1133 nw 8th street multifamily - loopnet...2 1133 nw 8th street road investment sales contacts...

MULTIFAMILY

CONFIDENTIAL OFFERING MEMORANDUM

0.18 ACRE DEVELOPMENT SITE IN MIAMI, FL

1133 NW 8TH STREET ROADMIAMI, FL 33136

1133 NW 8TH STREETROAD

DEVELOPMENT OPPORTUNITY

2 1133 NW 8TH STREET ROAD

Investment Sales Contacts

FERNANDO POLANCODirector 305.677.9917 [email protected]

ERIC TAYLORManaging Director 678.495.9841 [email protected]

GREYSTONE REAL ESTATE ADVISORS333 Las Olas Way CU 4, Suite 415 Fort Lauderdale, FL 33301 www.greycoadvisors.com

Confidentiality & Conditions All materials and information received or

derived from Greystone Real Estate Advisors

its directors, officers, agents, advisors,

affiliates and /or any third party sources are

provided without representation or warranty

as to completeness, veracity, or accuracy,

condition of the property, compliance or lack

of compliance with applicable governmental

requirements, developability or suitability,

financial performance of the property,

projected financial performance of the

property for any party’s intended use or any

and all other matters.

Neither Greystone Real Estate Advisors its

directors, officers, agents, advisors, or affiliates

makes any representation or warranty, express

or implied, as to accuracy or completeness of

any materials or information provided, derived,

or received. Materials and information from

any source, whether written or verbal, that may

be furnished for review are not a substitute

for a party’s active conduct of its own due

diligence to determine these and other matters

of significance to such party. Greystone Real

Estate Advisors will not investigate or verify any

such matters or conduct due diligence for a

party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN

INDEPENDENT INVESTIGATION AND DUE

DILIGENCE.

Any party contemplating or under contract

or in escrow for a transaction is urged to

verify all information and to conduct their

own inspections and investigations including

through appropriate third party independent

professionals selected by such party. All

financial data should be verified by the party

including by obtaining and reading applicable

documents and reports and consulting

appropriate independent professionals.

Greystone Real Estate Advisors makes no

warranties and/or representations regarding

the veracity, completeness, or relevance of any

financial data or assumptions. Greystone Real

Estate Advisors does not service as a financial

advisor to any party regarding any proposed

transaction. All data and assumptions regarding

financial performance, including that used for

financial modeling purposes, may differ from

actual data or performance. Any estimates of

market rents and /or projected rents that may

be provided to a party do not necessarily mean

that rents can be established at or increased to

that level. Parties must evaluate any applicable

contractual and governmental limitations as

well as market conditions, vacancy factors and

other issues in order to determine rents from or

for the property.

Legal questions should be discussed by

the party with an attorney. Tax questions

should be discussed by the party with a

certified public accountant or tax attorney.

Title questions should be discussed by the

party with a title officer or attorney. Questions

regarding the condition of the property

and whether the property complies with

applicable governmental requirements should

be discussed by the party with appropriate

engineers, architects, contractors, other

consultants and governmental agencies.

All properties and services are marketed by

Greystone Real Estate Advisors in compliance

with all applicable fair housing and equal

opportunity laws.

THE PLACE AT DANIA BEACH 3

Table of Contents

4 THE ASSETProperty SummaryProperty Description Floor Plans 8th FloorParking Level OneFloor PlansElevations

14 LOCATION OVERVIEWLocation OverviewOvertownMajor AttractionsMiami Economy

28 COMPARABLE PROPERTIESComparable Sale Properties SummaryComparable Sale Properties Map

THE ASSET


THE ASSET

Property Summary

Parcel Number: 44-020-01-0002-003

PA Primary Zone: 6106 Residential - Liberal Retail

Zoning District: T6 -8L; Zoned for 8 Stories 26 Units - Multifamily; Zoned for 8 Stories 50 Units Hotel Lodging, Student Housing

Primary Land Use: 1081 Vacant Land - Commercial

Allowable Use: Commercial, Multifamily, Hotels, Inns, Bed & Breakfasts, Student Housing

Acreage: 0.18 Acres

Total SF: 7,697 SF

Approved Plans

Residential Unit Size: From 752 to 1,049

Allowed Uses: Multifamily, Hotel Lodging, Student Housing

Max Stories: 8

Max Residential Units: 26

Max Hotel / Inn / Student Housing Units: 0-50

Parking Spaces: .75 Parking Required per Miami 21 code. Ground level parking.

Property Description

1133 NW 8th St Road (the “Property”) offers a great investment opportunity in the highly sought after, extremely in-fill area of Miami Dade County. The development site is within walking distance from major economic drivers such as Jackson Memorial Hospital, University of Miami Miller School of Medicine and the Miami Dade Courthouse. The property is walking distance from the Culmer Metrorail Station, which would allow residents to gain direct access to major areas of commerce, restaurants and entertainment in the Downtown Miami and Brickell region.

The parcel is minutes from the Miami Beckham United proposed MLS Stadium site and Marlins Park. The property’s location provides tremendous access to the Metrorail public transit and access to several major expressways including I-95 and the 836 (Dolphin Expressway). Less than two miles to the east is Downtown Miami with entry to Wynwood, Edgewater, Midtown Miami and the Brickell Financial District. In addition to prominent nearby points of interest, the property is located just 15 minutes from Miami International Airport.

1133 NW 8TH STREET ROAD 7

University of Miami Hospital University of Miami Miller School of Medicine

Gordon Center of Research in Medical Education

Jackson Memorial Hospital

Winn-Dixie

95

395

836

NW 14th St

US-4

41

S

NW

12t

h A

ve

NW

10

th A

ve

CULMER METRORAIL STATION

CIVIC CENTER

1133 NW 8th St Rd


Marlin’s Park

1133 NW 8th St Rd

Little Havana


A

1

D

C

23 4 5 6

B

EmergencyStair 02

CLBath

Kitchen13'8" X 10'61"

Bedroom 19'10" X 12'3"

Living Room

18'4" X 12'1"

A.Grose 1359.09 SF

LaundryRoom

CL

Master Bedroom

15'10" X 11'8"

Master Bedroom

15'7" X 11'8"

CL

Living Room

15'10" X 11'9"

A.Grose 1348.49 SF

LaundryRoom

Kitchen12'8" X 8'5"Bath

CL

Bedroom 19'-10" X 15'-11"

CIRCULATION

EmergencyStair 01

Entry

Entry

Family Room9'5" X 11'8"

1' - 0"9' - 4"

0' - 4"15' - 10"

1' - 0"9' - 5"

0' - 6"15' - 7"

1' - 0"15' - 10"

0' - 6"9' - 2"

1' - 0"18' - 4"

0' - 6"9' - 10"

1' - 0"

0' -

4"2'

- 11

"0'

- 4"

2' -

0"

16' -

1"

8' -

6"0'

- 6"

3' -

11"

0' -

3"3'

- 11

"0'

- 6"

5' -

11"

0' -

6"

0' - 4" 14' - 7" 0' - 4" 4' - 7" 12' - 7" 0' - 4"

0' -

6"5'

- 11

"

0' -

7"

2' -

7"14

' - 5

"1'

- 0"

12' -

9"

0' -

6"2'

- 7"

3' -

9"1'

- 0"

13' - 7" 12' - 8"

1' - 1" 13' - 11"

8' - 1"0' - 4"

12' - 3"0' - 4"

0' - 11" 0' - 11"

0' - 11"0' - 11"

9' - 10"

5' -11

"

22' - 6"

1'- 3"

3'- 3"

0'- 4"

4' - 1"

2' - 7"3' - 1"

2' - 2"

3' - 11"0' - 4"

7' - 11"3' - 9"

1' - 4"

0' - 4"6' - 9"

0' - 4" 8' - 6"4' - 1" 1' - 0" 4' - 4"

1' - 0"2' - 0" 2' - 9"0' - 4"

4' - 4"0' - 4"

3' - 4"

8' - 11"0' - 4" 3' - 3"

1' - 0"4' - 1"

7' - 9"0' - 4"

13' - 5"1' - 0"

9' - 4"3' - 3"

2' - 2"6' - 3"

15' - 11"

0' - 4"12' - 1"

2' - 0"3' - 11"

2' - 2"4' - 8"

0' - 6"

CL

2'- 4"2' - 7"

9' - 1"

CL

CL

0' - 11"

3' - 2"

2' - 0"

2' - 6"

2' - 0"

2' - 6"

0' - 4"5' - 11"

2' - 0"0' - 8" 2' - 7"

9' - 9"

4' - 2"0' - 4"1' - 3"1' - 7" 2' - 7"

3' - 11"1' - 4"

8' - 1"

2' - 1"

21' - 7"

21' - 7"

7' - 3"

25' - 0"

11' - 1"

2' - 7"5' - 10"

Family Room9'2" X 11'8"

10' - 9"2' - 11"

81' - 8"

2' - 11"11' - 0"

Terrace42'10"x4'2"

Terrace45'5"x4'2"

Master Bath12'7" X 8'

Master Bath11'9" X 8'

Bath

Terrace20'11" X 14'7"

Cover Patio12'1" X 12'9" Gym

12'9" X 14'8"

Turkish Bath6'6" X 8'4"

Master Closed14' X 8'

Master Closed13'4" X 8'

3' - 3"

9' - 8"

E

F

A. Gross 1343.40 sf

A. Gross 1,364.43 sf

ARCHITECT P.A.LIC # 2358

3461 SW 8 STREETMIAMI, FLORIDA

33135PH: 305.448.3280FX: 305.448.4199

WWW.CAZOGROUP.COM

All drawings and written materialappearing herein constitute the

original and un-published work ofCAZO-JARRO ARCHITECTS, and

may not be duplicated, used ordisclosed without the express

written consent of CAZO JARROARCHITECTS. PA.

A-Drawing NumberDate Scale

Drawn Checked by

Client: DescriptionProject:

1133 NW 8St. Road,Miami, FloridaApartments

AUGUST 2015

D. Javier

PLAN EIGHT FLOORScale 3/16" = 1´- 0"

Floor Plan - 8th Floor

Parking Level 1

A

1

D

C

23 4 5 6

0' -

6"

5' -

7"

0' -

10"

8' -

2"0'

- 6"

8' -

6"1'

- 0"

20' -

0"

1' - 0"25' - 6"

1' - 0"25' - 6"

1' - 0"25' - 6"

1' - 0" 8' - 8"

1' - 0"

20' - 0"

17' - 2"

3' - 3"

13' - 4"

20' - 2"

0' - 5"

8' - 9"

0' - 7"

16' - 5"

28' - 6"

20' - 3" 0' - 6"

17' - 5"

0' - 4"

138' - 1"

3' - 5"

26' - 6"

26' - 6"

26' - 6"

29' - 8"

21' - 2"

0' - 4"

0' -

8"

18' - 8"

0' - 4"

-4' - 2" 9' - 2"

0' - 9"

6' - 0"

0' - 6"

5' - 10"

59' - 3" 0' - 8" 18' - 4" 0' - 8" 25' - 2" 0' - 8" 18' - 4" 0' - 8" 15' - 5"

10' - 0"

A A

B0' - 0"

0' - 0"

0' - 0"

B

0' -

11"

20' -

5"

14' - 0"

15' - 5"

1

2

3

45

67

89

1011

1213

6' - 1"

EmergencyStair 02Emergency

Stair 01

ElectricalRoom

TrashRoom

-4' - 2"

Slope UP

Car EntryLobby Entry

Slope UP

LobbyArea

0' - 0"

60' - 4"

8' - 2"



33135PH: 305.448.3280FX: 305.448.4199

WWW.CAZOGROUP.COM






Drawn Checked by



AUGUST 2015

D. Javier

SP-1.1 PARKING LEVEL 01LEVEL - 4´- 2"Scale 1/8" = 1´- 0"

METRO RAIL ACCESS ROAD

8 TH STREET ROAD

1

LEGAL DESCRIPTION:

LOTS 25 THRU 27 BLOCK 14, LESS A PORTION OF LOTS 25 AND 26DESCRIBED AS FOLLOWS: BEGIN AT THE SW CORNER OF LOT 25 THENCETHENCE N 44' W FOR 23.28 FEET; THENCE NORTHEASTERLY FOR 146.83 FEETTO A POINT ON THE EASTERLY LINE OF LOT 26; THENCE S. 44" E. FOR 48.73 FEETTO THE SOUTHEAST CORNER OF LOT 25; THENCE WESTERLY FOR 162.94 FEETTO THE POINT OF BEGINNING. AS RECORDED IN PLAT BOOK 2 PAGE 13 OFOF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY.

LOCATION MAPSURVEY

ZONING INFORMATION

ADDRESS: 1133 N.W. 8TH Street Road, MIAMI, FLORIDA, 33136

MUNICIPALITY: CITY OF MIAMI

ZONING DISTRICT: T6 - 8L

NET LAND AREA: 1.803 SQUARE FEET = 0.179 ACRES

REQUIRED PROVIDED

SETBACKS

PRINCIPAL FRONT 10` MIN 10`- 0"

REAR 0` MIN 0`- 0"

0` MIN 0`- 0"

10` MIN 10`- 0"

5.000 SF MIN 7.803 SF

SIDE

SECUNDARY FRONT

LOT AREA

50`-0" MIN 52.52`LOT WIDTH

6.242 SF 5.556 SFLOT COVERAGE 80 %

180 SF 2.247 SFOPEN SPACE 10%

15`- 9"HEIGHT

FLOOD LEGEND

LOT BLOCK PLAT BOOK PAGE

25 - 27 14 2 13

HIGHEST CROWN OF ROAD ELEV.

HIGUEST CROWN OF ROAD ELEVATION WAS TAKEN FROM THEATTACHED CERTIFIED SURVEY, OR A CERTIFIED SURVEY PREPAREDBY:

PROPOSED ELEVATIONS

PARKING 01 - 4`- 2"

PARKING 02 + 5`- 9"

HABITABLE SPACE + 16`- 0"

1/8`= 1`-0"

AREA SCHEDULE

SP-1.1 PARKING 01 LEVEL -4`-2"

CIRCULATION PARKING

RAMP PARKING

LOBBY ENTRY , LEVEL -4`-2"

ELEVATOR

ELECTRICAL ROOM 117 SF

EMERGENCY STAIR 01 131 SF

145 SF

AREA

2.319 SF

TRASH ROOM , LEVEL + 0`-0"

EMERGENCY STAIR 02

2.375 SF

748 SF

73 SF

145 SF

35 SF

PARKING UNITS 13 UNITS

SP-1.1 Parking Level 01 Plan ViewLocation MapLegal DescriptionZoning Information


Floor Plans

Unit A

1,049SQUARE FEET

2 Bed | 2 BathUnit B

915SQUARE FEET

2 Bed | 2 Bath


Unit C

752SQUARE FEET

1 Bed | 1 BathUnit D

897SQUARE FEET

2 Bed | 2 Bath


Street Level0' - 0"

00-Parking 01-4' - 2"

01-Parking 025' - 9"

02-First Floor15' - 7"

03-Second Floor25' - 5"

04-Third Floor35' - 3"

05-Fourth Floor45' - 1"

06-Fifth Floor54' - 11"

07-Sixth Floor64' - 9"

08-Terrace74' - 7"

Roof84' - 5"

4' -

1"1'

- 8"

8' -

2"

1' -

8"2' -

0"0'

- 2"

6' -

1"3'

- 7"

0' -

2"6'

- 1"

3' -

7"0'

- 2"

6' -

1"3'

- 7"

0' -

2"6'

- 1"

3' -

7"0'

- 2"

6' -

1"3'

- 7"

0' -

2"6'

- 1"

3' -

7"0'

- 2"

6' -

1"6'

- 7"

13.18%

1' -

8"3'

- 4"

4' -

6"2'

- 0"

3' -

4"4'

- 6"

2' -

0"3'

- 4"

4' -

6"2'

- 0"

3' -

4"4'

- 6"

2' -

0"3'

- 4"

4' -

6"2'

- 0"

3' -

4"4'

- 6"

2' -

0"3'

- 11

"

1' -

8"8'

- 2"

1' -

8"8'

- 2"

1' -

8"8'

- 2"

1' -

8"8'

- 2"

1' -

8"8'

- 2"

1' -

8"8'

- 2"

1' -

8"13

' - 1

1"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

1' -

8"2'

- 4"

7' -

7"2'

- 4"

7' -

7"2'

- 4"

7' -

7"2'

- 4"

7' -

7"2'

- 4"

7' -

7"2'

- 4"

3' -

3"1'

- 8"

8' -

2"1'

- 8"

5' -

11"

2' -

4"1'

- 8"

8' -

2"1'

- 8"

5' -

11"

2' -

4"1'

- 8"

8' -

2"1'

- 8"

5' -

11"

2' -

4"

9' -

1"

9' -

1"

9' -

2"

----

Slope Down

Lobby Entry

Emergency Stair 01Emergency Stair 02

Ramp Entry Trash RoomFinish Prodema Wood Panel

Concrete Finish Gray Basalt

Finish Gray Basalt

Railing Metal

Finish Barely Yellow

Concrete Grid textured


Street Level0' - 0"

00-Parking 01-4' - 2"

01-Parking 025' - 9"







08-Terrace74' - 7"

A

Roof84' - 5"

1' -

8"2' -

4"

5' -

11"

1' -

8"2' -

4"

5' -

11"

1' -

8"2' -

4"

5' -

11"

1' -

8"2' -

4"

5' -

11"

1' -

8"2' -

4"

5' -

11"

1' -

8"2' -

4"

5' -

11"

1' -

8"3'

- 3"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

1' -

8"8'

- 2"

9' -

1"4'

- 10

"

2' -

5"4'

- 6"

2' -

11"

1' -

8"

0' -

9"

4' -

6"2'

- 11

"1'

- 8"

0' -

9"

4' -

6"2'

- 11

"1'

- 8"

0' -

9"

4' -

6"2'

- 11

"1'

- 8"

0' -

9"

4' -

6"2'

- 11

"1'

- 8"

0' -

9"

4' -

6"2'

- 11

"

1' -

8"

13' -

11"

14' -

9"

1' -

8"4'

- 11

"3'

- 3"

1' -

8"4'

- 11

"3'

- 3"

1' -

8"4'

- 11

"3'

- 3"

1' -

8"4'

- 11

"3'

- 3"

1' -

8"4'

- 11

"3'

- 3"

1' -

8"4'

- 11

"3'

- 3"

8' -

1"

0' -

8"

B

Entry RampFinish Prodema Wood Panel

Entry Lobby


Finish Gray Basalt

Concrete Grid Textured

Emergency Stair 01



33135PH: 305.448.3280FX: 305.448.4199

WWW.CAZOGROUP.COM






Drawn Checked by



AUGUST 2015

D. Javier

FACADE NORTHScale 1/8" = 1´- 0"

FACADE EASTScale 1/8" = 1´- 0"

4FACADE NORTH

FACADE EAST

1/8" = 1`- 0"

Elevations


Street Level0' - 0"

00-Parking 01-4' - 2"

01-Parking 025' - 9"







08-Terrace74' - 7"

Roof84' - 5"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

14' -

9"

1' -

8"5'

- 11

"9'

- 10

"2'

- 4"

1' -

8"

5' -

11"

2' -

4"

1' -

8"

5' -

10"

2' -

4"

1' -

8"

5' -

11"

2' -

4"

1' -

8"

5' -

11"

2' -

4"

1' -

8"

4' -

3"3'

- 11

"

1' -

8"

8' -

2" 9' -

10"

9' -

10"

3' -

3"6'

- 7"

3' -

3"6'

- 7"

3' -

3"9'

- 10

"9'

- 10

"9'

- 10

"4'

- 11

"1'

- 8"

3' -

3"

16.91%

Slope Down



33135PH: 305.448.3280FX: 305.448.4199

WWW.CAZOGROUP.COM






Drawn Checked by



AUGUST 2015

D. Javier

SECTION B - B´Scale 3/16" = 1´- 0"

3D VIEW 01

63/16`= 1`-0"Section B - B`

3D View

3D SECTION Stair 02Scale 1/8" = 1´- 0"

3D Stair 02 Section

Street Level0' - 0"

00-Parking 01-4' - 2"

01-Parking 025' - 9"







08-Terrace74' - 7"

Roof84' - 5"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

14' -

9"

1' -

8"5'

- 11

"9'

- 10

"2'

- 4"

1' -

8"

5' -

11"

2' -

4"

1' -

8"

5' -

10"

2' -

4"

1' -

8"

5' -

11"

2' -

4"

1' -

8"

5' -

11"

2' -

4"

1' -

8"

4' -

3"3'

- 11

"

1' -

8"

8' -

2" 9' -

10"

9' -

10"

3' -

3"6'

- 7"

3' -

3"6'

- 7"

3' -

3"9'

- 10

"9'

- 10

"9'

- 10

"4'

- 11

"1'

- 8"

3' -

3"

16.91%

Slope Down



33135PH: 305.448.3280FX: 305.448.4199

WWW.CAZOGROUP.COM






Drawn Checked by



AUGUST 2015

D. Javier


3D VIEW 01

63/16`= 1`-0"Section B - B`

3D View


3D Stair 02 Section

Street Level0' - 0"

00-Parking 01-4' - 2"

01-Parking 025' - 9"







08-Terrace74' - 7"

Roof84' - 5"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

9' -

10"

14' -

9"

1' -

8"5'

- 11

"9'

- 10

"2'

- 4"

1' -

8"

5' -

11"

2' -

4"

1' -

8"

5' -

10"

2' -

4"

1' -

8"

5' -

11"

2' -

4"

1' -

8"

5' -

11"

2' -

4"

1' -

8"

4' -

3"3'

- 11

"

1' -

8"

8' -

2" 9' -

10"

9' -

10"

3' -

3"6'

- 7"

3' -

3"6'

- 7"

3' -

3"9'

- 10

"9'

- 10

"9'

- 10

"4'

- 11

"1'

- 8"

3' -

3"

16.91%

Slope Down



33135PH: 305.448.3280FX: 305.448.4199

WWW.CAZOGROUP.COM






Drawn Checked by



AUGUST 2015

D. Javier


3D VIEW 01

63/16`= 1`-0"Section B - B`

3D View


3D Stair 02 Section

BrickellDowntown Miami

LOCATION OVERVIEW


LOCATION OVERVIEW

POPULATION DRAW – 550,000+ ■ From 2017 to 2022, the population within a five-mile radius of 1133 NW

8th Road is expected to climb 6.7% from 555,936 to 593,285 residents. Households are expected to grow from 229,256 to 245,960 during that period.

STRONG RENTER BASE ■ Renter households dominate the immediate area, with 87.7% of households

renting within a one-mile radius from the subject, compared to 66.2% within a five-mile radius.

AFFORDABILITY - UPSIDE ■ The cost of living in Miami is 122% of the national average.

■ Miami residents need to earn an annual salary of around $67,000 to be able to afford a median-price home of $310,000, according to a national study.

■ The median home value within a one-mile radius of the subject is $134,636, rising to $249,325 within a three-mile radius, and to $270,567 within a five-mile radius

■ The subject is encapsulated by higher median household income of $32,832 within a three-mile radius.

Arsht Center


Overtown

Home to just over 10,000 residents, Overtown is the second-oldest continuously inhabited neighborhood of the Miami area. Gentrification is pushing into the area, as the neighborhood’s proximity to major employment hubs, major transportation routes and public transportation, and civic and cultural amenities proves appealing. In addition, Miami has the highest percentage of rent-burdened households in the country, causing area residents and developers to look to more affordable areas and to areas were transportation options are optimal.

In the late 1980s, development in Overtown followed with the construction and completion of the Miami Arena and transit-oriented development surrounding the newly opened Overtown Metrorail station. During the 1990s and 2000s, community gardens were created, in addition to renovations to the historic Lyric Theatre. Revitalization and gentrification efforts spurred both by the city of Miami and Miami-Dade County were also undertaken.

Overtown is rapidly gentrifying with significant economic drivers in close proximity. Along with the Healthcare Hub, the soon to be built MLS Stadium and Marlins Park, 1133 NW 8th Street Road offer investors the opportunity to take advantage of one of the few remaining infill parcels in Miami Dade County.


Major Attractions

METRORAIL – 1.0 MILES FROM SUBJECT The Miami Metrorail is Miami-Dade County’s 25-mile dual track, elevated rapid transit system that runs to downtown Miami and Jackson Memorial Hospital, located just one mile from the subject property. The Metrorail also offers service to Miami International Airport. The Metrorail’s 23 stations are about one mile apart, making the system highly accessible to pedestrians, bus passengers, and drivers, with parking available at 17 Metrorail stations. Miami Metrorail trains arrive with high frequency, from every 7.5 minutes during weekday rush hours to every 15 minutes at midday, and every 30 minutes from 7:30 pm until closing.

MIAMI BECKHAM UNITED MLS STADIUM IN OVERTOWN - 1.0 MILES FROM SUBJECT One of the most influential projects to head to Overtown is the David Beckham MLS Stadium. David Beckham has secured a land deal to bring a 25,000-seat soccer stadium to the Overtown neighborhood of Miami. In June, 2017, the Beckham Group secured the final three-acre plot of the total nine acres on which the stadium will be built. While the MLS has not yet officially awarded Miami an expansion franchise, Beckham’s investors say the group is hopeful that formality will be completed now that a land / stadium deal is in place.

To alleviate local concerns over parking, the Beckham Group says it will shuttle attendees from 2,000 nearby spots in existing lots, coordinate “march to the match” walks, encourage use of the ferry up the Miami River, and use of the Metrorail. The Beckham Group wants to bring economic growth to the Overtown area, also promising 50 full-time jobs once the stadium is completed.

Beckham MLS Soccer Stadium Rendering

Miami Metrorail


MIAMI HEALTH DISTRICT – 1.0 MILE FROM SUBJECT The Miami Health District is one of the largest medical footprints in the country, and is located in the Civic Center neighborhood. The Health District is one of Miami’s largest employment hubs with an employment payroll of $1.9 billion dollars. The anchor of the district is Jackson Memorial Hospital, located just 1.0 mile from the subject property. Jackson Memorial Hospital is one of the largest hospitals in the US and is located at the intersection of I-95 and SR 836. Jackson Memorial Hospital is the center of the sprawling 153-acre health district that includes five hospitals:

The hospitals within the district are:

1. University of Miami Hospital (560 beds), the flagship hospital of the University of Miami Health System (UHealth)

2. Anne Bates Leach Eye Hospital and home to the Bascom Palmer Eye Institute (35 beds), ranked the number #1 ophthalmology hospital in the nation for the fifth consecutive year

3. University of Miami Hospital Clinics / Sylvester Cancer Center (40 beds), the only University-based cancer center in Florida

4. Jackson Memorial Hospital (1,696 beds), rated among the best hospitals in the nation

5. Holtz Children’s Hospital (254 beds), home to one of the largest neonatal intensive care units in the country

6. Bruce W. Carter Department of Veterans Affairs Medical Center (191 beds), caring for veterans throughout the greater Miami area

Jackson Memorial Hospital is an accredited, non-profit, tertiary care hospital and the major teaching facility for the University of Miami Leonard M. Miller School of Medicine. Of the nearly 1,000 full-time faculty members of the medical school, more than 600 are doctors engaged in clinical practice who have been granted medical staff privileges and can admit patients to Jackson Memorial Hospital. The hospital has 1,660 licensed beds and is rated as one of the best hospitals in the nation. Jackson Memorial Hospital takes pride in being a medical research center, and is also home to Ryder Trauma Center - the only adult and pediatric Level 1 trauma center in Miami-Dade County.

Jackson Memorial Hospital

UM Miller School of Medicine


LEONARD M. MILLER SCHOOL OF MEDICINE CAMPUSIn addition to the hospitals, The Leonard M. Miller School of Medicine campus is an anchor of the Health District. The school consists of approximately 68-acres of owned and leased land within the 153-acre University of Miami / Jackson Memorial Medical Center complex. Today, over 1,500 research projects are being conducted at the Leonard M. Miller School of Medicine. This area will be the future home of the two-million square-foot UM Life Science & Technology Park. Located in the northeastern sector of the Miami Health District the UM Life Science & Technology Park will be a vibrant urban research park community where people can work and play. Companies from the private and public sector will flourish in mixed-use facilities with labs, offices, retail shops, restaurants, and industry-leading amenities. The plan contemplates a full build-out of five research and development buildings dedicated to life sciences research. Miami is home to 1,781 research institutions and 1,991 testing laboratories. The UM Life Science & Technology Park will facilitate access to these resources and create synergies between the University and tenant companies.

MIAMI-DADE COUNTY COURTHOUSE (HISTORIC AND NEW) – 1.6 MILES FROM SUBJECT A proposed new Miami-Dade County Courthouse is moving closer to reality. The estimated $361 million civil courthouse would serve as replacement for the historic courthouse, located at 73 West Flagler Street in Miami, just 1.6 miles from the subject property. The original courthouse was constructed over four years (1925–28), and was added to the U.S. National Register of Historic Places in 1989. The building is 361 feet tall with 28 floors, and at the time it was built, it was the tallest building in Miami and in Florida. Today, the Miami-Dade County Courthouse provides offices, chambers, and courtrooms for the clerks and judiciary assigned to both the Circuit and County Civil Court and the Family Court. Due to ongoing restoration costs of the original courthouse, a new courthouse was proposed. Support legislation for the new courthouse was approved May, 4, 2017, and seeks ideas from developers, financiers, real estate investment companies, contractors and builders to design, build, finance, operate or maintain a new civil courthouse, with the goal for the city to meet again in early September to review the findings.

$361MPROPOSED

NEW COURTHOUSE

UM Life Science & Technology Park

Miami-Dade County Courthouse


MARLINS PARK – 1.1 MILES FROM SUBJECT Marlins Park is the current home of the Miami Marlins, the city’s Major League Baseball franchise. It is located on 17 acres of the former Miami Orange Bowl site in Little Havana, about 2 miles west of Downtown, and only 1.1 miles from 1133 NW 8th Road. Construction was completed in March 2012, in time for the 2012 season. 2,000 new jobs were created when the ballpark opened. The 36,742 capacity park recently hosted the 2017 Major League All-Star Game. Economic comparisons were made to San Diego, when they hosted an All-Star event, in which 45,000 hotel rooms were booked and $60-$70 million in tourism dollars was realized.

SHOPS AT MIDTOWN – 3.1 MILES FROM SUBJECT Located in Midtown Miami, the Shops at Midtown include anchors Nordstrom, Target, Ross, and Marshalls plus dozens of other nationally known retailers. Restaurants include Bar Louie, Blackbrick Chinese, Gigi’s, Sugar Cane, Salumeria 104, and more. In addition, a new Hyde Midtown Hotel and Residences with a large retail component is planned to planned to be added to the Midtown district.

WYNWOOD ARTS DISTRICT – 1.9 MILES FROM SUBJECT Abutting Overtown to the north is the Wynwood neighborhood. Wynwood is essentially the Wynwood Arts District, Miami’s leading arts and creative businesses center and one of the largest and most successful communities of its type in the United States. Wynwood has been revitalized from abandoned warehouses and factories, and today is home to over 70 art galleries and studios, art museums, retail stores, antique shops, eateries, and bars and nightclubs. Wynwood also features its famed art walk, where Wynwood Art galleries are open to the public on the second Saturday of each month. Thousands of patrons come to enjoy gallery exhibitions, live music, food, and street vendors. The district is also noted for Wynwood Walls, one of the largest commissioned murals in the world. Located along NW 2nd Avenue between NW 25th and NW 26th Streets, the nearly decade long project fuses street graffiti art into a rolling mural and park. The ever evolving project of nearly of 90,000 square feet of mural space began in 2009 and has included artists from around the world. In its totality, the vibrant Wynwood arts scene and electric nightlife has earned Wynwood national accolades as a top visitor destination.

Marlins Park

Wynwood Arts District


LITTLE HAVANA – 2.2 MILES FROM SUBJECT Located just to the southwest of Overtown is the famed Little Havana neighborhood. Little Havana is the best known neighborhood for Cuban exiles in the world. It is characterized by its rich street life, restaurants, music, cultural activities, mom and pop enterprises, political activism, and its welcoming atmosphere. In 2015, Little Havana was included in the National Trust for Historic Preservation’s annual list of 11 Most Endangered Places. In 2017, the Trust declared it a national treasure.

DESIGN DISTRICT Another near-to Overtown neighborhood is the Design District. The area is bound by NE 36th Street to the south, NE 43rd Street to the north, NW 1st Avenue to the west and Federal Highway to the east. The Design District features more than 70 art galleries and 70 luxury boutiques, with an additional 60 boutiques to open in 2017. The district boasts high-end retail focused on furnishings and fashion, as well as architecture firms, showrooms, cafes and fine restaurants. Shaded pedestrian pathways create a friendly, inactive atmosphere. Private collecting museums include the Craig Robins Collection, the de la Cruz Collection Contemporary Art Space, and in 2017, the Institute of Contemporary Art Miami (ICA). Public art and design installations in the district include works by John Baldessari, The Buckminster Fuller Institute, Konstantin Grcic, Zaha Hadid, Marc Newson and Xavier Veilhan.

Design District

Little Havana


1

2

4

67

12

11

3

8

9

LEGEND

1. Jackson Memorial Hospital

2. University of Miami Hospital

3. Marlins Park

4. MLS Soccer Stadium Site

5. Miami Brightline Station

6. Miami World Trade Center

10

395

7. Port of Miami

8. American Airlines Arena

9. Museum Park

10. Frost Museum of Science

11. Perez Art Museum

12. Adrienne Arsht Center for the Arts

Brickell

Miami Central Brightline Station

Downtown Miami

MLS Soccer Stadium Site

5

Edgewater

95

Wynwood

1133 NW 8th St Rd

836


Wynwood836


Miami is a major center and leader in finance, commerce, culture, media, entertainment, the arts, and international trade. In 2012, Miami was classified as an Alpha−World City in the World Cities Study Group’s inventory. Miami also has the third tallest skyline in the U.S. with over 300 high-rises. Downtown Miami is home to the largest concentration of international banks in the United States, and many large national and international companies make for a dynamic, diverse economy.

The greater Miami area had a GDP of $318 billion in 2015 (last reported), up from $300 billion in 2014 and ranking 11th largest of all metro areas nationally, just behind Atlanta and ahead of Seattle-Tacoma.

The Miami-Fort Lauderdale economy is expanding rapidly. From July 2016 to July 2017, the local economy added 76,800 jobs, with total employment rising from 2,543,600 to 2,620,400 for a gain of 3.0%. Meanwhile, the metro area unemployment rate fell to 4.5% in July 2017, down from 5.2% one year ago and marking the lowest rate for the month of July since 2007. In Miami proper, the unemployment rate followed suit, at 4.6% in July 2017, down from 5.3% one year prior.

Miami Economy


LARGEST EMPLOYERSBecause of its proximity to Latin America, Miami & South Florida serve as headquarters of Latin American operations for more than 1,100 multinational corporations that add up to more than $221 billion in annual revenues. See the table to the right for the list of major employers in the area. Exxon, Kraft Foods, Microsoft, Oracle, SBC Communications, Sony, Visa International, and Wal-Mart also hold a large presence in the area. In the public sector, Miami-Dade County Public Schools, Miami-Dade County, the Federal Govern-ment, and Florida State Government combined employ nearly 100,000 area residents.

PORT MIAMI The port is the second largest economic engine for Miami-Dade County, contributing $28 billion annually to the local economy and supporting more than 207,000 jobs in South Florida. It is recognized as the Cargo Gateway of the Americas. Port Miami is also a major cruise line destination, serving nearly 5 million cruise passengers annually and heralding as the busiest cruise port in the world.

Coinciding with the widening of the Panama Canal, more than $1 billion of capital infrastructure projects are now complete and have transformed Port Miami to a major U.S. global gateway. Port Miami now offers Super Post-Panamax gantry cranes that can service cargo vessels up to 22 containers wide and up to nine containers above deck and eleven containers below. It is estimated that Miami’s cargo business could double in the next 10 years and create over 30,000 permanent jobs for Miami, while increasing the Port’s annual economic impact to more than $34 billion.

In addition, Royal Caribbean is adding a new, $265 million terminal at Port of Miami. The terminal is expected to be completed in 2018 and will more than double the cruise line’s port traffic to 1.8 million. The project is expected create 4,000 jobs.

Port Miami

Company No. Employees

Baptist Health South Florida 16,191

University of Miami 14,664

American Airlines 11,031

Florida Power & Light Company 3,011

Carnival Cruise Lines 3,500

Mount Sinai Medical Center 3,321

Royal Caribbean 2,989

Bank of America Merrill Lynch 2,000

Wells Fargo 2,000

COMPARABLE PROPERTIES


COMPARABLE PROPERTIES

Sales Comparable Properties Summary

Size

Sale Price Price / AC Price / SFProperty AC SF Distance From Subject (Mi.) Sale Date

Subject 0.18 7,696 - Nov. 2015 $795,000 $143,100 $103.29

1251 NW 8th Ave 1.36 59,390 0.5 Oct. 2016 $4,536,000 $3,326,976.68 $76.38

1313 NW 8th Ave 0.57 24,999 0.5 Oct. 2016 $5,450,000 $9,427.95 $218.01

1035 NW 11th Ct 0.49 21,301 0.5 Dec. 2015 $1,610,284 $3,293,014.31 $75.60

1080 NW 11th St 0.46 20,054 0.5 Dec. 2015 $1,516,767 $3,293,024.32 $75.60

1190 NW 11th St 2.54 110,751 0.5 Dec. 2015 $8,372,949 $3,293,195.28 $75.60

808 NW 13th St 0.44 19,166 0.5 Aug. 2016 $2,725,000 $6,193,181.82 $142.18

1008 Spring Garden Rd 0.64 27,878 0.5 Oct. 2016 $1,806,922 $2,823,315.63 $64.81

Total / Avg. 0.835 36,404 0.5 $3,351,615 $2,796,904 $103.93


Sales Comparable Properties Map

1

3

2

45

6

7

LEGEND

Subject

1. 1251 NW 8th Ave

2. 1313 NW 8th Ave

3. 1035 NW 11th Ct

4. 1080 NW 11th St

5. 1190 NW 11th St

6. 808 NW 13th St

7. 1008 Spring Garden Rd

1133 NW 8th St Rd

MULTIFAMILY

CONFIDENTIAL OFFERING MEMORANDUM

INVESTMENT CONTACTS

FERNANDO POLANCO Director 305.677.9917 [email protected]

ERIC TAYLOR Managing Director 678.495.9841 [email protected]

333 Las Olas Way CU 4, Suite 415 Fort Lauderdale, FL 33301 www.greycoadvisors.com

1133 NW 8TH STREETROAD

DEVELOPMENT OPPORTUNITY

1133 nw 8th street multifamily - loopnet...2 1133 nw 8th street road investment sales contacts...

Documents