COCONUT GROVE PORTFOLIOMIAMI, FLORIDA
BISCAYNE BAY
OFFERING MEMORANDUM
Grand Ave
A C T I D Y 0 3 9 0 6 3 92
The information contained in the following Marketing Brochure is proprietary and strictly confidencial. It is intended to be reviewed only by the party
receiving it from Marcus & Millichap and should not be made available to any other person or entity withoutthe written contsent of Marcus & Millichap.
This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary
level of interest in subject property. The information contained herein is not a substitude for a thorough due diligence investigation. Marcus & Millichap
has not made any investigation, and makes nowarranty 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 or absence of
contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon,
or financial condition or business prospects of any tenant, or any tenant’s plan or intentions to continue its occupancy of the subject property. The
informationcontained in this Marketing Brochure has been obtained from sources we believe to be reliable; how ever, Marcus & Millichap has not verified,
and will not verify, any of the information contained in this herein, nor has Marcus & Millichap 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.
CONFIDENTIALITY AND DISCLAIMER
Marcus & Millichap Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) is not affiliated with, sponsored by, or endorsed by any commercial
tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with,
or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial
listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
NON-ENDORSEMENT NOTICE
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COCONUT GROVE PORTFOLIO
A C T I D Y 0 3 9 0 6 3 94
TABLE OF CONTENTS
1 LOCATION OVERVIEW
2 PROPERTY DESCRIPTION
3 FINANCIAL ANALYSIS
4 MARKET COMPARABLES
5 MARKET OVERVIEW
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Grand Ave
A C T I D Y 0 3 9 0 6 3 96
COCONUT GROVE PORTFOLIO
MIAMI, FLORIDALOCATION OVERVIEW
1
7A C T I D Y 0 3 9 0 6 3 9
MARKET & PROPERTY OVERVIEW
Coconut Grove
- The desirability to be in Coconut Grove has grown over the past couple years as plans for new developments
and renovations have taken place nearby
- Grand Avenue is seen as one of the main streets within Coconut Grove, containing a number of restaurants,
shopping, and residential uses. It runs through the center of Coconut Grove, making it very accessible for
Pedestrians to explore the area
- Potential for exponential rent growth as the new mixed-use developments will be the first of its kind in the area
- As demand in the area increases, it will continue to drive users to its neighboring side streets further
developing the area
- Well established area that contains a reputation as South Florida’s most attractive and dynamic community
A C T I D Y 0 3 9 0 6 3 98
9A C T I D Y 0 3 9 0 6 3 9
A C T I D Y 0 3 9 0 6 3 910
1. Cocowalk
2. The Mayfair
3. Miami City Hall
4. Peacock Park
5. Coconut Grove Sailing Club
6. The Barnacle State Park
7. Regatta Park
8. Coconut Grove Library /Women’s Club
9. Kirk munroe Park
10. St. Stephen’s episcopal Church & School
11. Engle Building (completed)
12. Commodore Corner (completed)
13. Frameworks
14. Grove Corner
15. Sunshine Building
16. Hungry Howie’s
17. Kaleidoscope
18. Mr. Frogs
19. Knife site
20. Coconut Grove Playhouse
21. Grove at Grand Bay
22. Park Grove
23. The Harbour
24. Grove House Otel
25. Oak Avenue Apartments
26. Oak Avenue Garage
27. Municipal Garage at the Harbour
28. Municipal Garage at the Playhouse
29. Arquitectonica
30. Open English
31. HealthSun
32. Sapientnitro
33. Crispin Porter + Bogusky
34. Regus
35. Buro
36. Coconut Grove Bank
37. Kaufman Rossin & Company
38. Sonesta Coconut Grove
39. Mayfair Hotel
40. The Mutiny Hotel
41. Residence Inn
42. The Ritz-Carlton
43. Courtyard Miami
POINTS OF INTERESTS
POINTS OF INTERESTS
SUBJ
ECT
11A C T I D Y 0 3 9 0 6 3 9
RETAILINSTITUTIONAL
FOOD & BEVERAGEAVAILABLE SPACES
PARKS
PARKING LOTS
HOTELS
mayfair mayfair
COCOWALK
GRAND AVENUE
MA
TIL
DA
ST
RE
ET
COM
MO
DORE PLAZA
MC FARLANE RO
AD
SOUTH B
AYSHORE D
RIVE
PEACOCK PARK
MARY STREET
MA
RY
ST
RE
ET
RIC
E S
TR
EE
T
FLORIDA AVENUE
VIR
GIN
IA S
TR
EE
T
GRAND AVENUEGRAND AVENUE
FULLER STREET
MAIN
HIG
HWAY
MAIN
HIG
HWAY VIA ABITARE W
AY
RETAIL MAP
BURO¨
AESO
P
GROVE HOUSE
HOTEL
EDITE MODE
JUICEN
SE
MAS
ATA
QUER
IA
AZUL
AVAILABLE
VICTORIA’S SECRETVICTORIA’S SECRETBEAUTY
AVAILABLEAVAILABLE
YGRENE
AVAI
LABL
E
AVAI
LABL
E
AVAI
LABL
E
AVAI
LABL
E
AVAI
LABL
E
AVAILABLE
AVAILABLEAVAILABLE
AVAILABLE
GREENSTREET CAFE
AVAILABLE
BOHO
AVAI
LABL
E
AVAI
LABL
E
416 PARKING SPACES
BIKESOMEWHERE
MAYFAIRPARKINGGARAGE
935 TOTALPARKINGSPACES
935 TOTAL PARKING SPACESMAYFAIR PARKING GARAGE
935 TOTAL PARKING SPACESMAYFAIR PARKING GARAGE
850 PARKING SPACESCOCOWALK PARKING GARAGE
PUBLIC PARKING LOT88 PARKING SPACES
65 PA
RKING SP
ACES
120 K
EYS
(TO BE D
EVEL
OPED)
GLASS
& VINE
REMEMBER LOVEJEWELRY & CROCHET
SONES
TA HOTE
L & CO
NDOS
PARKIN
G GARAG
E
180 P
ARKIN
G SPAC
ES
LUCKY 14
SMOKE SHOP
COND
OM U
SA
AVAIL
ABLE
POLISH ED COCONUT
35 PA
RKING SP
ACES
200 PARKING SPACES
AVAIL
ABLE
RAMONA LARUE
AVAIL
ABLE
AVAIL
ABLE
OROLO
GI
ALLIE
AND CHICANIKK
I’S BE
ACH
BOUT
IQUE
33 KI
TCHEN
DHARMA S
TUDIO
THE B
ODY CONTO
UR CO
MPANY
MIDORI GAL
LERY
AMIE
PINEDA COVALIN MIAMI
C.S. READING ROOM
AVAIL
ABLE
GRIFFIN
SHOES
AVAIL
ABLE
COCONUT GROVE PLAYHOUSE PARKING
COCONUT GROVEPLAYHOUSE
FRAM
EWOR
KS
AVAI
LABL
E
USPS PARKING LOT
USPS PARKING LOT
PUBLIC PARKING LOT
KWIK
STO
P
ANIM
ALCL
INIC
BARRACUDA
TAPHOUSE
AN D GRILL
H&H JEWELS
GPS GRA
PHICS
AVAIL
ABLE
HUNG
RY H
OWIE
’S
BIANCO
GELATO
JAGU
ARTH
ERAP
EUTI
CS
LULU IN THE GROVE
NY ROMA
PIZZA
PREPWORKS
THE W
ORKOUT
SPOT
SOLE
S IN
C.
SAND
BAR
SPOR
T’S
GRIL
L
DELT
EV A
VEDA
SA
LON
CELESTIAL TREASURES
AVAIL
ABLE
COCOWALK
TOTAL PARKING: 2,664 SPACES
GROVE HARBOUR
PARKGROVERESIDENCES
RITZ CARLTON
MAYFAIR MAYFAIR
AVAILABLECOCOWALK
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13A C T I D Y 0 3 9 0 6 3 9
GRAND AVENUE
FLORIDA AVENUE
HIB
ISC
US
ST
RE
ET
MAIN
HW
Y
DO
UG
LA
SR
OA
D
WILLIAM
AVENUE
PL
AZ
AS
TR
EE
TP
LA
ZA
ST
RE
ET
HIB
ISC
US
ST
RE
ET
EL
IZA
BE
TH
ST
RE
ET
MA
RG
AR
ET
ST
RE
ET
THOMAS AVENUE
BISCAYN
E BA
Y
0081 RESIDENTIAL VACANT LAND1081 COMMERCIAL VACANT LAND
0303 MULTIFAMILY 10 UNITS PLUS0803 MULTIFAMILY 2-9 UNITS
7612 BURIAL GROUND / NON- AUTOMOTIVE7144 RELIGIOUS- EXEMPT
AVENUE / ROADS / STREET / HWYBISCAYNE BAY
N
S
WE
COCONUT GROVE
12345678
910
11
12131415
1617 18 19
20
21222324
25
2627
2829 30 31 32 33
34
PENDING COURT APPROVAL
ASSEMBLAGE LOCATION
A C T I D Y 0 3 9 0 6 3 914
FRANKLIN AVE.
CHARLES AV E.
MAIN
HIG
HW
AY
COMM
ODORE PLAZA
FULLER ST.
McFARLANE ROAD
MARY ST.
DARWIN ST.
GRAND AVENUE
FLORIDA A VENUE
McD
ON
ALD
ST
.
MA
TILD
A S
T.
VIR
GIN
IA S
T.
RIC
E S
T.
MA
RY S
T.
TIGERTAIL A
VENUE
S.W
. 27
th A
VEN
UE
MA
RGA
RET
ST.
FLORIDA AVENUE
OAK A VENUE
SOUTH
BA
YSHORE
DRIVE
SOUTH BA
YSHORE DRIV
E
BUSINESS IMPROVEMENT DISTRICT
SUBJECT
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COCONUT GROVE
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CORAL GABLES
PINECREST
SOUTH MIAMI CORAL GABLES
BRICKELL
KEY BISCAYNE
MIAMI BEACH
WYNWOOD
MIAMI INTERNATIONAL AIRPORT
Trade Area Population223,853
Average Household Income$115,824
Household96,135
Median Home Value$618,271
Daytime Employees168,549
Median Age39.7
Monthly Foot Traffic75,000
USD Spent per Miami Tourist$1,568.34
Students6000 K-12 students daily with overhalf from private schools.
Private school tuition runs $16,000-$38,000 year
AERIAL
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COCONUT GROVE ART FESTIVAL HELD YEARLY
A C T I D Y 0 3 9 0 6 3 918
PORTABLE TRAFFIC MONITORING SITES
ROADS
LAKES/OCEAN/BAY
AREA
FDOT FLORIDA TRAFFIC
COCOWALK
COCOWALK/MAYFAIR
TRAFFIC COUNTS 20,639 PER DAY
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MIAMI TROLLEY
A C T I D Y 0 3 9 0 6 3 920
SUBJECT
Grand Ave
Drive distance 1.3 miles
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BISCAYNE BAY
Drive distance 0.3 miles
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ADDRESS ZONING SALE DATE BUILDING SIZE (SF)
LAND AREA (SF) LAND AREA (AC) SALE PRICE SALE PSF BUILDING
SALE PSF LAND OWNER
3484 MAIN HWY T5-O 10/03/2014 12,512 8,576 0.19 $8,500,000 $679.35 $991.14 OPTIMUM DEVELOPMENT USA
2920 SW 27TH AVENUE
T5-O 9/22/2014 5,580 11,221 0.26 $1,050,000 $188.17 $93.57 REVUELTA ARCHITECTURE INTERNATIONAL
3444 MAIN HWY T5-O 1/15/2015 30,771 62,560 1.44 $14,000,000 $454.97 $223.79 COLLIER INTERNATIONAL
3120 COMMODORE PLZ
T5-O 2/27/2015 4,492 4,325 0.10 $2,050,000 $456.37 $473.99 DENNIS GINSBURG
3701/3715 GRAND AVE
T5-O 4/1/2015 2,793 9,496 0.22 $2,000,000 $716.08 $210.61 OSCAR ALFONSO
3015 GRAND AVENUE
T5-O 5/4/2015 196,492 137,606 3.16 $70,000,000 $356.25 $508.70 FEDERAL REALTY INVESTMENT TRUST
2801 FLORIDA AVE T5-O 5/12/2015 2,382 5,736 0.13 $1,175,000 $493.28 $204.85 FATIMA’S LLC
2550 S BAYSHORE CS 5/21/2015 32,000 173,804 3.99 $6,950,000 $217.19 $39.99 ALIGNED PROPERTIES LLC
2574 SW 27TH LN T4-O 6/12/2015 1,814 9,757 0.22 $800,000 $441.01 $81.99 TEQUESTA LANE INVESTMENTS INC
3194 COMMODORE PLZ
T5-O 6/15/2015 2,946 2,056 0.05 $1,700,000 $577.05 $826.85 CHRISTINE SWEENY
2720 S DIXIE HWY T6-8-0 7/2/2015 18,962 63,188 1.45 $12,100,000 $638.12 $191.49 THE COMRAS COMPANY OF FLORIDA
3490 S DIXIE HWY T5-O 11/4/2015 1,467 14,331 0.33 $2,434,000 $1,659.17 $169.84 7-ELEVEN, INC
3206/3210 GRAND AVE
T5-O 11/12/2015 4,154 8,999 0.21 $1,257,900 $302.82 $139.78 FEDERAL REALTY INVESTEMENT TRUST
2800/2860 OAK AVE
T5-O 1/22/2016 20,000 40,001 0.92 $2,932,788 $146.64 $73.32 TERRA GROUP
3686/3692 GRAND AVE
T5-O 4/29/2016 6,197 11,264 0.26 $1,297,500 $209.38 $115.19 THE SOUVIRON GROUP
3000/3034 GRAND AVE
T5-O 5/12/2016 19,874 21,627 0.50 $17,666,461 $888.92 $816.87 L3 CAPITALLLC
2750 SW 26TH AVE T6-8-0 6/30/2016 12,883 24,180 1.56 $6,900,000 $535.59 $285.36 WEXFORD CAPITAL MANAGE-MENT LLC
3400/3406 MAIN HWY
T5-O 7/23/2016 6,227 6,677 0.15 $5,850,000 $939.46 $876.14 THE COMRAS COMPANY OF FLORIDA
3320 SW 37TH AVE T5-O 9/21/2016 10,261 21,344 0.49 $3,295,000 $321.12 $154.38 FINANCIAL MECHANICS
RETAIL COMPARABLES
2014 AVERAGESALE PRICE $4,775,000
PSF LAND $542.00
2015 AVERAGESALE PRICE $10,406,082
PSF LAND $279.26
2016 AVERAGESALE PRICE $6,323,625
PSF LAND $386.88
23A C T I D Y 0 3 9 0 6 3 9
ADDRESS ZONING SALE DATE LAND AREA (SF) LAND AREA (AC) SALE PRICE SALE PSF LAND PRICE/ACRE OWNER
257-259 NW 27TH STREET
T5-0 9/1/2016 54,450 1.25 $30,750,000 $564.74 $24,600,000 WYNWOOD SPACES
201 SW 21ST COURT
T5-0 5/16/2016 48,352 1.11 $22,000,000 $455.00 $19,819,820 21 COURT HOLDINGS
350 NW 24TH STREET
T5-0 11/4/2016 43,560 1.00 $16,420,000 $376.95 $16,420,000 POMPEII REALTY
3771-3793 GRAND AVE
T5-0 4/22/2015 19,602 0.45 $750,000 $38.26 $1,676,727 OSCAR ALFONSO ESQ
LAND ASSEMBLAGES COMPARABLES
A C T I D Y 0 3 9 0 6 3 924
Cocowalk
Cocowalk- Open-air center with a mix of boutiques and bistro cafes, including: -200,000 SF Retail -16-screen Cinépolis Movie Theater -20,000SFClass-AOffice -650 Parking spaces
25A C T I D Y 0 3 9 0 6 3 9
Mayfair
Mayfair - Sophisticated and historically-iconic hotel centrally located in Coconut Grove- Consists of two separate, architecturally interesting building that capture the spirit, environment and aesthetics of Coconut Grove
A C T I D Y 0 3 9 0 6 3 926
Coconut Grove Playhouse History
Coconut Grove Playhouse -Builtin1926,TheCoconutGrovePlayhousewasatheatreoncecontainingretailstoresonthebottomfloor,officesonthesecondfloor,andapartmentsonthethirdfloor- Through several decades of renovations and changes in ownership, the theatre was renovated and the ground level storeswereremoved.Financialdifficultiesbroughtthetheatretoacloseinthe2006- Just until recently, the playhouse was commissioned to start restoration and bring back the seven original storefront storesandtheoriginal“flytower”roofline,bringinganewattractiontotheareaandflourishofpeopletoCoconutGrove.
27A C T I D Y 0 3 9 0 6 3 9
What’s coming?
A rendering of “Mary Street” in Coconut GroveA rendering of a renovated CocoWalk in Coconut Grove
- New Redesigned Cocowalk will feature a contemporary open-air plaza at its core with café seating, water features, foliage, and a new façade-This new revamped center will now offer 150,000 square feet of retail space upon completion and will remain open throughout the renovation- The Coconut Grove parking garage at Cocowalk will be transformed into a contemporary mixed- use devel-opmentcomprisedof75,000squarefeetofClassAofficespace,20,000squarefeetofretail,andparking
A C T I D Y 0 3 9 0 6 3 928
COCONUT GROVE WATERFRONT
29A C T I D Y 0 3 9 0 6 3 9
BAYVIEW OF COCONUT GROVE
A C T I D Y 0 3 9 0 6 3 930
COCONUT GROVE PORTFOLIO
MIAMI, FLORIDAPROPERTY DESCRIPTION
2
31A C T I D Y 0 3 9 0 6 3 9
3395 GRAND AVENUE - 14 UNIT ONE BEDROOM 3475 GRAND AVENUE - 8 UNIT ONE BEDROOM
3410 HIBISCUS STREET - 28 UNIT ONE BEDROOM BLOCK 4
BLOCK 2BLOCK 1
A C T I D Y 0 3 9 0 6 3 932
3471 GRAND AVENUE - 9 UNIT ONE BEDROOM
3355 GRAND AVENUE - 14 UNIT ONE BEDROOM
3401 GRAND AVENUE - 8 UNIT ONE BEDROOM
BLOCK 1
BLOCK 2BLOCK 2
33A C T I D Y 0 3 9 0 6 3 9
3301 GRAND AVENUE - 33 UNIT TWO BEDROOM
BLOCK 1
A C T I D Y 0 3 9 0 6 3 934
AERIAL
35A C T I D Y 0 3 9 0 6 3 9
LOCATION/ POPULATION
A C T I D Y 0 3 9 0 6 3 936
# of the Property
Block 1 Muni Zone Square feet Muni Zone Square feet Muni Zone Square feet # of Units
1 3301 GRAND AVE T5-O 13,925 T4-O 9,748 T3-R 4,177 33
2 3355 GRAND AVE T5-O 10,875 14
3 3375 GRAND AVE T5-O 10,275 14
4 3395 GRAND AVE T5-O 10,525 14
TOTAL T5-O: 45,600 TOTAL T4-O: 9,748 TOTAL T3-R: 4,177Block 2
5 3401 GRAND AVE T5-O 4,500 8
6 3415 GRAND AVE T5-O 4,500
7 3471 GRAND AVE T5-O 4,500 9
8 3475 GRAND AVE T5-O 4,500 8
TOTAL T5-O: 18,000 TOTAL T3-R: 2,000Block 3
9 3501 GRAND AVE T5-O 4,500
10 3535 GRAND AVE T5-O 4,500 6
11 3506 FLORIDA AVE T5-O 2,750 T3-R 2,250
12 3547 GRAND AVE T5-O 4,500
13 3587 GRAND AVE T5-O 9,000
14 3585 GRAND AVE T5-O 4,500
15 3597 GRAND AVE T5-O 4,500
TOTAL T5-O: 34,250 TOTAL T3-R: 2,250Block 4
16 3560 GRAND AVE T5-O 6,550
17 3530 GRAND AVE T5-O 6,550
18 3520 GRAND AVE T5-O 6,550
19 3410 HIBISCUS ST T5-O 19,650 28
TOTAL T5-O: 39,300
ASSEMBLAGE ADDRESS LIST
LOT 7 AND LOT 16 ARE PENDING COURT APPROVAL
37A C T I D Y 0 3 9 0 6 3 9
# of the Property
Block 5 Muni Zone Square feet Muni Zone Square feet Muni Zone Square feet # of Units
20 3401 HIBISCUS ST T5-O 6,800
21 3241 HIBISCUS ST T5-O 5,000
22 3435 HIBISCUS ST T5-O 6,800
23 3441 HIBISCUS ST T5-O 5,000
24 3445 HIBISCUS ST T5-O 5,000
25 3454 THOMAS AVE T5-O 6,860
26 3396 GRAND AVE T5-O 2,500
27 3456 GRAND AVE T5-O 4,500
28 3440 GRAND AVE T5-O 5,000 8
29 3432 GRAND AVE T5-O 5,000
TOTAL T5-O: 55,460Block 6
30 3354 GRAND AVE T5-O 4,500
31 3330 GRAND AVE T5-O 5,000
32 3324 GRAND AVE T5-O 5,000
33 3320 GRAND AVE T5-O 5,000
34 3310 GRAND AVE T5-O 2,500
TOTAL T5-O: 22,000LOT 7 AND LOT 16 ARE PENDING COURT APPROVAL
ASSEMBLAGE ADDRESS LIST
T5-O T4-O T3-R # of UnitsGRAND TOTAL: 77,460 9,748 8,427 142
A C T I D Y 0 3 9 0 6 3 938
COCONUT GROVE PORTFOLIO
MIAMI, FLORIDAFINANCIAL ANALYSIS
3
39A C T I D Y 0 3 9 0 6 3 9
RENT ROLL SUMMARY
A C T I D Y 0 3 9 0 6 3 940
CHALLENGES
-Buyermusthavevisionforwhatthatareawillbecomeandhowthepropertywillfitintothe
existing neighborhood
- Existing properties would need to be managed and maintained until razed
- Acquiring the proper zoning to utilize the future development as desired
41A C T I D Y 0 3 9 0 6 3 9
STRENGTHS
- Untapped area that contains the potential for future growth
- Potential for mixed-use development located just blocks from the center of Coconut Grove
- Location in one of the nation’s most thriving cities with a global reputation
-Uniqueareaidealforcreativeoffice,retail,andresidentialuses
- Covered land play
- Properties located on the southern part of Grand Avenue have unobstructed view of the water
afterthe4thfloor
- Mass transit corridor along with free trolley
-HighTrafficCount
A C T I D Y 0 3 9 0 6 3 942
RENT ROLL DETAIL
43A C T I D Y 0 3 9 0 6 3 9
RENT ROLL DETAIL
A C T I D Y 0 3 9 0 6 3 944
RENT ROLL DETAIL
45A C T I D Y 0 3 9 0 6 3 9
RENT ROLL DETAIL
A C T I D Y 0 3 9 0 6 3 946
RENT ROLL DETAIL
47A C T I D Y 0 3 9 0 6 3 9
OPERATING STATEMENT
A C T I D Y 0 3 9 0 6 3 948
PRICING DETAIL
49A C T I D Y 0 3 9 0 6 3 9
COCONUT GROVE PORTFOLIO
MIAMI, FLORIDAMARKET COMPARABLES
4
A C T I D Y 0 3 9 0 6 3 950
3354 GRAND AVE(SUBJECT)
251 S Dixie Hwy
3205 SW 27th Ave
939 SW 8th Ct
501 SW 22nd Rd
257-259 NW 27th Street
201 SW 21st Ct
350 NW 24th St
10 NE 29th St
SALES COMPARABLES
1
2
3
4
5
7
8
6
SALES COMPARABLES
51A C T I D Y 0 3 9 0 6 3 9
SALES COMPARABLES
SALES COMPARABLES SALES COMPS AVG
Avg. $305.16
$0.00
$60.00
$120.00
$180.00
$240.00
$300.00
$360.00
$420.00
$480.00
$540.00
$600.00
3354Grand Ave
251 S DixieHwy
3205 SW27th Ave
939SW 8th Ct
501SW 22nd Rd
257-259 NW27th Street
201SW 21st Ct
350NW 24th St
10 NE 29thSt
Average Price Per Square Foot
A C T I D Y 0 3 9 0 6 3 952
SALES COMPARABLES
Units Unit Type
Offering Price: $29,360,762 109 1 Bdr 1 Bath
Price/Unit: $185,828 48 2 Bdr 1 Bath
Price/SF: $359.40 1 Funeral Home
CAP Rate: 1.50%
GRM: 28.59
Total No. of Units: 158
Year Built: 1953
Underwriting Criteria
Income $975,669 Expenses $536,468
NOI $439,201 Vacancy ($51,351)
3354 GRAND AVE3354 Grand Ave, Miami, FL, 33133
1
Close of Escrow 10/25/2016
Sales Price $60,250,000
Zoning M
Price/SF $307.37
Lot Size (Acres) 4.5
Price/Acre $13,388,889
251 S DIXIE HWY251 S Dixie Hwy, Coral Gables, FL, 33133
2
Close of Escrow 12/2/2015
Sales Price $1,000,000
Zoning T6-8-0
Price/SF $109.32
Lot Size (Acres) .21
Price/Acre $4,761,905
3205 SW 27TH AVE3205 SW 27th Ave, Miami, FL, 33133
53A C T I D Y 0 3 9 0 6 3 9
SALES COMPARABLES
3
Close of Escrow 3/9/2016
Sales Price $4,950,000
Zoning M-21/T6-8-0
Price/SF $147.58
Lot Size (Acres) .77
Price/Acre $6,428,571
939 SW 8TH CT939 SW 8th Ct, Miami, FL, 33130
4
Close of Escrow 7/27/2016
Sales Price $4,000,000
Zoning T6-8-O
Price/SF $92.75
Lot Size (Acres) .99
Price/Acre $4,040,404
501 SW 22ND RD501 SW 22nd Rd, Miami, FL, 33129
5
Close of Escrow 9/1/2016
Sales Price $30,750,000
Zoning T5-0
Price/SF $564.74
Lot Size (Acres) 1.25
Price/Acre $24,600,000
257-259 NW 27TH STREET257-259 NW 27th Street, Miami, FL, 33127
A C T I D Y 0 3 9 0 6 3 954
SALES COMPARABLES
6
Close of Escrow 5/16/2016
Sales Price $22,000,000
Zoning T5-0
Price/SF $455.00
Lot Size (Acres) 1.11
Price/Acre $19,819,820
201 SW 21ST CT201 SW 21st Ct, Miami, FL, 33135
7
Close of Escrow 11/4/2016
Sales Price $16,420,000
Zoning T5-0
Price/SF $376.95
Lot Size (Acres) 1.00
Price/Acre $16,420,000
350 NW 24TH ST350 NW 24th St, Miami, FL, 33127
8
Close of Escrow 7/28/2016
Sales Price $1,300,000
Zoning T6-8-0
Price/SF $387.58
Lot Size (Acres) .077
Price/Acre $16,883,117
10 NE 29TH ST10 NE 29th St, Miami, FL, 33137
55A C T I D Y 0 3 9 0 6 3 9
COCONUT GROVE PORTFOLIO
MIAMI, FLORIDA DEMOGRAPHIC OVERVIEW
5
A C T I D Y 0 3 9 0 6 3 956
MIAMI-DADE
EMPLOYERS
Trade, transportation and utilities is the largest employment segment in the metro’s economy. Significant companies in the sector include American Airlines, United Parcel Service and Florida Power & Light Company. Tourism accounts for a big share of employment in Miami-Dade County. Noteworthy employers in the tourism sector are cruise ship operators, such as Carnival Cruise Lines and Royal Caribbean International. Other large employers in the county are public-sector agencies and population-serving enterprises such as educational institutions, government services and healthcare facilities. Some of the major employers in the healthcare field are Mount Sinai Medical, Baptist Health South Florida, Miami Children’s Hospital and Mercy Hospital. Professional and business services companies, such as Precision Response Corporation, a call center for outsourced e-commerce customer care, are becoming increasingly important to the local economy as it diversifies from a tourism base. Telecommunications is growing, as many Latin American TV programs are produced in the area.
One of the larger telecommunications employers, MasTec, is a leading communications, intelligent traffic and energy infra-structure service provider for North America and Brazil. Other telecommunications companies include AT&T and Discovery Networks Latin America.
Major Employers
Baptist Health South Florida
University of Miami
American Airlines
Precisions Response Corporation
Publix Supermarkets
Winn-Dixie Stores
Florida Power & Light Company
Carnival Cruise Lines
AT&T
Mount Sinai Medical Center
* ForecastSources: Marcus & Millichap Research Services; Moody’s Analytics; BLS
A C T I D Y 0 3 9 0 6 3 9 57
MIAMI-DADE
ECONOMY
The Miami-Dade economy relies heavily on tourism and the county’s standing as the gateway to Latin America and the Caribbean. Tourism, trade, international finance, healthcare and entertainment have become major industries in the local business community.
Tourism and trade depend on a large transportation sector, with PortMiami and Miami International Airport both major contributors to employment and the economy. With its ties to Latin America and the Caribbean, the metro has attracted a community of businesses dealing with these regions. More than a thousand multinational corporations conduct business in Florida, and Miami has one of the largest concentrations of domestic and international banks on the East Coast after New York City. Miami-Dade has a number of medical facilities, such as Jackson Memori-al Hospital and the University of Miami Hospital, which serve patients from the United States, the Caribbean and Latin America.
The Miami metro gross metropolitan product (GMP) expansion is outpacing the U.S. GDP and economic growth and retail sales for the county are rising. These gains will be bolstered by increased levels of tourism within the metro.
* ForecastSources: Bureau of Economic Analysis; Port of Miami; Marcus & Millichap Research Services; BLS,; Moody's Analytics; U.S. Census Bureau
PortMiami Quick Facts
Cruise Lines 15
Cruise Passengers 4,900,000
Total Tonnage 7,699,900
TEUs 876,700
YOY TEUs Change -2.8%
Cargo Ships Docked 1,200
Revenue $126 million
A C T I D Y 0 3 9 0 6 3 958
MIAMI-DADE
GEOGRAPHY
Miami-Dade County is situated on the Florida Platform, a carbonate plateau made of limestone and bryozoa. The 2,400-square-mile county extends from the Florida Everglades east to the Atlantic Ocean. It is bordered to the north by Broward County and to the south by Monroe County. The main portion of the city of Miami lies on the shores of Biscayne Bay and is separated from the Atlantic Ocean by barrier islands, the largest of which holds the city of Miami Beach. Everglades National Park and Biscayne National Park are partially located within the county, as is a portion of Big Cypress National Preserve.
ECONOMIC CENTERThere are no local business or personal income taxes in Miami-Dade.
INFRASTRUCTUREMiami is a gateway for international trade and immigration.
DESIREABLE CLIMATEThe county contains the largest concentration of medical facilities in Florida.
MARKET HIGHLIGHTS
A C T I D Y 0 3 9 0 6 3 9 59
MIAMI-DADE
PERPETUALLY LOW VACANCY SUPPORTS DEVELOPMENT;BUDDING POSSIBILITIES BEYOND URBAN CORE. Steady job and household growth fill new units countywide amid elevated deliveries. Strong housing demand driven by improvements in the labor market and household formation will hold the metro’s vacancy rate near the cycle low this year. Market demand will keep deliveries elevated in 2017. Completions are expected to more than double the 10-year average this year as 5,700 units come online. Most of the new rentals are rising in downtown as more residents obtain employment in this area. The high cost of single-family housing coupled with limited housing construction for first-time homebuyers will provide a steady stream of renters. Outside of downtown, 2,200 Class A units will be opening across the county, most notably in the commuter residential areas of Coral Gables and South Miami. Countywide, eight years of positive absorption are keeping vacancy below 3 percent and will allow the annual market effective rent to rise again this year.
Performance upside holds strong, gaining greater traction from buyers. Robust rental growth will boost apartment appreciation and preserve investor sentiment in 2017. Class B and C assets are poised to perform well this year. Intense bidding and a swell in pricing may widen buyer and seller expectations, pushing more investors to tertiary submarkets. Investors in search of additional upside potential may find suitable properties in East Little Havana, North Miami Beach and Miami Gardens. Lower monthly rents and curbed construction in these corridors will provide further revenue gains this year. In these submarkets, assets trade with yields in the upper-5 to lower-8 percent range depending on location and quality. Metrowide Class A units commonly trade roughly 100 basis points lower in the 4 percent range. A surge in luxury development will grow interest among institutional buyers, supporting robust trading in this segment.
A C T I D Y 0 3 9 0 6 3 960
Created on April 2017
POPULATION 1 Miles 3 Miles 5 Miles 2021 Projection
Total Population 21,918 150,857 445,453
2016 Estimate
Total Population 21,132 146,657 426,722
2010 Census
Total Population 19,472 135,968 394,322
2000 Census
Total Population 17,879 127,823 355,639
Daytime Population
2016 Estimate 43,930 229,195 662,347
HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2021 Projection
Total Households 9,944 59,813 179,392
2016 Estimate
Total Households 9,518 57,603 168,930
Average (Mean) Household Size 2.26 2.44 2.45
2010 Census
Total Households 8,766 53,320 155,771
2000 Census
Total Households 8,008 50,028 135,374
Growth 2015-2020 4.48% 3.84% 6.19%
HOUSING UNITS 1 Miles 3 Miles 5 Miles Occupied Units
2021 Projection 9,944 59,813 179,392
2016 Estimate 10,463 60,635 181,659
Owner Occupied 4,449 29,400 68,954
Renter Occupied 5,068 28,204 99,975
Vacant 945 3,032 12,729
Persons In Units
2016 Estimate Total Occupied Units 9,518 57,603 168,930
1 Person Units 34.68% 29.72% 31.63%
2 Person Units 33.11% 32.55% 30.44%
3 Person Units 15.30% 16.80% 16.63%
4 Person Units 10.03% 12.28% 11.72%
5 Person Units 4.33% 5.33% 5.44%
6+ Person Units 2.55% 3.33% 4.14%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2016 Estimate
$200,000 or More 10.04% 10.60% 6.51%
$150,000 - $199,000 5.32% 5.15% 3.78%
$100,000 - $149,000 10.62% 11.21% 9.08%
$75,000 - $99,999 11.14% 9.08% 7.79%
$50,000 - $74,999 17.27% 14.53% 13.67%
$35,000 - $49,999 11.91% 12.53% 13.03%
$25,000 - $34,999 9.17% 9.19% 10.80%
$15,000 - $24,999 9.05% 11.09% 13.54%
Under $15,000 15.49% 16.62% 21.80%
Average Household Income $97,570 $97,212 $73,812
Median Household Income $55,864 $50,859 $39,238
Per Capita Income $43,981 $38,689 $29,497
POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age
2016 Estimate Total Population 21,132 146,657 426,722
Under 20 18.91% 19.78% 18.68%
20 to 34 Years 24.69% 21.00% 22.27%
35 to 39 Years 7.96% 6.70% 7.16%
40 to 49 Years 14.63% 14.56% 14.78%
50 to 64 Years 19.71% 19.40% 18.62%
Age 65+ 14.12% 18.59% 18.50%
Median Age 38.99 41.77 41.28
Population 25+ by Education Level
2016 Estimate Population Age 25+ 15,771 106,763 318,018
Elementary (0-8) 4.02% 7.35% 12.28%
Some High School (9-11) 6.77% 7.49% 10.00%
High School Graduate (12) 18.77% 22.10% 25.18%
Some College (13-15) 15.54% 13.41% 11.60%
Associate Degree Only 9.01% 7.98% 7.74%
Bachelors Degree Only 24.38% 22.68% 18.05%
Graduate Degree 20.45% 17.57% 12.96%
Population by Gender
2016 Estimate Total Population 21,132 146,657 426,722
Male Population 48.86% 47.80% 49.22%
Female Population 51.14% 52.20% 50.78%
A C T I D Y 0 3 9 0 6 3 9 61
MIAMI-DADE
LABOR The Miami-Dade County employment base comprises more than 1.1 million workers. Through 2020, total jobs in the metro will expand 1.8 percent annually, above the U.S. average of 1.3 percent. Some of the fastest-growing job sectors during this time will be construction, professional and business services and leisure and hospitality. The metro’s largest employment sector is trade, transportation and utilities, which accounts for 26 percent of all jobs. Many of these positions are associated with PortMiami, Miami International Airport and the region’s large retail segment. Employment in the sector totals roughly 289,400 jobs and will expand modestly during the next five years.
Education and health services is the second-largest sector, with 173,000 employees, or 15.0 percent of total employment. The segment grew at an average annual rate of 1.6 percent over the past five years and is now expected to accelerate to a pace of 1.9 percent annually through 2020. Professional and business services currently makes up 14 percent of Miami-Dade’s jobs with 159,800 employees. The segment is expected to grow by more than 2 percent in each of the coming five years, which bodes well for the local office market. The region’s vital tourism segment employs more than 138,200 workers. The leisure and hospitality sector accounts for 12.0 percent of local payrolls and will increase at an annual pace of 2.5 percent through 2020.
* ForecastSources: Marcus & Millichap Research Services; BLS; Moody’s Analytics
A C T I D Y 0 3 9 0 6 3 962
2017 MARKET FORECAST
Strong demand drivers and sustained sub-3 percent vacancy rates maintain Miami-Dade’s position.
The workforce will grow by 25,000 people this year. In 2016, Miami-Dade Employers added 21,500 jobs, led by the professional and business services sector.
Elevated construction extends into its second year with the completion of 5,700 units anticipated for 2017. Last year 6,100 apartments were delivered.
Net absorption will nudge past completions this year, pushing the rate 10 basis points lower to a tight 2 percent. Last year vacancy dropped 30 basis points.
Strong demand and tight vacancy will grow rents in 2017, increasing 4.4 percent to $1,410 per month. Last year rent climbed 3.9 percent.
Construction is ramping up on Miami World-center this year. Properties in the surrounding Corridor will garner greater attention from investors in search of promising future returns.
NMI Rank15, no change Employment up 2.2% Construction 5,700 units Vacancy down 10 bps Rent up 4.4% Investment
A C T I D Y 0 3 9 0 6 3 9 63
MIAMI-DADE
THE MIAMI METRO IS25 miles from Fort Lauderdale230 miles from Orlando255 miles from Tampa660 miles from Atlanta
AIRPORTSMiami International AirportThree general aviation airportsThree small airports
MAJOR ROADWAYSInterstates 95, 195 and 395Florida’s Turnpike
RAILFreight – CSX and Norfolk SouthernPassenger – AmtrakCommuter – Tri-Rail and Metromover (People Mover)
PORTSPortMiami
METRO
The metro division, with a population of more than 2.6 million, is located entirely within Miami-Dade County. The metro in-cludes 35 incorporated towns and cities and many unincorporated areas. Miami is the largest city, with 429,000 residents, followed by Hialeah and Miami Gardens.
INFRASTRUCTUREThe county is served by major interstate highways including Interstate 95, which runs along the Atlantic Coast. Florida’s Turnpike provides a link to Orlando and Interstate 75 connects to Florida’s west coast. Many tourists fly into Miami International Airport, which serves South Florida and is an American Airlines hub. Other international airports are also nearby in Fort Lauder-dale and Palm Beach. Port Miami handles just under 8 million tons of cargo and nearly 5 million cruise passengers annually. Miami is a leading port for Latin America and the Caribbean. The region accounts for more than half of the port’s trade volume. Miami-Dade Transit offers metro bus and heavy-rail train services throughout the area, as well as a “people-mover” system in downtown Miami. Commuter rail line Tri-Rail links Miami-Dade with Broward and Palm Beach counties.
A C T I D Y 0 3 9 0 6 3 964
PopulationIn 2016, the population in your selected geography is 26,900. The population has changed by 1.37% since 2000. It is estimated that the population in your area will be 27,308.00 five years from now, which represents a change of 1.52% from the current year. The current population is 49.48% male and 50.52% female. The median age of the population in your area is 43.02, compare this to the US average which is 37.68. The population density in your area is 8,575.50 people per square mile.
HouseholdsThere are currently 12,995 households in your selected geography. The number of households has changed by 8.10% since 2000. It is estimated that the number of households in your area will be 13,324 five years from now, which represents a change of 2.53% from the current year. The average household size in your area is 2.05 persons.
IncomeIn 2016, the median household income for your selected geography is $34,423, compare this to the US average which is currently $54,505. The median household income for your area has changed by 49.24% since 2000. It is estimated that the median household income in your area will be $39,596 five years from now, which represents a change of 15.03% from the current year. The current year per capita income in your area is $28,945, compare this to the US average, which is $29,962. The current year average household income in your area is $59,887, compare this to the US average which is $78,425.
Race and EthnicityThe current year racial makeup of your selected area is as follows: 86.10% White, 5.02% Black, 0.06% Native American and 1.40% Asian/Pacific Islander. Compare these to US averages which are: 70.77% White, 12.80% Black, 0.19% Native American and 5.36% Asian/Pacific Islander. People of Hispanic origin are counted independently of race.People of Hispanic origin make up 69.46% of the current year population in yourselected area. Compare this to the US average of 17.65%.
HousingThe median housing value in your area was $268,865 in 2016, compare this to the US average of $187,181. In 2000, there were 4,141 owner occupied housing units in your area and there were 7,880 renter occupied housing units in your area. The median rent at the time was $532.
EmploymentIn 2016, there are 6,223 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 58.01% of employees are employed in white-collar occupations in this geography, and 42.14% are employed in blue-collar occupations. In 2016, unemployment in this area is 4.21%. In 2000, the average time traveled to work was 34.00 minutes.
A C T I D Y 0 3 9 0 6 3 9 65
MIAMI-DADE
DEMOGRAPHICS
The metro’s population growth continues to outpace the nation. Miami-Dade is now one of the most populous counties on the East Coast, increasing from 1.9 million residents in 1990 to more than 2.6 million last year. Most of the expansion has come from net migration, both domestic and international. In-migration is continuing to increase.
With a median age of 40.4 years, the metro’s population is older than the nation’s median of 37.5 years. Income, on the other hand, is less than that of the nation. Miami-Dade’s median household income of roughly $45,100 per year is relative-ly low because of the abundance of lower-paying, service-oriented jobs and the metro’s large concentration of senior households. Over the next five years, the median income is expected to outpace the rise in the median home price, allowing more people to qualify for homeownership. The median price of a home in the county is around $285,500.
Miami-Dade County has the largest public school system in Florida, and many residents graduate to one of the 12 institutions of higher learning within the area, including Miami-Dade College, the University of Miami and Florida International University.
* ForecastSources: Marcus & Millichap Research Services; AGS; Experian; Moody's Analytics; U.S. Census Bureau
A C T I D Y 0 3 9 0 6 3 966
MIAMI-DADE
QUALITY OF LIFE
Miami-Dade County has developed into a cosmopolitan, urban area offering a vibrant business and cultural community. The sun shines year-round and the daily mean temperature is just over 75 degrees, maintaining the area’s casual environment where outdoor activities abound. The metro offers an abundance of popular attractions. Miami hosts the Capital One Orange Bowl and several professional sports teams, including the Miami Dolphins, the Miami Marlins and the Miami Heat. Other outdoor activities may be enjoyed at local horse tracks, a dog track and an international jai-alai facility. The county has a broad array of cultural attractions, historic sites and parks. These include the Adrienne Arsht Center for the Performing Arts, Zoo Miami and Everglades National Park. Residents and visitors also enjoy numerous marinas, public golf courses, tennis courts and many local festivals. The region is home to a vibrant and diverse culture, family-friendly neighborhoods, and a plethora of shops and restaurants. Additionally, Miami-Dade offers numerous outdoor activities, access to Latin America and the Caribbean and beautiful weather and beaches.
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