4035 n meridian avenue, miami beach, fl...the whittier is a 19 unit apartment building located at...

MSP Group LLC | 7480 Bird Road PH 830 Miami, FL 33155 | www.MSPGroup.com

The Whittier4035 N Meridian Avenue, Miami Beach, FL

Exclusive Listing

Deme MekrasCEO, Managing PartnerDirect:[email protected]

Elliot ShainbergManaging PartnerDirect:[email protected]

The Whittier | 4035 N Meridian Avenue, Miami Beach, FL 33140

MSP Group LLC | 7480 Bird Road PH 830 Miami, FL 33155| www.MSPGroup.com

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 opportunity 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, officers, affiliates or representatives are making any representation or warranty, expressed or implied, 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 Memorandum 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-orandum 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 materials, 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

Confidentiality DisclaimerTable of Contents

Section 1.......................Property Description

Section 2...........................Financial Analysis

Section 3.........................Sales Comparables

Section 4..........................Rent Comparables

Section 5...........................About MSP Group



Property description



The Whittier



41st Stre

et / Arth

ur Godfre

y Road

The Whittier



The Whittier

The Whittier | 4035 N Meridian Avenue, Miami Beach, FL 33140 neighborhood Aerial

41st Street Arthur Godfrey Rd


St PatrickSchool & Preschool

TempleBeth Sholom

Beth IsraelCongregation

Talmudic University

Nautilus Middle School

Polo Park The Whittier

North BeachElementary

The Whittier | 4035 N Meridian Avenue, Miami Beach, FL 33140 neighborhood Aerial


Lincoln Road Mall

The Whittier

Mia

mi B

each

The Whittier | 4035 N Meridian Avenue, Miami Beach, FL 33140 Property description

Property Name:Address:

City, State Zip:County:

Folio:Units:

Total Square Feet:Year Built:

Lot Size(Acres):# of Buildings:

# of Stories:Framing:

Exterior Wall:Roof Structure:Roof Covering:

HVAC:#Parking Spaces:

The Whittier4035 N Meridian AvenueMiami Beach, FL 33140Miami-Dade02-3227-015-02501914,77319350.3014CBSPainted StuccoFlat WoodFlat Built UpSplit/Central7

The Whittier is a 19 unit apartment building located at 4035 N Meridian Avenue in Miami Beach, FL. The Whittier has several singular features; it is a waterfront property with a dock and a boat lift, a waterfront tiki hut where tenants can escape the sun, but remain out doors and an off-street parking lot that accommodates 7 cars. The building has a classic Art Deco architecture and a stunning front elevation, complete with twin water features on either side of the entrance. The property is well maintained and has undergone several upgrades in recent years including but not limited to updated windows, travertine tile floors in the hallways and updated kitchens, appliances and marble bathrooms.

The Whittier is superiorly located, just 1 lot south of 41st Street, also known as the Julia Tuttle Causeway, Arthur Godfrey Road or I-195. 41st Street offers access to numerous employment opportunities, shopping, entertainment and dining, all within walking distance of the property. 41st Street is also important because it spans from A1A on Miami Beach to mainland Miami, providing connectivity to tenants that work in downtown or Brickell. Also within walking distance is North Beach Elementary School, Nautilus Middle School, the well-established Mt. Sinai Hospital, Talmudic University, St. Patrick Catholic Church, Beth Israel Congregation and Temple Beth Sholom.

In short, the Whittier represents a very rare opportunity to acquire a critical mass of units in mid-beach, on the water, with a supreme location; an opportunity that is seldom available but always in demand.




financial analysis

The Whittier | 4035 N Meridian Avenue, Miami Beach, FL 33140 Unit mix

Wtd Average Rent SF Rent Rent SF Rent Rent SF PF Gr$1,250 - $1,300 $1,263 $2.44 $1,400 $2.71 $1,450 $2.80 3.57%$1,300 - $1,400 $1,350 $2.61 $1,450 $2.80 $1,500 $2.90 3.45%$1,450 - $1,550 $1,500 $2.04 $1,600 $2.18 $1,650 $2.25 3.13%$1,550 - $1,700 $1,625 $2.21 $1,700 $2.32 $1,750 $2.38 2.94%$1,200 - $1,550 $1,413 $1.90 $1,600 $2.15 $1,650 $2.21 3.13%$1,400 - $1,450 $1,425 $1.91 $1,650 $2.21 $1,700 $2.28 3.03%$2,400 - $2,400 $2,400 $1.40 $2,500 $1.46 $2,600 $1.52 4.00%

$1,469 $2.04 $1,605 $2.23 $1,658 $2.30 3.28%

Current Monthly

Potential Rent

Pro Forma Monthly

Potential Rent$27,904 $31,500

Current Annual

Potential Rent

Pro Forma Annual

Potential Rent$334,848 $378,000

2 517

1 Bed 1 Bath Large Patio

2 1 Bed 1 Bath Patio

1 Bed 1 Bath Patio1 Bed 1 Bath4 734

2 7344

# of Units Unit Type SF Rent Range4 5171 Bed 1 Bath

1 Bed 1 Bath 745745

1 2 Bed 2 Bath Penthouse 1710

19 14,773

Current Market Pro Forma

1 Bed 1 Bath, 21%

1 Bed 1 Bath P , 11%

1 Bed 1 Bath, 21%1 Bed 1 Bath LP , 11%

1 Bed 1 Bath, 21%

1 Bed 1 Bath P , 11%

2 Bed 2 Bath PH, 5%


The Whittier | 4035 N Meridian Avenue, Miami Beach, FL 33140 income and expense


Total Units: 19Total SF: 14,773

Lot Size (Acres): 0.30Year Built: 1935

% Per Unit Current % Per Unit Pro Forma$19,263 $366,000 $19,895 $378,000

-8.51% ($1,640) ($31,152) 0.00% $0 $01.64% $316 $6,000 1.59% $316 $6,0002.30% $442 $8,400 2.22% $442 $8,4000.09% $18 $333 0.09% $18 $3330.00% $0 $0 1.05% $208 $3,952

$18,399 $349,581 $20,878 $396,685-4.00% ($705) ($13,394) -4.00% ($796) ($15,120)-3.40% ($600) ($11,400) -3.17% ($632) ($12,000)

$17,094 $324,787 $19,451 $369,565

25.26% $4,318 $82,049 22.20% $4,318 $82,0494.13% $706 $13,421 3.63% $706 $13,4213.68% $629 $11,951 3.23% $629 $11,9511.01% $173 $3,294 0.89% $173 $3,2941.75% $300 $5,700 1.54% $300 $5,7001.30% $223 $4,231 1.14% $223 $4,2314.00% $684 $12,991 4.00% $778 $14,7832.92% $500 $9,500 2.57% $500 $9,5000.44% $75 $1,431 0.39% $75 $1,4312.38% $407 $7,740 2.09% $407 $7,7401.46% $250 $4,750 1.29% $250 $4,750

Total Expenses 48.36% $8,266 $157,058 42.98% $8,360 $158,849

Net Operating Income (NOI) $8,828 $167,729 $11,090 $210,716

Property Information

Insurance

Laundry IncomeGross Potential Income (GPI)

VacancyManager Unit

IncomeGross Potential Rent (GPR)

Loss to Lease

Parking IncomeBoat Lift

Effective Gross IncomeExpenses

Other Income

Taxes

ManagementRepairs and Maintenance

Contract Services

TrashGas

Reserves & Replacements

Water/SewerElectric

General and Administrative

Pro Forma Cap Rate:Current Cap Rate:

Price Per SF:Price Per Unit:

List Price:

3.83%3.05%$372

$289,474$5,500,000



sales comparables

The Whittier | 4035 N Meridian Avenue, Miami Beach, FL 33140 Sales comparables

The Whittier

10084 W Bay Harbor Drive

541 13th Street

The Latoro

Salzedo Apartments

8330-8340 Byron Street

1

3

5

2

4

3

5

2

1

4



$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

The Whittier 1084 W Bay Harbor Drive 541 13th Street The Latoro Salzedo Apartments 8330-8340 Byron Street

Price Per Unit

$281,333Average

$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

$300.00

$350.00

$400.00

$450.00

$500.00

The Whittier 1084 W Bay Harbor Drive 541 13th Street The Latoro Salzedo Apartments 8330-8340 Byron Street

Price Per SF

$374.49Average



Price: $5,500,000 Price: $3,500,000 Price: $4,600,000Total Units: 19 Total Units: 12 Total Units: 12Price/Unit: $289,474 Price/Unit: $291,667 Price/Unit: $383,333

Year Built: 1935 Price/SF: $372 Year Built: 1947 Price/SF: $461 Year Built: 1935 Price/SF: $428Sale Date: On Market Sale Date: 1/27/2017 Sale Date: 4/26/2016

# Avg SF # Avg SF # Avg SF4 517 8 N/A 12 8952 517 4 N/A4 7342 7344 7452 7451 1710

Total/Average 19 14,773 12 7,588 12 10,736

Miami Beach, FL 33139Miami Beach, FL 33140

1 Bed 1 Bath Patio

1 Bed 1 Bath1 Bed 1 Bath Large Patio

4035 N Meridian Avenue Bay Harbor Islands, FL 33154

2 Bed 2 Bath Penthouse1 Bed 1 Bath Patio

Unit Type2 Bed 2 Bath

The Whittier 10084 W Bay Harbor Drive 541 13th Street

1 Bed 1 Bath

Unit Type1 Bed 1 Bath

Unit Type1 Bed 1 Bath2 Bed 1 Bath

Subject Sales Comparable 1 Sales Comparable 2



Price: $4,700,000 Price: $3,700,000 Price: $4,000,000Total Units: 20 Total Units: 15 Total Units: 16Price/Unit: $235,000 Price/Unit: $246,667 Price/Unit: $250,000

Year Built: 1939 Price/SF: $382 Year Built: 1969 Price/SF: $308 Year Built: 1951 Price/SF: $292Sale Date: 4/3/2017 Sale Date: 3/31/2017 Sale Date:

# Avg SF # Avg SF # Avg SF5 N/A 3 700 8 N/A15 N/A 12 825 8 N/A

Total/Average 20 12,293 15 12,000 16 13,696

The Latoro Salzedo Apartments 8330-8340 Byron Street529 15th Street 810 Salzedo Street Miami Beach, FL 33141Miami Beach, FL 33139 Coral Gables, FL 33134

Unit Type Unit Type Unit TypeStudio 1 Bed 1 Bath 1 Bed 1 Bath

1 Bed 1 Bath 2 Bed 1 Bath 2 Bed 1 Bath

Under Contract

Sales Comparable 3 Sales Comparable 4 Sales Comparable 5




Rent comparables

The Whittier | 4035 N Meridian Avenue, Miami Beach, FL 33140 rent comparables

The Whittier

The Waterclub

3921 N Meridian Avenue

3925-29 N Meridian Ave

The Castille


345 W 42nd Street


Townley

833 W 39th Street

Excelsior

Nautilus Tower

1

3

5

6

8

9

11

2

10

7

4

1

5

6

8

9

11

2

10

73

4



0%10%20%30%40%50%60%70%80%90%

100%

Occupancy Rate100%

Average

0

200

400

600

800

1,000

1,200

1,400

Average Unit Size

795Average

$0

$500

$1,000

$1,500

$2,000

$2,500

Average Rent

$1,737Average

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

Average Rent Per SF

$2.29Average


The Whittier | 4035 N Meridian Avenue, Miami Beach, FL 33140 Rent Sort - Asking rent

Unit Type 1 Unit Type 2Property Name Unit Type # SF Asking Rent Rent/SF Property Name Unit Type # SF Asking Rent Rent/SFThe Whittier PF 1 Bed 1 Bath LP 2 734 $1,750 $2.38 The Whittier PF 2 Bed 2 Bath PH 1 1710 $2,600 $1.52The Waterclub 1 Bed 2 Bath 1 709 $1,750 $2.47 The Whittier MKT 2 Bed 2 Bath PH 1 1710 $2,500 $1.464015 N Meridian Avenue 1 Bed 1 Bath 1 650 $1,750 $2.69 The Whittier Cur Avg 2 Bed 2 Bath PH 1 1,710 $2,400 $1.40345 W 42nd Street 1 Bed 1 Bath 4 800 $1,750 $2.19 3900 N Merdian Avenue 2 Bed 2 Bath 4 1,058 $2,350 $2.22The Whittier PF 1 Bed 1 Bath P 2 745 $1,700 $2.28 345 W 42nd Street 2 Bed 2 Bath 2 900 $2,200 $2.44The Whittier MKT 1 Bed 1 Bath LP 2 734 $1,700 $2.32 3921 N Meridian Avenue 2 Bed 2 Bath 4 1,300 $2,190 $1.68The Waterclub 1 Bed 1 Bath 1 648 $1,700 $2.62 Nautilus Tower 2 Bed 2 Bath 1 1,000 $1,800 $1.80The Whittier PF 1 Bed 1 Bath 4 734 $1,650 $2.25 Average 1,341 $2,291 $1.79The Whittier PF 1 Bed 1 Bath 4 745 $1,650 $2.21The Whittier MKT 1 Bed 1 Bath P 2 745 $1,650 $2.21Townley 1 Bed 1 Bath 1 877 $1,635 $1.86The Whittier Cur Avg 1 Bed 1 Bath LP 2 734 $1,625 $2.21The Whittier MKT 1 Bed 1 Bath 4 734 $1,600 $2.18The Whittier MKT 1 Bed 1 Bath 4 745 $1,600 $2.15Nautilus Tower 1 Bed 1 Bath 1 775 $1,590 $2.05Excelsior 1 Bed 1 Bath 1 810 $1,550 $1.91The Whittier Cur Avg 1 Bed 1 Bath 4 734 $1,500 $2.04The Whittier PF 1 Bed 1 Bath P 2 517 $1,500 $2.90The Castille 1 Bed 1 Bath 1 680 $1,500 $2.21833 W 39th Street 1 Bed 1 Bath 1 450 $1,500 $3.33The Whittier PF 1 Bed 1 Bath 4 517 $1,450 $2.80The Whittier MKT 1 Bed 1 Bath P 2 517 $1,450 $2.803925-29 N Meridian Ave 1 Bed 1 Bath P N/A 600 $1,440 $2.40The Whittier Cur Avg 1 Bed 1 Bath P 2 745 $1,425 $1.91The Whittier Cur Avg 1 Bed 1 Bath 4 745 $1,413 $1.90The Whittier MKT 1 Bed 1 Bath 4 517 $1,400 $2.71The Whittier Cur Avg 1 Bed 1 Bath P 2 517 $1,350 $2.61The Whittier Cur Avg 1 Bed 1 Bath 4 517 $1,263 $2.443925-29 N Meridian Ave Studio N/A 450 $1,190 $2.64

Average 670 $1,553 $2.37


The Whittier | 4035 N Meridian Avenue, Miami Beach, FL 33140 Rent Sort - rent/square foot

Unit Type 1 Unit Type 2Property Name Unit Type # SF Asking Rent Rent/SF Property Name Unit Type # SF Asking Rent Rent/SF833 W 39th Street 1 Bed 1 Bath 1 450 $1,500 $3.33 345 W 42nd Street 2 Bed 2 Bath 2 900 $2,200 $2.44The Whittier PF 1 Bed 1 Bath P 2 517 $1,500 $2.90 3900 N Merdian Avenue 2 Bed 2 Bath 4 1,058 $2,350 $2.22The Whittier PF 1 Bed 1 Bath 4 517 $1,450 $2.80 Nautilus Tower 2 Bed 2 Bath 1 1,000 $1,800 $1.80The Whittier MKT 1 Bed 1 Bath P 2 517 $1,450 $2.80 3921 N Meridian Avenue 2 Bed 2 Bath 4 1,300 $2,190 $1.68The Whittier MKT 1 Bed 1 Bath 4 517 $1,400 $2.71 The Whittier PF 2 Bed 2 Bath PH 1 1710 $2,600 $1.524015 N Meridian Avenue 1 Bed 1 Bath 1 650 $1,750 $2.69 The Whittier MKT 2 Bed 2 Bath PH 1 1710 $2,500 $1.463925-29 N Meridian Ave Studio N/A 450 $1,190 $2.64 The Whittier Cur Avg 2 Bed 2 Bath PH 1 1,710 $2,400 $1.40The Waterclub 1 Bed 1 Bath 1 648 $1,700 $2.62 Average 1,341 $2,291 $1.79The Whittier Cur Avg 1 Bed 1 Bath P 2 517 $1,350 $2.61The Waterclub 1 Bed 2 Bath 1 709 $1,750 $2.47The Whittier Cur Avg 1 Bed 1 Bath 4 517 $1,263 $2.443925-29 N Meridian Ave 1 Bed 1 Bath P N/A 600 $1,440 $2.40The Whittier PF 1 Bed 1 Bath LP 2 734 $1,750 $2.38The Whittier MKT 1 Bed 1 Bath LP 2 734 $1,700 $2.32The Whittier PF 1 Bed 1 Bath P 2 745 $1,700 $2.28The Whittier PF 1 Bed 1 Bath 4 734 $1,650 $2.25The Whittier PF 1 Bed 1 Bath 4 745 $1,650 $2.21The Whittier MKT 1 Bed 1 Bath P 2 745 $1,650 $2.21The Whittier Cur Avg 1 Bed 1 Bath LP 2 734 $1,625 $2.21The Castille 1 Bed 1 Bath 1 680 $1,500 $2.21345 W 42nd Street 1 Bed 1 Bath 4 800 $1,750 $2.19The Whittier MKT 1 Bed 1 Bath 4 734 $1,600 $2.18The Whittier MKT 1 Bed 1 Bath 4 745 $1,600 $2.15Nautilus Tower 1 Bed 1 Bath 1 775 $1,590 $2.05The Whittier Cur Avg 1 Bed 1 Bath 4 734 $1,500 $2.04Excelsior 1 Bed 1 Bath 1 810 $1,550 $1.91The Whittier Cur Avg 1 Bed 1 Bath P 2 745 $1,425 $1.91The Whittier Cur Avg 1 Bed 1 Bath 4 745 $1,413 $1.90Townley 1 Bed 1 Bath 1 877 $1,635 $1.86

Average 670 $1,553 $2.37



Total Units: 19 Total Units: 2 Total Units: 4Occupancy: 100% Occupancy: N/A Occupancy: 100%Year Built: 1935 Year Built: 1940 Year Built: 1956

Comments: Comments:

Unit Type # Avg SF Rent Rent/SF Unit Type # Avg SF Rent Rent/SF Unit Type # Avg SF Rent Rent/SF1 Bed 1 Bath 4 517 $1,263 $2.44 1 Bed 1 Bath 1 648 $1,700 $2.62 2 Bed 2 Bath 4 1300 $2,190 $1.68

1 Bed 1 Bath P 2 517 $1,350 $2.61 1 Bed 2 Bath 1 709 $1,750 $2.471 Bed 1 Bath 4 734 $1,500 $2.04

1 Bed 1 Bath LP 2 734 $1,625 $2.211 Bed 1 Bath 4 745 $1,413 $1.90

1 Bed 1 Bath P 2 745 $1,425 $1.912 Bed 2 Bath PH 1 1710 $2,400 $1.40

Total/Average 19 720 $1,469 $2.04 2 679 $1,725 $2.54 4 1,300 $2,190 $1.68

Comments:Units have parquet wood floors in the living area and carpet in the bedrooms, with butcher block kitchen counter tops, stainless appliances, updated windows. Laundry on-site and 7 off-street parking spaces. Waterfront property with 1 boat lift and a tiki hut. Select units have terraces.

Miami Beach, FL 33140

The Whittier4035 N Meridian Avenue

The Waterclub3915-3917 N Meridian AvenueMiami Beach, FL 33140

3921 N Meridian AvenueMiami Beach, FL 33140

Dated unit with laminate floors and old kitchen. Waterfront property.

Individual condo units. Remodeled, wood floors, black granite countertops and stainless steel appliances, updated bathrooms. Gated and waterfront property.

Subject Rent Comparable 1 Rent Comparable 2Subject Rent Comparable 1 Rent Comparable 2


The Whittier | 4035 N Meridian Avenue, Miami Beach, FL 33140 Rent comparables

Total Units: 15 Total Units: 1 Total Units: 1Occupancy: 100% Occupancy: 100% Occupancy: N/AYear Built: 1942 Year Built: 1967 Year Built: 1936

Comments: Comments: Comments:

Unit Type # Avg SF Rent Rent/SF Unit Type # Avg SF Rent Rent/SF Unit Type # Avg SF Rent Rent/SFStudio 450 $1,190 $2.64 1 Bed 1 Bath 1 680 $1,500 $2.21 1 Bed 1 Bath 1 650 $1,750 $2.69

1 Bed 1 Bath P 600 $1,440 $2.40

Total/Average 15 525 $1,315 $2.50 1 680 $1,500 $2.21 1 650 $1,750 $2.69

The below rent is adjusted by $40 to include water. This property does not offer parking. Waterfront property.

Individual condo unit. Updated unit, wood floors, private garage. Waterfront property with a pool.

Miami Beach, FL 33140 4011 N Meridian Avenue Miami Beach, FL 33140Miami Beach, FL 33140

Individual condo unit. Old white 12" tile floors in living space, and wood floors in bedroom. Very dated kitchen, all white with formica counter tops. Balcony facing the water and 1 assigned parking space. Building has a pool. Waterfront property.

3925-29 N Meridian Ave The Castille 4015 N Meridian Avenue

Rent Comparable 3 Rent Comparable 4 Rent Comparable 5



Total Units: 8 Total Units: 4 Total Units: 1Occupancy: 100% Occupancy: 100% Occupancy: 100%Year Built: 1952 Year Built: 1937 Year Built: 1948

Comments:

Unit Type # Avg SF Rent Rent/SF Unit Type # Avg SF Rent Rent/SF Unit Type # Avg SF Rent Rent/SF1 Bed 1 Bath 4 800 $1,750 $2.19 2 Bed 2 Bath 4 1058 $2,350 $2.22 1 Bed 1 Bath 1 877 $1,635 $1.862 Bed 2 Bath 2 900 $2,200 $2.44

Total/Average 6 833 $1,900 $2.28 4 1,058 $2,350 $2.22 1 877 $1,635 $1.86

345 W 42nd Street 3900 N Meridian Avenue Townley

Comments:Units were renovated with granite kitchens, stainless steel appliances, modern bathrooms, original hardwood floors that are refinished, washer/dryer in the unit and 1 parking space per unit. Non-waterfront building.

Individual condo unit. Units is dated but clean kitchen, white appliances, wood floors, marble bathroom, impact windows. Non-waterfront property.

Miami Beach, FL 33140 Miami Beach, FL 33140 4010 N Meridian AvenueMiami Beach, FL 33140

Comments:Newly renovated building in and out. Modern kitchen with quartz counterops, subway tile backsplash, stainless steel appliances, wood look tile floors and modern bathroom. Impact windows and doors, mini split A/C system. Non-waterfront property.




Total Units: 1 Total Units: 1 Total Units: 2Occupancy: 100% Occupancy: 100% Occupancy: 100%Year Built: 1936 Year Built: 1970 Year Built: 1966

Comments: Comments:

Unit Type # Avg SF Rent Rent/SF Unit Type # Avg SF Rent Rent/SF Unit Type # Avg SF Rent Rent/SF1 Bed 1 Bath 1 450 $1,500 $3.33 1 Bed 1 Bath 1 810 $1,550 $1.91 1 Bed 1 Bath 1 775 $1,590 $2.05

2 Bed 2 Bath 1 1000 $1,800 $1.80

Total/Average 1 450 $1,500 $3.33 1 810 $1,550 $1.91 2 888 $1,695 $1.91

New kitchen with granite & SS appliances, quartz countertop and 400 SF outdoor patio and central air. Street parking only. Non-waterfront property.

Comments:Individual condo unit. 1990's laminte floors, wood kitchen cabinets with white appliances, a balcony, central air and a pool. Non-waterfront property.

Individual condo units. Older tile floors in living area, old carpet in bedroom, circa 1990 white kitchen cabinets with granite countertops and white appliances. Balcony, central air and 1 assigned parking space.

Miami Beach, FL 33140 4141 Nautilus Drive 4142 N Jefferson AvenueMiami Beach, FL 33140 Miami Beach, FL 33140

833 W 39th Street Excelsior Nautilus Tower





about msp group

DEME MEKRASCEO, Managing Partner

DIRECT:786-671-0149

MOBILE:786-208-2684

[email protected]

REAL ESTATE EXPERTISEDeme Mekras is CEO, Managing Partner and Co-Founder of MSP Group LLC. Specializing in multifamily brokerage throughout South Florida, Deme brings to the table more than 14 years of experience with career closings surpassing $600 million. Deme has a wealth of knowledge to draw from when advising his clients as they navigate buying, selling, and financing investment real estate. Deme not only has a command of the multifamily market, but also has expertise that spans into the retail, office, and development sectors. Although the majority of his extensive track record is in South Florida, he has closed deals in seven states.

He has executed transactions for private investors, local, and regional banks, large institutions, national special servicers, operators backed by hedge funds, and national agencies such as Fannie Mae. Most importantly, Deme, along with the entire MSP team pride themselves on treating their clients like family, personifying the consultative approach to investment real estate. He is adept in the options and implications surrounding real estate investing and helps his clients consider all options and their respective risks and opportunities.

EXPERIENCE/PROFESSIONAL HISTORYPrior to co-founding MSP Group LLC, Deme was recruited by Franklin Street Real Estate Services and served as Regional Managing Partner for more than two years. During his tenure at Franklin Street, he successfully developed the brand in the South Florida marketplace where previous to Deme’s efforts, the firm had zero investment sales presence and zero market share. Deme lead his team successfully and completed more than $150 million in transaction volume during their tenure at Franklin Street. Deme received the Sales Achievement Award at Franklin Street in 2014.

Prior to Franklin Street, Deme worked at Marcus & Millichap from 2002 through 2012 and served as a founding member of its Miami office which opened in 2005. Based on his stellar performance, he was later promoted to Vice President of Investments. Deme was also a member of the Seven-Figure Club and earned numerous sales recognition awards, consistently performing as one of the top agents in the office. Having worked in a variety of industries prior to his career in real estate, Deme gained valuable sales experience with telecom providers such as MCI/WorldCom and Southeast Telephone. Deme earned a Bachelor of Business Administration from Southern Methodist University in Dallas where he majored in Organizational Behavior and Business Policy and received a double minor in Spanish and Latin American Studies. A Miami native, Deme is fluent in both English and Spanish.

EDUCATION

Southern Methodist University• BBA in Organizational Behavior and Business Policy, 1998• Double Minor Spanish and Latin American Studies• Licensed Real Estate Broker - Florida

SALES ACHIEVEMENTS/AWARDS

• Surpassed $600 Million in Closed Deals• Surpassed 8,000 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

Team biographies


ELLIOT SHAINBERGManaging Partner

DIRECT:786-671-0151

MOBILE:917-992-6189

[email protected]

REAL ESTATE EXPERTISEElliot Shainberg is Co-Founder and Managing Partner of MSP Group LLC. Specializing in multifamily brokerage throughout South Florida, Elliot brings to the table more than 13 years of experience with career closings surpassing $370 million.

The majority of Elliot’s track record is in South Florida, but he previously sold and managed multifamily properties in New York City. He has executed business for private investors, local, and regional banks, large institutions, national special servicers, operators backed by hedge funds and national agencies such as Fannie Mae.

Elliot is a champion of the MSP Group brand of doing business and prides himself on treating his clients like family. Elliot and his team are steadfast in their efforts to advise clients on all of their options and implications surrounding their real estate investments. Helping them to consider both their respective risks and opportunities. Elliot, like the entire MSP Group team, understands that the client’s agenda is the only agenda.

EXPERIENCE/PROFESSIONAL HISTORYPrior to co-founding MSP Group LLC, Elliot was recruited by Franklin Street Real Estate Services served as Senior Director for more than two years. During his tenure at Franklin Street, he and his team successfully developed the brand in South Florida where previous to their efforts, the firm had zero investment sales presence or market share. Elliot and his team successfully completed more than $150 million in transaction volume during their tenure at Franklin Street. Elliot received the Sales Achievement Award at Franklin Street in 2014.

Prior to Franklin Street, Elliot worked at Marcus & Millichap from 2003 through 2012, successfully closing business during the run up of 2004-2007 and during the subsequent downturn of 2008-2011. Elliot was Marcus & Millichap’s Number One Multifamily Agent for the Miami office in 2009.

Before venturing into the world of real estate, Elliot gained valuable sales experience at CompuPay (now BenefitMall) selling payroll services to businesses in New York City. Elliot earned a Bachelor of Political Science from Yeshiva University in New York. He is a California native that spent about 10 years in New York City prior to moving to South Florida, where he has resided since 2003.

EDUCATION

Yeshiva University

• BA in Political Science• Licensed Real Estate Salesperson - Florida

SALES ACHIEVEMENTS/AWARDS

• Surpassed $370 Million in career closings• 4,500 + Units Closed• Sales Achievement Award - Franklin Street, 2014• #1 Agent Marcus & Millichap Miami Office—2009

Team biographies


REAL ESTATE EXPERTISE/PROFESSIONAL HISTORYSam brings more than 4 years of industry experience to the MSP Group team. He began his real estate career with one

of the nation’s largest commercial brokerage firms, Marcus & Millichap and then gained additional perspective and

experience with more than 2 years at a smaller regional firm Franklin Street, which had recruited the entire team.

Sam was a founding team member of the MSP family; having been with the company since it opened its doors in 2015.

Sam’s contributions to the the team and its clients is invaluable particularly with respect to underwriting and modeling.

Sam’s Master of Science in Finance from Florida International University and experience in having underwritten more

tha $600,000,000 of investment property enables the MSP team to handle an assignment of any size.

EDUCATION

Florida International University

• Master Science of Finance, 2014• BBA in Finance, 2013• Licensed Real Estate Salesperson - Florida

Sam MekrasInvestment Associate

DIRECT:786-671-0154

MOBILE:786-417-3709

[email protected]

Team biographies


HAVANA STARS850 SW 3rd St & 851 SW 4th StMiami, FL 33130Price: $1,350,000Units: 14Price/Unit: $96,429Year Built: 1930,53 &75

Available—Miami, FL

THE WHITTIER4035 N Meridian AvenueMiami Beach, FL 33140Price: $5,500,000 Units: 19Price/Unit: $289,474 Year Built: 1935

SUNSET PALMS7400 Stirling Road, Davie, FL

Price: $38,500,000Units: 318Price/Unit: $121,069Year Built: 1975

Closed—Davie, FL

22 UNIT PORTFOLIO314 SW 3rd Ave & 317 SW 5th AveHomestead, FL 33030Price: $1,298,000Units: 22Price/Unit: $59,000Year Built: 1957,50

Available—Homestead, FLAvailable—Miami Beach, FL Available—Miami, FL

LITTLE HAVANA945 SW 4th StreetMiami, FL 33130Price: $840,000Units: 6Price/Unit: $140,000Year Built: 1973

Closed—Hollywood, FL

HIALEAH PORTFOLIOHialeah, FLPrice: $14,100,000Units: 161Price/Unit: $87,578Year Built: 1958-1968

Closed— Hialeah, FL

AVESTA PORTFOLIOMultiple Loations, FLPrice: $81,363,000Units: 2,199Price/Unit: $37,000Year Built: Various

Closed—Florida Portfolio

PALM TERRACE3600 Van Buren Street, Hollywood, FLPrice: $19,550,000Units: 192Price/Unit: $101,822Year Built: 1968

MSP Group Deals

CLOSEDCLOSED

CLOSEDCLOSED


KIMBERLY5101 SW 12th Court, North Lauderdale, FLPrice: $11,900,000Units: 100Price/Unit: $119,000Year Built: 1960

Closed—Tamarac, FL

VIZCAYA VILLAS1000 N Nob Hill Circle, Tamarac, FLPrice: $12,350,000Units: 129Price/Unit: $95,736Year Built: 1990

WINDWARD LAKES3985 W McNab Rd, Pompano Beach, FLPrice: $9,600,000Units: 104Price/Unit: $92,308Year Built: 1992

Closed—Miami, FL

NODEN8951 NE 8th St & 800 NE 90th St, Miami, FLPrice: $11,400,000Units: 94Price/Unit: $121,277Year Built: 1968 & 1970

Closed—North Lauderdale, FLClosed—Wilton Manors, FL Closed—Miami, FL

GRAND ISLAND II & IIIMiami & North Miami Beach, FLPrice: $11,000,000Units: 110Price/Unit: $100,000Year Built: 1959/69

Closed—Pompano Beach, FL

SOVEREIGN BANK PORTFOLIOMultiple Locations, FLPrice: $9,000,000Units: 367Price/Unit: $24,523Year Built: Multiple

Closed—Florida Portfolio

MONSERRATT REFI3000 SW 3rd Avenue Miami, FLAmount: $10,410,000Units: 120Amount/Unit: $86,750Year Built: 2000

Closed—Miami & North Miami Beach, FL

PALM GARDENS2727 N Andrews Ave, Wilton Manors, FLPrice: $14,000,000Units: 163Price/Unit: $85,890Year Built: 1969

MSP Group Deals

CLOSEDCLOSED

CLOSEDCLOSED

CLOSEDCLOSED

CLOSEDCLOSED


SHADY OAKS5870 56th Ave, St Petersburg, FLPrice: $7,100,000Units: 189Price/Unit: $37,566Year Built: 1972 & 1974

Closed—St Petersburg, FL

AUTUMN CHASE CONDOS2200 Gladys St, Largo, FLPrice: $7,431,956Units: 124 of 232Price/Unit: $56,000Year Built: 1975

MIAMI D611 NW 177th St, Miami Gardens, FLPrice: $6,050,000Units: 112Price/Unit: $54,018Year Built: 1972

Closed—Largo, FL

JACLYN1315-1345 W 29th St, Hialeah, FLPrice: $6,050,000Units: 72Price/Unit: $84,028Year Built: 1970

AMANDA PALMS6425 W 24th Avenue, Hialeah, FLPrice: $5,350,000Units: 67Price/Unit: $79,851Year Built: 1988

Closed—Hialeah, FL

Closed— Miami, FL

INTERMEX9480 S Dixie Highway, Miami, FLPrice: $7,474,000SF: 25,420Price/SF: $294Year Built: 1994

Closed—Palm Springs, FL

CONTINENTAL SPRINGS801 S Royal Poinciana Blvd, Miami Springs, FLPrice: $5,300,000Units: 55Price/Unit: $96,364Year Built: 1966

Closed—Miami Gardens, FL Closed—Hialeah, FL Closed—Miami Springs, FL

SABAL POINTE CONDOS251 Bonnie Blvd, Palm Springs, FLPrice: $8,190,000Units: 117Price/Unit: $70,000Year Built: 1973

MSP Group Deals

CLOSEDCLOSED

CLOSEDCLOSED

CLOSEDCLOSED

CLOSEDCLOSED


CRESPI WATERFRONT8101 Crespi Blvd, Miami Beach, FLPrice: $4,300,000Units: 24Price/Unit: $179,167Year Built: 1969

Closed— Miami Beach, FL

GALAXY15005 NE 6th Avenue, Miami, FLPrice: $4,000,000Units: 48Price/Unit: $83,333Year Built: 1972

SUMMERTREE GREEN7402 Heritage Hills Drive,Tampa, FLPrice: $3,850,000Units: 90Price/Unit: $42,778Year Built: 1983

Closed— Miami, FL

SOUTHWOOD11050 SW 197th St, Miami, FLPrice: $3,039,550Units: 74Price/Unit: $41,075Year Built: 1966

ALLEGRO1255 W Okeechobee Rd, Hialeah, FL


Closed—Miami, FL

Closed— Tamarac, FL

GREENVIEW TAMARAC1000 N Nob Hill Circle, Tamarac, FLPrice: $4,515,000Units: 129Price/Unit: $35,000Year Built: 1990

Closed—Miami, FL

MALAGA PARC CONDOS6671 W 22nd Ct, Hialeah, FLPrice: $2,700,000Units: 18Price/Unit: $150,000Year Built: 2006

Closed—Tampa, FL Closed—Hialeah, FL Closed—Hialeah, FL

DEL RIO125 SW 18th Court, Miami, FLPrice: $4,620,000Units: 77Price/Unit: $60,000Year Built: 1963

MSP Group Deals

CLOSEDCLOSED

CLOSEDCLOSED

CLOSEDCLOSED

CLOSEDCLOSED


MALAGA PARC CONDOS6671 W 22nd Ct, Hialeah, FLPrice: $2,700,000Units: 18Price/Unit: $150,000Year Built: 2006


1091 GALIANO LAND1091 Galiano Street, Coral Gables, FLPrice: $2,550,000Buildable Units: 27Price/Buildable Unit: $94,444Year Built: TBD

OMAX465 E 28th St, Hialeah, FLPrice: $2,430,000Units: 24Price/Unit: $101,250Year Built: 1959

Closed— Coral Gables, FL

SHENANDOAH ARMS1876 SW 11th Ter, Maimi, FLPrice: $2,266,002Units: 18Price/Unit: $125,889Year Built: 1925/2007

CONTINENTAL WEST447 NE 125th St, North Miami, FLPrice: $2,393,000Units: 36Price/Unit: $66,472Year Built: 1966

Closed—Hialeah, FL


ALLEGRO1255 W Okeechobee Rd, Hiaeah, FL


Closed—Miami, FL

DECO APARTMENTS1443 West Ave, Miami Beach, FL Price: $2,182,500Units: 10Price/Unit: $218,250Year Built: 1936

Closed—Hialeah, FL Closed—North Miami, FL Closed—Miami Beach, FL

SOUTHWOOD11050 SW 197th St, Miami, FLPrice: $3,039,550Units: 74Price/Unit: $41,075Year Built: 1966

MSP Group Deals

CLOSEDCLOSED

CLOSEDCLOSED

CLOSEDCLOSED

CLOSEDCLOSED


4035 n meridian avenue, miami beach, fl...the whittier is a 19 unit apartment building located at...

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