for sale | entitled land development...owner. only a fully executed real estate purchase agreement...

Well located adjacent to coral gables

with approved Building Permits &

FOR SALE | Entitled land development

COMMERCIAL ADVISORS

THE QUINTESSENTIAL SOLUTION

$5,600,000.00Exclusively Presented By:

LEONARD WERNER

OPTIMAR INTERNATIONAL REALTY COMMERCIAL ADVISORS

Cell: [email protected]

CORAL CABLES

DIRECTOR COMMERCIAL REAL ESTATE

List Your PropertyOPTIMAR COMMERCIAL ADVISORS

WE WILL GIVE YOU"The World"

Through Our Global Marketing Program

OFFICES:18246 Collins Avenue, Sunny Isle, Florida

1000 Brickell Ave. Suite 100 Miami FloridaOne Grand Central #1502 Manhattan, New York

http://commercial.optimar.com

Presented by:Leonard Werner

Director Commercial Real Estate

COMMERCIAL ADVISORS

MIAMI Florida

ManhattanNEW YORK

NEW YORK

COMMERCIAL ADVISORS

Executive SummaryProperty DescriptionsExecutive SummaryHighlightsLocationAerials & PhotosInvestment AttributesDemographicsArea OverviewAdditional InformationNDA

TABLE OF CONTENTS


Optimar International Realty (”Commercial Advisors are excited to presentyou with the opportunity to purchase a fully entitled Land Development

offering of a 99-unit luxury class “a” rental apartment buildingnamed Soleste Park View (“project” or the “Property”)

The property is uniquely situated at the northwest edge of Coral Gables. Across

the street from homes worth up to $8 million, but on and near meaningful

commercial corridors, the property offers its residents an unmatched living

experience. Residents enjoy a neighborhood feel with parks, restaurants,

neighborhood services, and a Publix market within walking distance with a new

CVS next door. Coral Gable’s additional amenities located on miracle mile

and the luxurious shopping of Merrick Park are only minutes away.

High Visibility.

DISCLAIMER5615 - 5645 SOUTHWEST 8TH STMIAMI, FLORIDA 33134

COMMERCIAL ADVISORS

The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be used for any other purpose. This information should not, under any

circumstances, be photocopied or disclosed to any third party without the written consent of the BROKER or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the

Property.

The only party authorized to represent the Owner in connection with the sale of the Property is the BROKER Advisor listed in this proposal, and no other person is authorized by the Owner to provide

any information or to make any representations other than contained in this Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property,

this Offering Brochure must be returned to the BROKER.

Neither the BROKER Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to

the future representation of the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be

achieved. Further, the BROKER Advisor and the Owner disclaim and all liability for representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or

made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully

executed and delivered Real Estate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipients of these materials shall not look to Owner or the BROKER Advisor nor any

of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Offering Brochure are

advised and encouraged to conduct their own comprehensive review and analysis of the Property.

This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at

its sole discretion, to terminate negotiations with any entity, for any reason, at any time with our without notice. The Owner shall have no legal commitment or obligations to any

entity reviewing the Offering Brochure or making an offer to purchase the Property unless and until the Owner, in Owner’s sole discretion. By submitting an offer, a prospective

purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and the BROKER Advisor from any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding

Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk.

The Property may be financed or withdrawn from the market without notice, and its owner(s) reserve(s)the right to negotiate with any number of interested parties at any time. The property is offered as sold by

its owner(s) as is, where is, and with all faults, without representation or warranty of any kind except forany customary warranties of title

PROPERTY SUMMARY

COMMERCIAL ADVISORS

5615 - 5645 Southwest 8th Street | Miami, Florida 33134

OFFERING PRICE:

$5,600,000.00 Without Permits

Exclusive listing5615 - 5645 Southwest 8th Street | Miami, Florida 33134

Site PlanCOMMERCIAL ADVISORS


Exclusively Presented By: LEONARD WERNER

CELL: 786-537-0939

Price $7,100,000(With permits & plans) (*)

2017 Building Permit application has been grandfathered in prior to the recent changes in the Florida Building Codes. Shovel ready!!!

Once Impact & Permit fees are paid (*) Subject to “buyer’s”. timely payment of the impact and permit fees .(not included in any of the offering prices).

FOR SALE: 99 MF UNITSENTITLED LAND DEVELOPMENT

OFFERING PRICE: (1) WITHOUT BUILDING PERMITS$5,600,000.00

OFFERING PRICE: (2) WITH BUILDING PERMITS GRANDFATHERED IN (*)$7,100,000.00

TOTAL RENTAL SF: 83,213GROUND FLOOR “LIVE WORK”: 11,670 SFGROSS BUILDABLE SF: 161,883TWO (2) CONTIGUOUS PARCELS


COMMERCIAL ADVISORSTHE QUINTESSENTIAL SOLUTION

“Live + Work” Units First FloorClass “A” Multifamily

Entitled land development

“99” MF Units

artist renderingarchitect | Omar Morales

http://www.formgroup.net/about

NOTE: 2017 Building Permit application has been grandfathered in prior to the recent changes in the Florida Building Codes. Shovel ready once Impact & Permit fees are paid.(*) Subject to buyer's timely payment of the impact and permit fees (not included in any of the offering prices).

EXECUTIVE SUMMARY

COMMERCIAL ADVISORS

(2) Two Contiguous Parcels

Soleste Park View5615 - 5645 Southwest 8th Street,Miami, Florida 33134

Offering Price (2)$7,100,000.00

Offering Price: (1) $5,600,000

Zone - T6-8 0


The subject is a proposed 99-unit Class “A” multi-family unit in a 9-story building on 0.66 acres located on the north side of Highway 90 just east of Reed Road, just

Northwest of Coral Gables in Miami, Florida.

Architect: Omar Morales of the Form Group

NOTE: OFFERED WITH CONSTRUCTION DRAWINGS & GRANDFATHERED PERMITS (*)

NOTE: 2017 Building Permit application has been grandfathered in prior to the recent changes in the Florida Building Codes.

Shovel ready once Impact & Permit fees are paid.(*) Subject to buyer’s” timely payment of the impact and permit fees

(not included in any of the offering prices).

The subject is conveniently located to supporting transportation, employment, and supporting service linkages.

The overall submarket has recently seen growth in new development.

Abundant office and retail employment drivers nearby.

Abundant supporting nearby resident restaurants and shopping.

The multifamily housing market has remained strong thanks to the economic recovery including and improving job market.

The subject is prosed good quality construction.

Rising property values as fundamentals are strong and the financing is favorable.

Strong demographics.

Property boarders Coral Gables

**** 99 Unit Class “A” Multifamily Apartment Development Offering for sale Price: $7.1 Million (See Note Below) with construction drawings & grandfathered permits.(*) Total land are for development: 0.66 Acres approximately 29,000 SFTwo (2) lots combinedRentable SF 83,213 GBSF 161,883Ground Floor 11,670 SF (”Live Work”)Average Unit Size 841 SFAverage Rent $2.68 SFGround Floor 5 units ("LIVE WORK")Location: 5612 - 5645 SW 8TH ST, Coral Gables, FL,33134 Grandfathered In Building Permits.

Submarket: Airport West/

Boarders Coral Gables, FL

***9 Nine Stories (1) One Building

EXECUTIVE SUMMARY

Miami-Dade County isexperiencing rapid population growth, is highly educated and wealthy. Excellent location withclose access to major transportation thruways and large employment drivers.

Land basis of both sites is attractiveand in-line with past projects where significant value was created. Rental rates of competitive properties have been studied to correctly price theasset for lease-up.


COMMERCIAL ADVISORS

NOTE: 2017 Building Permit application has been grandfathered in prior to the recent changes in the Florida Building Codes. Shovel ready once Impact & Permit fees are paid.

(*) Subject to buyer’s timely payment of the impact and permit fees (not included in any of the offering prices).


COMMERCIAL ADVISORS

AIRPORT WEST SUBMARKETThe submarket map & annual submarket rankings are summarized below.

The subject is located in the Airport West Submarket.

SUBJECTSUBJECT

The subject is in the Airport West Submarket and based on the below chart, the submarket is ranked 8th in regards to

effective annual rent growth and 9th in occupancy.


AIRPORT WESTSUBMARKET

During the last 12 months, 3,708 units were absorbed in lease-up properties across the market with 629 of them in this submarket. The average absorption rate for lease-up properties in the market is 18 units per property, per month. The submarket’s average absorption was slower at 13 units per property, per month. The submarket’s average asking rent for new lease-up properties meets the projected rents in pro-forma.

Airport West SubmarketThe submarket’s occupancy rate decreased

from 95.7% in 4Q16 to 94.5% in 1Q17, and was down from 96.6% a year ago. The submarket’s

occupancy rate was below the market average on 96.0% in 1Q17. For the forecast period, the

submarket’s occupancy rate is expected to increase to 95.3% in 2017 and average 95.4%

from 2017 to 2019. The submarket’s occupancy rate has averaged 96.0% since

2Q01.

Out of the 10 submarkets in the market, the Airport West submarket ranked 10th for

quarterly effective rent growth and 8th for annual effective rent growth for 1Q17. Annual

effective rent growth is forecast to be 1.2% in 2017, and average 2.4% through 2017 to 2019. The annual effective rent growth has averaged

3.7% per year since 2Q10.

COMMERCIAL ADVISORS


SUBJECTSUBJECT

LOCATION MAP

COMMERCIAL ADVISORS

NOTE: 2017 Building Permit application has been grandfathered in prior to the recent changes in the Florida Building Codes. Shovel ready once Impact & Permit fees are paid.(*) Subject to buyer's timely payment of the impact and permit fees (not included in any of the offering prices).


AREA OVERVIEW

COMMERCIAL ADVISORS

Hight traffic visibility & Adjacentto affluent Coral Gables

CLASS “A” 99 MF UNITS

SALE PRICING:$5.6MM WITHOUT PERMITS $7.1MM WITH PERMITS & DRAWINGS

NOTE: 2017 Building Permit application has been grandfathered in prior to the recent changes in the Florida Building Codes.Shovel ready once Impact & Permit fees are paid. (*) Subject to buyer timely payment of the impact and permit fees (not included in any of the offering prices).


MARKET

COMMERCIAL ADVISORS

South Florida’s population & job marketare exhibiting strong growth.


PHOTOGRAPHS

UPDATEDSUBJECT PROPERTY


COMMERCIAL ADVISORS

ADDITIONAL PHOTOGRAPHS


COMMERCIAL ADVISORS

5615 Southwest 8th StreetFOLIO: 01-4106-011-1790

5645 Southwest 8th StreetFOLIO: 01-4106-011-1810

SUBJECTSUBJECT SUBJECTSUBJECT


DEMOGRAPHICS

COMMERCIAL ADVISORS

ONE

THREE

FIVE


SUBJECTSUBJECT

TRAFFIC COUNTS

COMMERCIAL ADVISORS


LAND VALUE

COMMERCIAL ADVISORS

The following page map and tablesummarize the comparable data usedin the valuation of the subject site.

The subject is well located for an upper-middle and high-income apartmentproject. The site is conveniently locatedwith respect to employment centers,major roadways, and local entertainmentdestinations. The most similarsurrounding apartment developmentsare experiencing average levels ofdemand. Based upon our analysis, thesubject improvements shouldcontinue to experience good marketacceptance in the foreseeablefuture as a rental property.

SUBJECTSUBJECT


COMMERCIAL ADVISORS

The sales utilized represent the best data available for comparison with the subject and were selected from the greater Miami area. These sales were chosen based

upon location and proposed uses. The most consistent method ofcomparison is the price per resident unit. The unadjusted prices

range from $1,450,000 to $33,000,000 per residential unit.


COMMERCIAL ADVISORS

Pro Forma Operating Data

Effective Gorss Income Operating ExpensesExpense Ratio

Net Operating Income

Total

$42,494,405$1,072,157

42.98%

$1,422.248

Per Unit

$25,196$10,830

$1,422.248

While there are several concentrations of new inventory throughout Miami, Soleste Park Viewoffers a unique location with very limited immediate competition.

Strong barriers to entry and limited access to large enough land parcels for residential development will keep Soleste Park View insulated from substantial future residential supply in the immediate market area

COMPETITIVE INSULATION


COMMERCIAL ADVISORS

APARTMENT UNIT & MIX DETAILSCLASS “A” 99 MF UNITS


DEVELOPMENT BUDGET

COMMERCIAL ADVISORS

The total proposed project development hard costs $29.2 million.


The Total Project Cost over the planned 29 month development timeline (including 9 month of lease-up stabilization and sale) is expected to be Appoximatley $29.2 million.

Located at the virtual epicenter of Greater Miami, Soleste Park View is nearly equidistant to every major job center in the area. Coral Gables and Blue Lagoon Office Park are less than three miles away while strong east/west connectivity make Brickell and Downtown Miami easily accessible. In total over 35 million square feet of office space is located within six miles of the Project

2017 Building Permit application has been grandfathered in prior to the recent changes in the Florida Building Codes.

Shovel ready once Impact & Permit fees are paid(*) Subject to buyer’s timely payment of the impact and permit fees (not included in any of the offering prices).


SITE SURVEY


Hight traffic visibility & Adjacentto affluent Coral Gables



COMMON AREAS &AMENITIES

CLASS “A” 99 MF UNITSCommunity Amenities

• Walk to transportation, restaurants, and shops• Spacious sun deck with resort-style jacuzzi• Resident lounge and cyber cafe• World-class fitness studio with club-quality equipment• Internet hot spots throughout• 24-Hour emergency maintenance• Garage parking with controlled access• Package receiving

Apartment Amenities

• High ceilings• Beautiful view of Coral Gables and Downtown Gourmet

Kitchens• Tile flooring in living areas• Walk-in closets *• Ceiling fans in every room• Impact windows and sliding doors• Stylish 1, 2, and 3-bedroom models

* In select Units



COMMERCIAL ADVISORS

PROXIMITY TO MAJOR MARKETSCLASS “A” 99 MF UNITS


COMMERCIAL ADVISORS

COMPLETED & SOLD DEVELOPMENTS IN AREA

SOLESTE WEST GABLES I (”SWG I”) was sold for $58 million to a $5 billion institutional Real Estate PE firm from Chicago providingthe institutional nature of the market in August 2016

SOLESTE CLUB PRADO (”SCP”) was sold for $61 million to a REIT with offices in Miami

SOLESTE WEST GABLES II (”SWG II”) next to SWG I with 221 units recently sold for $60 million without anytenants in the building, with buyer taking on all the lease-up risk.

NDA5615 - 5645 SOUTHWEST 8TH STMIAMI, FLORIDA 33134


MUST EXECUTE NDANDA & LETTER OF INTENT (”LOI”)

FOR RELEASE OF & APPRAISAL & PLANS

CONFIDENTIAL NDA AGREEMENT

FOR RELEASE TO REVIEW ALL FINANCIAL DOCUMENTS

NON-DISCLOSURE AGREEMENTIN FULL FORCE & EFFECT TO BE IMPLEMENTED

OPTIMAR OFFICES:18246 Collins Avenue, Sunny Isle, Florida 33160 1000 Brickell Ave. Suite 100 Miami Florida 33131 One Grand Central #1502 Manhattan, New York 10165http://commercial.optimar.com

OPTIMAR COMMERCIAL ADVISORSCONTACT INFO

LEONARD WERNERDIRECTOR COMMERCIAL REAL ESTATE

OPTIMAR INTERNATIONAL REALTY COMMERCIAL ADVISORS

CELL: 786-537-0939 [email protected]

OFFICES:18246 Collins Avenue, Sunny Isle, Florida 33160 1000 Brickell Ave. Suite 100 Miami Florida 33131One Grand Central #1502 Manhattan, New York 10165http://commercial.optimar.com COMMERCIAL ADVISORS



for sale | entitled land development...owner. only a fully executed real estate purchase agreement...

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