157
Comments:
Comments:
Comments:
Comments:
Unit Type
Total Average:
Unit Type
Total Average:
Unit Type
Total Average:
Unit Type
Total Average:
#
#
#
#
SF
SF
SF
SF
Acres:Price/Acre:
Price/Buildable Unit:
Acres:Price/Acre:
Price/Buildable Unit:
Acres:Price/Acre:
Price/Buildable Unit:
371 Units | Eureka Development Site
MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com|16 Follow Us
Sales Comparable 4
Sales Comparable 6
Sales Comparable 5
Price:Units:
Sale Date:
Price:Units:
Sale Date:
$1,800,000206/30/2017
$2,716,050447/27/2017
Year Built:Price per Unit:
Price per SF:
Year Built:Price per Unit:
Price per SF:
Property:
Property:
Property:
1970$90,000$142
1949-52$61,728$104
Parkview at Palmetto Bay 9500 SW 174th StreetPalmetto Bay, FL 33157
Antonio Apts Alarm Lines 14100 NW 6th Court North Miami, FL 33168
1541 NW 1st Place Miami, FL 33136
Comments:Site plan approved.
Comments:
Comments:
Unit Type
Total Average:
Unit Type1 Bed 1 Bath
Total Average:
Unit Type1 Bed 1 Bath2 Bed 1 Bath
Total Average:
#
#20
20
#N/AN/A
44
SF
SF634
12,674
SFN/AN/A
26,037
Sales Comparable 7
Price:Units:
Sale Date:
$1,170,000285/30/2017
Year Built:Price per Unit:
Price per SF:
Property:
1953$41,786$117
Pequena Habana 1601 NW 62nd Street Miami, FL 33147
Comments:
Unit TypeStudio
1 Bed 1 Bath
Total Average:
#1414
28
SFN/AN/A
10,038
Price:Units:
Sale Date:
$10,400,000235On Market
Acres:Price/Acre:
Price/Buildable Unit:
3.56$2,918,424$44,255
Land Sales Comparables
371 Units | Eureka Development Site
MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com|17 Follow Us
Rent Comparables
371 Units | Eureka Development Site
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Rent Map
Atlantico at Kendall The Park at Kendall Azura Emerald Palms Vista Verde at Deerwood The Park at Sheffield
Palmetto Station
1.
2.
3.
4.
5.
6.
7.
Eureka Residences Site
2
3
4
5
6
1
Legend
7
371 Units | Eureka Development Site
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Rent Graphs
0%10%20%30%40%50%60%70%80%90%
100%
Occupancy Rate
82%Average
0
200
400
600
800
1,000
1,200
Average Unit Size
963Average
$0
$500
$1,000
$1,500
$2,000
$2,500
Average Rent
$1,692Average
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
Average Rent Per SF
$1.79Average
*Emerald Palms is in the midst of a renovation.
371 Units | Eureka Development Site
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Rent Sort
Unit Type 1 Unit Type 2Property Name Unit Type # SF Asking Rent Rent/SF Property Name Unit Type # SF Asking Rent Rent/SFAzura 1 Bed 1 Bath D 24 861 $1,900 $2.21 Palmetto Station 2 Bed 2 Bath N/A 1,105 $2,525 $2.09Palmetto Station 1 Bed 1 Bath N/A 769 $1,785 $2.13 Palmetto Station 2 Bed 2 Bath N/A 1,279 $2,500 $1.79Palmetto Station 1 Bed 1 Bath N/A 740 $1,755 $2.17 Palmetto Station 2 Bed 2 Bath N/A 1,153 $2,465 $1.96Azura 1 Bed 1 Bath 48 740 $1,741 $2.35 Palmetto Station 2 Bed 2 Bath N/A 1,152 $2,145 $1.71Palmetto Station 1 Bed 1 Bath N/A 674 $1,675 $2.28 Palmetto Station 2 Bed 2 Bath N/A 1,124 $2,140 $1.75Azura 1 Bed 1 Bath 36 763 $1,660 $2.18 Azura 2 Bed 2 Bath 36 1,168 $2,113 $1.81Emerald Palms 1 Bed 1 Bath N/A 730 $1,463 $2.00 Azura 2 Bed 2 Bath 72 1,112 $2,101 $1.89Atlantico at Kendall 1 Bed 1 Bath D 60 876 $1,441 $1.65 Palmetto Station 2 Bed 2 Bath N/A 1,104 $2,070 $1.72Atlantico at Kendall 1 Bed 1 Bath 52 731 $1,367 $1.87 Palmetto Station 2 Bed 2 Bath N/A 1,047 $2,065 $1.81Vista Verde at Deerwood 1 Bed 1 Bath 32 698 $1,355 $1.94 Palmetto Station 2 Bed 2 Bath N/A 1,053 $2,065 $1.80The Park at Sheffield 1 Bed 1 Bath 214 576 $1,249 $2.17 Palmetto Station 2 Bed 2 Bath N/A 1,095 $2,055 $1.72The Park at Sheffield Studio 68 288 $959 $3.33 Emerald Palms 2 Bed 2 Bath N/A 980 $1,762 $1.80
Average 704 $1,529 $2.19 Emerald Palms 2 Bed 2.5 Bath N/A 1,157 $1,762 $1.52Vista Verde at Deerwood 2 Bed 2 Bath 72 1,021 $1,695 $1.66
Unit Type 3 Atlantico at Kendall 2 Bed 2 Bath D 72 1,182 $1,676 $1.42Property Name Unit Type # SF Asking Rent Rent/SF The Park at Kendall 2 Bed 2 Bath D 60 1,253 $1,627 $1.30Palmetto Station 3 Bed 2 Bath N/A 1,351 $2,955 $2.00 Atlantico at Kendall 2 Bed 2 Bath 90 1,067 $1,606 $1.51Palmetto Station 3 Bed 2 Bath N/A 1,389 $2,880 $1.90 The Park at Sheffield 2 Bed 2 Bath 16 874 $1,549 $1.77Azura 3 Bed 2 Bath 24 1,358 $2,532 $1.86 The Park at Kendall 2 Bed 2 Bath 76 1,141 $1,543 $1.35Atlantico at Kendall 3 Bed 2 Bath 48 1,266 $1,854 $1.46 Vista Verde at Deerwood 2 Bed 2 Bath 72 943 $1,500 $1.59Emerald Palms 3 Bed 3.5 Bath N/A 1,290 $1,839 $1.43 The Park at Sheffield 2 Bed 1 Bath 11 864 $1,439 $1.67Vista Verde at Deerwood 3 Bed 2 Bath 32 1,176 $1,795 $1.53 Average 1,089 $1,924 $1.70The Park at Kendall 3 Bed 2 Bath 48 1,371 $1,785 $1.30
Average 1,314 $2,234 $1.64
371 Units | Eureka Development Site
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Rent/SF Sort
Unit Type 1 Unit Type 2Property Name Unit Type # SF Asking Rent Rent/SF Property Name Unit Type # SF Asking Rent Rent/SFThe Park at Sheffield Studio 68 288 $959 $3.33 Palmetto Station 2 Bed 2 Bath N/A 1,105 $2,525 $2.09Azura 1 Bed 1 Bath 48 740 $1,741 $2.35 Palmetto Station 2 Bed 2 Bath N/A 1,153 $2,465 $1.96Palmetto Station 1 Bed 1 Bath N/A 674 $1,675 $2.28 Azura 2 Bed 2 Bath 72 1,112 $2,101 $1.89Azura 1 Bed 1 Bath D 24 861 $1,900 $2.21 Azura 2 Bed 2 Bath 36 1,168 $2,113 $1.81Azura 1 Bed 1 Bath 36 763 $1,660 $2.18 Palmetto Station 2 Bed 2 Bath N/A 1,047 $2,065 $1.81Palmetto Station 1 Bed 1 Bath N/A 740 $1,755 $2.17 Emerald Palms 2 Bed 2 Bath N/A 980 $1,762 $1.80The Park at Sheffield 1 Bed 1 Bath 214 576 $1,249 $2.17 Palmetto Station 2 Bed 2 Bath N/A 1,053 $2,065 $1.80Palmetto Station 1 Bed 1 Bath N/A 769 $1,785 $2.13 Palmetto Station 2 Bed 2 Bath N/A 1,279 $2,500 $1.79Emerald Palms 1 Bed 1 Bath N/A 730 $1,463 $2.00 The Park at Sheffield 2 Bed 2 Bath 16 874 $1,549 $1.77Vista Verde at Deerwood 1 Bed 1 Bath 32 698 $1,355 $1.94 Palmetto Station 2 Bed 2 Bath N/A 1,124 $2,140 $1.75Atlantico at Kendall 1 Bed 1 Bath 52 731 $1,367 $1.87 Palmetto Station 2 Bed 2 Bath N/A 1,095 $2,055 $1.72Atlantico at Kendall 1 Bed 1 Bath D 60 876 $1,441 $1.65 Palmetto Station 2 Bed 2 Bath N/A 1,104 $2,070 $1.72
Average 704 $1,529 $2.19 Palmetto Station 2 Bed 2 Bath N/A 1,152 $2,145 $1.71The Park at Sheffield 2 Bed 1 Bath 11 864 $1,439 $1.67
Unit Type 3 Vista Verde at Deerwood 2 Bed 2 Bath 72 1,021 $1,695 $1.66Property Name Unit Type # SF Asking Rent Rent/SF Vista Verde at Deerwood 2 Bed 2 Bath 72 943 $1,500 $1.59Palmetto Station 3 Bed 2 Bath N/A 1,351 $2,955 $2.00 Emerald Palms 2 Bed 2.5 Bath N/A 1,157 $1,762 $1.52Palmetto Station 3 Bed 2 Bath N/A 1,389 $2,880 $1.90 Atlantico at Kendall 2 Bed 2 Bath 90 1,067 $1,606 $1.51Azura 3 Bed 2 Bath 24 1,358 $2,532 $1.86 Atlantico at Kendall 2 Bed 2 Bath D 72 1,182 $1,676 $1.42Vista Verde at Deerwood 3 Bed 2 Bath 32 1,176 $1,795 $1.53 The Park at Kendall 2 Bed 2 Bath 76 1,141 $1,543 $1.35Atlantico at Kendall 3 Bed 2 Bath 48 1,266 $1,854 $1.46 The Park at Kendall 2 Bed 2 Bath D 60 1,253 $1,627 $1.30Emerald Palms 3 Bed 3.5 Bath N/A 1,290 $1,839 $1.43 Average 1,089 $1,924 $1.70The Park at Kendall 3 Bed 2 Bath 48 1,371 $1,785 $1.30
Average 1,314 $2,234 $1.64
371 Units | Eureka Development Site
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Rent Comparables
Eureka Residences Site 10208 Eureka Drive
Miami, FL 33157
Atlantico at Kendall16824 SW 137th Avenue
Miami, FL 33177
The Park at Kendall16480 SW 137th Avenue
Miami, FL 33177
Total Units: 371Occupancy: TBDYear built: TBD
Total Units: 322Occupancy: 95%Year built: 2016
Total Units: 296Occupancy: 96%Year built: 2015
Tenants are responsible for all utilities. Below rent has been adjusted to reflect 1 month free if a 14 month lease is signed along with a $25 monthly valet trash fee.
Tenants are responsible for all utilities. Below rent has been adjusted to reflect 1 month free if a 14 month lease is signed along with a $25 monthly valet trash fee.
Unit Type Unit Type1 Bed 1 Bath
1 Bed 1 Bath D2 Bed 2 Bath
2 Bed 2 Bath D3 Bed 2 Bath
Unit Type1 Bed 1 Bath
1 Bed 1 Bath D2 Bed 2 Bath
2 Bed 2 Bath D3 Bed 2 Bath
Total Average: 371
# #5260907248
#4072766048
Av. SF Av. SF731876
106711821266
Av. SF806879
114112531371
Rent Rent$1,367$1,441$1,606$1,676$1,854
Rent$1,358$1,399$1,543$1,627$1,785
Rent/SF Rent/SF$1.87$1.65$1.51$1.42$1.46
Rent/SF$1.68$1.59$1.35$1.30$1.30
Subject Rent Comparable 1 Rent Comparable 2
Total Average: 322 1,033 $1,589 $1.54 Total Average: 296 1,092 $1,539 1.41
371 Units | Eureka Development Site
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Rent Comparables
Azura 12755 SW 136th Street
Miami, FL 33186
Emerald Palms 12325 SW 151st Street
Miami, FL 33186
Vista Verde at Deerwood13911 SW 122nd Avenue
Miami, FL 33186
Total Units: 240Occupancy: 96%Year built: 2017
Total Units: 505Occupancy: N/A
Year built: 1985/88/04
Total Units: 208Occupancy: 95%Year built: 1999
Tenants are responsible for all utilities. Below rent has been adjusted to reflect 1 month free if lease is signed before March with a $25 monthly valet trash fee.
Tenants are responsible for all utilities. Below rents are rents for renovated units. Property is currently undergo-ing a major renovation effort.
Tenants are responsible for all utilities. Below rents are for renovated units.
Unit Type1 Bed 1 Bath1 Bed 1 Bath
1 Bed 1 Bath D2 Bed 2 Bath2 Bed 2 Bath3 Bed 2 Bath
Unit Type1 Bed 1 Bath1 Bed 1 Bath1 Bed 1 Bath1 Bed 1 Bath2 Bed 2 Bath2 Bed 2 Bath2 Bed 2 Bath2 Bed 2 Bath2 Bed 2 Bath
2 Bed 1.5 Bath2 Bed 2 Bath
3 Bed 2.5 Bath3 Bed 2 Bath
Unit Type1 Bed 1 Bath 2 Bed 2 Bath2 Bed 2 Bath3 Bed 2 Bath
#483624723624
#142126
18174
42
181220562714
#32727232
Av. SF730763861
111211681358
Av. SF730711721731980924
1047107311391009115712901329
Av. SF698943
10211176
Rent$1,489$1,535$1,627$1,812$1,858$2,227
Rent$1,341$1,356$1,419$1,356$1,658$1,620$1,784$1,830$1,860$1,663$1,780$2,036$2,105
Rent$1,350$1,595$1,695$1,810
Rent/SF$2.04$2.01$1.89$1.63$1.59$1.64
Rent/SF$1.84$1.91$1.97$1.85$1.69$1.75$1.70$1.71$1.63$1.65$1.54$1.58$1.58
Rent/SF$1.93$1.69$1.66$1.54
Rent Comparable 3 Rent Comparable 4 Rent Comparable 5
Total Average: 240 991 $1,736 $1.75Total Average: 505 1,045 $1,678 $1.61
Total Average: 208 968 $1,625 $1.68
371 Units | Eureka Development Site
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Rent Comparables
The Park at Sheffield 15601 SW 137th Avenue
Miami, FL 33177
Palmetto Station17945 SW 97th Avenue
Miami, FL 33333
Venice by Garco3485 NE 5th Street
Homestead, FL 33035
Total Units: 309Occupancy: 96%Year built: 1987
Total Units: 271Occupancy: 4%Year built: 2019
Total Units: 160Occupancy: 100%Year built: 2012
Rent includes water. Below rent has been adjusted down by $30 for studios, $40 for 1 bedroom units and $50 for 2 bedroom units to reflect water expense. Cardinal con-struction that is being renovated with vinyl floors, formica counter tops and black appliances.
Tenants are responsible for all utilties. Property in lease up, currently offering 1 month free off the below rents.
Unit TypeStudio
1 Bed 1 Bath2 Bed 1 Bath2 Bed 2 Bath
Unit Type1 Bed 1 Bath 1 Bed 1 Bath 1 Bed 1 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 3 Bed 2 Bath 3 Bed 2 Bath
Unit Type2 Bed 2 Bath3 Bed 2 Bath
#68
2141116
#N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
#12040
Av. SF288576864874
Av. SF674740769
10471053109511041105112411521153127913511389
Av. SF937
1172
Rent$959
$1,249$1,439$1,549
Rent$1,675$1,755$1,785$2,065$2,065$2,055$2,070$2,525$2,140$2,145$2,465$2,500$2,955$2,880
Rent$1,303$1,463
Rent/SF$3.33$2.17$1.67$1.77
Rent/SF$2.28$2.17$2.13$1.81$1.80$1.72$1.72$2.09$1.75$1.71$1.96$1.79$2.00$1.90
Rent/SF$1.39$1.25
Rent Comparable 6 Rent Comparable 7 Sales Comparable 8
Total Average: 309 538 $1,207 $2.24
Total Average: 271 1,074 $2,220 $2.07
Total Average: 137 677 $1,1015 $1.50
371 Units | Eureka Development Site
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Multifamily Sales Comparables
371 Units | Eureka Development Site
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Sales Map
Signature at Kendall II
Signature at Kendall
District West Gables II
Manor City Place Doral
Soleste Club Prado
District West Gables
1.
2.
3.
4.
5.
6.
Eureka Residences Site
2
3
4
5
6
1
Legend
371 Units | Eureka Development Site
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Sales Graphs
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
Signature at Kendall II Signature at Kendall District West Gables II Manor City Place Doral Soleste Club Prado District West Gables
Price Per Unit
$286,810Average
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Signature at Kendall II Signature at Kendall District West Gables II Manor City Place Doral Soleste Club Prado District West Gables
Approximate Cap Rate
4.55%Average
*Note below average does not include District West Gables II that was sold vacant.
371 Units | Eureka Development Site
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Sales Comparables
Sales Comparable 2
Sales Comparable 1
Sales Comparable 3
Price:Units:
Sale Date:
Price:Units:
Sale Date:
Price:Units:
Sale Date:
$96,945,70039612/15/2017
$41,979,40015012/15/2017
$59,043,50022110/20/2017
Property:
Property:
Property:
2016$244,812$242
2017$279,863$275
2017$267,165$305
Signature at Kendall8881 SW 172nd Avenue Miami, FL 33196
Signature at Kendall II8940 SW 172nd Avenue Miami, FL 33196
District West Gables II2001 SW 67th Avenue West Miami, FL 33155
Comments:Approximate average rent = $1,631 Approximate average rent/SF = $1.61Average unit size = 1,013 SF Approximate cap rate = 4.12%
Comments:Approximate average rent = $1,771 Approximate average rent/SF = $1.74Average unit size = 1,018 SF Approximate cap rate = 4.17%
Comments: Property sold vacant. Approximate average rent = $0 Approximate average rent/SF = $0Average unit size = 875 SF Approximate cap rate = N/A (property sold vacant)
Unit Type 1 Bed 1 Bath 2 Bed 2 Bath 3 Bed 2 Bath
Total Average:
Unit Type1 Bed 1 Bath
1 Bed 1 Bath D2 Bed 2 Bath 3 Bed 2 Bath
Total Average:
Unit Type
Total Average:
#15618060
396
#27485124
150
#
221
SF802
1,1111,266
401,052
SF767859
1,1291,384
152,736
SF
193,375
Year Built:Price/Unit: Price/SF:
Year Built:Price/Unit: Price/SF:
Year Built:Price/Unit: Price/SF:
Subject
Price:Units:
Sale Date:
$3,250,000371On Market
Year Built:Price/Buildable Unit:
Price/Rentable SF:
Property:
TDB$8,760
Eureka Residences Site10208 Eureka Drive Miami, FL 33157
Comments: Acres = 2.44 +/-
Unit Type
Total Average:
#
371
SF
371 Units | Eureka Development Site
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Sales Comparables
Sales Comparable 6
Sales Comparable 5
Sales Comparable 7
Price:Units:
Sale Date:
Price:Units:
Sale Date:
Price:Units:
Sale Date:
$57,391,0002068/1/2016
$61,000,0001966/8/2017
$59,043,50022110/20/2017
Property:
Property:
Property:
2015$278,597$318
2016$311,224$361
2017$267,165$305
District West Gables 2101 SW 67th Avenue Miami, FL 33155
Soleste Club Pardo950 SW 57th Avenue West Miami, FL 33144
District West Gables II2001 SW 67th Avenue West Miami, FL 33155
Comments:Approximate average rent = $1,921 Approximate average rent/SF = $2.20Average unit size = 875 SF Approximate cap rate = 4.63%
Comments:Approximate average rent = $2,168 Approximate average rent/SF = $2.52Average unit size = 862 SF Approximate cap rate = 5.05%
Comments: Property sold vacant. Approximate average rent = $0 Approximate average rent/SF = $0Average unit size = 875 SF Approximate cap rate = see comment above
Unit TypeLive Work
1 Bed 1 Bath1 Bed 1 Bath D2 Bed 1 Bath 2 Bed 2 Bath
2 Bed 2 Bath D3 Bed 2 Bath
Total Average:
Unit Type1 Bed 1 Bath
1 Bed 1 Bath D2 Bed 2 Bath 3 Bed 2 Bath
Total Average:
Unit Type
Total Average:
#8
11225
6676
206
#954
8314
196
#
221
SF946756848895994
1,3151,175
180,270
SF695934963
1,370
168,870
SF
193,375
Year Built:Price/Unit: Price/SF:
Year Built:Price/Unit: Price/SF:
Year Built:Price/Unit: Price/SF:
Sales Comparable 4
Price:Units:
Sale Date:
$135,000,0003988/28/2017
Year Built:Price/Unit: Price/SF:
Property:
2015$339,196$359
Manor City Place Doral 3450 NW 85th Court Doral, FL 33122
Comments:Approximate average rent = $2,213 Approximate average rent/SF = $2.34Average unit size = 944 SF Approximate cap rate = 4.78%
Unit Type 1 Bed 1 Bath 1 Bed 1 Bath 2 Bed 1 Bath 2 Bed 2 Bath 3 Bed 2 Bath
Total Average:
#24
17236
13630
398
SF547740
1,0061,1571,395
375,826
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About MSP Group
371 Units | Eureka Development Site
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About MSP Group
Integrity | Service | ResultsTo date, the duo of Deme Mekras and Elliot Shainberg have closed nearly $700,000,000 and more than 10,000 units in their careers. Deme and Elliot each began their professional careers in different parts of the country and in different industries, but both began in sales. They learned that hard work and tenacity lead to results. While Deme was selling telecommunications services to small businesses in Miami, Elliot sold payroll solutions to small and medium sized businesses in New York City. Both recent college gradu-ates, they spent their days pounding the phones, beating the pavement and literally knocking on doors.
After proving themselves in competitive markets, they turned their attention to real estate, which quickly became their passion. When they each entered the real estate business, neither knew the other existed, but both were hun-gry to learn and develop. This ambition and thirst for knowledge lead them to entry level positions at Marcus & Millichap, one of the world’s largest commercial brokerage houses. Elliot started with Marcus & Millichap in New York and Deme in Ft. Lauderdale. Shortly after marrying his wife, a South Florida native, Elliot moved to South Florida and joined the Ft. Lauderdale office. Deme and Elliot spent the next 10 years at the firm, earning numer-
ous sales awards, receiving several promotions and helped found the Miami office prior to their departure in 2012.
In late 2012, Deme was recruited at the partner level to join Franklin Street, based in Tampa. Deme agreed to open the firm’s Miami office and did so by bringing his team of 4 professionals over with him. Over the next two years, Deme and Elliot established the firm’s brand in the South Florida multifamily sales arena by closing more than $150,000,000 in deals. Despite their suc-cess at Franklin Street, the time had come for them to spread their wings and launch their own enterprise. In 2015, Deme and Elliot founded MSP Group and were off to the races.
They set out to make MSP Group the most trusted brand in South Florida commercial real estate. To accomplish their mission, they needed a plat-form that would allow them to truly serve their clients, free from conflicting corporate agendas and toxic work environments. Having left all of the in-fighting, office politics and bureaucracy behind, Deme and Elliot were free to focus on what they do best…Delivering best-in-class results for their clients!
MSP Group LLC is South Florida’s Premier Commercial Real Estate Brokerage House.
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Team Biographies
Deme is the visionary and Chief Executive Officer at MSP Group. He is an expert in the multifamily arena and has closed nearly 10,000 units in his career as well as numerous commercial proper-ties and developable land. A dedicated specialist, Deme has a firm command over all aspects of the multifamily business and enjoys a stellar reputation in the market.
A Miami native, Deme grew up in the areas of Coral Gables and Coconut Grove. He attended Ransom Everglades middle and high schools before graduating from Coral Gables Senior High. He then attended Southern Methodist University (SMU) where he earned his Bachelors in Business Administration, majoring in Organiza-tional Behavior and Business Policy with a double minor in Span-ish and Latin American Studies. Deme is fluent in Spanish which vastly enhances his relationship with his Latin American clientele.
After finishing at SMU in Dallas, Deme returned home to Miami to begin his professional career. He gained valuable experience in a variety of industries ranging from aviation to telecom. During his time as a salesperson in the telecom industry, Deme’s determina-tion and tenacity made him a consistent performer. His last sales position in the tech world was at MCI/Worldcom. Fortunately, he had earned his salespersons license in 2001 and closed his first commercial real estate transaction just as the dot com crash was unfolding.
Having closed the telecom chapter of his career, Deme pursued his calling in the real estate business. After a brief stint at CBRE, he joined the ranks at Marcus & Millichap in Ft. Lauderdale, where he earned the esteemed Rookie of the Year award in 2003. Later he became a founding member of the firm’s Miami office which opened in 2005. Prior to his departure from Marcus & Millichap in 2012, Deme was recognized by the firm numerous times for his performance, including receiving the prestigious National Sales Achievement Award multiple times and earning the title of Vice President of Investment Sales.
He was pulled away from Marcus & Millichap in late 2012 after being recruited at the partner level to join Franklin Street. Deme brought his entire team with him and opened Franklin Street’s Mi-ami office. Over the next 2 years, they put the previously un-recog-nized brand on the map in South Florida by closing $150,000,000 in deals under the Franklin Street flag.
An entrepreneur at heart, going out on his own was a natural evolution for Deme. In March of 2015, Deme and co-founder, Elliot Shainberg, launched MSP Group. Through their hard work and an unwavering commitment to their founding principles, the company surpassed $100,000,000 in sales and closed over 900 units in the first full calendar year; and the rest is history…in the making!
Southern Methodist University• BBA in Organizational Behavior and Business Policy, 1998• Double Minor Spanish and Latin American Studies• Licensed Real Estate Broker - Florida
• Surpassed $600 Million in Closed Deals• Nearly 10,000 units Closed• Power Leader - South Florida Business Journal, 2014• Sales Achievement Award - Franklin Street, 2014• Company Sales Plaque—Marcus & Millichap, 2005,2006, 2012• Seven-Figure Club—Marcus & Millichap, 2009-2012
Deme Mekras - CEO, Managing Partner
Education Sales Achievements / Awards
Deme MekrasCEO, Managing Partner
(786) 208-2684 – Mobile(786) 671-0149 – Direct
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Team Biographies
Elliot is a Co-Founder and Managing Partner of MSP Group. He has been in the multifamily business in South FL since late 2003 and has closed on the sale of nearly 7,000 multifamily and frac-tured condominium units in his career. Dedicat-ed to maximum performance for their clients, Elliot and his business partner Deme Mekras, have built a reputation on putting their Clients’ need first and foremost while being aggressive and creative deal makers. A Los Angeles, California native, Elliot also spent time living in the New York City area prior to moving to South Florida with his wife in 2003. He attended Yeshiva University in New York City where he earned his Bachelor degree, majoring in Political Science.
Prior to getting into the real estate business Elliot received multi-ple sales achievement awards selling payroll related services for Compupay in Midtown Manhattan from 1999 to 2002. In 2003 and while still in New York, he entered the real estate industry and gained valuable experience in property management and then multifamily investment sales for Marcus and Millichap. Elliot transferred to the firm’s Ft. Lauderdale office in 2003, where he focused on multifamily sales in Dade and Broward counties. Later he became a founding member of the firm’s Miami office which opened in 2005 and was the firm’s top selling multifamily agent in their Miami office during the economic downturn of 2009, again proving his mettle.
He was pulled away from Marcus & Millichap in late 2012 after be-ing recruited with Deme Mekras to join Franklin Street. Elliot and Deme put the previously unrecognized brand on the map in South Florida by closing $150,000,000 in deals under the Franklin Street flag between January 2013 and March of 2015.
With 12 years of experience under his belt from large and mid-size commercial real estate firms the next logical step for Elliot’s career was to co-found MSP Group, which he did in 2015. Since opening MSP Group, Elliot and Deme have flourished and repeatedly take business from national and global competitors by cherishing their client relationships and leveraging their deep market knowledge. Their work ethic and commitment to their clients is punctuated by the more than $100,000,000 and 900 units in closed deals achieved in the first full calendar year since MSP Group launched in 2015. The future is bright at MSP Group as the firm continues to build on its core principals of success!
Yeshiva University• BA in Political Science• Licensed Real Estate Salesperson - Florida
• Surpassed $370 Million in career closings• Nearly 7,000 Units Closed• Sales Achievement Award - Franklin Street, 2014• #1 Agent Marcus & Millichap Miami Office—2009
Education Sales Achievements / Awards
Elliot ShainbergManaging Partner
(917) 992-6189 – Mobile(786) 671-0151 – Direct
Elliot Shainberg - Managing Partner
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Team Biographies
In addition to being a founding member of MSP Group, Sam was instrumental in developing MSP Group’s proprietary financial mod-els, proposal templates and marketing materials. As MSP Group has progressed out of the start-up phase, Sam is an integral part of the MSP Group sales team, focusing on multifamily properties between 10 and 50 units in South Florida.
While Sam was born in Durham, North Carolina, he returned to his family roots, moving to Miami just before Hurricane Andrew in 1992. Both of Sam’s parents being Miami natives and strong family ties brought them back to Miami. Sam grew up in the South Miami area, attending Kenwood K-8 Center and later graduated from Florida Christian School.
He then went on to study at Florida International University (FIU) where he earned a Bachelors of Business Administration, majoring in Finance. Sam completed his post graduate studies at FIU and obtained a Master of Science in Finance; earning a 3.8 grade point average while shouldering a full time work load as a Senior Analyst at Franklin Street.
Prior to Franklin Street, Sam began his real estate career with a brief stint at Marcus & Millichap, assisting MSP Group CEO, Deme Mekras in all business functions. Sam logged a combined 3 years at Marcus & Millichap and Franklin Street, where he gained valu-able experience, underwriting close to $500,000,000 of multifamily properties and helping to fa-cilitate the teams’ pipeline of closings. Sam’s integrity, knowledge of finance, mastery of Microsoft Excel and rigorous work ethic make him an invaluable asset to MSP Group.
Florida International University• Master Science of Finance, 2014• BBA in Finance, 2013• Licensed Real Estate Salesperson - Florida
Education
Sam MekrasInvestment Associate
(786) 417-3709 – Mobile(786) 671-0154 – Direct
Sam Mekras - Investment Associate
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Our Team
Deme MekrasCEO, Managing Partner
Cristy FranyieTransaction and Marketing Coordinator
Sam MekrasInvestment Associate
Elliot ShainbergManaging Partner
Eddie BustamanteFinancial Analyst
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Our Advantage
Integrity | Service | Results Sales Volume
Specialization | Expert Analysis
The three pillars of INTEGRITY | SERVICE | RESULTS are the foundation on which MSP Group was born and the philosophy that every member of our team is committed to. MSP Group’s success is obviously not due to our size, but rather an unwavering commitment to our mantra that “the Client’s agenda is the ONLY agenda.”
MSP Group founders, Deme Mekras and Elliot Shainberg, share their deep experience, market knowledge and industry relationships with their clients. Over the last 14 years, they have closed more than $700,000,000 and 10,000 units in multifamily sales.
MSP Group Clients benefit from expert valuations because we are multifamily specialists. We are acutely aware of market trends, submarket nuances and most importantly, current buyer demand. Our extensive network of active buy-ers, deep relationships with local, regional and national lenders all contribute to our ability to get even the toughest of deals closed.
$700
,000
,000
10,0
00
$ Volume Closed # of Units Sold
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Lender Network
Unlike Our Competitors Msp Group’s Wide Ranging Investor Pool
We pride ourselves on demonstrating genuine care about our Clients’ individ-ual circumstances and objectives. Whether you are a private investor or a billion dollar fund manager, MSP has the knowledge and experience to ser-vice your business. Because our approach is a holistic one, we understand that “sell now” isn’t always the best answer (when’s the last time you heard a broker say that!?!?).
MSP Group maintains relationships with many local, regional, and national lenders that play a critical role in the liquidity of the apartment market.
How We Get Maximum Results
Over the last 15 years MSP Group founders, Deme Mekras and Elliot Shain-berg, have closed more than $650,000,000 and 9,800 units in multifamily sales. MSP Group’s unmatched work ethic and experience consistently de-livers best-in-class results to our Clients. Tailoring eachmarketing campaign to the subject Property and specific Client needs, we cast as wide of a net as possible to ensure market exposure that spans the globe and leaves no stone unturned.
25% 56%
19%
Out of State Local
International
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Global Reach
The client’s agendaIs the only agenda
MSP Group maintains relationships with many local, regional, and national lenders that play a critical role in the liquidity of the apartment market.
Client’s Agenda
We broadly expose our listings to the market and often proactively market to the outside brokerage community. Many of our competitors keep their inventory in house and don’t expose it to the broader market. Some of them will tell you they “cooperate”, but what they don’t tell you is that they make cooperating brokers jump through hoops and divulge personal information about their Buyer before releasing information about the opportunity. This tactic helps our competitors keep more Seller-paid commissions in the pockets of the listing broker, but this is at the expense of the very Client they are supposed to be serving! At MSP Group, the Client’s agenda is the ONLY Agenda!
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Client’s Testimonials
Both Deme and Elliot are extremely diligent and professional and
know how to get deals closed.
Freddy SayeghFreshwater Group LLC
Their tenacity and commitment to their
client...
David S. AllenRealty Financial Partners
We wanted to thank you for your guidance, patience
and proffesionalism in getting the deal done.
Andrew GordonStratford Management
A testament to your determined,
professional effort for which I am grateful.
Gary A. Tave, P.E.Managing Member
Deme and his staff went far above and
beyond the call of duty.
Howard E. Kurzweil, ESQ
I could not imagine a better person to
deal with than Deme Mekras.
Carlos ToscaPalmCorp Development
They promised us more value and they delivered. Our experience working with the MSP Group has
been exceptional.Sebastian Barbagallo
B&L Management Group
Deme is a rarity on the South Florida Real
Estate scene.
Elizabeth SargentSouth Florida Living
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/ MSPGroup
P +1 (786) 671-0155MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com
E [email protected]| F +1 (786) 364-1577 |