bonita drive...• miami international airport is one of the largest airline hubs in the united...

Bonita DriveApartments

17-unit, waterfront garden style apartment building located in the North Beach town center.

www.urbanresource.com

Since 2008 Urban Resource has been the premierbroker and property management company in NorthBeach FL. With laser-sharp focus, Urban Resource isdedicated to serving the needs of property owners inNorth Beach as well as supporting the growth of thearea through community-driven initiatives and day-to-day property improvement. As the largestproperty management company in North Beach, withover 100 buildings under management, The brother-sister founders, Daniel and Laura Veitia, havegarnered a strong reputation for being deeplyknowledgeable of the market, highly dependable,responsive, and a highly competent team thatdelivers above and beyond expectations.Laura Veitia

Broker & Vice President Phone: (305)403-8686Email:[email protected]

Daniel VeitiaPresident

Bonita Drive Apartments

Atlantic Ocean

Biscayne Bay

Urban Resource | Tel: 305-403-8686 | 1193 71st St. Miami Beach, FL 33141 | www.urbanresource.com

Table of contents

1. Location Overview2. Investment Overview3. Property Summary4. Unit Mix & Rent Roll5. Unit & Building Features6. Financials7. Comparables

North Beach


This northern stretch of Miami Beach is thelast under-developed section of the island andit is completely surrounded by the most well-established and thriving economic engines ofFlorida.

North beach is poised tobecome the epicenter ofgrowth in Miami Beachfor the next 20 years.


South Beach (5 miles way)The iconic world-class destination for sunshine, luxury and fun. The southern tip of Miami Beach has established itself as one of the most vital economic engines in the state of Florida as it attracts over 15.9 Million* of visitors every year to enjoy its beaches, events, nightlife and endless entertainment options. SoBe continues to attract international interest from investors around the world creating demand for new and exciting residential and mixed-use developments while steadily rising the median rental prices year over year.


*Total number of visitors that traveled to Miami-Dade in 2017 - Greater Miami Convention and Visitors Bureau

Bal Harbour (3.3 miles away)

Prestigious village in Miami known to be the getaway forthe rich and famous of the world, with plenty of luxuryshops, elegant hotels, five-star restaurants, and pristinebeaches. Bal Harbour offers the perfect blend of indoor andoutdoor entertainment, fabulous views, and variedactivities.

Bal Harbour Shops is perhaps the most successful shoppingmall in the country, currently planning a $400 millionexpansion. It regularly tops the annual list of the mostproductive shopping centers in America, according to realestate research firm Green Street Advisors.

Sales at Bal Harbour Shops have increased every single yearsince its opening in 1965. For the year ended 2013, salesper square foot hit a record high of $3,010.

Across the street are The Ritz-Carlton & St. Regis Hotel withone bedroom suites that can run more than $1,000 a night.Between them sits more than a half-dozen luxury high-risecondominiums lining that famous beach.

Downtown Miami (11.4 miles away)

• Downtown Miami is the fastest-growing area inFlorida, with rapid increase in population andthe greatest concentration of high-rises in the region.

• Greater Downtown is home to many majormuseums, parks, education centers, banks, companyheadquarters, courthouses, government offices,theaters, shops and many of the oldest buildings inthe city.

• Miami International Airport is one of the largestairline hubs in the United States and busiest Airportin Florida as well as #1 Int’l Cargo Airport in the U.S.,12th Busiest Airport in the U.S. and 30th BusiestAirport in the World.

• PortMiami is the busiest cruise/passenger port in theworld one of the largest cargo ports in the UnitedStates.


North Beach Demographics

14% of residents are between 25- to 34-years old.

33% Household Income over $75,000

$334,195 is the Average Housing Value

56.2% of population work in Retail, Hospitality/ Food Service or Health Care

29.9% of population between 25-44 Years old

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

The median age for the area is 41.8. The largest

age group, at 21.8%, is over the age of 55Sources:• Costar, February 2018• Alteryx Demographics, 2017• Reinhold Wolff report, 2017

Great Market Fundamentals

Apartment occupancies average 95.0%

1BD apartment rent avr. $1,752/mo

Average price for Sale Product at almost $210,000 per unit

The 18 sales averaged $181,056 per unit including non-renovated properties

Year-to-date there have been 18 sales within zip code 33141


2BD apartment rent avr. $2,284/mo

*Figures are for zip code 33141 – CoStar, Feb 2018

Bonita Drive Apartments


The North Beach Master Plan

The Miami Beach City Commissionunanimously approved a masterplan for the city’s North Beachneighborhood, which stretchesfrom 63rd Street to 87th Street.

The plan developed by plannersDover Kohl, offers a set of 5 BigIdeas specific proposals torevitalize the North BeachCommunity. These five consensusideas provided an outline for PlanNoBe.


Pathway for Growth

Vibrant, dynamic, compact, pedestrian-friendly and withmix of uses to ensure a pedestrian experience that iswelcoming and interesting.

1. Make A Town Center

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

2. More Mobility Options

Preservation is the soundest long-term economic developmentstrategy. New construction should occur in vacant orunderutilized spaces and complement the existing buildings.

3. Protect & Enhance Neighborhoods

Enhance and utilize its properties to support thesurrounding community and attract new investment.

4. Maximize Public Lands Utility

Improving its ability to deal with sea level rise and climate change by upgrading all infrastructure to new standards.

5. Improve Protection


Plan NoBe by the Numbers


7143 Bonita Dr. is a waterfront propertysituated within the limits of the North BeachTown Center with strong rental demand,stable cash flow, and huge potential forredevelopment. This property is truly one ofa kind.

Property Summary

Units 17

Year Built 1941

Area 6,127 Sq. Ft.

Avg. Unit Size 360 Sq. Ft.

Lot Size 13,000 Sq. Ft.

Investment Highlights

• Located within the NoBe Town Center • Tc3 Zoning Allows Hotel, Office or other

variety of conditional Uses• Hotel Use Can Include Dining For Guests• 40 Yr. Certification Completed• New Electrical Service • New Concrete Tile Roof - 2015• Exterior Repaired & Painted 2015• Unit Interiors Renovated 2015• 130 Linear Feet Of Waterfront


Unit Mix & Rent Roll


UNIT TYPE RENT MARKET END LEASE

7133-01 STUDIO $1,100 $1,150 3/31/2016

7133-02 STUDIO $950 $1,000 12/31/2017

7133-03 STUDIO $975 $1,000 12/31/2018

7133-04 STUDIO $1,100 $1,150 12/31/2018

7133-05 STUDIO $1,150 $1,175 10/30/2018

7133-06 STUDIO $1,000 $1,050 8/31/2018

7133-07 STUDIO $1,000 $1,050 12/31/2018

7133-08 STUDIO $1,000 $1,050 10/31/2018

7133-09 1/1 Jr $1,200 $1,250 8/31/2018

7143-01 STUDIO $1,125 $1,150 9/30/2017

7143-02 STUDIO $1,075 $1,150 1/31/2019

7143-03 STUDIO $1,075 $1,100 12/31/2018

7143-04 STUDIO $1,100 $1,150 10/31/2018

7143-05 STUDIO $1,150 $1,200 8/31/2018

7143-06 STUDIO $1,075 $1,100 7/31/2017

7143-07 STUDIO $1,050 $1,100 6/30/2018

7143-08 STUDIO $1,150 $1,200 5/31/2018

Total Monthly Rent $18,275 $19,025

All units come with updated interiors including all stainless steel appliances, granite countertops and

modern cabinetry.

All units are bright and sunny and feature Luxury Vinyl Tile (LVT) flooring throughout.

Modern Light fixtures and fresh paint throughout. Bathrooms are

clean and updated.

Corner units feature large windows and some of them overlook the waterway

Residents enjoy the peaceful setting by the waterway and their private entrance through

the gorgeous courtyard and garden

8 premium units include direct water views and 4 private balconies

The building features secure entrance, laundry on site, lounge and BBQ areas by

the water, showers, and a peaceful, flowery garden setting just blocks from the beach.

Net Income Actual Proforma

Annual Gross Rent $219,300 $228,300Expenses $54,682 $54,682NOI $164,618 $173,618

Maintenance Expenses (Yearly)

Landscaping $1,200

Cleaning $3,000

Water & Sewer $9,171

Electric / gas $2,126

Trash $3,072

Total $18,569

Property Expenses (Yearly)

RE Taxes (2017) $31,339

Insurance $4,774

Maint $18,569

Total $54,682

Pricing Actual Proforma

Sale Price $3,150,000 $3,150,000Price per Unit $185,294 $185,294CAP 5.23% 5.51%


Financial Summary

Photo Address No. Units Sale Price Status Price/ Unit Price/Sq.ft. Zoning

Subject7143 Bonita Dr.

17 3,150,000 Active $185,294 $185,294 TC-3

8260 Byron Ave 19 $5,300,000 Active $278,947 $508.83 RM-1

7130 Harding Ave. (Hotel) 27 $5,500,000 Active $203,703 $738.85 TC-1

8201 Harding Ave. 6 $1,350,000 Active $225,000 $499.26 RM-1

Comparables


Photo Address No. Units Sale Price Status Price/ Unit Price/Sq.ft. Zoning

Subject7143 Bonita Dr.

17 3,150,000 Active $185,294 $185,294 TC-3

6985 Abbott Ave. 8 $2,150,000 SOLD3/13/2017

$268,750 $718.34 TC-1

7136 Abbott Ave. - $2,500,000 SOLD08/28/2017

- $671.32 TC-1

7320 Byron Ave. (Hotel/ Motel) 16 $3,810,000 SOLD

01/14/2016$238,125 $417.27 RM-1

7337 Harding Ave. (Hotel & Spa) 10 $2,400,000 SOLD

01/31/2017$240,000 $442.07 CD-2


Contact Information

Urban ResourceLaura VeitiaBroker & Vice President Phone: (305)403-8686Office: (305)403-2424Email: [email protected]

bonita drive...• miami international airport is one of the largest airline hubs in the united...

Documents