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COCONUT GROVE PORTFOLIOMIAMI, FLORIDA

BISCAYNE BAY

OFFERING MEMORANDUM

Grand Ave

A C T I D Y 0 3 9 0 6 3 92

The information contained in the following Marketing Brochure is proprietary and strictly confidencial. It is intended to be reviewed only by the party

receiving it from Marcus & Millichap and should not be made available to any other person or entity withoutthe written contsent of Marcus & Millichap.

This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary

level of interest in subject property. The information contained herein is not a substitude for a thorough due diligence investigation. Marcus & Millichap

has not made any investigation, and makes nowarranty or representation, with respect to the income or expenses for the subject property, the

future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of

contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon,

or financial condition or business prospects of any tenant, or any tenant’s plan or intentions to continue its occupancy of the subject property. The

informationcontained in this Marketing Brochure has been obtained from sources we believe to be reliable; how ever, Marcus & Millichap has not verified,

and will not verify, any of the information contained in this herein, nor has Marcus & Millichap conducted any investigation regarding these matters and

makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take

appropriate measures to verify all of the information set forth herein.

CONFIDENTIALITY AND DISCLAIMER

Marcus & Millichap Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) is not affiliated with, sponsored by, or endorsed by any commercial

tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with,

or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial

listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NON-ENDORSEMENT NOTICE

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COCONUT GROVE PORTFOLIO

A C T I D Y 0 3 9 0 6 3 94

TABLE OF CONTENTS

1 LOCATION OVERVIEW

2 PROPERTY DESCRIPTION

3 FINANCIAL ANALYSIS

4 MARKET COMPARABLES

5 MARKET OVERVIEW

5A C T I D Y 0 3 9 0 6 3 9

Grand Ave

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MIAMI, FLORIDALOCATION OVERVIEW

1

7A C T I D Y 0 3 9 0 6 3 9

MARKET & PROPERTY OVERVIEW

Coconut Grove

- The desirability to be in Coconut Grove has grown over the past couple years as plans for new developments

and renovations have taken place nearby

- Grand Avenue is seen as one of the main streets within Coconut Grove, containing a number of restaurants,

shopping, and residential uses. It runs through the center of Coconut Grove, making it very accessible for

Pedestrians to explore the area

- Potential for exponential rent growth as the new mixed-use developments will be the first of its kind in the area

- As demand in the area increases, it will continue to drive users to its neighboring side streets further

developing the area

- Well established area that contains a reputation as South Florida’s most attractive and dynamic community

A C T I D Y 0 3 9 0 6 3 98

9A C T I D Y 0 3 9 0 6 3 9

A C T I D Y 0 3 9 0 6 3 910

1. Cocowalk

2. The Mayfair

3. Miami City Hall

4. Peacock Park

5. Coconut Grove Sailing Club

6. The Barnacle State Park

7. Regatta Park

8. Coconut Grove Library /Women’s Club

9. Kirk munroe Park

10. St. Stephen’s episcopal Church & School

11. Engle Building (completed)

12. Commodore Corner (completed)

13. Frameworks

14. Grove Corner

15. Sunshine Building

16. Hungry Howie’s

17. Kaleidoscope

18. Mr. Frogs

19. Knife site

20. Coconut Grove Playhouse

21. Grove at Grand Bay

22. Park Grove

23. The Harbour

24. Grove House Otel

25. Oak Avenue Apartments

26. Oak Avenue Garage

27. Municipal Garage at the Harbour

28. Municipal Garage at the Playhouse

29. Arquitectonica

30. Open English

31. HealthSun

32. Sapientnitro

33. Crispin Porter + Bogusky

34. Regus

35. Buro

36. Coconut Grove Bank

37. Kaufman Rossin & Company

38. Sonesta Coconut Grove

39. Mayfair Hotel

40. The Mutiny Hotel

41. Residence Inn

42. The Ritz-Carlton

43. Courtyard Miami

POINTS OF INTERESTS

POINTS OF INTERESTS

SUBJ

ECT

11A C T I D Y 0 3 9 0 6 3 9

RETAILINSTITUTIONAL

FOOD & BEVERAGEAVAILABLE SPACES

PARKS

PARKING LOTS

HOTELS

mayfair mayfair

COCOWALK

GRAND AVENUE

MA

TIL

DA

ST

RE

ET

COM

MO

DORE PLAZA

MC FARLANE RO

AD

SOUTH B

AYSHORE D

RIVE

PEACOCK PARK

MARY STREET

MA

RY

ST

RE

ET

RIC

E S

TR

EE

T

FLORIDA AVENUE

VIR

GIN

IA S

TR

EE

T

GRAND AVENUEGRAND AVENUE

FULLER STREET

MAIN

HIG

HWAY

MAIN

HIG

HWAY VIA ABITARE W

AY

RETAIL MAP

BURO¨

AESO

P

GROVE HOUSE

HOTEL

EDITE MODE

JUICEN

SE

MAS

ATA

QUER

IA

AZUL

AVAILABLE

VICTORIA’S SECRETVICTORIA’S SECRETBEAUTY

AVAILABLEAVAILABLE

YGRENE

AVAI

LABL

E

AVAI

LABL

E

AVAI

LABL

E

AVAI

LABL

E

AVAI

LABL

E

AVAILABLE

AVAILABLEAVAILABLE

AVAILABLE

GREENSTREET CAFE

AVAILABLE

BOHO

AVAI

LABL

E

AVAI

LABL

E

416 PARKING SPACES

BIKESOMEWHERE

MAYFAIRPARKINGGARAGE

935 TOTALPARKINGSPACES

935 TOTAL PARKING SPACESMAYFAIR PARKING GARAGE

935 TOTAL PARKING SPACESMAYFAIR PARKING GARAGE

850 PARKING SPACESCOCOWALK PARKING GARAGE

PUBLIC PARKING LOT88 PARKING SPACES

65 PA

RKING SP

ACES

120 K

EYS

(TO BE D

EVEL

OPED)

GLASS

& VINE

REMEMBER LOVEJEWELRY & CROCHET

SONES

TA HOTE

L & CO

NDOS

PARKIN

G GARAG

E

180 P

ARKIN

G SPAC

ES

LUCKY 14

SMOKE SHOP

COND

OM U

SA

AVAIL

ABLE

POLISH ED COCONUT

35 PA

RKING SP

ACES

200 PARKING SPACES

AVAIL

ABLE

RAMONA LARUE

AVAIL

ABLE

AVAIL

ABLE

OROLO

GI

ALLIE

AND CHICANIKK

I’S BE

ACH

BOUT

IQUE

33 KI

TCHEN

DHARMA S

TUDIO

THE B

ODY CONTO

UR CO

MPANY

MIDORI GAL

LERY

AMIE

PINEDA COVALIN MIAMI

C.S. READING ROOM

AVAIL

ABLE

GRIFFIN

SHOES

AVAIL

ABLE

COCONUT GROVE PLAYHOUSE PARKING

COCONUT GROVEPLAYHOUSE

FRAM

EWOR

KS

AVAI

LABL

E

USPS PARKING LOT

USPS PARKING LOT

PUBLIC PARKING LOT

KWIK

STO

P

ANIM

ALCL

INIC

BARRACUDA

TAPHOUSE

AN D GRILL

H&H JEWELS

GPS GRA

PHICS

AVAIL

ABLE

HUNG

RY H

OWIE

’S

BIANCO

GELATO

JAGU

ARTH

ERAP

EUTI

CS

LULU IN THE GROVE

NY ROMA

PIZZA

PREPWORKS

THE W

ORKOUT

SPOT

SOLE

S IN

C.

SAND

BAR

SPOR

T’S

GRIL

L

DELT

EV A

VEDA

SA

LON

CELESTIAL TREASURES

AVAIL

ABLE

COCOWALK

TOTAL PARKING: 2,664 SPACES

GROVE HARBOUR

PARKGROVERESIDENCES

RITZ CARLTON

MAYFAIR MAYFAIR

AVAILABLECOCOWALK

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13A C T I D Y 0 3 9 0 6 3 9

GRAND AVENUE

FLORIDA AVENUE

HIB

ISC

US

ST

RE

ET

MAIN

HW

Y

DO

UG

LA

SR

OA

D

WILLIAM

AVENUE

PL

AZ

AS

TR

EE

TP

LA

ZA

ST

RE

ET

HIB

ISC

US

ST

RE

ET

EL

IZA

BE

TH

ST

RE

ET

MA

RG

AR

ET

ST

RE

ET

THOMAS AVENUE

BISCAYN

E BA

Y

0081 RESIDENTIAL VACANT LAND1081 COMMERCIAL VACANT LAND

0303 MULTIFAMILY 10 UNITS PLUS0803 MULTIFAMILY 2-9 UNITS

7612 BURIAL GROUND / NON- AUTOMOTIVE7144 RELIGIOUS- EXEMPT

AVENUE / ROADS / STREET / HWYBISCAYNE BAY

N

S

WE

COCONUT GROVE

12345678

910

11

12131415

1617 18 19

20

21222324

25

2627

2829 30 31 32 33

34

PENDING COURT APPROVAL

ASSEMBLAGE LOCATION

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FRANKLIN AVE.

CHARLES AV E.

MAIN

HIG

HW

AY

COMM

ODORE PLAZA

FULLER ST.

McFARLANE ROAD

MARY ST.

DARWIN ST.

GRAND AVENUE

FLORIDA A VENUE

McD

ON

ALD

ST

.

MA

TILD

A S

T.

VIR

GIN

IA S

T.

RIC

E S

T.

MA

RY S

T.

TIGERTAIL A

VENUE

S.W

. 27

th A

VEN

UE

MA

RGA

RET

ST.

FLORIDA AVENUE

OAK A VENUE

SOUTH

BA

YSHORE

DRIVE

SOUTH BA

YSHORE DRIV

E

BUSINESS IMPROVEMENT DISTRICT

SUBJECT

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COCONUT GROVE

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CORAL GABLES

PINECREST

SOUTH MIAMI CORAL GABLES

BRICKELL

KEY BISCAYNE

MIAMI BEACH

WYNWOOD

MIAMI INTERNATIONAL AIRPORT

Trade Area Population223,853

Average Household Income$115,824

Household96,135

Median Home Value$618,271

Daytime Employees168,549

Median Age39.7

Monthly Foot Traffic75,000

USD Spent per Miami Tourist$1,568.34

Students6000 K-12 students daily with overhalf from private schools.

Private school tuition runs $16,000-$38,000 year

AERIAL

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COCONUT GROVE ART FESTIVAL HELD YEARLY

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PORTABLE TRAFFIC MONITORING SITES

ROADS

LAKES/OCEAN/BAY

AREA

FDOT FLORIDA TRAFFIC

COCOWALK

COCOWALK/MAYFAIR

TRAFFIC COUNTS 20,639 PER DAY

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MIAMI TROLLEY

A C T I D Y 0 3 9 0 6 3 920

SUBJECT

Grand Ave

Drive distance 1.3 miles

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BISCAYNE BAY

Drive distance 0.3 miles

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ADDRESS ZONING SALE DATE BUILDING SIZE (SF)

LAND AREA (SF) LAND AREA (AC) SALE PRICE SALE PSF BUILDING

SALE PSF LAND OWNER

3484 MAIN HWY T5-O 10/03/2014 12,512 8,576 0.19 $8,500,000 $679.35 $991.14 OPTIMUM DEVELOPMENT USA

2920 SW 27TH AVENUE

T5-O 9/22/2014 5,580 11,221 0.26 $1,050,000 $188.17 $93.57 REVUELTA ARCHITECTURE INTERNATIONAL

3444 MAIN HWY T5-O 1/15/2015 30,771 62,560 1.44 $14,000,000 $454.97 $223.79 COLLIER INTERNATIONAL

3120 COMMODORE PLZ

T5-O 2/27/2015 4,492 4,325 0.10 $2,050,000 $456.37 $473.99 DENNIS GINSBURG

3701/3715 GRAND AVE

T5-O 4/1/2015 2,793 9,496 0.22 $2,000,000 $716.08 $210.61 OSCAR ALFONSO

3015 GRAND AVENUE

T5-O 5/4/2015 196,492 137,606 3.16 $70,000,000 $356.25 $508.70 FEDERAL REALTY INVESTMENT TRUST

2801 FLORIDA AVE T5-O 5/12/2015 2,382 5,736 0.13 $1,175,000 $493.28 $204.85 FATIMA’S LLC

2550 S BAYSHORE CS 5/21/2015 32,000 173,804 3.99 $6,950,000 $217.19 $39.99 ALIGNED PROPERTIES LLC

2574 SW 27TH LN T4-O 6/12/2015 1,814 9,757 0.22 $800,000 $441.01 $81.99 TEQUESTA LANE INVESTMENTS INC

3194 COMMODORE PLZ

T5-O 6/15/2015 2,946 2,056 0.05 $1,700,000 $577.05 $826.85 CHRISTINE SWEENY

2720 S DIXIE HWY T6-8-0 7/2/2015 18,962 63,188 1.45 $12,100,000 $638.12 $191.49 THE COMRAS COMPANY OF FLORIDA

3490 S DIXIE HWY T5-O 11/4/2015 1,467 14,331 0.33 $2,434,000 $1,659.17 $169.84 7-ELEVEN, INC

3206/3210 GRAND AVE

T5-O 11/12/2015 4,154 8,999 0.21 $1,257,900 $302.82 $139.78 FEDERAL REALTY INVESTEMENT TRUST

2800/2860 OAK AVE

T5-O 1/22/2016 20,000 40,001 0.92 $2,932,788 $146.64 $73.32 TERRA GROUP

3686/3692 GRAND AVE

T5-O 4/29/2016 6,197 11,264 0.26 $1,297,500 $209.38 $115.19 THE SOUVIRON GROUP

3000/3034 GRAND AVE

T5-O 5/12/2016 19,874 21,627 0.50 $17,666,461 $888.92 $816.87 L3 CAPITALLLC

2750 SW 26TH AVE T6-8-0 6/30/2016 12,883 24,180 1.56 $6,900,000 $535.59 $285.36 WEXFORD CAPITAL MANAGE-MENT LLC

3400/3406 MAIN HWY

T5-O 7/23/2016 6,227 6,677 0.15 $5,850,000 $939.46 $876.14 THE COMRAS COMPANY OF FLORIDA

3320 SW 37TH AVE T5-O 9/21/2016 10,261 21,344 0.49 $3,295,000 $321.12 $154.38 FINANCIAL MECHANICS

RETAIL COMPARABLES

2014 AVERAGESALE PRICE $4,775,000

PSF LAND $542.00


PSF LAND $279.26


PSF LAND $386.88

23A C T I D Y 0 3 9 0 6 3 9

ADDRESS ZONING SALE DATE LAND AREA (SF) LAND AREA (AC) SALE PRICE SALE PSF LAND PRICE/ACRE OWNER

257-259 NW 27TH STREET

T5-0 9/1/2016 54,450 1.25 $30,750,000 $564.74 $24,600,000 WYNWOOD SPACES

201 SW 21ST COURT

T5-0 5/16/2016 48,352 1.11 $22,000,000 $455.00 $19,819,820 21 COURT HOLDINGS

350 NW 24TH STREET

T5-0 11/4/2016 43,560 1.00 $16,420,000 $376.95 $16,420,000 POMPEII REALTY

3771-3793 GRAND AVE

T5-0 4/22/2015 19,602 0.45 $750,000 $38.26 $1,676,727 OSCAR ALFONSO ESQ

LAND ASSEMBLAGES COMPARABLES

A C T I D Y 0 3 9 0 6 3 924

Cocowalk

Cocowalk- Open-air center with a mix of boutiques and bistro cafes, including: -200,000 SF Retail -16-screen Cinépolis Movie Theater -20,000SFClass-AOffice -650 Parking spaces

25A C T I D Y 0 3 9 0 6 3 9

Mayfair

Mayfair - Sophisticated and historically-iconic hotel centrally located in Coconut Grove- Consists of two separate, architecturally interesting building that capture the spirit, environment and aesthetics of Coconut Grove

A C T I D Y 0 3 9 0 6 3 926

Coconut Grove Playhouse History

Coconut Grove Playhouse -Builtin1926,TheCoconutGrovePlayhousewasatheatreoncecontainingretailstoresonthebottomfloor,officesonthesecondfloor,andapartmentsonthethirdfloor- Through several decades of renovations and changes in ownership, the theatre was renovated and the ground level storeswereremoved.Financialdifficultiesbroughtthetheatretoacloseinthe2006- Just until recently, the playhouse was commissioned to start restoration and bring back the seven original storefront storesandtheoriginal“flytower”roofline,bringinganewattractiontotheareaandflourishofpeopletoCoconutGrove.

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What’s coming?

A rendering of “Mary Street” in Coconut GroveA rendering of a renovated CocoWalk in Coconut Grove

- New Redesigned Cocowalk will feature a contemporary open-air plaza at its core with café seating, water features, foliage, and a new façade-This new revamped center will now offer 150,000 square feet of retail space upon completion and will remain open throughout the renovation- The Coconut Grove parking garage at Cocowalk will be transformed into a contemporary mixed- use devel-opmentcomprisedof75,000squarefeetofClassAofficespace,20,000squarefeetofretail,andparking

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COCONUT GROVE WATERFRONT

29A C T I D Y 0 3 9 0 6 3 9

BAYVIEW OF COCONUT GROVE

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MIAMI, FLORIDAPROPERTY DESCRIPTION

2

31A C T I D Y 0 3 9 0 6 3 9

3395 GRAND AVENUE - 14 UNIT ONE BEDROOM 3475 GRAND AVENUE - 8 UNIT ONE BEDROOM

3410 HIBISCUS STREET - 28 UNIT ONE BEDROOM BLOCK 4

BLOCK 2BLOCK 1

A C T I D Y 0 3 9 0 6 3 932

3471 GRAND AVENUE - 9 UNIT ONE BEDROOM



BLOCK 1

BLOCK 2BLOCK 2

33A C T I D Y 0 3 9 0 6 3 9

3301 GRAND AVENUE - 33 UNIT TWO BEDROOM

BLOCK 1

A C T I D Y 0 3 9 0 6 3 934

AERIAL

35A C T I D Y 0 3 9 0 6 3 9

LOCATION/ POPULATION

A C T I D Y 0 3 9 0 6 3 936

# of the Property

Block 1 Muni Zone Square feet Muni Zone Square feet Muni Zone Square feet # of Units

1 3301 GRAND AVE T5-O 13,925 T4-O 9,748 T3-R 4,177 33

2 3355 GRAND AVE T5-O 10,875 14

3 3375 GRAND AVE T5-O 10,275 14

4 3395 GRAND AVE T5-O 10,525 14

TOTAL T5-O: 45,600 TOTAL T4-O: 9,748 TOTAL T3-R: 4,177Block 2

5 3401 GRAND AVE T5-O 4,500 8

6 3415 GRAND AVE T5-O 4,500

7 3471 GRAND AVE T5-O 4,500 9

8 3475 GRAND AVE T5-O 4,500 8

TOTAL T5-O: 18,000 TOTAL T3-R: 2,000Block 3

9 3501 GRAND AVE T5-O 4,500

10 3535 GRAND AVE T5-O 4,500 6

11 3506 FLORIDA AVE T5-O 2,750 T3-R 2,250

12 3547 GRAND AVE T5-O 4,500

13 3587 GRAND AVE T5-O 9,000

14 3585 GRAND AVE T5-O 4,500

15 3597 GRAND AVE T5-O 4,500

TOTAL T5-O: 34,250 TOTAL T3-R: 2,250Block 4

16 3560 GRAND AVE T5-O 6,550

17 3530 GRAND AVE T5-O 6,550

18 3520 GRAND AVE T5-O 6,550

19 3410 HIBISCUS ST T5-O 19,650 28

TOTAL T5-O: 39,300

ASSEMBLAGE ADDRESS LIST

LOT 7 AND LOT 16 ARE PENDING COURT APPROVAL

37A C T I D Y 0 3 9 0 6 3 9

# of the Property

Block 5 Muni Zone Square feet Muni Zone Square feet Muni Zone Square feet # of Units

20 3401 HIBISCUS ST T5-O 6,800





25 3454 THOMAS AVE T5-O 6,860

26 3396 GRAND AVE T5-O 2,500

27 3456 GRAND AVE T5-O 4,500

28 3440 GRAND AVE T5-O 5,000 8

29 3432 GRAND AVE T5-O 5,000

TOTAL T5-O: 55,460Block 6

30 3354 GRAND AVE T5-O 4,500

31 3330 GRAND AVE T5-O 5,000

32 3324 GRAND AVE T5-O 5,000

33 3320 GRAND AVE T5-O 5,000

34 3310 GRAND AVE T5-O 2,500

TOTAL T5-O: 22,000LOT 7 AND LOT 16 ARE PENDING COURT APPROVAL

ASSEMBLAGE ADDRESS LIST

T5-O T4-O T3-R # of UnitsGRAND TOTAL: 77,460 9,748 8,427 142

A C T I D Y 0 3 9 0 6 3 938


MIAMI, FLORIDAFINANCIAL ANALYSIS

3

39A C T I D Y 0 3 9 0 6 3 9

RENT ROLL SUMMARY

A C T I D Y 0 3 9 0 6 3 940

CHALLENGES

-Buyermusthavevisionforwhatthatareawillbecomeandhowthepropertywillfitintothe

existing neighborhood

- Existing properties would need to be managed and maintained until razed

- Acquiring the proper zoning to utilize the future development as desired

41A C T I D Y 0 3 9 0 6 3 9

STRENGTHS

- Untapped area that contains the potential for future growth

- Potential for mixed-use development located just blocks from the center of Coconut Grove

- Location in one of the nation’s most thriving cities with a global reputation

-Uniqueareaidealforcreativeoffice,retail,andresidentialuses

- Covered land play

- Properties located on the southern part of Grand Avenue have unobstructed view of the water

afterthe4thfloor

- Mass transit corridor along with free trolley

-HighTrafficCount

A C T I D Y 0 3 9 0 6 3 942

RENT ROLL DETAIL

43A C T I D Y 0 3 9 0 6 3 9

RENT ROLL DETAIL

A C T I D Y 0 3 9 0 6 3 944

RENT ROLL DETAIL

45A C T I D Y 0 3 9 0 6 3 9

RENT ROLL DETAIL

A C T I D Y 0 3 9 0 6 3 946

RENT ROLL DETAIL

47A C T I D Y 0 3 9 0 6 3 9

OPERATING STATEMENT

A C T I D Y 0 3 9 0 6 3 948

PRICING DETAIL

49A C T I D Y 0 3 9 0 6 3 9


MIAMI, FLORIDAMARKET COMPARABLES

4

A C T I D Y 0 3 9 0 6 3 950

3354 GRAND AVE(SUBJECT)

251 S Dixie Hwy

3205 SW 27th Ave

939 SW 8th Ct

501 SW 22nd Rd

257-259 NW 27th Street

201 SW 21st Ct

350 NW 24th St

10 NE 29th St

SALES COMPARABLES

1

2

3

4

5

7

8

6

SALES COMPARABLES

51A C T I D Y 0 3 9 0 6 3 9

SALES COMPARABLES

SALES COMPARABLES SALES COMPS AVG

Avg. $305.16

$0.00

$60.00

$120.00

$180.00

$240.00

$300.00

$360.00

$420.00

$480.00

$540.00

$600.00

3354Grand Ave

251 S DixieHwy

3205 SW27th Ave

939SW 8th Ct

501SW 22nd Rd

257-259 NW27th Street

201SW 21st Ct

350NW 24th St

10 NE 29thSt

Average Price Per Square Foot

A C T I D Y 0 3 9 0 6 3 952

SALES COMPARABLES

Units Unit Type

Offering Price: $29,360,762 109 1 Bdr 1 Bath

Price/Unit: $185,828 48 2 Bdr 1 Bath

Price/SF: $359.40 1 Funeral Home

CAP Rate: 1.50%

GRM: 28.59

Total No. of Units: 158

Year Built: 1953

Underwriting Criteria

Income $975,669 Expenses $536,468

NOI $439,201 Vacancy ($51,351)

3354 GRAND AVE3354 Grand Ave, Miami, FL, 33133

1

Close of Escrow 10/25/2016

Sales Price $60,250,000

Zoning M

Price/SF $307.37

Lot Size (Acres) 4.5

Price/Acre $13,388,889

251 S DIXIE HWY251 S Dixie Hwy, Coral Gables, FL, 33133

2



Zoning T6-8-0

Price/SF $109.32

Lot Size (Acres) .21


3205 SW 27TH AVE3205 SW 27th Ave, Miami, FL, 33133

53A C T I D Y 0 3 9 0 6 3 9

SALES COMPARABLES

3



Zoning M-21/T6-8-0

Price/SF $147.58



939 SW 8TH CT939 SW 8th Ct, Miami, FL, 33130

4



Zoning T6-8-O

Price/SF $92.75



501 SW 22ND RD501 SW 22nd Rd, Miami, FL, 33129

5



Zoning T5-0

Price/SF $564.74



257-259 NW 27TH STREET257-259 NW 27th Street, Miami, FL, 33127

A C T I D Y 0 3 9 0 6 3 954

SALES COMPARABLES

6



Zoning T5-0

Price/SF $455.00



201 SW 21ST CT201 SW 21st Ct, Miami, FL, 33135

7



Zoning T5-0

Price/SF $376.95



350 NW 24TH ST350 NW 24th St, Miami, FL, 33127

8



Zoning T6-8-0

Price/SF $387.58



10 NE 29TH ST10 NE 29th St, Miami, FL, 33137

55A C T I D Y 0 3 9 0 6 3 9


MIAMI, FLORIDA DEMOGRAPHIC OVERVIEW

5

A C T I D Y 0 3 9 0 6 3 956

MIAMI-DADE

EMPLOYERS

Trade, transportation and utilities is the largest employment segment in the metro’s economy. Significant companies in the sector include American Airlines, United Parcel Service and Florida Power & Light Company. Tourism accounts for a big share of employment in Miami-Dade County. Noteworthy employers in the tourism sector are cruise ship operators, such as Carnival Cruise Lines and Royal Caribbean International. Other large employers in the county are public-sector agencies and population-serving enterprises such as educational institutions, government services and healthcare facilities. Some of the major employers in the healthcare field are Mount Sinai Medical, Baptist Health South Florida, Miami Children’s Hospital and Mercy Hospital. Professional and business services companies, such as Precision Response Corporation, a call center for outsourced e-commerce customer care, are becoming increasingly important to the local economy as it diversifies from a tourism base. Telecommunications is growing, as many Latin American TV programs are produced in the area.

One of the larger telecommunications employers, MasTec, is a leading communications, intelligent traffic and energy infra-structure service provider for North America and Brazil. Other telecommunications companies include AT&T and Discovery Networks Latin America.

Major Employers

Baptist Health South Florida

University of Miami

American Airlines

Precisions Response Corporation

Publix Supermarkets

Winn-Dixie Stores

Florida Power & Light Company

Carnival Cruise Lines

AT&T

Mount Sinai Medical Center

* ForecastSources: Marcus & Millichap Research Services; Moody’s Analytics; BLS

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ECONOMY

The Miami-Dade economy relies heavily on tourism and the county’s standing as the gateway to Latin America and the Caribbean. Tourism, trade, international finance, healthcare and entertainment have become major industries in the local business community.

Tourism and trade depend on a large transportation sector, with PortMiami and Miami International Airport both major contributors to employment and the economy. With its ties to Latin America and the Caribbean, the metro has attracted a community of businesses dealing with these regions. More than a thousand multinational corporations conduct business in Florida, and Miami has one of the largest concentrations of domestic and international banks on the East Coast after New York City. Miami-Dade has a number of medical facilities, such as Jackson Memori-al Hospital and the University of Miami Hospital, which serve patients from the United States, the Caribbean and Latin America.

The Miami metro gross metropolitan product (GMP) expansion is outpacing the U.S. GDP and economic growth and retail sales for the county are rising. These gains will be bolstered by increased levels of tourism within the metro.

* ForecastSources: Bureau of Economic Analysis; Port of Miami; Marcus & Millichap Research Services; BLS,; Moody's Analytics; U.S. Census Bureau

PortMiami Quick Facts

Cruise Lines 15

Cruise Passengers 4,900,000

Total Tonnage 7,699,900

TEUs 876,700

YOY TEUs Change -2.8%

Cargo Ships Docked 1,200

Revenue $126 million

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MIAMI-DADE

GEOGRAPHY

Miami-Dade County is situated on the Florida Platform, a carbonate plateau made of limestone and bryozoa. The 2,400-square-mile county extends from the Florida Everglades east to the Atlantic Ocean. It is bordered to the north by Broward County and to the south by Monroe County. The main portion of the city of Miami lies on the shores of Biscayne Bay and is separated from the Atlantic Ocean by barrier islands, the largest of which holds the city of Miami Beach. Everglades National Park and Biscayne National Park are partially located within the county, as is a portion of Big Cypress National Preserve.

ECONOMIC CENTERThere are no local business or personal income taxes in Miami-Dade.

INFRASTRUCTUREMiami is a gateway for international trade and immigration.

DESIREABLE CLIMATEThe county contains the largest concentration of medical facilities in Florida.

MARKET HIGHLIGHTS

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PERPETUALLY LOW VACANCY SUPPORTS DEVELOPMENT;BUDDING POSSIBILITIES BEYOND URBAN CORE. Steady job and household growth fill new units countywide amid elevated deliveries. Strong housing demand driven by improvements in the labor market and household formation will hold the metro’s vacancy rate near the cycle low this year. Market demand will keep deliveries elevated in 2017. Completions are expected to more than double the 10-year average this year as 5,700 units come online. Most of the new rentals are rising in downtown as more residents obtain employment in this area. The high cost of single-family housing coupled with limited housing construction for first-time homebuyers will provide a steady stream of renters. Outside of downtown, 2,200 Class A units will be opening across the county, most notably in the commuter residential areas of Coral Gables and South Miami. Countywide, eight years of positive absorption are keeping vacancy below 3 percent and will allow the annual market effective rent to rise again this year.

Performance upside holds strong, gaining greater traction from buyers. Robust rental growth will boost apartment appreciation and preserve investor sentiment in 2017. Class B and C assets are poised to perform well this year. Intense bidding and a swell in pricing may widen buyer and seller expectations, pushing more investors to tertiary submarkets. Investors in search of additional upside potential may find suitable properties in East Little Havana, North Miami Beach and Miami Gardens. Lower monthly rents and curbed construction in these corridors will provide further revenue gains this year. In these submarkets, assets trade with yields in the upper-5 to lower-8 percent range depending on location and quality. Metrowide Class A units commonly trade roughly 100 basis points lower in the 4 percent range. A surge in luxury development will grow interest among institutional buyers, supporting robust trading in this segment.

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Created on April 2017

POPULATION 1 Miles 3 Miles 5 Miles 2021 Projection

Total Population 21,918 150,857 445,453

2016 Estimate


2010 Census


2000 Census


Daytime Population

2016 Estimate 43,930 229,195 662,347

HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2021 Projection

Total Households 9,944 59,813 179,392

2016 Estimate


Average (Mean) Household Size 2.26 2.44 2.45

2010 Census


2000 Census


Growth 2015-2020 4.48% 3.84% 6.19%

HOUSING UNITS 1 Miles 3 Miles 5 Miles Occupied Units

2021 Projection 9,944 59,813 179,392

2016 Estimate 10,463 60,635 181,659

Owner Occupied 4,449 29,400 68,954

Renter Occupied 5,068 28,204 99,975

Vacant 945 3,032 12,729

Persons In Units

2016 Estimate Total Occupied Units 9,518 57,603 168,930

1 Person Units 34.68% 29.72% 31.63%

2 Person Units 33.11% 32.55% 30.44%

3 Person Units 15.30% 16.80% 16.63%

4 Person Units 10.03% 12.28% 11.72%

5 Person Units 4.33% 5.33% 5.44%

6+ Person Units 2.55% 3.33% 4.14%

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2016 Estimate

$200,000 or More 10.04% 10.60% 6.51%

$150,000 - $199,000 5.32% 5.15% 3.78%

$100,000 - $149,000 10.62% 11.21% 9.08%

$75,000 - $99,999 11.14% 9.08% 7.79%

$50,000 - $74,999 17.27% 14.53% 13.67%

$35,000 - $49,999 11.91% 12.53% 13.03%

$25,000 - $34,999 9.17% 9.19% 10.80%

$15,000 - $24,999 9.05% 11.09% 13.54%

Under $15,000 15.49% 16.62% 21.80%

Average Household Income $97,570 $97,212 $73,812

Median Household Income $55,864 $50,859 $39,238

Per Capita Income $43,981 $38,689 $29,497

POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age

2016 Estimate Total Population 21,132 146,657 426,722

Under 20 18.91% 19.78% 18.68%

20 to 34 Years 24.69% 21.00% 22.27%

35 to 39 Years 7.96% 6.70% 7.16%

40 to 49 Years 14.63% 14.56% 14.78%

50 to 64 Years 19.71% 19.40% 18.62%

Age 65+ 14.12% 18.59% 18.50%

Median Age 38.99 41.77 41.28

Population 25+ by Education Level

2016 Estimate Population Age 25+ 15,771 106,763 318,018

Elementary (0-8) 4.02% 7.35% 12.28%

Some High School (9-11) 6.77% 7.49% 10.00%

High School Graduate (12) 18.77% 22.10% 25.18%

Some College (13-15) 15.54% 13.41% 11.60%

Associate Degree Only 9.01% 7.98% 7.74%

Bachelors Degree Only 24.38% 22.68% 18.05%

Graduate Degree 20.45% 17.57% 12.96%

Population by Gender

2016 Estimate Total Population 21,132 146,657 426,722

Male Population 48.86% 47.80% 49.22%

Female Population 51.14% 52.20% 50.78%

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LABOR The Miami-Dade County employment base comprises more than 1.1 million workers. Through 2020, total jobs in the metro will expand 1.8 percent annually, above the U.S. average of 1.3 percent. Some of the fastest-growing job sectors during this time will be construction, professional and business services and leisure and hospitality. The metro’s largest employment sector is trade, transportation and utilities, which accounts for 26 percent of all jobs. Many of these positions are associated with PortMiami, Miami International Airport and the region’s large retail segment. Employment in the sector totals roughly 289,400 jobs and will expand modestly during the next five years.

Education and health services is the second-largest sector, with 173,000 employees, or 15.0 percent of total employment. The segment grew at an average annual rate of 1.6 percent over the past five years and is now expected to accelerate to a pace of 1.9 percent annually through 2020. Professional and business services currently makes up 14 percent of Miami-Dade’s jobs with 159,800 employees. The segment is expected to grow by more than 2 percent in each of the coming five years, which bodes well for the local office market. The region’s vital tourism segment employs more than 138,200 workers. The leisure and hospitality sector accounts for 12.0 percent of local payrolls and will increase at an annual pace of 2.5 percent through 2020.

* ForecastSources: Marcus & Millichap Research Services; BLS; Moody’s Analytics

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2017 MARKET FORECAST

Strong demand drivers and sustained sub-3 percent vacancy rates maintain Miami-Dade’s position.

The workforce will grow by 25,000 people this year. In 2016, Miami-Dade Employers added 21,500 jobs, led by the professional and business services sector.

Elevated construction extends into its second year with the completion of 5,700 units anticipated for 2017. Last year 6,100 apartments were delivered.

Net absorption will nudge past completions this year, pushing the rate 10 basis points lower to a tight 2 percent. Last year vacancy dropped 30 basis points.

Strong demand and tight vacancy will grow rents in 2017, increasing 4.4 percent to $1,410 per month. Last year rent climbed 3.9 percent.

Construction is ramping up on Miami World-center this year. Properties in the surrounding Corridor will garner greater attention from investors in search of promising future returns.

NMI Rank15, no change Employment up 2.2% Construction 5,700 units Vacancy down 10 bps Rent up 4.4% Investment

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THE MIAMI METRO IS25 miles from Fort Lauderdale230 miles from Orlando255 miles from Tampa660 miles from Atlanta

AIRPORTSMiami International AirportThree general aviation airportsThree small airports

MAJOR ROADWAYSInterstates 95, 195 and 395Florida’s Turnpike

RAILFreight – CSX and Norfolk SouthernPassenger – AmtrakCommuter – Tri-Rail and Metromover (People Mover)

PORTSPortMiami

METRO

The metro division, with a population of more than 2.6 million, is located entirely within Miami-Dade County. The metro in-cludes 35 incorporated towns and cities and many unincorporated areas. Miami is the largest city, with 429,000 residents, followed by Hialeah and Miami Gardens.

INFRASTRUCTUREThe county is served by major interstate highways including Interstate 95, which runs along the Atlantic Coast. Florida’s Turnpike provides a link to Orlando and Interstate 75 connects to Florida’s west coast. Many tourists fly into Miami International Airport, which serves South Florida and is an American Airlines hub. Other international airports are also nearby in Fort Lauder-dale and Palm Beach. Port Miami handles just under 8 million tons of cargo and nearly 5 million cruise passengers annually. Miami is a leading port for Latin America and the Caribbean. The region accounts for more than half of the port’s trade volume. Miami-Dade Transit offers metro bus and heavy-rail train services throughout the area, as well as a “people-mover” system in downtown Miami. Commuter rail line Tri-Rail links Miami-Dade with Broward and Palm Beach counties.

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PopulationIn 2016, the population in your selected geography is 26,900. The population has changed by 1.37% since 2000. It is estimated that the population in your area will be 27,308.00 five years from now, which represents a change of 1.52% from the current year. The current population is 49.48% male and 50.52% female. The median age of the population in your area is 43.02, compare this to the US average which is 37.68. The population density in your area is 8,575.50 people per square mile.

HouseholdsThere are currently 12,995 households in your selected geography. The number of households has changed by 8.10% since 2000. It is estimated that the number of households in your area will be 13,324 five years from now, which represents a change of 2.53% from the current year. The average household size in your area is 2.05 persons.

IncomeIn 2016, the median household income for your selected geography is $34,423, compare this to the US average which is currently $54,505. The median household income for your area has changed by 49.24% since 2000. It is estimated that the median household income in your area will be $39,596 five years from now, which represents a change of 15.03% from the current year. The current year per capita income in your area is $28,945, compare this to the US average, which is $29,962. The current year average household income in your area is $59,887, compare this to the US average which is $78,425.

Race and EthnicityThe current year racial makeup of your selected area is as follows: 86.10% White, 5.02% Black, 0.06% Native American and 1.40% Asian/Pacific Islander. Compare these to US averages which are: 70.77% White, 12.80% Black, 0.19% Native American and 5.36% Asian/Pacific Islander. People of Hispanic origin are counted independently of race.People of Hispanic origin make up 69.46% of the current year population in yourselected area. Compare this to the US average of 17.65%.

HousingThe median housing value in your area was $268,865 in 2016, compare this to the US average of $187,181. In 2000, there were 4,141 owner occupied housing units in your area and there were 7,880 renter occupied housing units in your area. The median rent at the time was $532.

EmploymentIn 2016, there are 6,223 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 58.01% of employees are employed in white-collar occupations in this geography, and 42.14% are employed in blue-collar occupations. In 2016, unemployment in this area is 4.21%. In 2000, the average time traveled to work was 34.00 minutes.

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DEMOGRAPHICS

The metro’s population growth continues to outpace the nation. Miami-Dade is now one of the most populous counties on the East Coast, increasing from 1.9 million residents in 1990 to more than 2.6 million last year. Most of the expansion has come from net migration, both domestic and international. In-migration is continuing to increase.

With a median age of 40.4 years, the metro’s population is older than the nation’s median of 37.5 years. Income, on the other hand, is less than that of the nation. Miami-Dade’s median household income of roughly $45,100 per year is relative-ly low because of the abundance of lower-paying, service-oriented jobs and the metro’s large concentration of senior households. Over the next five years, the median income is expected to outpace the rise in the median home price, allowing more people to qualify for homeownership. The median price of a home in the county is around $285,500.

Miami-Dade County has the largest public school system in Florida, and many residents graduate to one of the 12 institutions of higher learning within the area, including Miami-Dade College, the University of Miami and Florida International University.

* ForecastSources: Marcus & Millichap Research Services; AGS; Experian; Moody's Analytics; U.S. Census Bureau

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QUALITY OF LIFE

Miami-Dade County has developed into a cosmopolitan, urban area offering a vibrant business and cultural community. The sun shines year-round and the daily mean temperature is just over 75 degrees, maintaining the area’s casual environment where outdoor activities abound. The metro offers an abundance of popular attractions. Miami hosts the Capital One Orange Bowl and several professional sports teams, including the Miami Dolphins, the Miami Marlins and the Miami Heat. Other outdoor activities may be enjoyed at local horse tracks, a dog track and an international jai-alai facility. The county has a broad array of cultural attractions, historic sites and parks. These include the Adrienne Arsht Center for the Performing Arts, Zoo Miami and Everglades National Park. Residents and visitors also enjoy numerous marinas, public golf courses, tennis courts and many local festivals. The region is home to a vibrant and diverse culture, family-friendly neighborhoods, and a plethora of shops and restaurants. Additionally, Miami-Dade offers numerous outdoor activities, access to Latin America and the Caribbean and beautiful weather and beaches.

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