Real Estate Investment Services

EXCLUSIVE OFFERING

THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. (Activity ID: Z0240652)

Belle Glade Portfolio | 1508 NW Avenue D | Belle Glade, Florida | 114 Units

OFFERING SUMMARY

SITE DESCRIPTION

Assessor’s Parcel Number

Price $3,100,000

Price per Unit $27,193

Price per Gross Square Foot $41.81

Current Cap Rate 7.06%

Number of Units 114

Number of Buildings 10

Number of Stories 1, 2 and 3

Year Built 1957 - 1991

Gross Square Foot 74,144

Lot Size 3.82 Acres

PROPERTY SUMMARYMarcus & Millichap is pleased to offer a rare and unique opportunity to acquire a 10 property portfolio of commercial, industrial and multifamily properties in the city of Belle Glade, Florida. The properties are being offered for sale by the original developer who built them over the past 57 years and has self-managed them since they were built. The portfolio consists of 89 apartment units in 6 properties, 20 commercial units in 3 properties and an industrial warehouse with 5 bays. The properties were constructed between 1957 and 1991 with an average age of 44 years.

The city of Belle Glade is located on the western edge of Palm Beach County and is the largest city within the urbanized area of the Florida Everglades. The city sits along Lake Okeechobee, the second largest freshwater lake within the continental United States and is known for its prize largemouth bass fishing and sugarcane. The city’s slogan “Her soil is her fortune” is due to the large dependency on sugarcane, where one-half of the country’s sugarcane crop is produced. Belle Glade is approximately 45 miles west of the Palm Beaches and the Atlantic Ocean, and is easily accessible by way of US-27 or US-441. The city’s

current population is approximately 20,000 residents, which has grown over 20 percent in the past five years, although fluctuates during sugarcane harvest season due to migrant workers. The median household income is just over $30,000 and the median house or condominium value is roughly $110,000. The School District of Palm Beach County operates the public schools in Belle Glade. There are four elementary schools, one middle school and one high school. Palm Beach State College has a Belle Glade campus. Belle Glade also has a state municipal airport, which is open to the public.

Due to the size and location of the city of Belle Glade, there is a very limited amount of rental properties. Over the past five years, only three apartment buildings have traded over $1,000,000. The total transaction velocity at any price over the past five years was a total of nine sales. An offering of this size and value is extremely rare and very desirable. It would give the new owner one of the largest privately owned portfolios in the city and the ability to leverage off of it to acquire additional assets through economies of scale.

04-37-43-31-22-003-0110, 04-37-43-31-22-002-0040 04-37-43-42-07-002-0030, 04-37-43-31-22-001-0200 04-37-43-31-01-025-0180, 04-37-43-31-15-002-001004-37-43-31-22-002-0140, 04-37-43-42-07-002-010004-37-43-42-07-002-0320, 04-37-43-31-01-025-0010

Real Estate Investment Services

EXCLUSIVE OFFERING

THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. (Activity ID: Z0240652)

INVESTMENT HIGHLIGHTS

• Unique Mixed-Use Portfolio of Office, Retail, Industrial and Multifamily

• Offered for Sale by Original Developer With 50+ Year Ownership

• Priced Far Below Replacement Cost

• Opportunistic Investment with Significant Value-Add Play and Individual Asset Spinoffs

• Portfolio of 10 Multifamily, Commercial and Industrial Properties

• All Buildings CBS Construction and Separately Metered for All Utilities

RYAN NEE Broker of Record

Ryan.Nee@marcusmillichap.comLicense: FL BK 315466

Belle Glade Portfolio | 1508 NW Avenue D | Belle Glade, Florida | 114 Units