518,530 W FLAGLER STREET • Miami, FL 33135...12) elevations if shown are based upon n,g vo 1929...

W FLAGLER ST

518,530 W FLAGLER STREET • Miami, FL 33135

TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01

Aerials

Property Photo

FINANCIAL ANALYSIS 02

P R E S E N T E D B Y

Arthur D. PorosoffCRE Advisor Multifamily Hospitality DevelopmentNMHC PAC ContributorTel: (305) 733-6066Fax: (305) [email protected]: FL SL31603791200 Brickell Avenue #1470 Miami, FL 33131

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communication should be interpreted as a digital or electronic signature that can be used to authenticate a contract or other legal document. The recipients are advised that the sender and D Stone Realty, LLC are not qualified to provide, and have not been contracted to provide, legal, financial, or tax advice, and that any such advice regarding any investment by the recipients must be obtained from the recipients’ attorney, accountant, or tax professional.

mailto:[email protected]

INVESTMENTOVERVIEW



4

AERIAL

5

AERIAL

FINANCIALANALYSIS



TAX CARDS

7

FINANCIAL ANALYSISW FLAGLER ST

TAX CARDS

8


PROPERTY ADDRESS:

518 WEST FlAGLER STREET, MIAMI, FLORIDA 33130

FLOOD ZONE: "AE" DATE OF FIRM: 09-11-2009

LEGAL DESCRIPTION:

COMMUNITY: 120650 SUFFIX: L

PANEL: 12086C0314L ELEVATION: 9

FOLIO NO 0HJ201-020-l040 LOT 3, LESS THE NORTH 10 FEET, BLOCK 12S, OF CITY OF MIAMI SOUTH ACCORDING TO THE Pl.AT THEREOF AS RECORDED IN Pl.AT BOOK B, PAGE 41, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA

CERTIFIED TO:

SHOMA INVESTMENTS COMPANY, A FLORIDA CORPORATION

TITLE COMPANY Of AMERICA

RIVERSIDE BLUES INC, A FLORIDA CORPORATION

OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY

ABBREVIATIONS AND LEGEND:

A/C =DENOTES AIR CONDITIONING UNIT CONC. =DENOTES CONCRETE (M) =DENOTES MEASURE (R) =DENOTES RECORD (C) =DENOTES CALCULATED R/W

Cl: U E, P,8, PG

=DENOTES RIGHT -OF- WAY=DENOTES CENTERLINE =DENOTES UTILITY EASEMENT =DENOTES Pl.AT BOOK =DENOTES PAGE

□ =DENOTES WATER METER ru.,

-Oft-

®

=DENOTES WOOD POWER POLE =DENOTES WOOD FENCE =DENOTES CHAIN LINK FENCE =DENOTES IRON FENCE =DENOTES OVERHEAD WIRES =DENOTES FOUND IRON PIPE (NO ID.)

GENERAL NOTES:

l)

2)

EXAMINATION OF THE ABSTRACT OF THE TITLE WAS MADE AND ALL RECORDED EASEMENTS LISTED IN

SCHEDULE 8-11 OF THE TITLE COMMITMENT PREPARED BY OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY

COMMITMENT NO. 508290 DATED OCTOBER 9, 2017 AT 11:00 P,M,, IF ANY, WERE PLOTTED ON ATTACHED SURVEY THIS ALTA/NSPS SURVEY HAS BEEN PREPARE FOR THE EXCLUSIVE USE OF THE ENTITIES NAME HEREON, THE CERTIFICATIONS DO NOT EXTEND TO ANY UNNAMED PARIIES.

N

3) UNDERGROUND PORTION OF FOOTING, FOUNDATIONS OR OTHER IMPROVEMENTS WERE NOT LOCATED,

4) ONLY VISIBLE ON ABOVE GROUND IMPROVEMENTS WERE LOCATED, 5) WALL TIES ARE THE FACE OF THE WALL 6) FENCE OWNERSHIP NOT DETERMINED, 7) BEARINGS REFERENCED TO LINE NOTED AS B,R, BJ ALTA/NSPS SURVEY MEANS A DRAWING AND/OR GRAPHIC REPRESENTATION OF THE SURVEY WORK PERFORMED IN THE FIELD

COULD BE DRAWN AT A SHOWN SCALE AND/OR NOT TO SCALE, 9) NO IDENTIFICATION FOUND ON PROPERTY CORNERS UNLESS NOTED. l 0) NOT VALID UNLESS SEALED WITH THE SIGNING SURVEYORS EIV,�OSSCD SEAL,

11) DIMENSIONS SHOWN ARE Pl.AT AND MEASURED UNLESS OTHEllWISE SHOWN.

12) ELEVATIONS IF SHOWN ARE BASED UPON N,G VO 1929 UNLESS OTHERWISE NOTED

13) THIS IS AN ALTA/NSPS SURVEY UNLESS OTHERWISE NOTED.

14) ITEMS l THROUGH 4 ARE NOT A SURVEY MATTER,

15) ITEM NO, S -PB. B PAGE� l CONTAINS NO EASEMENTS,

CERTIFICATION:

I•

Scale: N.T.S.

W FLAGLER Si

- l]ll

--·

____ J .r

SHEET I OF 2

ALL BEARINGS AND DISTANCES SHOWN HEREON ARE

RECORD AND MEASURE UNLESS OTHERWISE NOTED,

ONLINE LAND SURVEYORS, INC. PROFESSIONAL SURVEYOR AND MAPPER

'-15271 N,W, 60th AVENUE, SUITE 208. MIAMI I.AKES, FLOODA,=3=-301_4_---l PHONE: (305) 910-0123 t No.nr11

ALTA/NSPS LAND TITLE SURVEY Original Date: Field date:

11/06/2017 l l/06/2017D1uw11 w. Joi) �lo,

M E, 0-38342


SURVEY

SURVEY

9


. '

1--- - - ------¥-

10' LESS-OUT

50.00' (R&M)

COLUMNS 1.10'K0.30'

(TYP.)

LOT 4

BLOCK 12

.....

0.

WEST FLAGLER STREET

RIGHf-QF-WAY {BY PLAT) 21 '± ASPNAL T PA Vf.M[NT

ONE STORY

# IBU LDING 5518

49.10'

LOT 3

BLOCK 12

C C c:i '<I-

0.75'

...,______ CENITR LINE PER SHEET

ATLAS 36F

ORIGINAL PLATTED --- LOT LINE

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LOT 2

BLOCK 12

• 8.C.F.I.P. 1/2"

LOT 19

BLOCK 12

o·

N

1.5' 30'

inch = 20' ft.

ABBREVIATIONS AND LEGEND:

A/C

CONG.

(M)

(R)

(CJ

R/W �

U,E,

P,B,

PG

Cl '""Cl.,

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=DENOTES AIR CONDmONING UNIT

�DENOTES CONCRETE

=DENOTES MEASUllf

�DENOTES RECORD

=DENOTES CALCULATED

=DENOTES RIGHT -OF-WAY

=DENOTES CENTERLINE

=DENOTES UTILITY EASEMENT

�DENOTES PLAT BOOK =DENOTl'S PAGE

=DENOTES WATER METER

=DENOTES WOOD POWER POLE =DENOTES WOOD FENCE

=DENOTES CHAIN LINK FENCE

=DENOTES IRON FENCE

=DENOTl'S OVERHEAD WIRES

=DENOTES FOUND IRON PIPE (NO ID.)

=DENOTl'S CITY OF MIAMI MONUMENT LINE

SHEET2 OF2

ALL BEARINGS AND DISTANCES SHOWN HEREON ARE

RECORD AND MEASURE UNLESS OTHERWISE NOTED

ONLINE LAND SURVEYORS. INC. PROFESSIONAL SURVEYOR AND MAPPER

15271 N,W 60th AVENUE. SUITl' 208. MIAMI lAKES,flORIDA 33014 PHONE: (305) 910-0123 r- .W,

-N-•-�---i,

ALTA/NSPS LAND TITLE SURVEY

Original Date:, Field date: .�ovls, n ma; Drc,,,,,n OIi' JoU NO

11/06/2017 11/06/2017 11/06/2017 M.E 0-38342

SURVEY

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518-530 W Flagler StPROPERTY DETAILS 1 2

Folio 01-0201-020-1040 01-0201-020-1050Address 518 W Flagler St 530 W Flagler St

City, State, ZIP Miami, FL 33130 Miami, FL 33130Property Type Land Land

Lot Sq Ft 7,000 7,000Lot Acerage 0.16 0.16

Zoning T6-12-O T6-12-OASSEMBLAGE SUMMARY

Total Land Sq Ft 14,000Total Land Acerage 0.32

Asking Price $4,250,000Asking Price per Acre $13,223,571

Asking Price per SF $304

Price $2,550,000

LAND VALUATION

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Project NameLocation 518 -530 W Flagler StLand SF 14,000Land acreage 0.32Zoning T6-12-OAllowable upa 150FLR 5FLR Bonus 0.25LAND PRICE $3,471,107

Income Hard CostsUnits 50 Hard cost psf - Apartment $210Total leasable acsf 50,400 Construction management fee 0.0%Average residential unit SF 1,008Average Lease Price per SF $3.03 Soft CostsAverage Lease $3,052 % $

Vacancy 5.0% Architectural / Engineering (% HC) $0Concessions and non-income units 3.0% Consultant Fees- survey, env, etc. (% HC) $100,000Bad Debt 0.5% Impact / Utility / Permit Fees (% HC) 7%Other income per unit per month $150 Operating Deficit (% HC) 1.5%

Financing Utilization 50.0%Legal & Professional Fees (% HC) 1.0%

Expenses General Project Administration (% HC) 1.5%Payroll per unit $1,200 Marketing / Advertising (% HC) 1.5%Repairs & Maintenance per unit $250 Insurance (% HC) 2.0%Turnover per unit $250 Taxes (millage rate) 2.0%Landscaping & Contract Services per unit $500 Brokerage Fees (% Land) 0.0%Utilities per unit $900 Title & Recording (% of Land) 1.0%Administrative per unit $250 Soft Cost Contingency (% of SC) 2.0%Leasing & Marketing per unit $250 Developer's Fee (% of TC) 3.0%Insurance per unit $600Taxes millage 17.90 Return, Loan and Exit AssumptionsManagement Fee % of TI 3.00% Desired Yield on Stabilized NOI 6.50%Capital Reserves per unit $150 Loan to Cost 75.0%

Interest Rate 5.5%Exit Cap Rate 5.50%Development timeframe (years) 1.50

Required Parking Spaces 142 Debt $12,677,963Parking Area 380 SF/space 53,960 Equity required $4,225,988Residential 50,400 Equity multiple 1.73Non-Residential 0Common Areas 30% of AC SF 31,308Total SF 135,668

Building Breakdown

Expense Assumptions

Cost & Return Assumptions

Property Description

518-530 W Flagler St

Income & Expense Assumptions

RESIDUAL VALUATION

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Income Total Per Unit Per SF % of TCTotal Residual Value $16,903,951 $196,558 $335.40 100%Hard Costs $10,584,000 $211,680 $210.00 63%Soft Costs $2,848,844 $33,126 $56.52 17%

Residual Land Value $3,471,107 $40,362 $68.87 21% Per Acre $6,043,947 Per land SF $138.75

Exit Value $19,977,397 $232,295 $396.38

Total Per Unit Per SFHard cost $10,584,000 $211,680 $210.00Construction management $0 $0 $0.00

Total $10,584,000 $211,680 $210.00

Residual Calculation

Hard Cost Calculation

Total Per Unit Per SF % of HCArchitectural / Engineering $0 $0 $0.00 0%Consultant Fees $100,000 $2,000 $1.98 1%Impact/Utility/Permit Fees $740,880 $14,818 $14.70 7%Operating Deficit $158,760 $3,175 $3.15 2%Financing Costs $522,966 $6,081 $10.38 5%Legal & Professional $105,840 $2,117 $2.10 1%General Project Admin $158,760 $3,175 $3.15 2%Marketing / Advertising $158,760 $3,175 $3.15 2%Insurance $211,680 $4,234 $4.20 2%Taxes $104,133 $1,211 $2.07 1%Brokerage Fees $0 $0 $0.00 0%Title & Recording $34,711 $404 $0.69 0%Soft Cost Contingency $45,236 $526 $0.90 0%Developer's Fee $507,119 $5,897 $10.06 5%

$2,848,844 $33,126 $56.52 27%

Type # of Units Unit SqFt Mix Mkt Rents Rents psfStudio 36 400 72.0% $1,400 $3.501 BD 26 600 52.0% $1,900 $3.172 BD 24 850 48.0% $2,200 $2.59

Avg 1,008 $3,052Total 50 50,400 $152,600 $3.03

Soft Cost Calculation

Unit Mix

PROFORMA

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Annual Per month Per unit Per SF % IncINCOMEGross Potential Rent $1,831,200 $152,600 $36,624 $36.33 103.7%Vacancy ($91,560) ($7,630) ($1,831) ($1.82) -5.2%Non-Revenue Units ($54,936) ($4,578) ($1,099) ($1.09) -3.1%Bad Debt ($9,156) ($763) ($183) ($0.18) -0.5%Effective Rental Income $1,675,548 $139,629 $33,511 $33.25 94.9%Other Income $90,000 $7,500 $1,800 $1.79 5.1%Retail Income (NNN) $- $- $- $- 0.0%TOTAL INCOME $1,765,548 $147,129 $35,311 $35.03 100.0%

EXPENSESPayroll $60,000 $5,000 $1,200 $1.19Repairs & Maintenance $12,500 $1,042 $250 $0.25Turnover $12,500 $1,042 $250 $0.25Landscaping & Contract Services $25,000 $2,083 $500 $0.50Utilities $45,000 $3,750 $900 $0.89Administrative $12,500 $1,042 $250 $0.25Leasing & Marketing $12,500 $1,042 $250 $0.25Insurance $30,000 $2,500 $600 $0.60Taxes $302,581 $25,215 $3,518 $6.00Management Fee $52,966 $4,414 $1,059 $1.05OPERATING EXPENSES $718,691 $59,891 $8,357 $14.26Reserves (non-recurring R&M) $7,500 $625 $150 $0.15TOTAL EXPENSES $731,591 $60,966 $8,507 $14.52 40.0%

NET OPERATING INCOME $1,098,757 $91,563 $12,776 $21.80 60.0%

Stabilized Proforma

518,530 W FLAGLER STREET • Miami, FL 33135...12) elevations if shown are based upon n,g vo 1929...

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Transcript of 518,530 W FLAGLER STREET • Miami, FL 33135...12) elevations if shown are based upon n,g vo 1929...