the crespi apartments - loopnet · of miami modern architectural buildings is the largest and most...

THE CRESPI APARTMENTS

2 | CRESPI APARTMENTS

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WHY CRESPI

COMPARABLE SALES

UNIT MIX & RENT ROLL

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PROPERTY DETAILS

WHY NORTH BEACH

FINANCIAL SUMMARY - CASH FLOW

PRIVATE INVESTMENTS

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PROPERTY PHOTOS

PUBLIC INVESTMENTS

FINANCIAL SUMMARY - NET INCOME

URBAN RESOURCE

CRESPI APARTMENTS | 3

Strong rental demand!

Stable cash flow!

Four continuous waterfront lots!

Additional development rights for 10,000 +/- sq. ft.

Potential for improvement and significant appreciation!

Best Multi-Family investment value on the market!

Proven historical performance!

Largest aggregation on this highly desirable water

AND park front, Crespi Boulevard.

225 linear feet of water frontage with private waterfront pool!

60% larger than average North Beach units!

Highly coveted 3b/2b units!

Excellent location near the beach, private and public schools,

houses of worship, and Crespi Park.

Walking distance to the new North Beach Town Center

and North Beach Yard!

Free Trolley and plentiful bike lanes make transportation

easy and affordable!

EXTRAORDINARY OPPORTUNITY!


Property Details (Two pages – first bullet points, second is paragraphs) Also create a graphic for us with the property details below.

This unique opportunity with four continuous waterfront lots of Miami Modern architectural buildings is the largest and most desirable investment property available in Miami Beach. In fact, it is the best value for North Beach waterfront! Located near the epicenter of what is to become one of the fastest growing and most attractive housing markets in the U.S., the Crespi Apartments offer the perfect blend of waterfront and park front living with many conveniences like a private swimming pool, easy street parking and on-site laundry facilities.

Walkable to the beach and the soon-to-boom North Beach Town Center, the Crespi Apartments sit on an incredibly valuable plot of land with 225 linear feet of waterfront, surrounded by parks, water, prestigious residential neighborhoods and all the fun and entertainment of North Beach. Over the last five years, the property boasts a mere 1.67% vacancy rate! North Beach residents value the rare 3b/2b apartments!

Units: 20

Year Built: 1947-1957

Living Area: 21,525 Sq. Ft.

Avg. Unit Size: 1,266 Sq. Ft.

Lot Size: 25,875 Sq. Ft.PROPERTY DETAILS


Property Details (Two pages – first bullet points, second is paragraphs) Also create a graphic for us with the property details below.

In the long term, the property potential to maximize earnings is limitless. By taking advantage of the right to develop an additional 10,000+ feet of living space, Crespi Apartments can meet the growing demand for premium rental units in the market. Additionally, this prime location could bring supplementary revenue through boat docking.

In the short term, to boost the rental income just a few months after purchase, the large oversized residences with an average of 1,100 sq. ft. can be reconfigured to increase the overall bedroom count. Underutilized outdoor space can be repurposed into a private boardwalk and an amenity deck with a BBQ, kayak and paddle board launch space and storage.

Strong rental demand and stable cash flow, as well as potential for improvement and significant appreciation, make this investment exceptionally attractive. With 20 oversized units, this property is a high-performing asset demanding premium pricing and showing high occupancy year over year. Priced well below market average at only $278.75/square foot, this is a once-in-a-lifetime opportunity to acquire 225 feet of prime waterfront property!


Featuring Wood, Tile, Laminate, or Terrazzo flooring throughout

UPDATED INTERIORSAPPLIANCES & MODERN CABINETRY


The open floorplans showcase the opportunity to reconfigure the units for increased overall

bedroom count and a higher price point

OPEN FLOOR PLANSOPPPORTUNITITY TO RECONFIGURE


Modern light fixtures, ceiling fans, fresh paint

BATHROOMS & DETAILSCLEAN AND UPDATED


Private and secure entrances through the beautiful Courtyard and Garden with MiMo architectural elements

EXTERIOR DETAILSEASY ACCESS TO RELAX ON THE WATER


On-site laundry, waterfront pool and views, lounge, BBQ, Crespi park across the street, easy access to Downtown Miami

AMAZING AMENITIESJUST BLOCKS AWAY FROM THE BEACH


UNIT MIX & RENT ROLL

7825 - 03 3/2 $2,175 $2,500 14.94%7825 - 06 3/2 $2,000 $2,500 25.00%7835 - 03 3/2 $2,050 $2,500 21.95%7835 - 06 3/2 $2,050 $2,500 21.95%7825 - 01 2/2 $1,650 $1,875 13.64%7825 - 04 2/2 $1,425 $1,900 33.33%7835 - 01 2/2 $1,700 $1,875 10.29%7835 - 04 2/2 $1,700 $1,900 11.76%7849 - 01 2/1 $1,735 $1,850 6.63%7849 - 02 2/1 $1,545 $1,875 21.36%7849 - 03 2/1 $1,450 $1,950 34.48%7849 - 04 2/1 $1,450 $1,925 32.76%7859 - 01 2/1 $1,375 $1,850 34.55%7859 - 02 2/1 $1,250 $1,875 50.00%7859 - 03 2/1 $1,350 $1,950 44.44%7859 - 04 2/1 $1,400 $1,925 37.50%7825 - 02 1/1 $1,100 $1,500 36.36%7825 - 05 1/1 $1,300 $1,550 19.23%7835 - 02 1/1 $1,335 $1,525 14.23%7835 - 05 1/1 $1,325 $1,550 16.98%

MONTHLY RENT $31,365 $38,875

5 Year Annual Vacancy Rate under Current Mgmt 1.67%

UNIT TYPE RENT MARKET % INCREASE

23.94%


FINANCIAL SUMMARY - CASH FLOW

Current Market Rent $376,380 $1.46 $477,671 $492,002 $506,762 $521,964 $537,623 $553,752

Projected Market Rent Increase $11,291 3% $14,330 $14,760 $15,203 $15,659 $16,129 $16,613

Rent Increase Due to Capex $90,000 $375.00 $0 $0 $0 $0 $0 $0

GROSS POTENTIAL RENT $477,671 $1.85 $492,002 $506,762 $521,964 $537,623 $553,752 $570,365

Vacancy Loss $23,884 5% $24,600 $25,338 $26,098 $26,881 27,688 $28,518

EFFECTIVE RENTAL INCOME $453,788 $1.76 $467,401 $481,424 $495,866 $510,742 $526,064 $541,846

Other Income $8,400 $35/unit/M $8,652 $8,912 $9,179 $9,454 $9,738 $10,030

EFFECTIVE GROSS INCOME $462,188 $476,053 $490,335 $505,045 $520,196 $535,802 $551,876

EXPENSES Per unit

Repairs & Maintenance $6,000 $300 $6,180 $6,365 $6,556 $6,753 $6,956 $7,164

Turnover / Make Ready $4,000 $200 $4,120 $4,244 $4,371 $4,502 $4,637 $4,776

Services $2,400 $120 $2,472 $2,546 $2,623 $2,701 $2,782 $2,866

Utilities $30,300 $1,515 $31,209 $32,145 $33,110 $34,103 $35,126 $36,180

Controllable Expenses $42,700 $2,135 $43,981 $45,300 $46,659 $48,059 $49,501 $50,986

Insurance $20,000 $1,000 $20,600 $21,218 $21,855 $22,510 $23,185 $23,881

Real Estate Taxes $70,000 $3,500 $72,100 $74,263 $76,491 $78,786 $81,149 $83,584

Management Fees $16,177 $809 $16,662 $17,162 $17,677 $18,207 $18,753 $19,316

TOTAL EXPENSES $148,877 $7,444 $153,343 $157,943 $162,681 $167,562 $172,589 $177,766

NET OPERATING INCOME $313,311 68% $322,711 $332,392 $342,364 $352,635 $363,214 $374,110

INCOME FY1 FY2 FY3 FY4 FY5 FY6 FY7


Annual Gross Rent $376,380 $466,500

Laundry Income $7,200 $7,500

Expenses $95,908 $95,908

NOI $287,672 $378,092

Sale Price $6,000,000 $6,000,000

Price/Sq. Ft $278.75 $278.75

CAP 4.79% 6.30%

Landscaping $200

Water & Sewer $1,750

Electric $323

Gas $77

Trash $375

Total $2,725

NET INCOME ACTUAL SHORT TERM OPPORTUNITY

MONTHLY MAINTENANCE EXPENSES

FINANCIAL SUMMARY - NET INCOME

RE Taxes (2017) $43,526

Insurance $19,682

Maintenance $32,700

Total $95,908

ANNUAL PROPERTY EXPENSES

ACROSS THE STREET FROM CRESPI PARK! >


1e. – see pics in email. • All on one page if possible • Make the Crespi line bold. • We want it to look like a superior asset. • Here we want to emphasize the price/sq.ft.

7825-7859 Crespi Blvd 20 Water & Park Front $6,000,000 ACTIVE $278.75

8201 Harding Ave 6 Non-waterfront $1,350,000 ACTIVE $499.26

8260 Byron Ave 19 Waterfront $5,300,000 ACTIVE $508.83

COMPARABLE SALESADDRESS # OF UNITS PROPERTY TYPE SALES PRICE STATUS PRICE/SQ. FT.

7724 Harding Ave 14 Non-waterfront $2,450.000 SOLD $371.43

7715 Harding Ave 12 Non-waterfront $2,100.000 SOLD $388.13


7825-7859 Crespi Blvd 20 Water & Park Front $6,000,000 ACTIVE $278.75

331 85 Street 25 Non-waterfront $5,600,000 SOLD $298.06

420 78th Street 22 Non-waterfront $2,775,000 SOLD $352.00

8330-8340 Byron Ave 16 Waterfront $4,100,000 SOLD $299.36

7925-7935 Crespi Blvd 8 Waterfront $1,691,300 SOLD $335.91

COMPARABLE SALESADDRESS # OF UNITS PROPERTY TYPE SALES PRICE STATUS PRICE/SQ. FT.


This northern stretch of Miami Beach is the last underdeveloped

section of the city and it is surrounded by the most well-

established and thriving economic engines of South Florida.

Current private and public investment growth in North Beach and

a shrinking housing supply create the best time for investment

NOW!

These investments drive the economy increasing the tax base for

more investments in the local community creating a richer quality

of life for all North Beach residents and a higher demand for

housing. Nestled at the core of the most established and fastest

growing neighborhoods in America, North Beach is attracting

a more upscale demographic in line with the surrounding

neighborhoods.

Several incredible local schools, churches, restaurants and parks

give residents an idyllic life. The free trolley and plentiful bike

lanes make transportation easy and affordable. Residents bursting

with pride for North Beach give back to their neighborhood with

beach clean-ups, enjoy the weekly Normandy Village Farmer’s

Market and attend regular events at the North Beach Bandshell

Amphitheater! North Beach is poised to become the epicenter of

growth in Miami Beach for the next 20 years.

WHY NORTH BEACH?


WHY NORTH BEACH?

NORTH BEACH RENTAL AND SALES MARKET STATISTICS:ZERO new entry level rentals are forecasted in the North Beach Market!

Apartment Occupancy is 98%!

1 Bedroom Apartment Rent average = $1,752/month

2 Bedroom Apartment Rent average = $2,284/month

2018 YTD Average Multi Family Sale Price/Sq.Ft.

North Beach: $290.39 vs. South Beach: $374.69

2017 Average Price of Home and Condo Sales $496,626

2018 YTD Average Price of Home and Condo Sales $455,129

NORTH BEACH POPULATION STATISTICS:14% of residents are between 25-34 years old and growing

33% of household income over $75,000

56.2% of population work in Miami Beach

3.9% growth in North Beach population forecasted between 2016-2021

41.8 – median age for the area.

NORTH BEACH LOCATION STATISTICS:High Walkability Score: 76!

5 miles from the key tourist destination, South Beach

3.3 miles from prestigious Bal Harbour

11.4 miles from Downtown, Miami

13.6 miles to Miami International Airport


The Miami Beach City Commission unanimously approved a master plan for the city’s North Beach neighborhood, which stretches from 63rd Street to 87th Street. The plan developed by planners Dover Kohl, offers a set of 5 Big Ideas proposed to encourage the growth of the North Beach Community. These five consensus ideas provided an outline for Plan NoBe.

PUBLIC FUTURE INVESTMENTS

NORTH BEACH

NOBE MASTER PLAN

Make A Town Center – Vibrant, dynamic, compact, pedestrian-friendly and with mix of uses to ensure a pedestrian experience that is welcoming and interesting.

More Mobility Options – Safe, comfortable, interesting, and beautiful streets with wider sidewalks, world-class bike infrastructure, shade trees for sidewalks, better lighting, and buried or relocated overhead utilities.

Protect & Enhance Neighborhoods – Preservation is the soundest long-term economic development strategy. New construction should occur in vacant or underutilized spaces and complement the existing buildings.

Maximize Public Lands Utility – Enhance and utilize its properties to support the surrounding community and attract new investment.

Improve Protection – Improving its ability to deal with sea level rise and Climate change by upgrading all infrastructure to new standards.

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2.

3.

4.

5.


108 New Pedestrian Crossings

6.41 Miles of New Bikeways

7 Miles of New Transit Lanes

3.7 Feet of Street Rising PLAN NOBE STATS

BEFORE

AFTER


1e. – see pics in email. • All on one page if possible • Make the Crespi line bold. • We want it to look like a superior asset. • Here we want to emphasize the price/sq.ft.

Crespi Park Proposed Improvement: $211,000 investment in various improvements including: new walking/

jogging path, fence replacement, new paint & flooring to the building & restrooms

North Beach In Permitting: 79th Street to 87th Street. New pathways, lighting, entry gates, and the

Oceanside Park completion of the existing beach walk.

Altos Del Mar Park Under construction: Approx. $5 million investment into 76th Street & Collins Avenue. A 5-acre

ocean front park, restrooms, volleyball courts, and an open field overlooking the ocean.

AREA PUBLIC DEVELOPMENTSADDRESS / NAME OF PROPERTY DETAILS

72nd Street Lot Proposed $53.8 million investment in the approval stages: Park, Library and Aquatic Center.

Converts parking lot into mixed use new recreational park space, rooftop competition pool, library

and media center, fitness gym with running track, and parking garage.

Rue Vendome Plaza In approval stages: Open Plaza, activation and programming, pedestrian Friendly, shade

trees and lighting.


• Low-impact architecture• 20 food and beverage operators• Three restaurants in repurposed shipping containers• Organic vegetable and fruit garden with hydroponic & organic farming, rainwater harvesting, composting and recycling. • More than 15 market stalls with artisan-inspired culinary and retail products. • Fitness studio offering exercise and wellness classes, workshops and instructional classes. • The most successful venue in Miami’s Wynwood neighborhood has chosen to move to North Beach in 2019!

PRIVATE FUTURE INVESTMENTS

NORTH BEACH

COMING 2019 - NORTH BEACH YARD


• Beautiful walk from Crespi to North Beach Yard! • From the creators of the successful Wynwood Yard comes the most exciting

new venue in Miami. Located in a highly prized lot on Collins Avenue and 81st Street across the street from the beautiful North Shore Open Space Park: this revolutionary open-air mixed concept will serve as a catalyst to attract new visitors and residents to North Beach.

• The North Beach Yard is designed to have the popular blend of restaurant, bar, live music venue and boutique shop that made Wynwood Yard a notable attraction in its neighborhood.


8421-8427 Crespi Blvd 16 15,813 5 Under Construction New construction. Luxury residential.

8701 Collins Ave: 64 202,173 20 Under Construction New construction. Luxury residential.“Eighty Seven Park”

68th & Collins 23 40,250 18 Under Construction New construction. Luxury residential.“L’Atelier”

7925-7935 Crespi Blvd: 14 14,335 4 Pending Approval New construction. Luxury residential.“Nobe Island”

AREA RESIDENTIAL & MIXED USE DEVELOPMENTPROPERTY UNITS SQ. FT. FLOORS STAGE MORE DETAILS

756 84th Street: 4 7,029 5 Approved New construction. Luxury residential.“The Eighty 4”

7140 Collins Avenue 211 174,200 11 Approved 187 hotel rooms, 24 residential units, 28,000 sq. ft. of retail

6800 Indian Creek Drive 30 95,420 12 Approved New construction. Luxury residential.

7400 Ocean Terrace 136 202,251 22 Approved Entire city block: 202,521 total sq. ft of unified site. Includes 78 hotel units in 16 story hotel tower & 58 residential units in 22 story tower. Retail and restaurant space as well.


With a combined team experience and commitment to North Beach of over 200 years, Urban Resource is the

premier expert for North Beach real estate! Brother-sister founders, Daniel and Laura Veitia, who live and work in

North Beach can provide you with real estate knowledge as a resident, investor, and business owner in the area.

Dedicated to their customer and supporting the growth of the neighborhood, Urban Resource’s team of highly

trained and licensed real estate professionals are reliable and responsive.

Additionally, as the largest property management company in North Beach with 100+ buildings under

management, Urban Resource’s success and reputation are the direct result of the relationships built with their

owners, residents and local North Beach community. A hands-on approach and honest assessments exceed

customer expectations by adding value at every step.

INFORMATIONCONTACT

LAURA VEITIABroker & Vice President

Phone: 305.403.8686Email: [email protected]

www.urbanresource.com

the crespi apartments - loopnet · of miami modern architectural buildings is the largest and most...

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