310 Meridian AvenueMiami Beach, FL 33139

Presented - May 21, 2018

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This Presentation has been prepared by Beacon Hill Property Group. The information contained herein is confidential and furnished solely for the purpose of your consideration of engaging Beacon Hill Property Group to provide real estate services. It is not to be used for any other purpose or made available to any other person without the written consent of Beacon Hill Property Group. The information contained in this Presentation was obtained from sources we deem reliable. That said, you should conduct your own independent evaluation and not depend solely on the information contained herein.

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liability related to this Presentation; 3. You will hold the Presentation and treat it in the strictest of confidence; and4. You will not, directly or indirectly, disclose or permit anyone else to disclose this Presentation.

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Table of Contents

4-5

6

7-9

10-12

Why Beacon Hill.………………………………………...

Executive Summary.………………………………….…

The Property……………………………………………….

The Market…………………………………..………........

Sales Strategy & Investor Perspective…….....…..

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Executive Summary

SALES STRATEGY

• List at $5,000,000 ($713/SF)

• Market the property as a short-term rental investment opportunity

• Execute a multi-channel marketing campaign:

1. Direct targeting

2. Proprietary database

3. Online sale platforms

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Executive Summary

Short-Term Rental Thesis

Investor Returns

Profit $3,369,463

ROI 55.81%

IRR 25.28%

Stabilized Yield 8.99%

Year 0 1 2

Capital InvestmentPurchase + Improvements ($6,037,500)

Asset P&L 50% Stabilized 100% Stabilized

Net Operating Income $271,354.69 $542,709

DispositionSale Price $9,045,156

Sale Costs 5.00% ($452,258)

Net Proceeds $8,592,898

Project Total Cash Flow ($6,037,500) $271,355 $9,135,608

2 Year Project Cash Flow

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The Property

1820 NE 146th St

• 310 Meridian is a 17 unit multi-family apartment building ideally positioned in the heart of South Beach’s coveted SoFi neighborhood.

• Required hotel entitlements in place to operate as a short-term rental property.

• Modest $1.037M CapEx investment required to reposition this asset as a short-term rental property.

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The South of Fifth neighborhood has experienced consistent development growth, including multiple boutique luxury residential development projects.

SoFi now boasts seven unique and recently completed luxury projects including 321 Ocean, 350 Meridian, Glass, Louver House, Marea South Beach, One Ocean and Three Hundred Collins. As increased density reduces development opportunity, owners will benefit from heightened barriers-to-entry.

The South of Fifth neighborhood has established itself as the preeminent neighborhood for tourism and luxury living in South Florida.

The Market

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• 58.5% of 15.9M annual visitors to the greater Miami area lodge in Miami Beach

• 86.2% of visitors come for leisure

• Miami Beach Hotel occupancy is 86%

• Miami Beach average room rate is $350.66

• Market share of short-term residence rentals increased 480% from 2013 - 2017

*Source is Greater Miami Convention & Visitors Bureau. Based upon February 2018 Data

Miami is a Top 5 Hotel Market Nationally

The Market

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The Market

Available For Sale

Closed Sale Transactions

Address Asking Price Building SF Land SF PSF Building PSF Land Description

251 Washington $7,700,000.00 13,000 $592.31 Raw Land; Development opportunity.

334 Ocean Dr 7,631 5,750 $0.00 28 room hotel; 192 SF avg room; 2 story;

304 Ocean Dr $11,000,000.00 10,125 11,325 $1,086.42 $971.30

Could develop up to 20,1225 SF residential or hotel.

Currently raw land.

226 Jefferson Ave $4,490,000.00 4,299 7,000 $1,044.43 $641.43 9 units multi-family property, 1 story. 4% cap.

412 Ocean Dr $8,000,000.00 12,360 17,424 $647.25 $459.14

23 Unit Multi-Family Building and parking lot over 3

folios; property currrently leased for 26 years.

735 Meridian Ave $3,900,000.00 7,313 6,970 $533.30 $559.54 13 units multifamily building. 2 stories.

848 Jefferson Ave $3,500,000.00 6,895 6,970 $507.61 $502.15

15 metered units, currently all furnished. 2 stories.

Listed since Dec 2015.

825 Michigan Ave $3,975,000.00 9,406 6,970 $422.60 $570.30

7 units apartments property. 3 stories buidling. 100%

occupied. 4.57% cap rate.

719 7th St $2,750,000.00 7,138 6,970 $385.26 $394.55 16 unit apartment building. 2 stories.

65-75 Washington Ave

26 unit multi-family that is being marketed as laa

redevelopment opportunity for high-end retail

Address Asking Price

Building

SF Land SF PSF Building PSF Land Description Date

354 WASHINGTON

AVE $5,150,000.00 6,566 6,000 $784.34 $858.33

14 rooms hotel. Average daily rate $297. RevPar $270.

2 stories. Land use is hotel. Corner lot. 5/30/2017

321 Collins $6,800,000.00 8,766 6,500 $775.72 $1,046.15

26 room Hostel; 2 story; 196 beds; Zoned Multi-Family;

Land use is Hotel 4/11/2018

250 Collins $14,600,000.00 22,844 13,000 $639.12 $1,123.08 27 unit Multi-Family Building; 3 stories; Built 1959 3/6/2018

347 Washington Ave $5,750,000 11,228 13,000 $512.11 $442.31

355 & 347 washington ave, 2 lots.

24 rooms hotel, 2 stories. 4/26/2017

900 Pennsylvania Ave $2,825,000.00 7,632 7,000 $370.15 $403.57 14 units multi-family property. 2 stories. 10/27/2017

920 Pennsylvania Ave $2,300,000.00 6,505 7,000 $353.57 $328.57 12 units multi-family property. 5/30/2017

803 fifth st $5,965,000.00 9,000 $662.78

raw land on 5th at northwest corner of intersection

with Meridian. 6/9/2017

161 Washington $4,150,000.00 6,500 $638.46 raw land 3/31/2017

Sales Strategy

We recommend bringing 310 Meridian to market at $5,000,000. We wouldactively market the property as a short-term rental opportunity in the heart ofSoFi. A moderately aggressive asking price will ensure that we attract the largestpossible pool of prospective buyers while not leaving any money on the table.

Proprietary Database

Direct Targeting Online Sales Platforms

• Co-Star

• LoopNet

• Crexi

• RealConnex

• Beacon Hill Website

• Digital marketing campaign to more than 8,000 subscribers to our proprietary database

• South Florida focused digital campaigns

• Active Miami Beach Multi-family and hotel investors

• Strategic short-term rental operators

• All property owners in close proximity to property

Investor Perspective

Our analysis highlights the investment thesis we would utilize to support a $5M purchaseprice based on the value creation potential upon repositioning the asset as a short-termrental property.

Daily Occupancy Monthly Revenue Annual Revenue

14 Studios $175 75.00% $55,125 $670,688

Three 1 beds $200 75.00% $1,800 $164,250

Gross Income $834,938

OPEX 35.00% ($292,228)

NOI $542,709

Value Cap Rate 6.00% $9,045,156

Pro-Forma Income Statement

Capital Improvement BudgetPer Unit Upgrade $30,000 510,000.00$

Structural, roofing,

common areas 400,000.00$

Soft costs % of hard

costs 20.00% 102,000.00$

Contingency 5.00% 25,500.00$

Total Renovation Expense 1,037,500.00$

Investor Project Returns

Profit $3,369,463

ROI 55.81%

IRR 25.28%

Stabilized Yield 8.99%

Year 0 1 2

Capital InvestmentProperty Acquisition ($5,000,000)

Capital Improvements Per Door ($510,000)

Structural, roofing, common areas ($400,000)

Soft costs @ 25% of hard costs ($102,000)

Contingency ($25,500)

Total Renovation Expense ($1,037,500)

Total Project ($6,037,500)

Asset P&L 50% Stabilized 100% Stabilized

14 Studios $335,343.75 $670,688

Three 1 beds $82,125.00 $164,250

Gross Income $417,468.75 $834,938

OPEX 35.00% ($146,114.06) ($292,228)

Net Operating Income $271,354.69 $542,709

DispositionSale Price $9,045,156

Sale Costs 5.00% ($452,258)

Net Proceeds $8,592,898

Project Total Cash Flow ($6,037,500) $271,355 $9,135,608

2 Year Project Cash Flow

Investor Perspective

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Testimonials

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www.beaconhillpg.com

Lisa BolivarVice President

Lisa@beaconhillpg.com

305-798-7218

matt@beaconhillpg.com

305-798-2223

Matthew MartinezPresident

David RothensteinManaging Director

david@beaconhillpg.com

305-851-8820