310 Meridian Ave
PREPARED BY
Manny Chamizo
Global Commercial Director
Underwriting Report
17 Unit Apartment Building
Miami Beach, Florida - South Pointe Neighborhood
SUBJECT PROPERTY
Property Details 2
RENT COMPS
Map & List 5
Photo Comparison 7
Rent Comps Details 9
Unit Mix Summary 26
Ranking Chart By Bedroom 27
Changes in Rent Comps 29
Rent Trend Charts 31
Rent Trend Data 36
CONSTRUCTION
Overall Construction Map & Summary 38
Under Construction Map & List 39
Under Construction Details 41
Deliveries Past 12 Months Map & List 42
Delivered Property Details 44
Construction Summary 45
SALE COMPS
Map & List 51
Sale Comp Details 53
Sales Volume 71
Sales Pricing 72
Cap Rates 74
Top Buyers & Sellers 75
DEMOGRAPHICS
Overview 78
Age & Education 79
Ethnicity 80
MULTI-FAMILY SUBMARKET REPORT
Submarket Key Statistics 82
Vacancy 83
Rent 85
Construction 87
310 Meridian Ave
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Sales 90
Sales Past 12 Months 91
Supply & Demand Trends 93
Vacancy & Rent 95
Sale Trends 97
Deliveries & Under Construction 98
MULTI-FAMILY MARKET REPORT
Market Key Statistics 100
Vacancy 101
Rent 103
Construction 105
Under Construction Properties 106
Sales 108
Sales Past 12 Months 109
Economy 111
Market Submarkets 113
Supply & Demand Trends 116
Vacancy & Rent 118
Sale Trends 120
Deliveries & Under Construction 121
310 Meridian Ave
3/3/2018Copyrighted report licensed to One Sotheby's International - 469134.
Subject Property
310 Meridian AveMiami Beach, Florida - South Pointe Neighborhood
PROPERTY MANAGER
-
-
PROPERTY
-
No. of Units: 17
Stories: 2
Avg. Unit Size: 413 SF
Year Built: 1940
Parking: -
Distance to Transit:
Type: Apartments - All
Rent Type: Market OWNER
Martin Urruela
Purchased Jan 2017
$3,500,000 ($205,882/Unit)
12 MONTH NET ABSORPTION
Current: 0 Units
Competitor Total: 0 Units
Competitor Avg: 0.0 Units
Submarket Total: 330 Units
Submarket Avg: 0.3 Units
VACANCY
1,042 Units
20 Units
1 Unit
Current: 5.9% 1 Unit
Last Quarter: 5.9% 1 Unit
Year Ago: 5.9%
Competitors: 9.2%
Submarket: 5.8%
ASKING RENTS PER UNIT/SF
$1.99 /SF
$1.90 /SF
$1.71 /SF
Current: $711 $1.72 /SF
Last Quarter: $711 $1.72 /SF
Year Ago: $708
Competitors: $1,192
Submarket: $1,422
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
Studio 1 400 14 82.4% 1 7.1% $666 $1.67 $662 $1.66 0.6%
1 1 475 3 17.6% 0 0.0% $922 $1.94 $917 $1.93 0.6%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 400 14 82.4% 1 7.1% $666 $1.67 $662 $1.66 0.6%
All 1 Beds 475 3 17.6% 0 0.0% $922 $1.94 $917 $1.93 0.6%
Totals 413 17 100% 1 5.9% $711 $1.72 $707 $1.71 0.6%
Updated February 27, 2017Estimate
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Subject Property
Primary
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Page 3
310 Meridian Ave
PREPARED BY
Manny Chamizo
Global Commercial Director
Rent Comparables
17 Unit Apartment Building
Miami Beach, Florida - South Pointe Neighborhood
Rent Comparables Summary310 Meridian Ave
No. Rent Comps
17Avg. Rent Per Unit
$1,192Avg. Rent Per SF
$1.90Avg. Vacancy Rate
9.2%RENT COMP LOCATIONS
RENT COMPS SUMMARY STATISTICS
Unit Breakdown Low Average Median High
Total Units
Studio Units
One Bedroom Units
Two Bedroom Units
Three Bedroom Units
8
0
0
0
0
13
5
7
1
0
12
2
8
0
0
32
32
12
4
0
Property Attributes Low Average Median High
1934Year Built
Number of Floors
Average Unit Size
Vacancy Rate
Star Rating
1
0 SF
0.0%
1945
1
620 SF
9.2%
1946
2
675 SF
5.0%
1958
2
820 SF
30.0%
2.0
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Page 5
Rent Comparables Summary310 Meridian Ave
Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF
Property Size Asking Rent Per Month Per Unit
-349 Jefferson Ave
10 765 $1,523 $1,559 $2,079 - $2.221 1953
-628 Jefferson Ave
8 650 - $1,408 - - $2.172 1955
-Conrad Apartments
20 800 $1,486 $1,623 $2,029 - $2.10935 8th St
3 1951
-710 7th St
16 436 $865 $1,071 - - $2.044 1957
-740 Michigan Ave
10 675 $1,307 $1,413 - - $2.015 1958
-900-910 7th St
8 625 - $1,240 - - $1.986 1955
-Jefferson
16 675 $1,172 $1,376 - - $1.891006 8th St
7 1936
-720 Meridian Ave
10 820 $1,222 $1,383 $1,861 - $1.888 1936
-725 Lenox Ave
12 737 $1,300 $1,332 - - $1.809 1946
-The Yorlee
8 634 - $1,019 $1,223 - $1.77545 Michigan Ave
10 1939
-310 Meridian Ave
17 413 $666 $922 - - $1.721940
-735 Euclid Ave
32 600 $1,001 - - - $1.6711 1937
-655-657 Lenox Ave
8 720 - $907 $1,281 - $1.3912 1956
-744 Euclid Ave
12 - $655 $982 - - -13 1934
-Ocean Beach Apartments
12 - $854 $918 - - -344 Ocean Dr
14 1934
-765 Lenox Ave
12 - - $841 - - -15 1954
-734 Jefferson Ave
12 0 - $1,558 - - -16 1940
-636 Michigan Ave
8 - - $789 - - -17 1936
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Conrad Apartments935 8th St
20 Units / 2 Stories
Owner: Multicredito International LLC
Rent/SF $2.10, Vacancy 5.0%
3628 Jefferson Ave628 Jefferson Ave
8 Units / 2 Stories
Owner: Joseph J Bouhnik
Rent/SF $2.17, Vacancy 12.5%
2349 Jefferson Ave349 Jefferson Ave
10 Units / 2 Stories
Owner: Leonardo E & Petra Clavel
Rent/SF $2.22, Vacancy 10.0%
1
900-910 7th St900-910 7th St
8 Units / 2 Stories
Owner: Joseph J Bouhnik
Rent/SF $1.98, Vacancy 0%
6740 Michigan Ave740 Michigan Ave
10 Units / 2 Stories
Owner: Alex Espinosa
Rent/SF $2.01, Vacancy 30.0%
5710 7th St710 7th St
16 Units / 2 Stories
Owner: Ardelean Property Manage…
Rent/SF $2.04, Vacancy 6.3%
4
725 Lenox Ave725 Lenox Ave
12 Units / 2 Stories
Owner: Residences at South Beach
Rent/SF $1.80, Vacancy 16.7%
9720 Meridian Ave720 Meridian Ave
10 Units / 2 Stories
Owner: Darrell Windle
Rent/SF $1.88, Vacancy 30.0%
8Jefferson1006 8th St
16 Units / 2 Stories
Owner: Residences at South Beach
Rent/SF $1.89, Vacancy 18.8%
7
Rent Comparables Photo Comparison310 Meridian Ave
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735 Euclid Ave735 Euclid Ave
32 Units / 2 Stories
Owner: Muhlrad Properties, Inc
Rent/SF $1.67, Vacancy 6.3%
11310 Meridian Ave310 Meridian Ave
17 Units / 2 Stories
Owner: Martin Urruela
Rent/SF $1.72, Vacancy 5.9%
Subject Property
The Yorlee545 Michigan Ave
8 Units / 2 Stories
Owner: Ciervo Properties, LLC
Rent/SF $1.77, Vacancy 0%
10
Ocean Beach Apartments344 Ocean Dr
12 Units / 2 Stories
Owner: Property Network
Rent/SF -, Vacancy 8.3%
14744 Euclid Ave744 Euclid Ave
12 Units / 2 Stories
Owner: -
Rent/SF -, Vacancy 8.3%
13655-657 Lenox Ave655-657 Lenox Ave
8 Units / 2 Stories
Owner: Lord & Harte Llc
Rent/SF $1.39, Vacancy 0%
12
636 Michigan Ave636 Michigan Ave
8 Units / 1 Story
Owner: Leeman Properties
Rent/SF -, Vacancy 0%
17734 Jefferson Ave734 Jefferson Ave
12 Units / 2 Stories
Owner: Vicky Ortiz
Rent/SF -, Vacancy 8.3%
16765 Lenox Ave765 Lenox Ave
12 Units / 2 Stories
Owner: Lucy Smith
Rent/SF -, Vacancy 8.3%
15
Rent Comparables Photo Comparison310 Meridian Ave
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Rent Comparables310 Meridian Ave
1 349 Jefferson AveMiami Beach, Florida - South Pointe Neighborhood
PROPERTY MANAGER
-
-
PROPERTY
0.1 Miles
Property Size: 10 Units, 2 Floors
Avg. Unit Size: 765 SF
Year Built: 1953
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
Studio 1 600 4 40.0% 0 0.0% $1,523 $2.54 $1,519 $2.53 0.3%
1 1 750 3 30.0% 1 33.3% $1,559 $2.08 $1,543 $2.06 1.0%
2 1 1,000 3 30.0% 0 0.0% $2,079 $2.08 $2,074 $2.07 0.3%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 600 4 40.0% 0 0.0% $1,523 $2.54 $1,519 $2.53 0.3%
All 1 Beds 750 3 30.0% 1 33.3% $1,559 $2.08 $1,543 $2.06 1.0%
All 2 Beds 1,000 3 30.0% 0 0.0% $2,079 $2.08 $2,074 $2.07 0.3%
Totals 765 10 100% 1 10.0% $1,701 $2.22 $1,693 $2.21 0.5%
Updated July 04, 2017Estimate
RECURRING EXPENSES
Free Water, Trash Removal, Sewer
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Rent Comparables310 Meridian Ave
2 628 Jefferson AveMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
Beach Properties Inc
(305) 672-5055
PROPERTY
0.3 Miles
Property Size: 8 Units, 2 Floors
Avg. Unit Size: 650 SF
Year Built: 1955
Type: Apartments - All
Rent Type:
Parking: 3 Spaces; 0.4 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Apr 2010
$760,000 ($95,000/Unit) - Part of Portfolio
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
1 1 650 8 100% 1 12.5% $1,408 $2.17 $1,394 $2.14 1.0%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 650 8 100% 1 12.5% $1,408 $2.17 $1,394 $2.14 1.0%
Totals 650 8 100% 1 12.5% $1,408 $2.17 $1,394 $2.14 1.0%
Updated July 05, 2017Estimate
RECURRING EXPENSES
Free Water, Trash Removal
ONE TIME EXPENSES
Application Fee $75
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Rent Comparables310 Meridian Ave
3 935 8th St - Conrad ApartmentsMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
Multicredito International LLC
(786) 274-0266
PROPERTY
0.4 Miles
Property Size: 20 Units, 2 Floors
Avg. Unit Size: 800 SF
Year Built: 1951
Type: Apartments - All
Rent Type:
Parking: 6 Spaces; 0.3 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Mar 2002
$1,500,000 ($75,000/Unit)
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
Studio 1 600 4 20.0% 0 0.0% $1,486 $2.48 $1,482 $2.47 0.3%
1 1 800 12 60.0% 1 8.3% $1,623 $2.03 $1,608 $2.01 0.9%
2 1 1,000 4 20.0% 0 0.0% $2,029 $2.03 $2,023 $2.02 0.3%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 600 4 20.0% 0 0.0% $1,486 $2.48 $1,482 $2.47 0.3%
All 1 Beds 800 12 60.0% 1 8.3% $1,623 $2.03 $1,608 $2.01 0.9%
All 2 Beds 1,000 4 20.0% 0 0.0% $2,029 $2.03 $2,023 $2.02 0.3%
Totals 800 20 100% 1 5.0% $1,677 $2.10 $1,666 $2.08 0.7%
Updated December 01, 2016Estimate
UNIT AMENITIES
Air Conditioning, Oven, Range, Refrigerator
RECURRING EXPENSES
Free Water, Electricity
PET POLICY
Birds AllowedCats AllowedDogs AllowedRestrictions: Restrictions May ApplyFishes AllowedReptiles AllowedOthers Allowed
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Rent Comparables310 Meridian Ave
4 710 7th StMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
-
-
PROPERTY
0.3 Miles
Property Size: 16 Units, 2 Floors
Avg. Unit Size: 436 SF
Year Built: 1957
Type: Apartments - All
Rent Type:
Parking: 6 Spaces; 0.4 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Sep 2009
$1,046,154 ($65,385/Unit) - Part of Portfolio
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
Studio 1 420 14 87.5% 1 7.1% $865 $2.06 $860 $2.05 0.6%
1 1 550 2 12.5% 0 0.0% $1,071 $1.95 $1,064 $1.93 0.6%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 420 14 87.5% 1 7.1% $865 $2.06 $860 $2.05 0.6%
All 1 Beds 550 2 12.5% 0 0.0% $1,071 $1.95 $1,064 $1.93 0.6%
Totals 436 16 100% 1 6.3% $891 $2.04 $886 $2.03 0.6%
Updated October 06, 2012Estimate
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Rent Comparables310 Meridian Ave
5 740 Michigan AveMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
Alex Espinosa - 740 Michigan Ave
(954) 325-7566
PROPERTY
0.4 Miles
Property Size: 10 Units, 2 Floors
Avg. Unit Size: 675 SF
Year Built: 1958
Type: Apartments - All
Rent Type:
Parking: 3 Spaces; 0.3 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Nov 2005
$1,500,000 ($150,000/Unit)
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
Studio 1 600 5 50.0% 2 40.0% $1,307 $2.18 $1,294 $2.16 1.0%
1 1 750 5 50.0% 1 20.0% $1,413 $1.88 $1,399 $1.86 1.0%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 600 5 50.0% 2 40.0% $1,307 $2.18 $1,294 $2.16 1.0%
All 1 Beds 750 5 50.0% 1 20.0% $1,413 $1.88 $1,399 $1.86 1.0%
Totals 675 10 100% 3 30.0% $1,360 $2.01 $1,347 $1.99 1.0%
Updated July 22, 2017Estimate
UNIT AMENITIES
Balcony
RECURRING EXPENSES
Free Water, Electricity, Cable
ONE TIME EXPENSES
Application Fee $100
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Rent Comparables310 Meridian Ave
6 900-910 7th StMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
Beach Properties Inc
(305) 672-5055
PROPERTY
0.3 Miles
Property Size: 8 Units, 2 Floors
Avg. Unit Size: 625 SF
Year Built: 1955
Type: Apartments - All
Rent Type:
Parking: 6 Spaces; 0.8 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Apr 2010
$760,000 ($95,000/Unit) - Part of Portfolio
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
1 1 625 8 100% 0 0.0% $1,240 $1.98 $1,237 $1.98 0.2%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 625 8 100% 0 0.0% $1,240 $1.98 $1,237 $1.98 0.2%
Totals 625 8 100% 0 0.0% $1,240 $1.98 $1,237 $1.98 0.2%
Updated July 10, 2016Estimate
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Rent Comparables310 Meridian Ave
7 1006 8th St - JeffersonMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
Residences at South Beach
(305) 535-9966
PROPERTY
0.4 Miles
Property Size: 16 Units, 2 Floors
Avg. Unit Size: 675 SF
Year Built: 1936
Type: Apartments - All
Rent Type:
Parking: 6 Spaces; 0.4 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Feb 2000
$492,000 ($35,143/Unit)
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
Studio 1 600 8 50.0% 1 12.5% $1,172 $1.95 $1,160 $1.93 1.0%
1 1 750 8 50.0% 2 25.0% $1,376 $1.84 $1,363 $1.82 1.0%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 600 8 50.0% 1 12.5% $1,172 $1.95 $1,160 $1.93 1.0%
All 1 Beds 750 8 50.0% 2 25.0% $1,376 $1.84 $1,363 $1.82 1.0%
Totals 675 16 100% 3 18.8% $1,274 $1.89 $1,261 $1.87 1.0%
Updated July 10, 2016Estimate
SITE AMENITIES
Laundry Facilities
UNIT AMENITIES
Air Conditioning
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Rent Comparables310 Meridian Ave
8 720 Meridian AveMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
Trident Real Estate
(305) 535-7599
PROPERTY
0.3 Miles
Property Size: 10 Units, 2 Floors
Avg. Unit Size: 820 SF
Year Built: 1936
Type: Apartments - All
Rent Type:
Parking: 2 Spaces; 0.2 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
Studio 1 600 2 20.0% 0 0.0% $1,222 $2.04 $1,219 $2.03 0.2%
1 1 750 4 40.0% 2 50.0% $1,383 $1.84 $1,369 $1.83 1.0%
2 1 1,000 4 40.0% 1 25.0% $1,861 $1.86 $1,842 $1.84 1.0%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 600 2 20.0% 0 0.0% $1,222 $2.04 $1,219 $2.03 0.2%
All 1 Beds 750 4 40.0% 2 50.0% $1,383 $1.84 $1,369 $1.83 1.0%
All 2 Beds 1,000 4 40.0% 1 25.0% $1,861 $1.86 $1,842 $1.84 1.0%
Totals 820 10 100% 3 30.0% $1,542 $1.88 $1,528 $1.86 0.9%
Updated July 12, 2017Estimate
RECURRING EXPENSES
Free Water, Trash Removal, Sewer
ONE TIME EXPENSES
Admin Fee $100
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Rent Comparables310 Meridian Ave
9 725 Lenox AveMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
Residences at South Beach
(305) 535-9966
PROPERTY
0.4 Miles
Property Size: 12 Units, 2 Floors
Avg. Unit Size: 738 SF
Year Built: 1946
Type: Apartments
Rent Type:
Parking: 4 Spaces; 0.3 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
Studio 1 600 1 8.3% 0 0.0% $1,300 $2.17 $1,297 $2.16 0.2%
1 1 750 11 91.7% 2 18.2% $1,332 $1.78 $1,318 $1.76 1.0%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 600 1 8.3% 0 0.0% $1,300 $2.17 $1,297 $2.16 0.2%
All 1 Beds 750 11 91.7% 2 18.2% $1,332 $1.78 $1,318 $1.76 1.0%
Totals 738 12 100% 2 16.7% $1,329 $1.80 $1,316 $1.78 0.9%
Updated July 06, 2016Estimate
ONE TIME EXPENSES
Application Fee $75
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Rent Comparables310 Meridian Ave
10 545 Michigan Ave - The YorleeMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
Ciervo Properties- 545 Michigan Ave
(516) 710-4301
PROPERTY
0.2 Miles
Property Size: 8 Units, 2 Floors
Avg. Unit Size: 635 SF
Year Built: 1939
Type: Apartments - All
Rent Type:
Parking: 2 Spaces; 0.3 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Jun 2013
$1,050,000 ($131,250/Unit)
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
1 1 534 4 50.0% 0 0.0% $1,019 $1.91 $1,017 $1.90 0.2%
2 2 735 4 50.0% 0 0.0% $1,223 $1.66 $1,220 $1.66 0.3%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 534 4 50.0% 0 0.0% $1,019 $1.91 $1,017 $1.90 0.2%
All 2 Beds 735 4 50.0% 0 0.0% $1,223 $1.66 $1,220 $1.66 0.3%
Totals 635 8 100% 0 0.0% $1,121 $1.77 $1,118 $1.76 0.3%
Updated February 24, 2017Estimate
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Rent Comparables310 Meridian Ave
11 735 Euclid AveMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
Muhlrad Properties, Inc
(305) 534-4328
PROPERTY
0.4 Miles
Property Size: 32 Units, 2 Floors
Avg. Unit Size: 600 SF
Year Built: 1937
Type: Apartments - All
Rent Type:
Parking: 6 Spaces; 0.2 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Jan 1999
$440,000 ($13,750/Unit)
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
Studio 1 600 32 100% 2 6.3% $1,001 $1.67 $995 $1.66 0.6%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 600 32 100% 2 6.3% $1,001 $1.67 $995 $1.66 0.6%
Totals 600 32 100% 2 6.3% $1,001 $1.67 $995 $1.66 0.6%
Updated August 16, 2017Estimate
UNIT AMENITIES
Kitchen, Range, Refrigerator
RECURRING EXPENSES
Free Water, Trash Removal
PET POLICY
Birds AllowedCats AllowedDogs AllowedRestrictions: Restrictions May ApplyFishes AllowedReptiles Allowed
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Rent Comparables310 Meridian Ave
12 655-657 Lenox AveMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
-
-
PROPERTY
0.3 Miles
Property Size: 8 Units, 2 Floors
Avg. Unit Size: 720 SF
Year Built: 1956
Type: Apartments - All
Rent Type:
Parking: 4 Spaces; 0.5 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Jun 2015
$1,870,000 ($233,750/Unit)
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
1 1 710 6 75.0% 0 0.0% $907 $1.28 $902 $1.27 0.6%
2 2 750 2 25.0% 0 0.0% $1,281 $1.71 $1,273 $1.70 0.6%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 710 6 75.0% 0 0.0% $907 $1.28 $902 $1.27 0.6%
All 2 Beds 750 2 25.0% 0 0.0% $1,281 $1.71 $1,273 $1.70 0.6%
Totals 720 8 100% 0 0.0% $1,001 $1.39 $994 $1.38 0.6%
Updated October 06, 2012Estimate
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Page 20
Rent Comparables310 Meridian Ave
13 744 Euclid AveMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
-
-
PROPERTY
0.4 Miles
Property Size: 12 Units, 2 Floors
Avg. Unit Size: -
Year Built: 1934
Type: Apartments - All
Rent Type:
Parking: 5 Spaces; 0.4 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Jan 2001
$810,000 ($67,500/Unit)
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
Studio 1 - 8 66.7% 0 0.0% $655 - $651 - 0.6%
1 1 - 4 33.3% 0 0.0% $982 - $976 - 0.6%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios - 8 66.7% 0 0.0% $655 - $651 - 0.6%
All 1 Beds - 4 33.3% 0 0.0% $982 - $976 - 0.6%
Totals - 12 100% 0 0.0% $764 - $759 - 0.6%
Updated November 07, 2014Estimate
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Page 21
Rent Comparables310 Meridian Ave
14 344 Ocean Dr - Ocean Beach ApartmentsMiami Beach, Florida - South Pointe Neighborhood
PROPERTY MANAGER
-
-
PROPERTY
0.2 Miles
Property Size: 12 Units, 2 Floors
Avg. Unit Size: -
Year Built: 1934
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Jul 2001
$1,410,000 ($117,500/Unit)
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
Studio 1 - 4 33.3% 0 0.0% $854 - $849 - 0.6%
1 1 - 8 66.7% 0 0.0% $918 - $912 - 0.6%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios - 4 33.3% 0 0.0% $854 - $849 - 0.6%
All 1 Beds - 8 66.7% 0 0.0% $918 - $912 - 0.6%
Totals - 12 100% 0 0.0% $897 - $891 - 0.6%
Updated May 12, 2014Estimate
UNIT AMENITIES
Air Conditioning
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Rent Comparables310 Meridian Ave
15 765 Lenox AveMiami, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
-
-
PROPERTY
0.4 Miles
Property Size: 12 Units, 2 Floors
Avg. Unit Size: -
Year Built: 1954
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Sep 2000
$600,000 ($50,000/Unit)
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
Studio - - 2 16.7% 0 0.0% $680 - $675 - 0.7%
1 1 - 10 83.3% 1 10.0% $841 - $836 - 0.6%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios - 2 16.7% 0 0.0% $680 - $675 - 0.7%
All 1 Beds - 10 83.3% 1 10.0% $841 - $836 - 0.6%
Totals - 12 100% 1 8.3% $814 - $809 - 0.6%
Updated October 06, 2012Estimate
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Rent Comparables310 Meridian Ave
16 734 Jefferson AveMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
-
-
PROPERTY
0.4 Miles
Property Size: 12 Units, 2 Floors
Avg. Unit Size: -
Year Built: 1940
Type: Apartments - All
Rent Type:
Parking: 3 Spaces; 0.3 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Apr 2016
$2,050,000 ($170,833/Unit)
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
1 1 - 12 100% 1 8.3% $1,558 - $1,549 - 0.6%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds - 12 100% 1 8.3% $1,558 - $1,549 - 0.6%
Totals - 12 100% 1 8.3% $1,558 - $1,549 - 0.6%
Updated June 27, 2015Estimate
RECURRING EXPENSES
Free Water, Trash Removal, Sewer
ONE TIME EXPENSES
Application Fee $200
PET POLICY
No Pets Allowed
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Rent Comparables310 Meridian Ave
17 636 Michigan AveMiami Beach, Florida - Flamingo-Lummus Neighborhood
PROPERTY MANAGER
-
-
PROPERTY
0.3 Miles
Property Size: 8 Units, 1 Floors
Avg. Unit Size: -
Year Built: 1936
Type: Apartments - All
Rent Type:
Parking: 3 Spaces; 0.4 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Oct 2013
$1,175,000 ($146,875/Unit)
UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Availability Avg Asking Rent Avg Effective Rent
UNIT BREAKDOWN
1 1 - 8 100% 0 0.0% $789 - $784 - 0.6%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds - 8 100% 0 0.0% $789 - $784 - 0.6%
Totals - 8 100% 0 0.0% $789 - $784 - 0.6%
Updated July 08, 2014Estimate
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Rent Comparables by Bedroom310 Meridian Ave
Studio Comps
$1,030One Bed Comps
$1,238Two Bed Comps
$1,721Three Bed Comps
-Subject
$666
Subject
$922
Subject
-
Subject
-
1 Bedroom 2 Bedroom 3 BedroomCurrent Conditions in Rent Comps Studio
Total Number of Units 82 113 17 0
Vacancy Rate 7.1% 11.2% 6.5% -
Asking Rent Per Unit $1,030 $1,238 $1,721 -
Asking Rent Per SF $1.92 $1.88 $1.89 -
Effective Rents Per Unit $1,024 $1,229 $1,712 -
Effective Rents Per SF $1.91 $1.87 $1.89 -
Concessions 0.6% 0.8% 0.5% -
Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom
Year-Over-Year Effective Rent Growth 0.3% 1.1% -1.2% -
Year-Over-Year Vacancy Rate Change
12 Month Net Absorption in Units
-0.4%
0
-0.3%
0 0
0.6% -
-
EXISTING UNITS VACANT UNITS
ASKING RENT PER UNIT PER MONTH 12 MONTH NET ABSORPTION IN UNITS
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Studio Rent Comparables310 Meridian Ave
Property Name/Address Rating Studio Rent Per Unit YearQuarterRent/SF
Change in Rent
349 Jefferson Ave-8.2%0.1%$2.54
$1,523
$1,522
935 8th St
Conrad Apartments1.0%0.1%$2.48
$1,486
740 Michigan Ave1.0%0.1%$2.18
$1,307
$1,307
725 Lenox Ave1.0%0.1%$2.17
$1,300
720 Meridian Ave1.0%0.0%$2.04
$1,222
$1,221
1006 8th St
Jefferson1.0%0.1%$1.95
$1,172
735 Euclid Ave1.0%0.1%$1.67
$1,001
$1,000
710 7th St1.0%0.1%$2.06
$865
$865
344 Ocean Dr
Ocean Beach Apartments1.0%0.0%-
$854
$854
310 Meridian Ave0.5%0.0%$1.67
$666
$666
744 Euclid Ave1.0%0.1%-
$655
$654
$0 $500 $1,000 $1,500 $2,000
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One Bedroom Rent Comparables310 Meridian Ave
Property Name/Address Rating One Bedroom Rent Per Unit YearQuarterRent/SF
Change in Rent
935 8th St
Conrad Apartments1.0%0.1%$2.03
$1,623
349 Jefferson Ave-8.2%0.1%$2.08
$1,559
734 Jefferson Ave1.0%0.1%-
$1,558
$1,558
740 Michigan Ave1.0%0.1%$1.88
$1,413
$1,412
628 Jefferson Ave6.7%0.1%$2.17
$1,408
$1,408
720 Meridian Ave1.0%0.1%$1.84
$1,383
1006 8th St
Jefferson1.0%0.1%$1.84
$1,376
$1,376
725 Lenox Ave1.0%0.1%$1.78
$1,332
$1,331
900-910 7th St1.0%0.1%$1.98
$1,240
$1,239
710 7th St1.0%0.1%$1.95
$1,071
$1,070
545 Michigan Ave
The Yorlee1.0%0.1%$1.91
$1,019
744 Euclid Ave1.0%0.1%-
$982
$982
310 Meridian Ave0.6%0.0%$1.94
$922
$922
344 Ocean Dr
Ocean Beach Apartments1.0%0.1%-
$918
$917
655-657 Lenox Ave1.0%0.1%$1.28
$907
$907
765 Lenox Ave1.0%0.1%-
$841
$841
636 Michigan Ave1.0%0.1%-
$789
$400 $800 $1,200 $1,600 $2,000
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Changes in Rent Comparables310 Meridian Ave
VACANCY CHANGES PAST QUARTER & YEAR
Past QtrLast YearLast QtrNow
Vacancy Levels Change
Property Name - Address Rating Units Past Year
4.7% -1.3%-0.3%5.9%32 5.0%735 Euclid Ave
5.0% -0.8%0%5.8%12 5.0%744 Euclid Ave
5.0% -0.8%0%5.8%12 5.0%765 Lenox Ave
30.0% 4.0%0%26.0%10 30.0%740 Michigan Ave
5.0% -1.3%0%6.3%8 5.0%655-657 Lenox Ave
5.0% -0.6%0%5.6%16 5.0%710 7th St
0% 0%0%0%8 0%900-910 7th St
12.5% -5.0%0%17.5%8 12.5%628 Jefferson Ave
5.0% -0.8%0%5.8%12 5.0%734 Jefferson Ave
5.0% -1.3%0%6.3%8 5.0%636 Michigan Ave
30.0% 4.0%0%26.0%10 30.0%720 Meridian Ave
16.7% 0%0%16.7%12 16.7%725 Lenox Ave
10.0% 1.0%0%9.0%10 10.0%349 Jefferson Ave
4.7% -1.2%0%5.9%17 4.7%310 Meridian Ave
5.5% 0.5%0%5.0%20 5.5%Conrad Apartments - 935 8th St
18.8% 0%0%18.8%16 18.8%Jefferson - 1006 8th St
5.0% -0.8%0%5.8%12 5.0%Ocean Beach Apartments - 344 Ocean Dr
0% 0%0%0%8 0%The Yorlee - 545 Michigan Ave
ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO
Past QtrLast YearLast QtrNow
Rents Levels Change
Property Name - Address Rating Units Past Year
$666 0.5%0%$66314 $666310 Meridian Ave
$854 1.0%0%$8464 $854Ocean Beach Apartments - 344 Ocean Dr
$1,222 1.0%0%$1,2102 $1,221720 Meridian Ave
$1,307 1.0%0%$1,2955 $1,307740 Michigan Ave
$1,523 -8.2%0%$1,6594 $1,522349 Jefferson Ave
$865 1.0%0%$85714 $865710 7th St
$1,001 1.0%0%$99132 $1,000735 Euclid Ave
$1,486 1.0%0.1%$1,4724 $1,485Conrad Apartments - 935 8th St
$1,172 1.0%0.1%$1,1618 $1,171Jefferson - 1006 8th St
$655 1.0%0.1%$6488 $655744 Euclid Ave
$680 1.0%0.1%$6732 $679765 Lenox Ave
$1,300 1.0%0.1%$1,2871 $1,299725 Lenox Ave
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Changes in Rent Comparables310 Meridian Ave
ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM
Past QtrLast YearLast QtrNow
Rents Levels Change
Property Name - Address Rating Units Past Year
$922 0.5%0%$9173 $922310 Meridian Ave
$1,071 1.0%0%$1,0602 $1,070710 7th St
$789 1.0%0%$7818 $789636 Michigan Ave
$841 1.0%0%$83310 $841765 Lenox Ave
$1,019 1.0%0%$1,0094 $1,019The Yorlee - 545 Michigan Ave
$1,240 1.0%0.1%$1,2288 $1,239900-910 7th St
$982 1.0%0.1%$9734 $982744 Euclid Ave
$1,408 6.7%0.1%$1,3208 $1,407628 Jefferson Ave
$1,558 1.0%0.1%$1,54312 $1,557734 Jefferson Ave
$1,383 1.0%0.1%$1,3704 $1,382720 Meridian Ave
$1,376 1.0%0.1%$1,3638 $1,376Jefferson - 1006 8th St
$918 1.0%0.1%$9098 $917Ocean Beach Apartments - 344 Ocean Dr
$1,332 1.0%0.1%$1,31911 $1,331725 Lenox Ave
$907 1.0%0.1%$8986 $907655-657 Lenox Ave
$1,623 1.0%0.1%$1,60712 $1,622Conrad Apartments - 935 8th St
$1,413 1.0%0.1%$1,3995 $1,412740 Michigan Ave
$1,559 -8.2%0.1%$1,6993 $1,558349 Jefferson Ave
ASKING RENT CHANGES PAST QUARTER & YEAR - TWO BEDROOM
Past QtrLast YearLast QtrNow
Rents Levels Change
Property Name - Address Rating Units Past Year
$1,281 1.0%0%$1,2682 $1,280655-657 Lenox Ave
$2,079 -8.2%0%$2,2653 $2,078349 Jefferson Ave
$2,029 1.0%0%$2,0094 $2,028Conrad Apartments - 935 8th St
$1,861 0.9%0.1%$1,8454 $1,860720 Meridian Ave
$1,223 1.0%0.1%$1,2114 $1,222The Yorlee - 545 Michigan Ave
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Rent Trends310 Meridian Ave
PROPERTY ATTRIBUTES Subject Rent CompsBal Harbor/South Beach
2-4 StarMiami 2-4 Star
Existing Units 35,481 311,325
Building Rating
Under Construction as % of Inventory - 1.7% 7.1%
21417
-
2.22.2
UNIT MIX Subject Rent CompsBal Harbor/South Beach
2-4 StarMiami 2-4 Star
Studio - 1 Bath 82% 38% 9% 5%
1 Bedroom - 1 Bath 18% 53% 29% 28%
ASKING RENTS PER SF Subject Rent CompsBal Harbor/South Beach
2-4 StarMiami 2-4 Star
Studio - 1 Bath $1.67 $1.92 $2.22 $2.08
1 Bedroom - 1 Bath $1.94 $1.88 $1.98 $1.69
Concessions 0.6% 0.7% 0.8% 1.5%
AVERAGE EFFECTIVE RENT GROWTH Subject Rent CompsBal Harbor/South Beach
2-4 StarMiami 2-4 Star
Current Quarter 0.0% 0.1% 1.7% 0.2%
1 Year Rent Growth 0.6% 0.4% 0.4% 1.9%
3 Year Rent Growth 3.6% 4.9% 2.4% 8.8%
5 Year Rent Growth 6.5% 7.1% 13.3% 20.2%
All-Time Average 1.7% 1.9% 2.2% 2.4%
Vacancy Rate Subject Rent CompsBal Harbor/South Beach
2-4 StarMiami 2-4 Star
Current Quarter 5.9% 9.2% 5.8% 5.1%
Last Quarter 5.9% 9.2% 6.0% 5.0%
1 Year Ago 5.9% 9.4% 7.5% 5.3%
3 Years Ago 5.9% 5.2% 7.0% 4.5%
5 Years Ago 5.9% 5.7% 8.0% 5.0%
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Rent Trends310 Meridian Ave
STUDIO ASKING RENT PER SQUARE FOOT
ONE BEDROOM ASKING RENT PER SQUARE FOOT
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Rent Trends310 Meridian Ave
OVERALL ASKING RENT PER SQUARE FOOT
OVERALL EFFECTIVE RENT PER SQUARE FOOT
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Rent Trends310 Meridian Ave
ANNUAL EFFECTIVE RENT GROWTH
CONCESSIONS
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Rent Trends310 Meridian Ave
VACANCY RATES
OCCUPANCY RATES
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Rent Trends310 Meridian Ave
RENT COMPARABLES HISTORICAL DATA BY YEAR
RENT COMPARABLES HISTORICAL DATA BY QUARTER PAST 3 YEARS
Rental Rates Per SF Vacancy
Year Units EffectiveAsking Growth Concessions Units Percent Change Net Absorption
2018 214 $1.89 0.1% 0.7% 20 9.2% -0.1% 0$1.90
2017 214 $1.89 1.2% 0.7% 20 9.2% -0.1% 0$1.90
2016 214 $1.86 1.6% 0.7% 20 9.4% 3.8% (2)$1.88
2015 214 $1.83 2.6% 0.6% 12 5.6% 0.3% (2)$1.84
2014 214 $1.79 0.4% 0.6% 11 5.3% 0.6% 0$1.80
2013 214 $1.78 1.6% 0.6% 10 4.7% -1.4% 0$1.79
2012 214 $1.75 1.9% 0.6% 13 6.1% 0.1% 0$1.76
2011 214 $1.72 0.5% 0.6% 13 6.0% 0.2% (1)$1.73
2010 214 $1.71 1.6% 0.6% 13 5.8% -0.7% 0$1.72
2009 214 $1.69 -0.9% 0.7% 14 6.5% 0.0% 0$1.70
Rental Rates Per SF Vacancy
Quarter Units EffectiveAsking Growth Concessions Units Percent Change Net Absorption
2018 Q1 214 $1.89 0.1% 0.7% 20 9.2% -0.1% 0$1.90
2017 Q4 214 $1.89 0.1% 0.7% 20 9.2% 0.0% 0$1.90
2017 Q3 214 $1.88 0.4% 0.7% 20 9.2% -0.1% 0$1.90
2017 Q2 214 $1.87 -0.2% 0.7% 20 9.3% -0.1% 0$1.89
2017 Q1 214 $1.88 0.8% 0.7% 20 9.4% 0.1% 0$1.89
2016 Q4 214 $1.86 0.3% 0.7% 20 9.4% 0.8% (2)$1.88
2016 Q3 214 $1.86 0.4% 0.7% 18 8.6% 0.9% (2)$1.87
2016 Q2 214 $1.85 0.3% 0.7% 16 7.6% 1.3% (3)$1.86
2016 Q1 214 $1.84 0.5% 0.7% 14 6.3% 0.8% (2)$1.85
2015 Q4 214 $1.83 0.6% 0.6% 12 5.6% 1.1% (2)$1.84
2015 Q3 214 $1.82 0.7% 0.5% 10 4.5% -0.4% 1$1.83
2015 Q2 214 $1.81 0.7% 0.6% 10 4.9% -0.4% 1$1.82
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Page 36
310 Meridian Ave
PREPARED BY
Manny Chamizo
Global Commercial Director
Construction Survey
17 Unit Apartment Building
Miami Beach, Florida - South Pointe Neighborhood
Overall Construction Summary310 Meridian Ave
All-Time Annual Average
4Delivered Past 4 Quarters
0Deliveries Next 4 Quarters
340Proposed Next 4 Quarters
141MAP OF 12 MONTH DELIVERIES, UNDER CONSTRUCTION, PROPOSED
PAST AND FUTURE DELIVERIES
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Page 38
Under Construction Properties310 Meridian Ave
Properties
2Units
340Percent Of Inventory
3.1%Avg. No. Units
170UNDER CONSTRUCTION PROPERTIES
UNDER CONSTRUCTION SUMMARY STATISTICS
MedianLow Average High
Property Size in Units 19
Number of Stories
Average Unit Size
Star Rating
5
-
170
27
-
170
27
-
321
50
-
Estimated Delivery Date May 2018 Aug 2018 Aug 2018 Dec 2018
Months to Delivery 2 5 6 9
Construction Period in Months 21 24 24 27
4.5
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Page 39
Under Construction Properties310 Meridian Ave
COMPLETIONS WITHIN NEXT 3 MONTHS
Property Name/Address Rating Units Stories Start Complete Developer/Owner
Feb-2016300 Collins Ave
300 Collins19 5 May-2018
JMH Development, LLC
Jhpsb Collins Development 2 Llc1
COMPLETIONS MORE THAN 6 MONTHS AWAY
Property Name/Address Rating Units Stories Start Complete Developer/Owner
Mar-2017659-737 Alton Rd
The Wave321 50 Dec-2018
-
Crescent Heights2
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Page 40
Under Construction Properties310 Meridian Ave
1 300 Collins Ave - 300 CollinsMiami Beach, Florida - South Pointe Neighborhood
CONSTRUCTION INFO
Start Date: Feb-2016
Completion Date: May-2018
Build Time: 27 Months
Time to Delivery: 2 Months
PROPERTY
Property Size: 19 Units
Stories: 5
Average Unit Size: -
Rent Type: Market
OWNER
Jhpsb Collins Development 2 Llc
DEVELOPER
JMH Development, LLC
NOTES
Three Hundred Collins will have one-to-four bedroom units, ranging from 995 square feet tomore than 3,700 square feet, priced from $1.7 million to more than $9 million. Units featurewhite oak floors and stone finishes and floor-to-ceiling windows, the developer said.
The property’s amenities will include a fitness center, valet and 24-hour attended lobby withpersonal service, plus a rooftop area with a 75-foot saltwater pool and hot tub.
SITE AMENITIES
24 Hour Availability, Concierge, Fitness Center, Pool
2 659-737 Alton Rd - The WaveMiami Beach, Florida - West Avenue Neighborhood
CONSTRUCTION INFO
Start Date: Mar-2017
Completion Date: Dec-2018
Build Time: 21 Months
Time to Delivery: 9 Months
PROPERTY
Property Size: 321 Units
Stories: 50
Average Unit Size: -
Rent Type: Market
OWNER
Crescent Heights
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Deliveries Past 12 Months Summary310 Meridian Ave
Properties
0Units
0Vacancy Rate
-Avg. Asking Rent/Unit
-DELIVERIES IN PAST 12 MONTHS
DELIVERIES PAST 12 MONTHS SUMMARY STATISTICS
Unit Mix Low Average Median High
Property Size in Units - - - -
Studio Units - - - -
One Bedroom Units - - - -
Two Bedroom Units - - - -
Three Bedroom Units - - - -
Property Attributes Low Average Median High
Number of Stories - - - -
Average Unit Size - - - -
Rating
Leasing Performance Low Average Median High
Vacancy Rate - - - -
Asking Rent Per Unit - - - -
Effective Rent Per Unit - - - -
Asking Rent Per SF - - - -
Effective Rent Per SF - - - -
Concessions - - - -
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Deliveries Past 12 Months310 Meridian Ave
No delivery properties found.
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Construction Summary310 Meridian Ave
UNITS UNDER CONSTRUCTION
PROJECTED DELIVERY DATES OF UNITS UNDER CONSTRUCTION
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Construction Summary310 Meridian Ave
CONSTRUCTION DELIVERIES IN UNITS
CONSTRUCTION STARTS IN UNITS
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Construction Summary310 Meridian Ave
PERCENT OCCUPIED AT DELIVERY
UNITS OCCUPIED IN DELIVERIES OVER TIME
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Construction Summary310 Meridian Ave
NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT
NET ABSORPTION IN UNITS
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Construction Summary310 Meridian Ave
ASKING RENTAL RATES PER UNIT
CONCESSIONS IN DELIVERIES PER YEAR
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310 Meridian Ave
PREPARED BY
Manny Chamizo
Global Commercial Director
Sale Comparables
17 Unit Apartment Building
Miami Beach, Florida - South Pointe Neighborhood
Sale Comparables Summary310 Meridian Ave
Sale Comparables
18Avg. Price/Unit (thous.)
$252Average Price (mil.)
$4.2Average Vacancy at Sale
4.2%SALE COMPARABLE LOCATIONS
Sales Attributes Low Average Median High
Sale Price $1,360,000 $4,223,783 $3,450,000 $15,250,000
Price Per Unit $160,300 $252,021 $203,833 $491,935
Cap Rate 1.2% 4.0% 4.1% 6.0%
Vacancy Rate at Sale 0% 4.2% 6.2% 10.0%
Time Since Sale in Months 2.2 12.4 11.8 20.3
Property Attributes Low Average Median High
Property Size in Units 8 16 14 31
Number of Floors 1 2 2 4
Average Unit SF 0 467 496 733
Year Built 1922 1940 1940 1958
Star Rating 2.1
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Page 51
Sale Comparables Summary310 Meridian Ave
Property Information
RatingProperty Name/Address Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF
Sale Information
730 14th Pl
Casa Meridian-1 1933 8 10.0% 12/27/2017 $1,360,000 $170,000 $294
900 Pennsylvania Ave-2 1936 14 7.1% 10/27/2017 $2,825,000 $201,785 $370
2150 Park Ave-3 1947 20 5.0% 8/7/2017 $4,800,000 $240,000 $490
835-855 Alton Rd
Phyllis Gardens Apartments-4 1950 20 5.0% 8/4/2017 $4,500,000 $225,000 $433
920 Pennsylvania Ave
Keystone-5 1937 12 8.3% 5/30/2017 $2,300,000 $191,666 $354
1537 Jefferson Ave
Jefferson Avenue Apartments-6 1950 12 8.3% 5/19/2017 $2,125,000 $177,083 $316
511-515 16th St
1600 Drexel-7 1924 14 7.1% 4/19/2017 $3,400,000 $242,857 $516
1510 Drexel Ave
Drexel Towers-8 1940 12 0% 4/6/2017 $3,700,000 $308,333 $283
529 15th St
The Latoro-9 1939 20 5.0% 4/3/2017 $4,700,000 $235,000 $382
1567 Meridian Ave-10 1940 29 0% 2/9/2017 $5,850,000 $201,724 $375
1619 Meridian Ave
Lincoln Road Apartments-11 1936 12 0% 1/17/2017 $2,660,000 $221,666 $446
310 Meridian Ave- 1940 17 5.9% 1/13/2017 $3,500,000 $205,882 $499
333-343 Jefferson Ave-12 1922 22 4.6% 10/21/2016 $5,100,000 $231,818 $395
3003 Indian Creek Dr-13 1949 20 0% 10/5/2016 $8,200,100 $410,005 $555
1000 7th St-14 1951 10 10.0% 7/14/2016 $1,603,000 $160,300 $250
1200 Ocean Dr-15 1958 31 6.5% 7/14/2016 $15,250,000 $491,935 $834
1310 Euclid Ave-16 1950 12 8.3% 7/8/2016 $2,280,000 $190,000 $263
1604 Michigan Ave-17 1935 10 10.0% 6/22/2016 $1,875,000 $187,500 $465
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Page 52
Sale Comparables310 Meridian Ave
Casa Meridian - 730 14th PlMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood
1
SALE
Sale Date: 12/27/2017
Sale Price: $1,360,000
Price Per Unit: $170,000
Price Per SF: $294
Cap Rate: -
PROPERTY
Property Size: 8 Units, 2 Floors
Average Unit Size: -
Year Built: 1933
Vacancy At Sale: 10.0%
Parking Spaces: -
CONTACTS
Buyer: Latoro Llc
Seller: Meridian & 14 Llc
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
1 - - 10 100% 1 10.0% - - - - -
Totals - 10 100% 1 10.0% - - - - -
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Page 53
Sale Comparables310 Meridian Ave
900 Pennsylvania AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood
2
SALE
Sale Date: 10/27/2017
Sale Price: $2,825,000
Price Per Unit: $201,785
Price Per SF: $370
Cap Rate: 3.4%
PROPERTY
Property Size: 14 Units, 2 Floors
Average Unit Size: -
Year Built: 1936
Vacancy At Sale: 7.1%
Parking Spaces: 6 Spaces; 0.4 per Unit
CONTACTS
Buyer: 611 Rlty Corp
Seller: Whittall & Shon Of Miami
Buyer Broker: Hudson Capital Realty, LLC - David Sherman Nirit Realty Inc. - D…
Listing Broker: RelatedISG International Realty - David Ballard
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
1 1 - 14 100% 1 7.1% $1,037 - $1,030 - 0.6%
Totals - 14 100% 1 7.1% $1,037 - $1,030 - 0.6%
TRANSACTION NOTES
This transaction involves the sale of a multi-family property located 900 Pennsylvania Ave. in Miami Beach, FL. The community sold on October27, 2017 for a confirmed price of $2,825,000, or about $201,786 per unit.
The property is comprised of 14 one bedroom-one bathroom units. Occupancy was not verified at the time of sale. There were no reported saleconditions involved in the tradition. The investment cap rate was reported at 3.4%.
The buyer was motivated by the price and location of the property.
Details provided in this sale comparable were verified with sources deemed reliable.
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Sale Comparables310 Meridian Ave
2150 Park AveMiami Beach, FL 33139 - City Center Neighborhood
3
SALE
Sale Date: 8/7/2017
Sale Price: $4,800,000
Price Per Unit: $240,000
Price Per SF: $490
Cap Rate: 1.2%
PROPERTY
Property Size: 20 Units, 2 Floors
Average Unit Size: -
Year Built: 1947
Vacancy At Sale: 5.0%
Parking Spaces: 2 Spaces; 0.1 per Unit
CONTACTS
Buyer: Location 3 Investments, LLC
Seller: Alfonso Lam
Buyer Broker: Marcus & Millichap - Adam Duncan, Brett McMahon, Joseph Tho…
Listing Broker: Marcus & Millichap - Adam Duncan, Brett McMahon, Joseph Tho…
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
Studio 0 - 1 5.0% 0 0.0% - - - - -
1 1 - 19 95.0% 1 5.3% - - - - -
Totals - 20 100% 1 5.0% - - - - -
TRANSACTION NOTES
On August 7, 2017 the 9,792 SF multi-family property located at 2150 Park Avenue in Miami Beach, FL was sold for $4.8 million, or about$240,000 per unit.This C class apartment building was built in 1947 and sits on a .17 acre lot. The property consists of 19 one bedroom-one bathrooms and onestudio apartment. The community was fully occupied at the time of sale.The reported cap rate was 1.19%. Several tenants’ monthly rents were below market average. Reportedly, the buyer will renovate the propertyand offer short term rentals options.This information was confirmed with a source deemed reliable.
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Sale Comparables310 Meridian Ave
Phyllis Gardens Apartments - 835-855 Alton RdMiami, FL 33139 - Flamingo-Lummus Neighborhood
4
SALE
Sale Date: 8/4/2017
Sale Price: $4,500,000
Price Per Unit: $225,000
Price Per SF: $433
Cap Rate: 6.0%
PROPERTY
Property Size: 20 Units, 1 Floors
Average Unit Size: -
Year Built: 1950
Vacancy At Sale: 5.0%
Parking Spaces: -
CONTACTS
Buyer: Eric Kamhi
Seller: DIT Global, Inc.
Listing Broker: Monolith Real Estate, Inc. - Irina Poliskiy
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
1 1 - 20 100% 1 5.0% - - - - -
Totals - 20 100% 1 5.0% - - - - -
SITE AMENITIES
Trash Pickup - Curbside
UNIT AMENITIES
Air Conditioning, Kitchen
TRANSACTION NOTES
On August 4, 2017, the 20 unit multi-family property located at 835-855 Alton Road in Miami, FL was sold for $4.5 million, or about $225,000 perunit. The property was known as Phyllis Gardens Apartments.
This C class property was built in 1950 and sits on a 0.48 acre lot. The community features 20 one bedroom-one bathroom units. Two units werevacant at the time of sale.
This information was confirmed with a source deemed reliable.
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Sale Comparables310 Meridian Ave
Keystone - 920 Pennsylvania AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood
5
SALE
Sale Date: 5/30/2017
Sale Price: $2,300,000
Price Per Unit: $191,666
Price Per SF: $354
Cap Rate: -
PROPERTY
Property Size: 12 Units, 2 Floors
Average Unit Size: -
Year Built: 1937
Vacancy At Sale: 8.3%
Parking Spaces: 3 Spaces; 0.3 per Unit
CONTACTS
Buyer: Paul Benichou
Seller: Vincenzo Odoguardi
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
Studio 1 - 8 66.7% 0 0.0% $725 - $720 - 0.7%
1 1 - 4 33.3% 0 0.0% $908 - $902 - 0.7%
Totals - 12 100% 1 8.3% $786 - $781 - 0.7%
UNIT AMENITIES
Air Conditioning
TRANSACTION NOTES
The parties involved were not at liberty to disclose any of the vital data or were unable to be contacted. All information is based on recordeddocuments and county assessor records.
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Sale Comparables310 Meridian Ave
Jefferson Avenue Apartments - 1537 Jefferson AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood
6
SALE
Sale Date: 5/19/2017
Sale Price: $2,125,000
Price Per Unit: $177,083
Price Per SF: $316
Cap Rate: -
PROPERTY
Property Size: 12 Units, 2 Floors
Average Unit Size: 560 SF
Year Built: 1950
Vacancy At Sale: 8.3%
Parking Spaces: 3 Spaces; 0.3 per Unit
CONTACTS
Buyer: David Ocon
Seller: Miami Dreams Realty, Inc.
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
Studio 1 525 8 66.7% 0 0.0% $1,044 $1.99 $1,038 $1.98 0.6%
1 1 630 4 33.3% 0 0.0% $1,149 $1.82 $1,141 $1.81 0.7%
Totals 560 12 100% 1 8.3% $1,079 $1.93 $1,072 $1.91 0.6%
TRANSACTION NOTES
On 5/19/17, the multi-family property located at 1537 Jefferson Ave. in Miami Beach, FL was sold for $2,125,000, or about $177,083 per unit. Theproperty was known as Jefferson Avenue Apartments at the time of sale.Both the seller and buyer declined to confirm the details regarding the transaction.
All information pertaining to this transaction came from public record.
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Sale Comparables310 Meridian Ave
1600 Drexel - 511-515 16th StMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood
7
SALE
Sale Date: 4/19/2017
Sale Price: $3,400,000
Price Per Unit: $242,857
Price Per SF: $516
Cap Rate: 3.0%
PROPERTY
Property Size: 14 Units, 2 Floors
Average Unit Size: 413 SF
Year Built: 1924
Vacancy At Sale: 7.1%
Parking Spaces: 5 Spaces; 0.4 per Unit
CONTACTS
Buyer: Juan Carlos Naves Gurza
Seller: Marc Shulman
Buyer Broker: The Keyes Company - William Zalaquett
Listing Broker: The Keyes Company - Neal Deputy
FINANCING
$2,720,000 from New Wave Loans Residential, LLC
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
Studio 1 382 11 78.6% 1 9.1% $763 $2.00 $758 $1.98 0.7%
1 1 525 3 21.4% 0 0.0% $778 $1.48 $773 $1.47 0.6%
Totals 413 14 100% 1 7.1% $766 $1.86 $761 $1.84 0.7%
UNIT AMENITIES
Air Conditioning
TRANSACTION NOTES
On 4/19/17, this 6,583 SF multi-family property, located at 511-515 16th St. in Miami Beach, FL was sold for $3.4 million, or about $242,857 perunit. This C class apartment building was built in 1924 and was 100% occupied by multiple tenants at the time of the sale.The apartment building consists of 11 studio units and 3-1 bedroom and 1 bathroom. The confirmed cap rate was 3%, indicating an $117,000 NOIat the time of sale. The low cap rate was a result of many tenants on short term lease agreement renting at a low monthly rent cost for theinvestment area.
The buyer plans to renovate the entire property into a bed and breakfast. Renovations are expected to begin later this year.This property was on the market for about 3 months with an original asking price of $3,699,000. There were not reported sales conditionsinvolved in the transaction.
New Wave Loans Residential, LLC provided the buyer with a $2,720,000 loan towards the acquisition.This information was confirmed with a source deemed reliable.
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Sale Comparables310 Meridian Ave
Drexel Towers - 1510 Drexel AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood
8
SALE
Sale Date: 4/6/2017
Sale Price: $3,700,000
Price Per Unit: $308,333
Price Per SF: $283
Cap Rate: -
PROPERTY
Property Size: 22 Units, 2 Floors
Average Unit Size: -
Year Built: 1940
Vacancy At Sale: 0%
Parking Spaces: 5 Spaces; 0.2 per Unit
CONTACTS
Buyer: Vicky Ortiz
Seller: Prima Holdings Corp.
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
Studio - - - - - - - - - - -
Totals - 22 100% - - - - - - -
UNIT AMENITIES
Air Conditioning
TRANSACTION NOTES
On April 6, 2017, 1510 Drexel LLC sold the 12 unit multi-family property located at 1510 Drexel Ave. in Miami Beach, FL to D15 Sobe, LLC for$3.7 million, or $168,182per unit. The subject property total 13,077 SF and sits on 0.36 acre lot. Several attempts were made to the buyer andseller however was unsuccessful at the time of publication.
.All information pertaining to this transaction came from public record.
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Sale Comparables310 Meridian Ave
The Latoro - 529 15th StMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood
9
SALE
Sale Date: 4/3/2017
Sale Price: $4,700,000
Price Per Unit: $235,000
Price Per SF: $382
Cap Rate: -
PROPERTY
Property Size: 20 Units, 2 Floors
Average Unit Size: 538 SF
Year Built: 1939
Vacancy At Sale: 5.0%
Parking Spaces: 6 Spaces; 0.3 per Unit
CONTACTS
Buyer: Vicky Ortiz
Seller: Antonino Pellicciotti
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
Studio 1 - 5 25.0% 0 0.0% $747 - $742 - 0.7%
1 1 - 15 75.0% 1 6.7% $854 - $849 - 0.7%
Totals - 20 100% 1 5.0% $828 - $822 - 0.7%
SITE AMENITIES
Laundry Facilities, Security System
UNIT AMENITIES
Air Conditioning, Balcony
TRANSACTION NOTES
15&Pennsylvania LLC, an entity affiliated with a private owner, acquired The Latoro, a 20-unit apartment building in Miami Beach, FL for $4.7million or $235K per door. The property has core location within walking distance of South Beach.
Built in 1939, this building was fully renovated last in October 2014 and ending 2015. The property has 12,293 square feet and is on a largecorner lot 8,000 square feet. The unit mix is comprised of fourteen studios approximately 500 SF., and six 1 bedroom apartments approximately625 SF. The property has had strong historical occupancy (one vacant unit at sale).
The seller, Latoro LLC, was also a private owner.
Additional details will be updated as available.
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Sale Comparables310 Meridian Ave
1567 Meridian AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood
10
SALE
Sale Date: 2/9/2017
Sale Price: $5,850,000
Price Per Unit: $201,724
Price Per SF: $375
Cap Rate: 5.6%
PROPERTY
Property Size: 29 Units, 2 Floors
Average Unit Size: 517 SF
Year Built: 1940
Vacancy At Sale: 0%
Parking Spaces: -
CONTACTS
Buyer: Boardwalk Properties FL, LLC
Seller: Deco Due LLC
Buyer Broker: Marcus & Millichap - Adam Duncan, Brett McMahon, Joseph Tho…
Listing Broker: Marcus & Millichap - Adam Duncan, Brett McMahon, Joseph Tho…
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
Studio 1 452 21 72.4% 0 0.0% $1,500 $3.32 $1,496 $3.31 0.3%
1 1 560 5 17.2% 0 0.0% $1,800 $3.21 $1,795 $3.21 0.2%
2 2 900 3 10.3% 0 0.0% $2,200 $2.44 $2,194 $2.44 0.2%
Totals 517 29 100% 0 0.0% $1,624 $3.14 $1,620 $3.13 0.2%
UNIT AMENITIES
Air Conditioning, Freezer, Kitchen, Range, Refrigerator
TRANSACTION NOTES
Deco Due LLC sold the 29-unit multi-family complex to Boardwalk Properties for $5,850,000, or about $201,700 per unit.
The complex was at 87% occupancy, and traded with 2.8% cap rate. The buyer plans to totally renovate the property and increase rents to marketrate. A proforma net operating income of $328,987 was verified, equating to a 5.62% cap rate.
There were no sales conditions that affected the sales price, and the transaction took approximately 30 days to close.
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Page 62
Sale Comparables310 Meridian Ave
Lincoln Road Apartments - 1619 Meridian AveMiami Beach, FL 33139 - City Center Neighborhood
11
SALE
Sale Date: 1/17/2017
Sale Price: $2,660,000
Price Per Unit: $221,666
Price Per SF: $446
Cap Rate: 4.8%
PROPERTY
Property Size: 12 Units, 2 Floors
Average Unit Size: 475 SF
Year Built: 1936
Vacancy At Sale: 0%
Parking Spaces: -
CONTACTS
Buyer: Nicole Marciano
Seller: Charles Rutenberg Realty
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
Studio 1 475 12 100% 0 0.0% $1,291 $2.72 $1,288 $2.71 0.3%
Totals 475 12 100% 0 0.0% $1,291 $2.72 $1,288 $2.71 0.3%
TRANSACTION NOTES
This 5,969 square foot multi-family building was sold for $2,660,000 or $221,667 per unit.
This apartment building was sold fully occupied with a 4.8% cap rate. The seller is in the beginning stages of selling their real estate and thebuyer purchased because they are beginning their acquisitions portfolio and because it is in a prime location.
Information regarding this transaction has been verified with a principle involved in the deal.
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Page 63
Sale Comparables310 Meridian Ave
310 Meridian AveMiami Beach, FL 33139 - South Pointe Neighborhood
SALE
Sale Date: 1/13/2017
Sale Price: $3,500,000
Price Per Unit: $205,882
Price Per SF: $499
Cap Rate: -
PROPERTY
Property Size: 17 Units, 2 Floors
Average Unit Size: 413 SF
Year Built: 1940
Vacancy At Sale: 5.9%
Parking Spaces: -
CONTACTS
Buyer: Martin Urruela
Seller: Lily Yarosz-Giraldo
Listing Broker: Marcus & Millichap Inc - Arthur Porosoff, David Cohen
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
Studio 1 400 14 82.4% 1 7.1% $663 $1.66 $658 $1.65 0.7%
1 1 475 3 17.6% 0 0.0% $917 $1.93 $911 $1.92 0.7%
Totals 413 17 100% 1 5.9% $708 $1.71 $703 $1.70 0.7%
TRANSACTION NOTES
ZPY Properties LLC sold the 17-unit multi-family building to 310 Meridian LLC for $3,500,000, or about $206,000 per unit.
The local investor purchased the site to operate as a boutique hotel. The complex traded at 60% occupancy, and a cap rate in the 2 to 3% range.
The transaction took about 45 days to close.
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Page 64
Sale Comparables310 Meridian Ave
333-343 Jefferson AveMiami Beach, FL 33139 - South Pointe Neighborhood
12
SALE
Sale Date: 10/21/2016
Sale Price: $5,100,000
Price Per Unit: $231,818
Price Per SF: $395
Cap Rate: 3.0%
PROPERTY
Property Size: 22 Units, 2 Floors
Average Unit Size: 603 SF
Year Built: 1922
Vacancy At Sale: 4.6%
Parking Spaces: -
CONTACTS
Buyer: Nathanael Cohen
Seller: Dulce Morales Trust
Listing Broker: The Keyes Company - Ricardo Perez, Richard Spado
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
Studio 1 530 14 63.6% 1 7.1% - - - - -
1 1 730 8 36.4% 1 12.5% - - - - -
Totals 603 22 100% 1 4.6% - - - - -
TRANSACTION NOTES
On October 21, 2016, the 12,925 square foot multi-family building located at 333-343 Jefferson Ave Miami Beach, FL was sold for $5,100,000 or$231,818 per unit. The complex was 100% occupied at the time of sale with a 3% cap rate and no fixed income units. The property was on themarket for 6 months and the original asking price was $5,300,000. Information regarding this transaction has been confirmed with a sourcedeemed reliable.
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Page 65
Sale Comparables310 Meridian Ave
3003 Indian Creek DrMiami Beach, FL 33140 - Oceanfront Neighborhood
13
SALE
Sale Date: 10/5/2016
Sale Price: $8,200,100
Price Per Unit: $410,005
Price Per SF: $555
Cap Rate: -
PROPERTY
Property Size: 20 Units, 4 Floors
Average Unit Size: 733 SF
Year Built: 1949
Vacancy At Sale: 0%
Parking Spaces: 6 Spaces; 0.3 per Unit
CONTACTS
Buyer: Stephen Werdiger
Seller: Coinco Investment Co., Inc.
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
Studio 1 675 10 50.0% 0 0.0% $812 $1.20 $810 $1.20 0.2%
1 1 750 7 35.0% 0 0.0% $888 $1.18 $886 $1.18 0.3%
2 1 850 2 10.0% 0 0.0% $1,005 $1.18 $1,003 $1.18 0.2%
2 2 950 1 5.0% 0 0.0% $1,624 $1.71 $1,620 $1.71 0.2%
Totals 733 20 100% 0 0.0% $899 $1.23 $896 $1.22 0.3%
UNIT AMENITIES
Air Conditioning, Kitchen, Range
TRANSACTION NOTES
On 10/5/16 the 20 unit multi family building located at 3003 Indian Creek Dr in Miami Beach, FL 33140 was sold for $8,200,100. This buildingtotals 14,788 SF on a 7,497 SF lot zoned MXE and was delivered in 1949.
Previously, this property was marketed as a potential redevelopment project to convert to a hotel. The property has 10 studio apartments, 7 onebeds, 2 two bed one baths, and 1 two bed two bath. Sizes ranges from 675 SF to 950 square feet.
Certain information contained in public records was verified with the seller, such as price, date and square footage. Other details of thetransaction were not disclosed.
Deed and plat map are attached.
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Page 66
Sale Comparables310 Meridian Ave
1000 7th StMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood
14
SALE
Sale Date: 7/14/2016
Sale Price: $1,603,000
Price Per Unit: $160,300
Price Per SF: $250
Cap Rate: -
PROPERTY
Property Size: 10 Units, 2 Floors
Average Unit Size: -
Year Built: 1951
Vacancy At Sale: 10.0%
Parking Spaces: 10 Spaces; 1.0 per Unit
CONTACTS
Buyer: Eugenio Marrapodi
Seller: Francesco Marciandi
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
1 1 - 10 100% 1 10.0% - - - - -
Totals - 10 100% 1 10.0% - - - - -
TRANSACTION NOTES
On 7/14/16, the 6,422 SF multi-family building located at 1000 7th St in Miami Beach, FL sold for $1,603,000.
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Page 67
Sale Comparables310 Meridian Ave
1200 Ocean DrMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood
15
SALE
Sale Date: 7/14/2016
Sale Price: $15,250,000
Price Per Unit: $491,935
Price Per SF: $834
Cap Rate: -
PROPERTY
Property Size: 31 Units, 3 Floors
Average Unit Size: 354 SF
Year Built: 1958
Vacancy At Sale: 6.5%
Parking Spaces: -
CONTACTS
Buyer: Infinity Real Estate
Seller: Goldman Properties of Miami Beach, Inc.
FINANCING
$10,675,000 from DB Private Wealth Mortgage Ltd: Acquisition & Development
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
1 - 354 31 100% 2 6.5% - - - - -
Totals 354 31 100% 2 6.5% - - - - -
TRANSACTION NOTES
On July 14, 2016 Goldman Properties completed the sale of 1200 Ocean Drive in Miami Beach, Florida for the confirmed price of $15,520,000.This is an 18,287 square foot historic, mixed-use property with street level retail and 31 residential apartments on the second and third floors.
The buyer, Infinity Real Estate, financed the acquisition with a $10.675 million mortgage from DB Private Wealth Mortgage. In a press releaseattached to this report, Infinity stated their intent to work with the Historic Preservation Board and the Ocean Drive task force to redevelop theproperty while keeping with the architectural and design integrity of South Beach.
This property is home to the Palace, the only gay bar and restaurant on the Ocean Drive strip, as this area is referred to.
Details in this report were confirmed by the seller. Calls to the buyer had not been returned as of the writing of this report.
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Sale Comparables310 Meridian Ave
1310 Euclid AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood
16
SALE
Sale Date: 7/8/2016
Sale Price: $2,280,000
Price Per Unit: $190,000
Price Per SF: $263
Cap Rate: -
PROPERTY
Property Size: 12 Units, 1 Floors
Average Unit Size: 600 SF
Year Built: 1950
Vacancy At Sale: 8.3%
Parking Spaces: -
CONTACTS
Buyer: Infiniti Properties, LLC
Seller: Martha Schubert
Listing Broker: Realty24/7 Co. - Kevin Barber
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
Studio 1 500 8 66.7% 1 12.5% $1,006 $2.01 $998 $2.00 0.8%
1 1 800 4 33.3% 0 0.0% $1,307 $1.63 $1,297 $1.62 0.8%
Totals 600 12 100% 1 8.3% $1,106 $1.84 $1,097 $1.83 0.8%
SITE AMENITIES
Laundry Facilities, Security System
UNIT AMENITIES
Balcony
TRANSACTION NOTES
This 12 unit multi-family property sold on 7/8/16 for $2,280,000 per public record.
The broker reported an NOI of $90,425 and this was used to calculate the cap rate of 3.97%.
The buyer verified the sale price, units, sale date, and NOI. He reported a down payment of half of the sale price or $1,400,000
The transaction was financed with a $775,000 loan.
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Sale Comparables310 Meridian Ave
1604 Michigan AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood
17
SALE
Sale Date: 6/22/2016
Sale Price: $1,875,000
Price Per Unit: $187,500
Price Per SF: $465
Cap Rate: 5.1%
PROPERTY
Property Size: 10 Units, 1 Floors
Average Unit Size: 400 SF
Year Built: 1935
Vacancy At Sale: 10.0%
Parking Spaces: 3 Spaces; 0.3 per Unit
CONTACTS
Buyer: El Padovan Inc
Seller: Cristina Pocaterra
Listing Broker: Marcus & Millichap Inc - Arthur Porosoff, David Cohen
FINANCING
$1,650,000 from Executive National Bank
UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
UNIT MIX AT SALE
Studio 1 400 10 100% 1 10.0% $1,307 $3.27 $1,296 $3.24 0.8%
Totals 400 10 100% 1 10.0% $1,307 $3.27 $1,296 $3.24 0.8%
TRANSACTION NOTES
The sellers broker was able to confirm the details of this sale.
1604 Michigan Ave sold the 10-unit apartment building to IL Sasso, LLC for $1,8750,000.
At the time of the sale, no conditions are known to have affected the sales price.
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Sales Volume310 Meridian Ave
MIAMI METRO SALES VOLUME IN UNITS
BAL HARBOR/SOUTH BEACH SUBMARKET SALES VOLUME IN UNITS
SOUTH POINTE NEIGHBORHOOD SALES VOLUME IN UNITS
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Sales Pricing310 Meridian Ave
NATIONAL PRICE INDICES
REGIONAL MULTI-FAMILY PRICE INDICES
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Sales Pricing310 Meridian Ave
MIAMI PRICE PER UNIT INDEX
UNITED STATES PAST YEAR BY PRICE PER UNIT MIAMI PAST YEAR BY PRICE PER UNIT
PRICE PER UNIT SUMMARY FOR SALES IN PAST YEAR
Geography HighTop 25%AverageMedianBottom 25%LowTransactions
$12,300,000United States 19,651 $5,000 $34,554 $108,750 $141,612 $371,775
$5,083,333Miami 362 $10,000 $43,164 $110,478 $172,570 $292,544
$308,333Bal Harbor/South Beach 62 $11,500 $23,296 $163,269 $146,787 $250,996
$257,500South Pointe 2 $257,500 N/A $257,500 $257,500 N/A
$491,935Selected Sale Comps 18 $160,300 $172,612 $203,833 $252,021 $323,959
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Cap Rates310 Meridian Ave
CAP RATE TRENDS
UNITED STATES CAP RATES PAST YEAR MIAMI CAP RATES PAST YEAR
CAP RATE SUMMARY STATISTICS IN PAST YEAR
Geography HighTop 25%AverageMedianBottom 25%LowTransactions
37.6%United States 9,679 0.6% 3.7% 5.7% 6.1% 9.1%
11.7%Miami 141 1.2% 4.3% 5.9% 6.0% 8.0%
10.0%Bal Harbor/South Beach 25 1.2% 3.2% 5.3% 5.2% 7.0%
-South Pointe 0 - - - - -
6.0%Selected Sale Comps 8 1.2% 2.1% 4.1% 4.0% 5.8%
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Buyers310 Meridian Ave
TOP MIAMI MULTI-FAMILY BUYERS PAST TWO YEARS
Purchased at least one asset in Bal Harbor/South Beach Multi-Family submarket
Properties Bought
Company Name Bldgs VolumeUnits
Properties Sold
Units BldgsVolume
Greystar Real Estate Partners 3 858 $347,370,604 0 0 -
APG Algemene Pensioen Group NV 2 538 $258,370,604 0 0 -
Caisse de dépôt et placement du Québec 2 538 $258,370,604 0 0 -
GIC Real Estate International 2 538 $258,370,604 0 0 -
The Blackstone Group LP 3 1,413 $255,925,100 0 0 -
Rockefeller Group 1 398 $135,000,000 0 0 -
Waterton Residential, LLC 2 427 $116,434,465 1 402 $61,750,000
Fortune International Realty 3 176 $104,264,700 0 0 -
Grand Peaks Properties 2 490 $103,000,000 0 0 -
Berkshire Group 1 276 $100,000,000 0 0 -
Bradley Associates 1 321 $82,000,000 0 0 -
Wafra Investment Advisory Group, Inc. 1 237 $78,150,000 0 0 -
Ares Management, L.P. 1 396 $78,000,000 2 546 $138,925,100
Avesta Homes 1 402 $61,750,000 0 0 -
Robbins Property Associates LLC 1 424 $61,240,000 0 0 -
The American Opportunity Foundation, Inc. 3 615 $59,000,000 0 0 -
LCOR Inc. 1 285 $57,000,000 1 285 $57,000,000
Madison International Realty 1 285 $57,000,000 0 0 -
Advenir, Inc. 1 240 $52,700,000 0 0 -
Dome Equities LLC 1 240 $52,700,000 0 0 -
Stockbridge Capital Group LLC 1 228 $52,700,000 0 0 -
JJS Realty Management Corp 3 496 $51,500,000 0 0 -
Marlin Spring 1 468 $50,000,000 0 0 -
Ryan Fuson 2 347 $45,000,000 0 0 -
Lincoln Avenue Capital 2 480 $39,125,500 0 0 -
TYPES OF MULTI-FAMILY MIAMI BUYERS PAST TWO YEARS
Company Type Bldgs Billions Avg PricePrice/Unit
Average Purchase
Units
Buying Volume
Private 369 12,183 $152,607 $5,038,527$1.85
Institutional 27 4,493 $317,354 $52,810,169$1.42
Private Equity 9 2,614 $169,215 $49,147,566$.44
REIT/Public 1 396 $196,969 $78,000,000$.07
$0 $0.5 $1 $1.5 $2
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Sellers310 Meridian Ave
TOP MIAMI MULTI-FAMILY SELLERS PAST TWO YEARS
Sold at least one asset in Bal Harbor/South Beach Multi-Family submarket
Properties Sold
Company Name Bldgs VolumeUnits
Properties Bought
Units BldgsVolume
Monogram Residential Trust 2 538 $258,370,604 0 0 -
Codina Partners 3 942 $216,925,100 0 0 -
Fortune Capital Partners, Inc. 3 623 $177,434,465 0 0 -
Mattoni Group 3 623 $177,434,465 1 387 $10,500,000
Shoma Development, LLC 2 422 $139,100,000 0 0 -
Ares Management, L.P. 2 546 $138,925,100 1 396 $78,000,000
Prudential Financial, Inc. 1 398 $135,000,000 0 0 -
The Related Companies 1 398 $135,000,000 0 0 -
Stellar Management 1 867 $117,000,000 0 0 -
Estate Investments Group 2 427 $116,434,465 0 0 -
Hines Securities, Inc. 1 276 $100,000,000 0 0 -
Astor Real Estate Group 1 320 $89,000,000 0 0 -
The Altman Companies 1 321 $82,000,000 0 0 -
JPMorgan Chase & Co. 1 237 $78,150,000 0 0 -
Mill Creek Residential Trust LLC 1 237 $78,150,000 0 0 -
Waterton Residential, LLC 1 402 $61,750,000 2 427 $116,434,465
Taplin Company, Ltd. 1 424 $61,240,000 0 0 -
State Companies 1 196 $61,000,000 0 0 -
Pinnacle Property Management Services, LLC 3 615 $59,000,000 0 0 -
LCOR Inc. 1 285 $57,000,000 1 285 $57,000,000
Jamestown U.S. Immobilien GmbH 1 228 $52,700,000 0 0 -
Wood Partners 1 240 $52,700,000 0 0 -
TM Real Estate Group, LLC 1 468 $50,000,000 0 0 -
Global Ministries Foundation 2 347 $45,000,000 0 0 -
Brisas Del Rio, Inc 1 294 $42,000,000 0 0 -
TYPES OF MULTI-FAMILY MIAMI SELLERS PAST TWO YEARS
Company Type Bldgs Billions Avg PricePrice/Unit
Average Sale
Units
Selling Volume
Private 385 18,131 $147,553 $6,948,805$2.67
Institutional 25 2,339 $206,414 $19,312,118$.48
REIT/Public 15 1,475 $314,234 $30,899,733$.46
Private Equity 4 419 $158,692 $16,623,050$.06
$0 $0.7 $1.4 $2.1 $2.8
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310 Meridian Ave
PREPARED BY
Manny Chamizo
Global Commercial Director
Demographics
7,013 SF Multi-Family Building
Demographic Overview310 Meridian Ave
Population (1 mi)
24,175Avg. HH Size (1 mi)
1.6Avg. Age (1 mi)
44Med. HH Inc. (1 mi)
$44,333DEMOGRAPHIC RADIUS RINGS
DEMOGRAPHIC SUMMARY
5 Mile3 Mile1 MilePopulation
212,58452,00224,1752017 Population
225,81054,18225,3732022 Population
6.2%4.2%5.0%Pop Growth 2017-2022
4043442017 Average Age
Households
102,53229,54214,5182017 Households
108,45030,60815,1632022 Households
5.8%3.6%4.4%Household Growth 2017-2022
$47,409$49,428$44,333Median Household Income
1.91.71.6Average Household Size
111Average HH Vehicles
Housing
$418,611$463,061$383,080Median Home Value
197919671968Median Year Built
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Age & Education310 Meridian Ave
POPULATION BY AGE GROUP IN 1 MILE RADIUS
POPULATION BY EDUCATION IN 1 MILE RADIUSPOPULATION BY AGE IN 1 MILE RADIUS
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POPULATION BY RACE
MILITARY POPULATION
Ethnicity310 Meridian Ave
5 Mile3 MileRace 1 Mile
2018 Population
178,16090.48%White 47,507 91.36% 83.81%21,874
25,2354.78%Black 2,161 4.16% 11.87%1,156
4,7922.50%Asian 1,286 2.47% 2.25%605
968< 1%American Indian & Alaskan 210 < 1% < 1%97
110< 1%Hawaiian & Pacific Islander 33 < 1% < 1%18
3,3191.76%Other 805 1.55% 1.56%426
0 4,400 8,800 13,200 17,600 22,000
HISPANIC POPULATION IN 1 MILE RADIUSPOPULATION BY RACE IN 1 MILE RADIUS
5 Mile3 Mile1 Mile
2018 Population
217< 1%Military 103 < 1% < 1%67
114,60199.53%Non-Military Workforce 30,578 99.66% 99.81%14,105
0 3,200 6,400 9,600 12,800 16,000
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Bal Harbor/South Beach Multi-Family
PREPARED BY
Manny Chamizo
Global Commercial Director
Multi-Family Submarket Report
Miami Market
OverviewBal Harbor/South Beach Multi-Family
12 Mo. Delivered Units
012 Mo. Absorption Units
285Vacancy Rate
5.5%12 Mo. Asking Rent Growth
-0.3%With an abundance of condos and second homes forsale, this submarket has faced heavy competition fromthese sources of shadow supply, and apartmentconstruction has only recently resumed.
The Bal Harbor/South Beach Submarket consists ofmore than 15,000 units including 1 & 2 Star properties,
making it the sixth-largest apartment submarket inMiami, out of 12. The stock is characterized by olderinventory, with over 95% of apartments built more thantwo decades ago. The submarket caters to smallhouseholds, with the rate of studios and one-bedroomssignificantly higher than the metro average.
KEY INDICATORS
Asking RentVacancy RateUnitsCurrent Quarter Effective RentAbsorption
UnitsDelivered Units
Under ConstrUnits
$2,1553.0%1,4484 & 5 Star $2,152 12 0 351
$1,7018.7%2,6813 Star $1,686 11 0 11
$1,2425.1%11,3681 & 2 Star $1,230 13 0 0
$1,4955.5%15,497Submarket $1,484 36 0 362
ForecastAverage
HistoricalAverage
12 MonthAnnual Trends Peak When Trough When
6.8%7.2%-1.8%Vacancy Change (YOY) 9.0% 2000 Q4 5.4% 2013 Q4
68(7)285Absorption Units 353 2008 Q3 (484) 2012 Q3
76430Delivered Units 414 2008 Q3 0 2017 Q4
0780Demolished Units 345 2013 Q1 0 2017 Q4
0.6%2.2%-0.3%Asking Rent Growth (YOY) 7.3% 2007 Q2 -3.2% 2009 Q2
0.8%2.2%0%Effective Rent Growth (YOY) 7.2% 2007 Q2 -3.3% 2009 Q2
N/A$118.0 M$98.5 MSales Volume $353.8 M 2016 Q2 $24.7 M 2008 Q1
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VacancyBal Harbor/South Beach Multi-Family
Vacancies in Bal Harbor/South Beach still remain neartheir historical average at around 6%. While BalHarbor/South Beach had a net loss of renters in 2014,the submarket recouped most of the losses in thefollowing years. The most recent delivery, Moda NorthBay Village, leased up at a steady rate of about 20 unitsper month after opening in April 2015. The 4 Star 285-unit property was about 6% vacant by October 2017.
Despite limited available land, there is still developmentinterest in keeping South Beach an up-to-date,
attractive place to live. Comras Corp is now planning a192,000-square-foot retail project called BLVD atLenox. Two existing buildings would be demolished inorder to make the project a reality. If it moves forward,the project could help inspire future multifamilydevelopment in South Beach. Employment in thesubmarket should receive a boon as Innovation SeniorManagement has recently opened a new office in thearea, and plans to create 150 jobs over the next threeyears.
ABSORPTION, NET DELIVERIES & VACANCY
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VacancyBal Harbor/South Beach Multi-Family
VACANCY RATE
VACANCY BY BEDROOM
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RentBal Harbor/South Beach Multi-Family
Bal Harbor/South Beach was one of only a handful ofsubmarkets in which rents fell through the beginning of2018. While rent growth in this area had remained solidup to 2016, that growth slowed abruptly and wentnegative starting in the third quarter of 2017. With lossesnear 0.5% in early 2018, Bal Harbor/South Beach wassecond only to Coral Gables in terms of rent losses over
that time period: Coral Gables rents fell roughly 1%during that time. Rents in the Bal Harbor/South BeachSubmarket as of early 18Q1 were around $1,500/monthon average, ranking the submarket on par with the metroand a far cry from the high prices seen in the previousyear.
DAILY ASKING RENT PER SF
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RentBal Harbor/South Beach Multi-Family
ASKING RENT PER UNIT & RENT GROWTH
ASKING RENT PER UNIT BY BEDROOM
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ConstructionBal Harbor/South Beach Multi-Family
The Bal Harbor/South Beach Submarket's deliverieshave historically ranked about average for the metro, andseveral properties are set to deliver in the next twoyears. Two new condo developments, the Kai at BayHarbor Islands and the O Residences, could generatecompetition for existing apartments in the area.Developer Crescent Heights is expected to break ground
this year on its "Wave" project, a large mixed-usedevelopment that will feature more than 900 residences,about a third of which will be apartments. The iconicSouthgate Towers recently completed a $40 millionrenovation. The 495-unit property was built in the 1960s,but its facelift includes added amenities such as a fitnesscenter, yoga room, and retail space.
DELIVERIES & DEMOLITIONS
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ConstructionBal Harbor/South Beach Multi-Family
All-Time Annual Avg. Units
16Delivered Units Past 4 Qtrs
0Delivered Units Next 4 Qtrs
381Proposed Units Next 4 Qtrs
243PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED
PAST & FUTURE DELIVERIES IN UNITS
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ConstructionBal Harbor/South Beach Multi-Family
UNDER CONSTRUCTION
Property Name/Address Rating Units Stories Start Complete Developer/Owner
Mar-2017659-737 Alton Rd
The Wave321 50 Dec-2018
-
Crescent Heights1
Aug-20176800 Indian Creek Dr
30 12 Aug-2018Optimum Development USA
Optimum Development USA2
Feb-2016300 Collins Ave
300 Collins19 5 May-2018
JMH Development, LLC
-3
May-20158143 Harding Ave
Terrazas Del Mar6 1 May-2018
-
Location 3 Investments, LLC4
Feb-20171966 Biarritz Dr
The Bay Ritz5 4 Apr-2018
-
-5
PROPOSED
Property Name/Address Rating Units Stories Start Complete Developer/Owner
Mar-20181600 Washington Ave
134 10 Mar-2019-
PLC Investments, Inc.1
Mar-20185775 Collins Ave
89 17 Mar-2019Aligned Properties LLC
Aligned Properties LLC2
Mar-20188204 Harding Ave
13 4 Dec-2018Sterling Holdings, Inc.
-3
Mar-20181414 West Ave
Casa Luna7 4 Jan-2019
Straticon Construction
Jonathan Seelig4
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SalesBal Harbor/South Beach Multi-Family
In spite of rent losses over the course of 2017, investorshave remained active in acquiring small, boutiquemultifamily properties. Average pricing has continued toclimb in Bal Harbor/South Beach, but not quite as quicklyas some other submarkets in Miami. With an average ofapproximately $143,000/unit, this submarket now ranksamong the middle of the pack in terms of price per unit.The most popular neighborhoods for trades were AltosDel Mar South and Flamingo-Lummus in South Beach.One of the largest trades of 2017 as of September wasthe sale of the 20-unit apartment apartment property at2150 Park Ave in Miami Beach. The property was
purchased by Location 3 Investments, LLC for $4.8million. The buyer plans to renovate the property andbegin offering short term rental options.
One of the largest transactions of 2017 was the sale of1567 Meridian Ave in February 2017. The 2 Star, 29 unitproperty sold for $5.8 million. It was 87% occupied at thetime of sale, generating a 2.7% cap rate. The buyer hasplans to completely renovate the property, bringing rentalrates in line with the market. The pro forma net operatingincome on the property generated a 5.6% cap rate.
SALES VOLUME & PRICE PER UNIT INDEX
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Sales Past 12 MonthsBal Harbor/South Beach Multi-Family
Sale Comparables
63Avg. Price/Unit (thous.)
$133Average Price (mil.)
$1.7Average Vacancy at Sale
4.7%SALE COMPARABLE LOCATIONS
SALE COMPARABLES SUMMARY STATISTICS
Sales Attributes Low Average Median High
Sale Price $184,000 $1,727,840 $1,550,000 $4,800,000
Price Per Unit $11,500 $133,090 $161,250 $275,000
Cap Rate 1.2% 5.2% 5.3% 10.0%
Vacancy Rate at Sale 0% 4.7% 6.3% 14.3%
Time Since Sale in Months 0.6 6.1 4.7 11.7
Property Attributes Low Average Median High
Property Size in Units 5 12 12 30
Number of Floors 1 1 2 5
Average Unit SF 0 445 498 924
Year Built 1924 1948 1950 1980
Star Rating 2.1
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Sales Past 12 MonthsBal Harbor/South Beach Multi-Family
RECENT SIGNIFICANT SALES
Sale InformationProperty Information
RatingProperty Name/Address Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF
- 19472150 Park Ave
1 20 5.0% 8/7/2017 $4,800,000 $240,000 $490
529 15th St- 1939
The Latoro2 20 5.0% 4/3/2017 $4,700,000 $235,000 $382
835-855 Alton Rd- 1950
Phyllis Gardens Apartments3 20 5.0% 8/4/2017 $4,500,000 $225,000 $433
6960 Rue Vendome- 1980
Plaza Del Sol Apartments4 20 5.0% 8/30/2017 $4,500,000 $225,000 $153
6881 Indian Creek Dr- 1939
Devon Apartments5 30 6.7% 5/31/2017 $4,500,000 $150,000 $529
8330-8340 Byron Ave- 1951
Tatum Waterway Apartments6 16 6.3% 6/14/2017 $4,100,000 $256,250 $299
7451 Harding Ave- 1947
Harding Beach7 26 3.9% 10/13/2017 $3,940,000 $151,538 $430
511-515 16th St- 1924
1600 Drexel8 14 7.1% 4/19/2017 $3,400,000 $242,857 $516
- 1936900 Pennsylvania Ave
9 14 7.1% 10/27/2017 $2,825,000 $201,785 $370
- 19477340 Harding Ave
10 16 6.3% 2/12/2018 $2,800,000 $175,000 $287
- 19556844 Abbott Ave
11 16 0% 12/6/2017 $2,800,000 $175,000 $375
7130-7134 Carlyle Ave- 1950
Sunshine Apartments12 12 0% 1/24/2018 $2,500,000 $208,333 $303
- 19557724 Harding Ave
13 14 7.1% 6/26/2017 $2,450,000 $175,000 $371
- 19547301 Carlyle Ave
14 12 0% 6/28/2017 $2,450,000 $204,166 $323
920 Pennsylvania Ave- 1937
Keystone15 12 8.3% 5/30/2017 $2,300,000 $191,666 $354
600 72nd St- 1962
Terrace House16 10 10.0% 1/26/2018 $2,280,000 $228,000 $323
- 19391995 Bay Dr
17 16 0% 10/3/2017 $2,250,000 $140,625 $274
- 1956430 72nd St
18 13 7.7% 11/20/2017 $2,170,000 $166,923 $243
- 19356985 Abbott Ave
19 8 12.5% 3/13/2017 $2,150,000 $268,750 $718
1537 Jefferson Ave- 1950
Jefferson Avenue Apartments20 12 8.3% 5/19/2017 $2,125,000 $177,083 $316
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AppendixBal Harbor/South Beach Multi-Family
OVERALL SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2022 18 0.1%15,884 107 0.7% 0.2
2021 11 0.1%15,866 135 0.9% 0.1
2020 (1) 0%15,855 (28) -0.2% 0
2019 347 2.2%15,856 37 0.2% 9.4
2018 12 0.1%15,509 15 0.1% 0.8
YTD 0 0%15,497 36 0.2% 0
2017 0 0%15,497 314 2.0% 0
2016 (16) -0.1%15,497 148 1.0% -
2015 236 1.5%15,513 (51) -0.3% -
2014 (121) -0.8%15,277 (381) -2.5% 0.3
2013 (166) -1.1%15,398 196 1.3% -
2012 (335) -2.1%15,564 (450) -2.9% 0.7
2011 (8) -0.1%15,899 (56) -0.4% 0.1
2010 (46) -0.3%15,907 (4) 0% 11.5
2009 (111) -0.7%15,953 (95) -0.6% 1.2
2008 0 0%16,064 150 0.9% 0
2007 212 1.3%16,064 (83) -0.5% -
2006 (17) -0.1%15,852 13 0.1% -
4 & 5 STAR SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2022 18 1.0%1,821 29 1.6% 0.6
2021 11 0.6%1,803 96 5.3% 0.1
2020 (1) -0.1%1,792 97 5.4% 0
2019 347 24.0%1,793 139 7.8% 2.5
2018 (2) -0.1%1,446 11 0.8% -
YTD 0 0%1,448 12 0.8% 0
2017 0 0%1,448 56 3.9% 0
2016 0 0%1,448 44 3.0% 0
2015 285 24.5%1,448 166 11.5% 1.7
2014 9 0.8%1,163 (5) -0.4% -
2013 0 0%1,154 28 2.4% 0
2012 0 0%1,154 5 0.4% 0
2011 0 0%1,154 (31) -2.7% 0
2010 0 0%1,154 3 0.3% 0
2009 0 0%1,154 6 0.5% 0
2008 0 0%1,154 35 3.0% 0
2007 0 0%1,154 48 4.2% 0
2006 0 0%1,154 21 1.8% 0
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AppendixBal Harbor/South Beach Multi-Family
3 STAR SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2022 0 0%2,703 41 1.5% 0
2021 0 0%2,703 33 1.2% 0
2020 0 0%2,703 4 0.1% 0
2019 0 0%2,703 10 0.4% 0
2018 22 0.8%2,703 31 1.1% 0.7
YTD 0 0%2,681 11 0.4% 0
2017 0 0%2,681 81 3.0% 0
2016 0 0%2,681 89 3.3% 0
2015 0 0%2,681 (91) -3.4% 0
2014 0 0%2,681 (149) -5.6% 0
2013 18 0.7%2,681 172 6.4% 0.1
2012 (272) -9.3%2,663 (358) -13.4% 0.8
2011 0 0%2,935 (4) -0.1% 0
2010 0 0%2,935 1 0% 0
2009 (52) -1.7%2,935 (31) -1.1% 1.7
2008 0 0%2,987 161 5.4% 0
2007 414 16.1%2,987 168 5.6% 2.5
2006 7 0.3%2,573 (1) 0% -
1 & 2 STAR SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2022 0 0%11,360 37 0.3% 0
2021 0 0%11,360 6 0.1% 0
2020 0 0%11,360 (129) -1.1% 0
2019 0 0%11,360 (112) -1.0% 0
2018 (8) -0.1%11,360 (27) -0.2% 0.3
YTD 0 0%11,368 13 0.1% 0
2017 0 0%11,368 177 1.6% 0
2016 (16) -0.1%11,368 15 0.1% -
2015 (49) -0.4%11,384 (126) -1.1% 0.4
2014 (130) -1.1%11,433 (227) -2.0% 0.6
2013 (184) -1.6%11,563 (4) 0% 46.0
2012 (63) -0.5%11,747 (97) -0.8% 0.6
2011 (8) -0.1%11,810 (21) -0.2% 0.4
2010 (46) -0.4%11,818 (8) -0.1% 5.8
2009 (59) -0.5%11,864 (70) -0.6% 0.8
2008 0 0%11,923 (46) -0.4% 0
2007 (202) -1.7%11,923 (299) -2.5% 0.7
2006 (24) -0.2%12,125 (7) -0.1% 3.4
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OVERALL VACANCY & RENT
Asking RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg
Effective Rent
0.62022 6.4% (0.6)1,017 $1,543 - 1.6% $1,531 -
0.72021 7.0% (0.8)1,106 $1,519 - 0.9% $1,508 -
(0.2)2020 7.8% 0.21,230 $1,505 - 0.3% $1,494 -
0.32019 7.6% 1.81,201 $1,501 - 0.5% $1,490 -
0.82018 5.7% 0889 $1,493 - 0.1% $1,483 -
0.9YTD 5.5% (0.2)857 $1,495 $2.01 0.3% $1,484 $2.00
(3.1)2017 5.8% (2.0)892 $1,492 $2.01 -0.7% $1,464 $1.97
0.92016 7.8% (1.1)1,207 $1,501 $2.03 2.4% $1,481 $2.00
(3.4)2015 8.9% 1.71,375 $1,466 $1.98 1.5% $1,459 $1.97
(0.6)2014 7.1% 1.71,087 $1,444 $1.95 5.0% $1,438 $1.94
1.32013 5.4% (2.3)826 $1,376 $1.85 5.6% $1,371 $1.84
3.42012 7.6% 0.91,189 $1,303 $1.74 4.2% $1,296 $1.74
1.12011 6.8% 0.31,076 $1,250 $1.67 0.9% $1,242 $1.66
1.22010 6.5% (0.3)1,027 $1,239 $1.65 -0.2% $1,231 $1.64
0.42009 6.7% 01,070 $1,242 $1.66 -1.4% $1,234 $1.65
(3.9)2008 6.8% (0.9)1,085 $1,259 $1.68 -1.8% $1,251 $1.67
(4.7)2007 7.7% 1.81,235 $1,282 $1.72 2.1% $1,274 $1.71
-2006 5.9% (0.2)940 $1,257 $1.68 6.7% $1,249 $1.67
4 & 5 STAR VACANCY & RENT
Asking RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg
Effective Rent
0.82022 3.2% (0.6)59 $2,130 - 1.5% $2,127 -
1.02021 3.8% (4.8)69 $2,098 - 0.7% $2,095 -
0.62020 8.6% (5.5)154 $2,083 - -0.3% $2,081 -
1.32019 14.1% 11.1252 $2,090 - -0.9% $2,087 -
1.22018 3.0% (0.7)43 $2,109 - -2.2% $2,106 -
3.4YTD 3.0% (0.8)43 $2,155 $2.05 -0.1% $2,152 $2.05
(3.8)2017 3.8% (3.9)54 $2,157 $2.05 -3.4% $2,057 $1.96
2.02016 7.6% (3.2)110 $2,234 $2.13 0.4% $2,180 $2.08
(9.2)2015 10.8% 7.7156 $2,225 $2.12 -1.6% $2,225 $2.12
(0.8)2014 3.0% 1.235 $2,261 $2.15 7.6% $2,261 $2.15
0.42013 1.8% (2.4)21 $2,101 $2.00 8.4% $2,101 $2.00
6.62012 4.2% (0.4)48 $1,939 $1.85 8.0% $1,931 $1.84
0.32011 4.5% 2.753 $1,795 $1.71 1.4% $1,785 $1.70
3.32010 1.9% (0.3)21 $1,771 $1.69 1.0% $1,763 $1.68
0.22009 2.2% (0.5)25 $1,753 $1.67 -2.3% $1,744 $1.66
(4.7)2008 2.7% (3.0)31 $1,794 $1.71 -2.5% $1,785 $1.70
(5.1)2007 5.7% (4.1)66 $1,841 $1.75 2.2% $1,829 $1.74
-2006 9.8% (1.8)113 $1,802 $1.72 7.3% $1,791 $1.71
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3 STAR VACANCY & RENT
Asking RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg
Effective Rent
0.62022 5.1% (1.5)139 $1,755 - 1.6% $1,740 -
0.72021 6.7% (1.2)180 $1,727 - 1.0% $1,712 -
(0.2)2020 7.9% (0.1)214 $1,711 - 0.3% $1,696 -
(0.6)2019 8.0% (0.3)216 $1,706 - 0.4% $1,691 -
1.62018 8.3% (0.8)224 $1,699 - 1.1% $1,684 -
1.8YTD 8.7% (0.4)233 $1,701 $2.37 1.2% $1,686 $2.35
(6.2)2017 9.1% (3.0)244 $1,681 $2.34 -0.5% $1,666 $2.32
6.62016 12.1% (3.3)325 $1,690 $2.35 5.7% $1,668 $2.32
(9.8)2015 15.4% 3.4414 $1,599 $2.23 -0.9% $1,590 $2.22
(2.3)2014 12.0% 5.5324 $1,614 $2.25 8.9% $1,607 $2.24
5.62013 6.5% (5.8)175 $1,482 $2.06 11.2% $1,477 $2.05
4.72012 12.3% 4.0329 $1,332 $1.85 5.6% $1,325 $1.84
5.82011 8.3% 0.1246 $1,262 $1.74 0.9% $1,253 $1.73
(5.1)2010 8.2% 0242 $1,251 $1.73 -4.9% $1,242 $1.72
1.02009 8.2% (0.5)243 $1,316 $1.83 0.2% $1,307 $1.82
(2.5)2008 8.8% (5.4)263 $1,313 $1.82 -0.8% $1,303 $1.81
(4.9)2007 14.2% 7.2424 $1,323 $1.83 1.7% $1,315 $1.82
-2006 6.9% 0.3179 $1,301 $1.80 6.6% $1,294 $1.79
1 & 2 STAR VACANCY & RENT
Asking RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg
Effective Rent
0.52022 7.2% (0.3)819 $1,308 - 1.6% $1,295 -
0.52021 7.5% (0.1)856 $1,288 - 1.0% $1,276 -
(0.6)2020 7.6% 1.1862 $1,275 - 0.6% $1,263 -
0.32019 6.5% 1.0733 $1,268 - 1.2% $1,256 -
0.22018 5.5% 0.2621 $1,253 - 0.9% $1,241 -
(0.7)YTD 5.1% (0.1)581 $1,242 $1.85 0% $1,230 $1.83
(1.3)2017 5.2% (1.6)594 $1,242 $1.85 0.7% $1,230 $1.83
(2.4)2016 6.8% (0.3)772 $1,234 $1.84 2.0% $1,223 $1.82
2.52015 7.1% 0.7805 $1,210 $1.80 4.4% $1,200 $1.79
(0.1)2014 6.4% 0.9728 $1,159 $1.72 1.9% $1,151 $1.71
02013 5.5% (1.5)631 $1,137 $1.68 2.0% $1,132 $1.67
1.42012 6.9% 0.3811 $1,115 $1.65 2.0% $1,108 $1.64
(0.5)2011 6.6% 0.1778 $1,093 $1.61 0.6% $1,086 $1.60
2.72010 6.5% (0.3)764 $1,086 $1.60 1.1% $1,079 $1.59
0.32009 6.8% 0.1803 $1,074 $1.59 -1.6% $1,066 $1.57
(4.0)2008 6.6% 0.4791 $1,092 $1.62 -1.9% $1,084 $1.60
(4.4)2007 6.3% 0.9745 $1,112 $1.65 2.1% $1,105 $1.64
-2006 5.3% (0.1)648 $1,089 $1.62 6.5% $1,083 $1.61
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AppendixBal Harbor/South Beach Multi-Family
OVERALL SALES
Completed Transactions
Turnover Avg Price/UnitDeals VolumeYear Avg Price Avg Cap Rate
YTD $12.3 M6 0.4% $186,364$2,050,000 6.1%
2017 $108.7 M70 5.9% $132,569$1,782,080 5.3%
2016 $315.7 M98 11.0% $219,841$3,358,422 5.4%
2015 $223.2 M84 8.5% $171,188$2,689,507 4.7%
2014 $190.3 M100 8.5% $152,094$2,002,840 5.4%
2013 $137.0 M92 7.7% $125,953$1,631,385 6.1%
2012 $187.4 M56 8.6% $144,138$3,535,460 6.9%
2011 $69.1 M56 4.8% $91,850$1,279,097 7.8%
2010 $33.5 M33 2.6% $81,987$1,013,659 7.0%
2009 $39.6 M40 3.3% $79,063$1,042,389 6.3%
2008 $40.0 M31 12.9% $19,925$1,429,598 5.2%
2007 $197.1 M15 11.8% $104,311$13,143,190 5.2%
2006 $73.6 M35 3.0% $155,254$2,102,586 4.9%
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AppendixBal Harbor/South Beach Multi-Family
DELIVERIES & UNDER CONSTRUCTION
Net DeliveriesInventory
Bldgs Units BldgsBldgs Units VacancyYear
Under Construction
Units
Deliveries
Bldgs Units
2022 15,885 6.4%- - 18 - -- 18
2021 15,867 7.0%- - 12 - -- 12
2020 15,855 7.8%- - (2) - -- (2)
2019 15,857 7.6%- - 347 - -- 347
2018 15,510 5.7%- - 13 - -- 13
YTD 15,497 5.5%860 0 0 4 3620 0
2017 15,497 5.8%860 0 0 4 3620 0
2016 15,497 7.8%860 0 0 1 6(1) (16)
2015 15,513 8.9%861 1 285 1 6(1) 236
2014 15,277 7.1%862 1 9 1 285(3) (121)
2013 15,398 5.4%865 2 18 2 294(3) (166)
2012 15,564 7.6%868 0 0 2 18(4) (337)
2011 15,899 6.8%872 0 0 0 0(1) (8)
2010 15,907 6.5%873 0 0 0 0(1) (46)
2009 15,953 6.7%874 0 0 0 0(3) (111)
2008 16,064 6.8%877 0 0 0 00 0
2007 16,064 7.7%877 1 414 0 0(7) 212
2006 15,852 5.9%884 1 7 1 4140 (17)
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Miami Market
PREPARED BY
Manny Chamizo
Global Commercial Director
Multi-Family Market Report
OverviewMiami Multi-Family
12 Mo. Delivered Units
4,27812 Mo. Absorption Units
3,938Vacancy Rate
6.1%12 Mo. Asking Rent Growth
1.8%Miami is starting to experience softening fundamentalsafter several years of growth. Construction has escalatedin the past several years, and vacancies have increasedevery year since 2013. Miami currently has almost15,000 units under construction and around 9,000 unitsset to deliver in 2018. More units will have beendelivered in the last three years than the last 15 yearscombined.
Despite this remarkable supply pipeline, demand hasdone a good job of keeping pace, and many of thesenew units have been absorbed. Rent growth has stayedpositive, though it has decelerated from the record-breaking highs seen in early 2015. Annual growth closerto the historical average may become the new normal inthe face of Miami's ongoing supply additions.
KEY INDICATORS
Asking RentVacancy RateUnitsCurrent Quarter Effective RentAbsorption
UnitsDelivered Units
Under ConstrUnits
$2,02312.7%33,0674 & 5 Star $1,976 649 610 13,427
$1,4334.4%31,1673 Star $1,407 104 0 263
$1,0614.1%79,2851 & 2 Star $1,050 3 0 0
$1,5176.1%143,519Market $1,488 756 610 13,690
ForecastAverage
HistoricalAverage
12 MonthAnnual Trends Peak When Trough When
7.3%5.2%0%Vacancy Change (YOY) 7.1% 2000 Q2 3.0% 2006 Q2
3,0651,3143,938Absorption Units 3,918 2016 Q4 (1,115) 2007 Q2
3,4651,6034,278Delivered Units 5,689 2017 Q1 48 2002 Q4
226417Demolished Units 1,082 2012 Q2 0 2002 Q4
1.4%2.0%1.8%Asking Rent Growth (YOY) 7.2% 2007 Q1 -5.7% 2009 Q2
1.5%2.0%1.6%Effective Rent Growth (YOY) 7.1% 2007 Q1 -5.8% 2009 Q2
N/A$573.4 M$1.5 BSales Volume $1.7 B 2016 Q4 $137.5 M 2008 Q4
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VacancyMiami Multi-Family
The overall vacancy for the metro has increased about100 basis points in the last two years, and is currentlyhovering around 6%. This is higher than the metro’shistorical average but to be expected considering theamount of new supply being delivered. It should be notedthat for the majority of the expansion, Miami’s vacancyhas trended under the national average. However, it isexpected to surpass the nation toward late 2018.
Miami has seen more deliveries come on line in the lastthree years than in the prior 15 years combined, andthere is no sign of a slowdown in the immediate future.The new projects in Miami have been predominantlyrated as 4 & 5 Star, with condo-style finishes, andincreasingly robust amenities. The concentratedconstruction of similar product has not surprisinglypushed vacancy higher within the top tier.
Vacancy in 4 & 5 Star properties is dramatically higherthan in lower-rated properties, peaking at around 15% inearly 2017 and more recently settling down to around13%. This is about 3% higher than the national averagefor 4 & 5 Star product, which is also seeing an elevatedvacancy rate for this class compared to 3 Star and below
product.
Considering the amount of new supply that is beingadded to the metro, the metro is seeing very reasonablelease-up. In 2017, apartment communities were leasingup at an average of 20 units a month with two weeks ofconcessions. This is comparable to 2016 vintageprojects, for which units leased at a rate of about 21units a month and concessions were closer to threeweeks. This stable demand can be partially attributed toa late surge in job growth in the metro.
Year-over-year job growth in Miami is currentlyoutpacing the national average and is expected tocontinue to do so for the foreseeable future. Employmentgrowth in the professional and business and health andeducation sectors has been good and is actuallyexpected to moderately outpace the national averagethrough the forecast period. Considering these types ofjobs are generally higher paying than the metro’s medianwage, there may be enough demand to keep apartmentvacancy from spiking to levels that would require areversal of rents.
ABSORPTION, NET DELIVERIES & VACANCY
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VacancyMiami Multi-Family
VACANCY RATE
VACANCY BY BEDROOM
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RentMiami Multi-Family
The overall rate of rent growth has deceleratedsignificantly in the last two years. If we look specifically at4 & 5 Star properties, rent growth has actually beencooling off since 2012. Vacancies for 4 & 5 Starproperties hit an all-time peak of 13% in 2016 and areexpected to remain high for the next couple years due tothe wave of properties working through lease-up.Correspondingly, overall rent growth is forecast to slowto its historical average of roughly 2%, while growthamong 4 & 5 Star product is expected to decelerate tohalf of that rate. This is in line with nationwide trends.
Miami is currently in the top 15 of the most expensivemetros in the nation. Asking rents per unit are at a 20%premium over the national average. Since Miami’smedian household income is more than $10,000 belowthe national average, purchasing a single-family homecan be difficult for many residents. In the past five years,average incomes in the metro have increased about 9%,while rents have cumulatively risen more than 20%.
According to data from the American Community Survey,both renter and owner households of all ages in Miamiare considered overburdened. Nationwide, over 30% ofhouseholds spend more than 30% of their incomestoward gross housing costs. In Miami, households arespending nearly 50% of their incomes towards grosshousing costs. Millennials particularly feel the squeeze,as a higher share of them are renters than owners inMiami, and they are also more likely to be living with aparent or relative than Millennials elsewhere in thenation.
Miami experiences the most job growth in the leisure andhospitality industry and is also currently experiencingsignificantly higher growth in trade, transportation, andutilities. These are typically lower-paying, blue-collarjobs. The rapid rise of rent earlier in the cycle created alarge gap between incomes and rents for most of Miami'scitizens. In the near term, rents are likely to continue togrow more slowly as even more construction in thepipeline will keep competition alive and well.
DAILY ASKING RENT PER SF
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RentMiami Multi-Family
ASKING RENT PER UNIT & RENT GROWTH
ASKING RENT PER UNIT BY BEDROOM
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ConstructionMiami Multi-Family
Units under construction equal 10% of the currentinventory in Miami, versus 4% for the nation as a whole.The majority of new buildings have been 4 & 5 Starluxury apartments, with the majority going up inDowntown Miami, Wynwood, South Miami, and Doral. Asmall cluster near the intersection of Highway 1 and thePalmetto Expressway popped up in 2017. Developmentfor 2018 is again concentrated in downtown, and thereare also a few projects on North Beach and in the CoralWay neighborhood.
Supply in Miami is still going strong. Over 5,500 unitsdelivered in 2017, setting a new historic high for themetro,and 2018 is expected to be supply-heavy as well,with around 9,000 units underway. Three of these willinclude over 500 units. These include SoLe Mia, a high-rise tower near the Oleta River State Park in North Miami
that will include both condos and apartments; SquareStation, a new high-rise in the heart of the Arts andEntertainment District; and the apartment portion of the64-story Panorama Tower development in Brickell.
Panorama Tower, which will be Florida's tallest buildingwhen it is complete, may not hold the title for long.Florida East Coast Realty intends to follow up the projectwith the even more massive One Bayfront Plaza, amixed-use tower expected to break ground in 2019.Under the current plans, One Bayfront Plaza would risemore than 1,000 feet and include as many as 900apartment units. Needless to say, the vast majority ofprojects of this scale are concentrated in theBrickell/Downtown Miami Submarket, where rents aretypically high enough to justify such high-endconstruction.
DELIVERIES & DEMOLITIONS
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Under Construction PropertiesMiami Multi-Family
Properties
51Units
14,694Percent of Inventory
10.1%Avg. No. Units
288UNDER CONSTRUCTION PROPERTIES
UNDER CONSTRUCTION
Property Name/Address Rating Units Stories Start Complete Developer/Owner
Sep-201715045 Biscayne Blvd
SoLe Mia878 20 Sep-2018
Turnberry Associates
Turnberry Associates1
Mar-20151101 Brickell Ave
Panorama Tower Apartm…821 64 Apr-2018
Florida East Coast Realty, LLC
Florida East Coast Realty, LLC2
Oct-2017250 NW 1st St
Park Line Towers816 33 Oct-2019
All Aboard Florida
Florida East Coast Industries, Inc.3
Sep-20161424 NE Miami Pl
Square Station710 34 Oct-2018
-
The Melo Group4
Jan-201858 NE 14th St
Art Plaza667 36 Mar-2019
The Melo Group
The Melo Group5
Jul-20171400 North River Dr
River Landing507 5 Jun-2019
Hellinger Penabad Companies
Hellinger Penabad Companies6
Oct-201718801 Collins Ave
Varadero Residential490 - Sep-2018
Chateau Group
Chateau Group7
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Under Construction PropertiesMiami Multi-Family
UNDER CONSTRUCTION
Property Name/Address Rating Units Stories Start Complete Developer/Owner
Jun-2016230 NE 4th St
X Miami464 31 Sep-2018
Property Markets Group, Inc.
Property Markets Group, Inc.8
Dec-201658 NE 7th St
Seventh Street Apartments450 43 Aug-2018
Falcone Group
Falcone Group9
Sep-20173101 NE 1st Ave
Midtown 6447 32 Dec-2019
Magellan Development Group, Ltd.
Magellan Development Group, Ltd.10
Jul-2017129 NE 8th Ave
LUMA at Miami Worldce…429 44 Feb-2020
ZOM Florida, Inc.
-11
Dec-20178215 SW 72nd Ave
Modera Metro Dadeland…422 25 Oct-2019
Mill Creek Residential Trust LLC
Mill Creek Residential Trust LLC12
Jun-201586 SW 8th St
Solitair Brickell Apartme…420 48 Apr-2018
ZOM, Inc.
ZOM, Inc.13
Aug-2016340 Biscayne Blvd
World Trade Center Of T…400 77 Aug-2019
Regalia Developers
Regalia Developers14
Jan-20172901 NE 1st Ave
Midtown 8387 28 Apr-2018
Wood Partners
Wood Partners15
Oct-20172145 NE 164th St
349 8 Aug-2018Eden Multifamily Dba Eden-Mag
Rivergate Companies16
Jul-20172701 Biscayne Blvd
Biscayne 27330 36 Dec-2018
TRG IV Member, LLC
Sakor Development17
Jan-20185375 NW 7th St
Soleste Blue Lagoon330 8 Jun-2019
Estate Investments Group
Estate Investments Group18
Mar-2017659-737 Alton Rd
The Wave321 50 Dec-2018
-
Crescent Heights19
Feb-20189420-9500 SW 174th St
Park View308 6 Jan-2019
The Pugliese Corporation
-20
Feb-2018410 NE 25th St
Modera Edgewater297 8 Apr-2019
Mill Creek Residential Trust LLC
Mill Creek Residential Trust LLC21
Aug-20166800 SW 84th St
Motion at Dadeland294 25 Sep-2018
Adler Realty Services, LLC
Adler Realty Services, LLC22
Jul-2017215-339 NW 24th St
Wynwood 25289 8 Jan-2019
East End Capital Partners, LLC
-23
Apr-2017201 SW 10th Ave
The Gallery at West Bric…287 - Apr-2018
-
City of Miami Community Develo…24
Jan-201825640 SW 137th Ave
Village at Deering Groves281 3 Dec-2018
AHS Development Group
AHS Development Group25
Dec-20176700 NW 7th St
Oasis at Blue Lagoon272 8 Jun-2019
Pinnacle Housing Group
Pinnacle Housing Group26
Nov-201717945 SW 97th Ave
Atlantico Palmetto Bay271 - Sep-2018
Fanjul Corp
Fanjul Corp27
Jun-20171100 SW 2nd Ave
Maizon at Brickell262 23 Jun-2019
ZRS Management
ZOM, Inc.28
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SalesMiami Multi-Family
Investment in Miami has been elevated the last threeyears, with 7% of inventory turning over on average. Anddespite continuously climbing vacancies and slowing rentgrowth, pricing has climbed to about $180,000 per door.
The leading submarket for investment volume in 2017was Brickell/Downtown Miami, followed closely by CoralGables. One of the largest trades in the metro during the
last year was the sale of the Manor at Cityplace Doral inthe Miami Springs/Doral Submarket. In August, the 4Star 398-unit property was purchased by TA Realty for$135 million. The previous owner was a joint venture ofPGIM Real Estate and the Related Companies. Theproperty represents the rental portion of the larger mixed-use center known as CityPlace Doral, which includesmore than 300,000 SF of retail space.
SALES VOLUME & PRICE PER UNIT INDEX
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Sales Past 12 MonthsMiami Multi-Family
Sale Comparables
337Avg. Price/Unit (thous.)
$189Average Price (mil.)
$5.2Average Vacancy at Sale
10.0%SALE COMPARABLE LOCATIONS
SALE COMPARABLES SUMMARY STATISTICS
Sales Attributes Low Average Median High
Sale Price $128,000 $5,223,261 $1,050,000 $227,909,933
Price Per Unit $10,000 $189,357 $114,285 $575,000
Cap Rate 1.2% 6.0% 5.8% 11.7%
Vacancy Rate at Sale 0% 10.0% 0% 94.6%
Time Since Sale in Months 0.2 6.7 6.9 11.9
Property Attributes Low Average Median High
Property Size in Units 5 28 10 468
Number of Floors 1 2 2 13
Average Unit SF 0 475 609 1,507
Year Built 1911 1959 1958 2019
Star Rating 2.2
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Sales Past 12 MonthsMiami Multi-Family
RECENT SIGNIFICANT SALES
Sale InformationProperty Information
RatingProperty Name/Address Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF
145 SW 13th St- 2015
SoMa at Brickell1 418 6.0% 9/19/2017 $227,909,933 $545,239 $422
3450 NW 85th Ct- 2014
The Manor at CityPlace Doral2 398 12.8% 8/29/2017 $135,000,000 $339,195 $222
3880 Bird Rd- 2015
Berkshire Coral Gables3 276 9.1% 6/22/2017 $100,000,000 $362,318 $405
8881 SW 172nd Ave- 2016
Casa Vera Phase I4 396 10.1% 12/15/2017 $96,945,700 $244,812 $313
2263 SW 37th Ave- 2013
Milagro Coral Gables5 237 6.8% 6/8/2017 $78,150,000 $329,746 $308
15000 SW 104th St- 1987
Lago Paradiso at the Hammo…6 424 2.6% 6/1/2017 $61,240,000 $144,433 $182
950 SW 57th Ave- 2016
Club Prado7 196 6.1% 6/8/2017 $61,000,000 $311,224 $361
2001 Ludlam Rd- 2017
District West Gables8 221 94.6% 10/23/2017 $59,043,465 $267,165 $128
17900 NE 31st Ct- 1991
Lincoln Pointe9 285 4.7% 11/8/2017 $57,000,000 $200,000 $187
12 NE 188th St- 1969
Cottage Cove10 468 1.1% 6/15/2017 $50,000,000 $106,837 $157
8855 Fontainebleau Blvd- 1971
Rio Apartments11 294 3.7% 3/13/2017 $42,000,000 $142,857 $115
SW 90th St- 2018
Signature at Kendall Phase II12 150 - 12/15/2017 $41,979,400 $279,862 $280
15601 SW 137th Ave- 1987
The Park at Sheffield13 309 2.3% 9/5/2017 $37,250,000 $120,550 $136
3622 Coral Way- 2016
The Mile at Coral Gables14 120 7.5% 9/19/2017 $30,460,671 $253,838 $169
1310 W 29th St- 1967
San Sherri Apartments15 108 0% 6/5/2017 $16,100,000 $149,074 $195
6195 W 19th Ave- 1972
Celta Apartments16 46 2.2% 1/31/2018 $13,500,000 $293,478 $181
- 19726680 W 2nd Ct
17 64 3.1% 2/26/2018 $10,000,000 $156,250 $118
800-801 Capri St- 1969
Granada Capri18 42 16.7% 10/30/2017 $8,600,000 $204,761 $201
12501-12525 NE 13th Ave- 1969
Arlington Manor Apartment19 91 23.1% 3/16/2017 $7,312,000 $80,351 $50
14255-14345 NW 22nd Ave- 1952
Ingram Park20 126 11.9% 5/17/2017 $6,000,000 $47,619 $94
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EconomyMiami Multi-Family
Growing international connections have establishedMiami as a diverse and global city, which has benefitedall facets of the economy. The local economy hasimproved significantly since the Great Recession. Withover 250,000 jobs added since recession lows,employment growth has outperformed the nationalaverage for over five years and is expected to outpacethe U.S. rate for most of the five-year forecast.
Recent move-ins from global tech giants like Uber,Expedia, and Twitter speak to Miami’s growing appeal asa diverse and creative hub for innovative firms andworkers. In particular, Miami is attractive to globalcompanies active in Spanish-speaking parts of theworld. Univision, Telemundo, and UniMás, three of thelargest Spanish-speaking cable networks in the U.S.,have established large-scale operations in Miami.Growing appeal among multinational and tech firms hasalso helped Miami draw in more entrepreneurs andventure capitalists, making the city one of the topmetropolitan areas in the country for startup activity.
The biggest industry sector in Miami is trade,transportation, and utilities, accounting for 25% of the
metro’s jobs and adding 60,000 new jobs since 2010.While employment in Miami is traditionally driven by low-wage industries in the trade, transportation and utilitiesand leisure and hospitality sectors, employment growth isbecoming more diverse. For example, job growth inbusiness services and education and health services,two of the highest-paying sectors in Miami, havewitnessed some of the strongest gains over the cycle,with total employment more than 15% higher than itsprerecession peak. As a result of these factors, medianhousehold income growth is currently quite strong. Thenumber of workers employed in construction has beenrising over the last seven years, driven in part by thehighest condo and apartment construction levels sinceprerecession highs. Even though we’ve been seeingpositive growth within the construction industry, the metrohas yet to hit its prerecession peak.
Household income for the Miami, like in much of Florida,is well below the national average, and this gap is likelyto remain as long as leisure and hospitality jobsdominate. That said, the positive rate of income growthalong with low unemployment paint a positive picture forthis metro in the near term.
MIAMI EMPLOYMENT BY INDUSTRY IN THOUSANDS
NAICS Industry Jobs LQ MarketUS USMarketUSMarket
Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast
-1.19%-0.80%-1.13%-1.72%-0.41%1.22%0.439Manufacturing
0.41%0.57%0.29%1.26%0.38%3.25%1.4304Trade, Transportation and Utilities
0.44%0.47%0.20%1.29%-0.20%0.00%1.2149 Retail Trade
0.73%0.99%0.23%0.35%0.98%0.56%1.179Financial Activities
0.65%0.73%-0.02%-0.70%0.17%1.72%0.8144Government
---0.46%-0.40%5.38%2.78%0.11Natural Resources and Mining
1.27%1.41%2.08%2.06%1.79%1.38%1.0186Education and Health Services
1.48%1.84%1.55%2.16%2.49%2.30%1.0173Professional and Business Services
0.29%0.42%-1.05%-0.76%-1.31%0.61%0.919Information
1.27%1.97%1.73%3.22%1.97%2.75%1.1147Leisure and Hospitality
0.40%0.75%0.44%1.97%0.93%4.76%1.258Other Services
Total Employment 1,199 1.0 2.45% 1.30% 1.17% 0.64% 1.26% 0.83%
Source: Moody's Analytics
LQ = Location Quotient
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EconomyMiami Multi-Family
Source: Moody’s Analytics
YEAR OVER YEAR JOB GROWTH
DEMOGRAPHIC TRENDS
Current ChangeCurrent Level
Metro U.S.Metro U.S.Demographic Category
10-Year Change Forecast Change
Metro U.S. Metro U.S.
Population 327,183,3192,771,195 1.2% 0.7% 1.3% 0.8% 1.3% 0.7%
Households 126,196,703971,522 1.7% 1.2% 1.3% 0.9% 1.7% 1.1%
Median Household Income $60,071$48,437 4.1% 3.4% 0.7% 1.6% 3.8% 3.0%
Labor Force 160,761,7801,391,735 2.5% 0.6% 1.2% 0.4% 1.3% 0.8%
Unemployment 4.1%4.6% -0.8% -0.6% 0.1% -0.1% - -
Source: Moody’s Analytics
POPULATION GROWTH
Source: Moody's Analytics
LABOR FORCE GROWTH INCOME GROWTH
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SubmarketsMiami Multi-Family
MIAMI SUBMARKETS
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SubmarketsMiami Multi-Family
SUBMARKET INVENTORY
12 Month Deliveries Under Construction
Bldgs Units Percent Rank
Inventory
Bldgs Units Percent RankBldgs Units % Market RankSubmarketNo.
1 Aventura 2,147 1.5% 11 1 490 22.8% 718 0 0 0% -
2 Bal Harbor/South Beach 15,497 10.8% 6 4 362 2.3% 9860 0 0 0% -
3 Coconut Grove 1,900 1.3% 12 2 272 14.3% 10111 1 16 0.8% 9
4 Coral Gables 7,094 4.9% 9 2 381 5.4% 8309 2 640 9.0% 3
5 Downtown Miami 24,843 17.3% 1 21 7,816 31.5% 11,498 4 744 3.0% 2
6 Hialeah/Miami Lakes 18,282 12.7% 2 1 226 1.2% 11699 1 100 0.5% 8
7 Homestead/South Dade 7,359 5.1% 8 6 1,124 15.3% 2175 2 571 7.8% 4
8 Kendall 13,443 9.4% 7 3 866 6.4% 480 3 557 4.1% 5
9 Miami Gardens/Opa-Locka 17,545 12.2% 3 2 659 3.8% 5688 3 485 2.8% 6
10 Miami Springs/Doral 16,502 11.5% 4 3 616 3.7% 6350 3 845 5.1% 1
11 North Miami Beach 15,717 11.0% 5 1 878 5.6% 3738 0 0 0% -
12 Outlying Miami-Dade Co… 539 0.4% 13 0 0 0% -3 2 323 59.9% 7
13 Westchester/Tamiami 2,593 1.8% 10 0 0 0% -36 0 0 0% -
SUBMARKET RENT
Yr. Growth
Asking Rents
Per UnitSubmarketNo.
Effective Rents
RankRank Yr. GrowthRankPer SF ConcessionPer SFPer Unit
1 Aventura 5.5%8 4.1% 7$1,822 13$1.75 0.5%$1.74$1,813
2 Bal Harbor/South Beach -0.1%4 -0.4% 4$1,495 12$2.01 0.7%$2.00$1,484
3 Coconut Grove 4.1%1 3.7% 2$1,651 1$2.21 6.0%$2.06$1,552
4 Coral Gables -5.4%2 -3.2% 1$1,855 2$2.19 3.8%$2.10$1,785
5 Downtown Miami 1.7%3 1.6% 3$1,867 6$2.10 2.0%$2.06$1,830
6 Hialeah/Miami Lakes 2.0%11 2.7% 11$1,310 7$1.50 1.7%$1.47$1,288
7 Homestead/South Dade 1.9%13 3.5% 13$1,196 5$1.34 2.1%$1.31$1,170
8 Kendall 1.7%9 1.5% 9$1,583 8$1.72 1.5%$1.70$1,559
9 Miami Gardens/Opa-Locka 2.5%12 2.9% 12$1,181 10$1.46 1.1%$1.44$1,167
10 Miami Springs/Doral 2.3%5 2.3% 6$1,720 4$1.81 2.7%$1.76$1,674
11 North Miami Beach 3.2%10 2.5% 10$1,239 11$1.53 1.0%$1.52$1,227
12 Outlying Miami-Dade Co… 9.3%6 10.6% 5$1,904 9$1.79 1.2%$1.77$1,881
13 Westchester/Tamiami 4.2%7 5.1% 8$1,355 3$1.76 2.9%$1.70$1,315
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SubmarketsMiami Multi-Family
SUBMARKET VACANCY & ABSORPTION
12 Month Absorption
Rank Construct. Ratio
Vacancy
Units % of InvUnits PercentSubmarketNo. Rank
1 Aventura 142 6.6% -204 9.5% 77
2 Bal Harbor/South Beach 857 5.5% -285 1.8% 54
3 Coconut Grove 130 6.9% -53 2.8% 118
4 Coral Gables 855 12.1% 3.5184 2.6% 813
5 Downtown Miami 1,875 7.5% 0.7716 2.9% 211
6 Hialeah/Miami Lakes 400 2.2% 1.954 0.3% 101
7 Homestead/South Dade 277 3.8% 1.1533 7.2% 43
8 Kendall 926 6.9% 0.6659 4.9% 39
9 Miami Gardens/Opa-Locka 1,021 5.8% 4.998 0.6% 95
10 Miami Springs/Doral 1,227 7.4% 0.71,147 7.0% 110
11 North Miami Beach 940 6.0% -(279) -1.8% 136
12 Outlying Miami-Dade Co… 65 12.0% 1.3258 47.9% 612
13 Westchester/Tamiami 67 2.6% -31 1.2% 122
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AppendixMiami Multi-Family
OVERALL SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2022 1,431 0.9%159,116 2,344 1.5% 0.6
2021 929 0.6%157,685 2,143 1.4% 0.4
2020 4,256 2.8%156,756 3,716 2.4% 1.1
2019 4,220 2.8%152,500 2,240 1.5% 1.9
2018 5,371 3.8%148,280 4,228 2.9% 1.3
YTD 610 0.4%143,519 756 0.5% 0.8
2017 4,708 3.4%142,909 3,810 2.7% 1.2
2016 5,100 3.8%138,201 3,918 2.8% 1.3
2015 3,557 2.7%133,101 2,818 2.1% 1.3
2014 2,058 1.6%129,544 1,701 1.3% 1.2
2013 1,543 1.2%127,486 2,271 1.8% 0.7
2012 388 0.3%125,943 220 0.2% 1.8
2011 (199) -0.2%125,555 (231) -0.2% 0.9
2010 517 0.4%125,754 1,550 1.2% 0.3
2009 959 0.8%125,237 1,253 1.0% 0.8
2008 574 0.5%124,278 (417) -0.3% -
2007 1,847 1.5%123,704 (661) -0.5% -
2006 (111) -0.1%121,857 (140) -0.1% 0.8
4 & 5 STAR SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2022 1,431 3.0%48,360 1,970 4.1% 0.7
2021 928 2.0%46,929 2,073 4.4% 0.4
2020 4,256 10.2%46,001 4,929 10.7% 0.9
2019 4,204 11.2%41,745 3,271 7.8% 1.3
2018 5,084 15.7%37,541 4,313 11.5% 1.2
YTD 610 1.9%33,067 649 2.0% 0.9
2017 4,432 15.8%32,457 3,877 11.9% 1.1
2016 4,736 20.3%28,025 3,620 12.9% 1.3
2015 3,960 20.5%23,289 3,088 13.3% 1.3
2014 2,619 15.7%19,329 1,930 10.0% 1.4
2013 1,466 9.6%16,710 1,537 9.2% 1.0
2012 992 7.0%15,244 680 4.5% 1.5
2011 674 5.0%14,252 537 3.8% 1.3
2010 176 1.3%13,578 272 2.0% 0.6
2009 881 7.0%13,402 938 7.0% 0.9
2008 375 3.1%12,521 453 3.6% 0.8
2007 1,215 11.1%12,146 782 6.4% 1.6
2006 76 0.7%10,931 109 1.0% 0.7
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AppendixMiami Multi-Family
3 STAR SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2022 0 0%31,462 163 0.5% 0
2021 1 0%31,462 74 0.2% 0
2020 0 0%31,461 (272) -0.9% 0
2019 16 0.1%31,461 (208) -0.7% -
2018 278 0.9%31,445 230 0.7% 1.2
YTD 0 0%31,167 104 0.3% 0
2017 300 1.0%31,167 15 0% 20.0
2016 528 1.7%30,867 507 1.6% 1.0
2015 0 0%30,339 10 0% 0
2014 40 0.1%30,339 162 0.5% 0.2
2013 411 1.4%30,299 613 2.0% 0.7
2012 (277) -0.9%29,888 (410) -1.4% 0.7
2011 (67) -0.2%30,165 81 0.3% -
2010 469 1.6%30,232 537 1.8% 0.9
2009 164 0.6%29,763 336 1.1% 0.5
2008 250 0.9%29,599 84 0.3% 3.0
2007 944 3.3%29,349 191 0.7% 4.9
2006 95 0.3%28,405 28 0.1% 3.4
1 & 2 STAR SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2022 0 0%79,294 211 0.3% 0
2021 0 0%79,294 (4) 0% 0
2020 0 0%79,294 (941) -1.2% 0
2019 0 0%79,294 (823) -1.0% 0
2018 9 0%79,294 (315) -0.4% 0
YTD 0 0%79,285 3 0% 0
2017 (24) 0%79,285 (82) -0.1% 0.3
2016 (164) -0.2%79,309 (209) -0.3% 0.8
2015 (403) -0.5%79,473 (280) -0.4% 1.4
2014 (601) -0.7%79,876 (391) -0.5% 1.5
2013 (334) -0.4%80,477 121 0.2% -
2012 (327) -0.4%80,811 (50) -0.1% 6.5
2011 (806) -1.0%81,138 (849) -1.0% 0.9
2010 (128) -0.2%81,944 741 0.9% -
2009 (86) -0.1%82,072 (21) 0% 4.1
2008 (51) -0.1%82,158 (954) -1.2% 0.1
2007 (312) -0.4%82,209 (1,634) -2.0% 0.2
2006 (282) -0.3%82,521 (277) -0.3% 1.0
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AppendixMiami Multi-Family
OVERALL VACANCY & RENT
Asking RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg
Effective Rent
0.52022 6.6% (0.6)10,437 $1,622 - 1.6% $1,593 -
0.32021 7.2% (0.8)11,349 $1,597 - 1.1% $1,568 -
(1.0)2020 8.0% 0.112,563 $1,580 - 0.7% $1,552 -
(0.1)2019 7.9% 1.112,022 $1,569 - 1.7% $1,541 -
(0.3)2018 6.8% 0.510,042 $1,543 - 1.8% $1,515 -
(2.0)YTD 6.1% (0.1)8,784 $1,517 $1.75 0% $1,488 $1.71
(0.3)2017 6.3% 0.48,940 $1,516 $1.75 2.1% $1,485 $1.71
(1.5)2016 5.8% 0.78,043 $1,485 $1.71 2.4% $1,461 $1.68
1.02015 5.2% 0.46,861 $1,450 $1.67 3.9% $1,440 $1.66
(0.6)2014 4.7% 0.26,124 $1,396 $1.61 2.9% $1,390 $1.60
02013 4.5% (0.6)5,769 $1,356 $1.56 3.5% $1,352 $1.56
2.32012 5.2% 0.16,496 $1,311 $1.51 3.5% $1,303 $1.50
(0.5)2011 5.0% 06,328 $1,267 $1.46 1.2% $1,259 $1.45
5.52010 5.0% (0.8)6,294 $1,251 $1.44 1.8% $1,244 $1.43
02009 5.8% (0.3)7,326 $1,229 $1.41 -3.8% $1,221 $1.40
(6.4)2008 6.1% 0.87,617 $1,277 $1.47 -3.8% $1,269 $1.46
(4.4)2007 5.4% 2.06,630 $1,328 $1.53 2.6% $1,318 $1.52
-2006 3.4% 04,121 $1,294 $1.49 7.0% $1,288 $1.48
4 & 5 STAR VACANCY & RENT
Asking RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg
Effective Rent
0.62022 7.5% (1.4)3,599 $2,142 - 1.5% $2,095 -
0.42021 8.8% (2.7)4,137 $2,110 - 0.9% $2,064 -
(0.9)2020 11.5% (2.8)5,281 $2,091 - 0.5% $2,045 -
0.22019 14.4% 0.95,953 $2,082 - 1.4% $2,035 -
(0.5)2018 13.5% 0.45,020 $2,053 - 1.2% $2,007 -
(2.0)YTD 12.7% (0.4)4,203 $2,023 $2.01 -0.3% $1,976 $1.97
0.62017 13.1% (0.1)4,251 $2,030 $2.02 1.7% $1,971 $1.96
(1.7)2016 13.2% 2.13,697 $1,995 $1.99 1.1% $1,951 $1.94
02015 11.1% 2.22,581 $1,973 $1.96 2.8% $1,957 $1.95
(0.5)2014 8.8% 2.71,708 $1,918 $1.91 2.8% $1,912 $1.90
(0.4)2013 6.1% (1.1)1,020 $1,866 $1.86 3.3% $1,860 $1.85
2.32012 7.2% 1.71,091 $1,807 $1.80 3.7% $1,797 $1.79
(0.8)2011 5.5% 0.7778 $1,743 $1.73 1.4% $1,733 $1.72
6.72010 4.7% (0.8)641 $1,720 $1.71 2.1% $1,711 $1.70
0.22009 5.5% (0.8)737 $1,684 $1.68 -4.5% $1,672 $1.66
(7.1)2008 6.3% (0.8)794 $1,763 $1.75 -4.7% $1,751 $1.74
(4.5)2007 7.2% 3.2872 $1,850 $1.84 2.4% $1,835 $1.83
-2006 4.0% (0.3)439 $1,807 $1.80 6.9% $1,800 $1.79
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AppendixMiami Multi-Family
3 STAR VACANCY & RENT
Asking RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg
Effective Rent
0.52022 5.5% (0.5)1,746 $1,550 - 1.7% $1,523 -
0.32021 6.1% (0.2)1,910 $1,524 - 1.2% $1,497 -
(1.0)2020 6.3% 0.91,984 $1,506 - 1.0% $1,479 -
(0.7)2019 5.4% 0.71,713 $1,491 - 2.0% $1,465 -
0.22018 4.7% 01,489 $1,463 - 2.6% $1,436 -
(1.9)YTD 4.4% (0.3)1,368 $1,433 $1.60 0.5% $1,407 $1.57
(1.2)2017 4.7% 0.91,472 $1,425 $1.59 2.5% $1,404 $1.57
(1.7)2016 3.8% 01,187 $1,391 $1.56 3.6% $1,375 $1.54
1.62015 3.8% 01,166 $1,342 $1.50 5.3% $1,333 $1.49
(1.1)2014 3.9% (0.4)1,176 $1,275 $1.43 3.6% $1,270 $1.42
0.42013 4.3% (0.7)1,299 $1,230 $1.38 4.8% $1,227 $1.37
2.52012 5.0% 0.51,501 $1,174 $1.31 4.3% $1,169 $1.31
(0.1)2011 4.5% (0.5)1,369 $1,126 $1.26 1.8% $1,119 $1.25
5.32010 5.0% (0.3)1,515 $1,106 $1.24 1.8% $1,099 $1.23
(0.6)2009 5.3% (0.6)1,582 $1,086 $1.21 -3.4% $1,079 $1.21
(6.2)2008 5.9% 0.51,753 $1,124 $1.26 -2.9% $1,117 $1.25
(4.3)2007 5.4% 2.51,589 $1,157 $1.30 3.4% $1,151 $1.29
-2006 2.9% 0.2836 $1,120 $1.25 7.7% $1,115 $1.25
1 & 2 STAR VACANCY & RENT
Asking RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg
Effective Rent
0.52022 6.4% (0.3)5,092 $1,144 - 1.6% $1,133 -
0.32021 6.7% 05,303 $1,126 - 1.2% $1,114 -
(1.0)2020 6.7% 1.25,298 $1,112 - 0.9% $1,101 -
(0.4)2019 5.5% 1.04,356 $1,103 - 1.9% $1,092 -
(0.1)2018 4.5% 0.43,534 $1,082 - 2.3% $1,071 -
(2.1)YTD 4.1% 03,214 $1,061 $1.47 0.2% $1,050 $1.46
(1.2)2017 4.1% 0.13,217 $1,058 $1.47 2.4% $1,049 $1.45
(1.1)2016 4.0% 0.13,159 $1,034 $1.43 3.6% $1,026 $1.42
2.42015 3.9% (0.1)3,114 $997 $1.38 4.8% $991 $1.37
(0.3)2014 4.1% (0.2)3,239 $952 $1.31 2.3% $946 $1.30
0.32013 4.3% (0.5)3,450 $930 $1.28 2.6% $927 $1.28
1.82012 4.8% (0.3)3,905 $907 $1.25 2.3% $900 $1.24
(0.5)2011 5.2% 0.14,181 $887 $1.22 0.4% $881 $1.21
3.52010 5.0% (1.1)4,138 $883 $1.21 1.0% $878 $1.21
0.32009 6.1% (0.1)5,007 $874 $1.20 -2.5% $868 $1.19
(5.2)2008 6.2% 1.15,071 $897 $1.24 -2.9% $891 $1.23
(4.4)2007 5.1% 1.64,169 $924 $1.27 2.4% $918 $1.27
-2006 3.4% 02,846 $902 $1.24 6.8% $898 $1.24
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AppendixMiami Multi-Family
OVERALL SALES
Completed Transactions
Turnover Avg Price/UnitDeals VolumeYear
Market Pricing Trends
Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate
2022 -- - -- 167- $167,645 5.3%
2021 -- - -- 165- $165,713 5.3%
2020 -- - -- 163- $164,092 5.2%
2019 -- - -- 162- $162,885 5.2%
2018 -- - -- 162- $162,347 5.1%
YTD $51.9 M20 0.5% $177,167$2,883,889 1616.3% $161,407 5.1%
2017 $1,582 M366 6.8% $179,339$5,085,500 1605.9% $160,437 5.0%
2016 $1,686 M331 7.2% $181,130$5,620,474 1546.3% $154,638 5.1%
2015 $991.0 M376 6.9% $130,996$3,058,589 1466.3% $147,108 5.2%
2014 $615.3 M399 4.9% $104,373$1,743,001 1386.4% $138,403 5.3%
2013 $548.5 M333 4.6% $105,141$2,001,904 1287.2% $128,225 5.6%
2012 $672.0 M263 5.9% $94,767$2,909,074 1147.5% $114,325 6.0%
2011 $198.7 M190 3.0% $58,183$1,226,511 977.9% $97,399 6.8%
2010 $162.2 M111 2.4% $56,659$1,637,956 868.7% $86,080 7.5%
2009 $204.6 M136 2.5% $69,606$1,778,897 867.6% $86,707 7.6%
2008 $137.5 M119 2.9% $39,359$1,272,976 1007.1% $100,462 7.2%
2007 $485.1 M101 3.9% $100,823$4,850,592 1186.2% $118,865 6.5%
2006 $772.8 M187 6.5% $102,057$4,293,196 1305.9% $130,188 5.7%
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AppendixMiami Multi-Family
DELIVERIES & UNDER CONSTRUCTION
Net DeliveriesInventory
Bldgs Units BldgsBldgs Units VacancyYear
Under Construction
Units
Deliveries
Bldgs Units
2022 159,117 6.6%- - 1,431 - -- 1,431
2021 157,686 7.2%- - 928 - -- 928
2020 156,758 8.0%- - 4,256 - -- 4,256
2019 152,502 7.9%- - 4,220 - -- 4,220
2018 148,282 6.8%- - 5,361 - -- 5,361
YTD 143,531 6.1%5,571 3 610 46 13,6903 610
2017 142,921 6.3%5,568 21 4,732 43 12,71519 4,708
2016 138,213 5.8%5,549 19 5,294 39 9,7889 5,098
2015 133,113 5.2%5,540 19 3,960 34 9,1420 3,557
2014 129,556 4.7%5,540 14 2,847 29 7,144(8) 2,058
2013 127,498 4.5%5,548 12 1,877 20 4,196(4) 1,543
2012 125,955 5.2%5,552 5 1,004 17 2,758(15) 386
2011 125,567 5.0%5,567 11 742 9 2,037(6) (199)
2010 125,766 5.0%5,573 7 645 14 1,3944 517
2009 125,249 5.8%5,569 16 1,204 12 1,6669 960
2008 124,290 6.1%5,560 25 625 19 2,09322 574
2007 123,716 5.4%5,538 17 2,167 32 1,3974 1,847
2006 121,869 3.4%5,534 8 171 22 2,2420 (111)
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