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: ID Y0240405)

PARKVIEW RENTALS | 520 SW 5th STREET | Miami | 10 Units

OFFERING SUMMARY

SITE DESCRIPTION

Assessor’s Parcel Number 01-4138-136-0010

Price $1,800,000

Price per Unit $180,000

Price per Gross Square Foot $289.76

Current Cap Rate 4.56%

Number of Units 10

Number of Buildings 1

Number of Stories 3

Year Built 2008

Gross Square Foot 6,212

Lot Size 0.17 Acres

PROPERTY SUMMARY

The subject property is a 10-unit multifamily building located at 520 SW 5th Street in the city of Miami. The building was originally developed by the current owner with the intention to sell as individual condominiums. However, during the development process and condo market deterioration and upon completion the owner decided to operate the property as a rental building. The property’s unit mix is comprised of eight one-bedroom one-bathroom units and two, two-bedroom two-bathroom units. All the units have ceramic tile floors, granite countertops, built in microwaves, dishwashers and stackable washer/dryers in the units. The building was completed in 2008 and is constructed with concrete block, with hurricane shutters, pitched barrel tile roof and has a sprinklered fire suppression system. The residents also have gated parking with one parking space for one-bedroom units and two spaces for two-bedroom units. The building is elevator serviced and all the units are individually metered for water, sewer and electric.

Parkview Rentals is located in Little Havana, which is one of the most desirable submarkets in South Florida. There are over 510,000 residents within a five-mile radius of the property. Little Havana is centrally located with Jackson Memorial Hospital and the hospital district to the north, Port of Miami, Brickell and Downtown Miami to the east, Coral Gables and Coconut Grove to the south, and the Miami International Airport to the west. The three largest economic drivers in South Florida, namely Miami International Airport, the Hospital District and Port Miami, are all within a few minute’s drive via car or public transportation from Parkview Rentals. This is one reason why Little Havana is one of the most convenient and desirable places for South Florida residents to live. There has been upward pressure on rental rates and virtually no vacancy in the submarket for the past several years. Over the last five years there have been a number of new commercial and residential developments in the immediate area, which enhances the quality of life for residents and visitors of Little Havana. In addition, the property is within walking distance from Calle

Ocho (SW 8th Street) and Brickell including Brickell City Centre and its many shops, restaurants, and entertainment venues. Also within a short drive is Downtown Miami, Miami World Center, Miami Central Train Station, Marlins Park, Bayside, Coconut Grove and the Miami International Airport.

The subject property is in great condition with little to no capital improvements to be made in the immediate future. A prospective buyer could have the ability to increase the rents immediately due to all tenants currently being on a month-to-month basis.

This is a great opportunity for an investor to capitalize on a newer construction property strategically situated in one of the best rental markets in Dade County. The new owner could attract new tenants that are looking to live within a close proximity to Downtown/Brickell area but yet cannot afford very high rents that the area demands.

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: ID Y0240405)

INVESTMENT HIGHLIGHTS

• Historically 100 Percent Occupied

• 2008 Construction

• Individually Metered for Water and Electric

• Washer and Dryers in Every Unit

• Elevator Service

• Close Proximity to Brickell/Downtown Miami

RYAN NEE Broker of Record

Ryan.Nee@marcusmillichap.comLicense: FL BK 315466

PARKVIEW RENTALS | 520 SW 5th STREET | Miami | 10 Units