20unit miami beach multifamily - images1.loopnet.com · plenty of shops, restaurants, clubs,...
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20Unit Miami Beach MultiFamilyPrice: $3,900,000 Miami Beach, FL 33141
FOR SALE
68906896 Abbot Ave
Rich Edwards, CCIMPresident/[email protected]
PROPERTY HIGHLIGHTS
Tremendous Investment Opportunity in Prime Location ●
Strong Frontage Corner 69th St & Abbott Ave●
Tremendous ValueAdd Opportunity●
Great Cash Flow Longterm Tenants Low Expenses●
Tons of New Development coming: New Target 1 block ●
Monaco Yacht Club Development 1 Block east●
New Town Center Proposed●
TLC can provide new tenant base●
Redevelopment a great Longterm play●
Plenty of shops, restaurants, clubs, events, beach, etc..●
Rich Edwards, CCIMPresident/Broker
+13057255972
The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projections and analysis. The informationprovided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax or other professional advice, consultation or service. The user of thissoftware should consult with a professional in the respective legal, accounting, tax or other professional area before making any decisions.
TABLE OF CONTENTSProperty Summary 3
Investment Details 4
Property Photos 5
Rent Roll & Income/Expenses 6
Cumulative Wealth Analysis 7
Aerial Map 8
Regional Map 9
Business Map 10
New Uptown City Center 11
New Target/Residential Project 14
Monaco Yacht Club Break Ground 15
Demographics 16
PROPERTY SUMMARY20Unit Miami Beach MultiFamily68906896 Abbot Ave | Miami Beach, FL 33141
Rich Edwards, CCIMPresident/[email protected]
Property SummaryBuilding Size 13084
Lot Size 0.28 Acres
Property Type MultiFamily
Purchase Price $3,900,000
Rentable Sq. Ft. 13,084
Units 20
1 bedroom & 1 Bath 16
Studio Units 4
NOI $207,435
Cap Rate 5.3%
Property OverviewCharming ArtDeco multifamily located in the heart of Miami Beach.Walking distance to nearby beaches. True valueadd investment of awelllocated property. Attractive price per unit. Located in a marketundergoing gentrification. This building offers a mix of studio and 1bedroom units. 50 year certification has been completed. Gatedproperty with onsite laundry and lush landscaping
Location OverviewWedged between the Ocean and the Intracoastal WaterwayUpZoning, Gentrification, Demographic Turnover, New Developmentare all on the extreme rise.Prime location fronting Abbott Ave and 69th St. Beach two blocks east.1 block east is New Target/multifamily project proposed. 1 block west(Intracoastal) New Monaco Yacht Club Residences Breaking Ground. Loads of shops, restaurants, transportation, nightlife, hotels, the beach,etc....
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INVESTMENT DETAILS20Unit Miami Beach MultiFamily68906896 Abbot Ave | Miami Beach, FL 33141
The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projectionsand analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax orother professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting, taxor other professional area before making any decisions.
ANALYSIS
Analysis Date February 2020
PROPERTY
Property Type MultiFamily
Property 20Unit Miami Beach MultiFamily
Property Address 68906896 Abbot Ave, Miami Beach, FL 33141
Year Built 1957
PURCHASE INFORMATION
Purchase Price $3,900,000
Fair Market Value $3,900,000
Units 20
Total Rentable Sq. Ft. 13,084
Resale Valuation 5.000% (annual appreciation)
INCOME & EXPENSE
Gross Operating Income $282,000
Monthly GOI $23,500
Total Annual Expenses ($74,565)
Monthly Expenses ($6,214)
FINANCIAL INFORMATION
All Cash
LOANS
Type Debt Term Amortization Rate Payment LO Costs
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PROPERTY PHOTOS20Unit Miami Beach MultiFamily68906896 Abbot Ave | Miami Beach, FL 33141
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6890 & 6896 Abbott Ave, Miami BeachSales Price $3,900,000
Annual Income $281,000
Other Income $1,000 Units Breakdown
Total Income $282,000 Approx:
8 units @ $1,250
Operating Expenses 8 units @ $1,200
RE Taxes $39,365 4 units @ $ 960
Insurance $6,000 Monthly $23,400
Electric $1,200 Annual $280,800
Water $14,400
Garbage $2,280
Maint $10,000
Landscape $720
Pest Control $600
Total Expenses $74,565
NOI $207,435
Cap @ $3,900,000 5.3%
CUMULATIVE WEALTH ANALYSIS20Unit Miami Beach MultiFamily68906896 Abbot Ave | Miami Beach, FL 33141
The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projectionsand analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax orother professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting, taxor other professional area before making any decisions.
Year 1 2 3 4 5
$220,00
$440,00
$660,00
$880,00
$1,100,0
$1,320,0
$1,540,0
$1,760,0
$1,980,0
$2,200,0
Legend
Equity (loan reduction) Equity (appreciation) CASH FLOW (a/t)
Year Equity (loan reduction) Equity (appreciation) CASH FLOW (a/t)
1 $0 $195,000 $207,435
2 $0 $399,750 $414,870
3 $0 $614,738 $622,305
4 $0 $840,474 $829,740
5 $0 $1,077,498 $1,037,175
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AERIAL MAP20Unit Miami Beach MultiFamily68906896 Abbot Ave | Miami Beach, FL 33141
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REGIONAL MAP20Unit Miami Beach MultiFamily68906896 Abbot Ave | Miami Beach, FL 33141
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BUSINESS MAP20Unit Miami Beach MultiFamily68906896 Abbot Ave | Miami Beach, FL 33141
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2/13/2020 North Beach Town Center Could Include Micro-Units About the Size of Two Jail Cells | Miami New Times
https://www.miaminewtimes.com/content/printView/11105610 1/3
North Beach Town Center to IncludeHundreds of Apartments the Size of TwoCanadian Jail CellsBRITTANY SHAMMAS | MARCH 7, 2019 | 8:19AM
Rendering of North Beach Town Center / Dover, Kohl and Partners
North Beach could become home to up to hundreds
"micro-units" — apartments as small as 375 square feet, or a little bigger than two
parking spaces — as part of city commissioners' latest plan to revitalize the sleepy
area.
if
2/13/2020 North Beach Town Center Could Include Micro-Units About the Size of Two Jail Cells | Miami New Times
https://www.miaminewtimes.com/content/printView/11105610 2/3
During yesterday's Land Use and Development meeting, committee members
approved doubling the number of such units allowed in plans for the North Beach
Town Center to 624. The units are just over twice the size of Canada's
.
smallest legal
jail cells
The number of such tiny apartments had previously been capped at 312 due to
concerns over increased traffic, but City Manager Jimmy Morales told committee
members most micro-units will probably have only one resident, so won't cause
serious crowding.
Tiny living is an integral part of the commission's long-awaited North Beach
redevelopment plan, which allows units between 375 and 550 square feet in a ten-
block area along 71st Street. City commissioners believe the smaller units could help
draw new residents.
"Because of the expensive cost of real estate and rents, and rising building costs, it's
becoming more and more expensive to live in Miami Beach," Commissioner John
Aleman tells . "
and co-living allow us to create housing stock for young people and for seniors,
which are two categories of people that often are living alone."
New Times
Microliving
[ Please read web version for embedded content ]
The area where the town center is set to be developed currently contains retail plazas,
vacant lots, and an apartment building. It's been slated for redevelopment for at least
three decades.
Under the current plan, the North Beach Town Center would become a "live-work-
play" hub — a
for mixed-use developments with housing, offices, and business space.
Commissioners say the smaller apartments should be more affordable than the
luxury properties that now make up most Beach housing.
catch phrase
2/13/2020 North Beach Town Center Could Include Micro-Units About the Size of Two Jail Cells | Miami New Times
https://www.miaminewtimes.com/content/printView/11105610 3/3
RELATED TOPICS:
options have sprung up in other notoriously expensive cities like Seattle and New
York City. Seattle has units as small as 130 square feet — roughly the size of a parking
space. One listed for $750 per month in 2016 ,
with no separation for the toilet or shower.
Microliving
was made up of just one jail-style room
In North Beach, the smallest micro-unit would be nearly three times that size.
Aleman says that with nearby attractions including the O Cinema Miami Beach, the
North Beach Bandshell, and the beach, plus the new town center, living small should
be an attractive option. "People don't mind living in a smaller unit if, when they go
outside, there are all kinds of wonderful things to do," she says.
NEWS NEWS REAL ESTATE
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Miami Beach to consider a second Target store
Feb 12, 2020
Target would be on the ground floor of a building at 6988 Abbott Ave., Miami Beach.
A Target could be part of a new multifamily building on the north side of Miami Beach.
This would be the second location in Miami Beach for the national retailer (NYSE: TGT). Its first location on Fifth Street opened in fall 2019
with a more compact format than the usual Target.
The new location, which would also be smaller than a typical Target, could provide a lift to the North Beach neighborhood, where city
officials have been trying to generate more economic activity.
On Jan. 25, the city’s Planning Board will consider an application by North Beach Town Center Development LLC, majority-owned by Aria
Mehrabi of Pacific Star Capital in Los Angeles, for the 1.14-acre site at 6948 to 6988 Abbott Ave. and 6957 to 6965 Byron Ave.
It's part of a 2-acre site the developer acquired from City National Bank of Florida in 2017.
The project would total 174,332 square feet in 12 stories. It would have a 30,089-square-foot Target on the ground floor, 170 multifamily
units on floors two through 12, and 179 parking spaces on the second and third floors. There would also be a Target-run café on the second
floor, a clubhouse on the third floor, and an amenity center with a pool on the fourth floor.
The residential units would range from 550 to 912 square feet.
Mehrabi declined comment. The project was designed by Cube 3.
The application said the North Beach Target store would have a similar number of employees and security as the Fifth Street Target store.
The existing Target on South Beach has a large section for online order pickups. It’s part of Target’s strategy to reach dense urban markets
without leasing over 100,000 square feet of space.
Source: The South Florida Business Journal: Brian Bandell
MONACO YACHT CLUB BREAK GROUND20Unit Miami Beach MultiFamily68906896 Abbot Ave | Miami Beach, FL 33141
Rich Edwards, CCIMPresident/[email protected]
2/15/2020 Monaco Yacht Club & Residences breaks ground in Miami Beach - South Florida Business Journal
https://www.bizjournals.com/southflorida/news/2020/02/06/monaco-yacht-club-breaks-ground.html?s=print 1/2
ARQUITECTONICA
From the South Florida Business Journal:https://www.bizjournals.com/southflorida/news/2020/02/06/monaco-yacht-club-breaks-ground.html
Luxury condo with marina breaks ground inMiami BeachFeb 6, 2020, 12:24pm EST
The Monaco Yacht Club & Residences hasbroken ground on the north side of MiamiBeach.
The condominium will rise 12 stories at the1.1-acre site at 6800 Indian Creek Drive,which fronts Biscayne Bay. The 39 units arepriced from $1.1 million to nearly $4 million.Units will range from 918 square feet tonearly 5,000 square feet. The penthouses willhave private terraces with summer kitchens.
The project was designed by Piero Lissoni and Arquitectonica. Moss is the generalcontractor.
“Featuring the extraordinary talents of Piero Lissoni and Bernardo Fort-Brescia ofArquitectonica, Monaco Yacht Club & Residences introduces a new dimension inurban, waterfront living in one of the world’s leading destinations for elegant andsophisticated design,” said Ricardo Tabet, CEO of Optimum Development USA,which is building the project. “The initial success of the sales process is a truetestament to the demand buyers have for the pursuit of pleasure combined withthe intimacy of a full-service boutique building.”
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DEMOGRAPHICS20Unit Miami Beach MultiFamily68906896 Abbot Ave | Miami Beach, FL 33141
The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projectionsand analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax orother professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting, taxor other professional area before making any decisions.
Population 1 Mile 3 Mile 5 Mile
Male 11,188 33,230 97,563
Female 11,475 35,871 99,412
Total Population 22,663 69,101 196,975
Age Breakdown 1 Mile 3 Mile 5 Mile
Ages 04 915 2,850 9,221
Ages 59 1,072 3,629 11,281
Ages 1014 937 3,446 10,295
Ages 1519 852 3,254 9,754
Ages 2024 962 3,196 10,153
Ages 2529 1,123 3,271 10,916
Ages 3034 1,317 3,632 11,875
Ages 3539 1,574 4,307 13,306
Ages 4044 1,808 5,082 14,896
Ages 4549 1,957 5,644 16,042
Ages 5054 1,890 5,523 15,491
Ages 5559 1,741 5,140 14,172
Ages 6064 1,504 4,526 12,146
Ages 6569 1,281 3,852 10,001
Ages 7074 1,076 3,241 8,066
Ages 7579 869 2,664 6,299
Ages 8084 665 2,079 4,574
Ages 85+ 1,120 3,765 8,487
Household Income 1 Mile 3 Mile 5 Mile
Median $34,794 $48,307 $46,610
< $10000 1,462 2,843 9,439
$10000$14999 905 1,958 5,544
$15000$19999 780 1,734 5,422
$20000$24999 1,154 2,170 6,191
$25000$29999 856 1,705 4,894
$30000$34999 822 1,912 4,902
$35000$39999 641 1,253 4,408
$40000$44999 637 2,138 5,105
$45000$49999 388 1,022 3,204
$50000$60000 882 2,220 6,242
$60000$74000 901 2,891 6,889
$75000$99999 952 2,855 7,729
$100000$124999 461 2,099 5,469
$125000$149999 224 1,272 3,085
$150000$199999 123 1,642 3,459
> $200000 264 3,038 5,410
Housing 1 Mile 3 Mile 5 Mile
Total Units 16,553 50,179 122,690
Occupied 12,149 34,456 92,210
Owner Occupied 3,844 16,262 40,668
Renter Occupied 8,305 18,194 51,542
Vacant 4,404 15,723 30,480
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