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MIAMI BEACH, FL

OFFERING MEMORANDUM

TUCAN

PRIME SOUTH BEACH LOCATION

8 UNIT BUILDING

OFFERED AT $2,295,000.00

CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Rich Homes of Florida and should not be made available to any other person or entity without the written consent of Rich Homes of Florida. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Rich Homes of Florida has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Rich Homes of Florida has not verified, and will not verify, any of the information contained herein, nor has Rich Homes of Florida conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

Rich Homes of Florida is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Rich Homes of Florida, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Rich Homes of Florida, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR RICH HOMES OF FLORIDA AGENT FOR MORE DETAILS.

NON-ENDORSEMENT NOTICE

TUCAN APARTEMENTSMIAMI BEACH, FL

TUCAN APARTMENTS MIAMI BEACH, FL

PRICING AND FINANCIAL ANALYSIS

Listed by, Brigitte Benichay, Broker Joseph Torregrossa, Realtor

Rich Homes of Florida

C. 305 491 7575 F. 305 731 2485 O. 305 379 [email protected]

Price $2,295,000

Price/Unit $286,87Price/SF $387.80Number of Units 8Rentable Square Feet 5,918 SFNumber of Buildings 1Number of Stories 2Year Built 1951 / 1961Lot Size 8,538 SF

Net Operating Income - Current $92,722.77

Unit MixNo. ofUnits

UnitType

Approx.Square Feet

6 1 Bdr 1 Bath 775

2 Studio 520

Major EmployersCompany Local Employees

County of Miami-Dade 1,089

Miami Beach Convention Center 1,066

University of Miami 991

Loews Miami Beach 914

Miami Jewish Hlth Systems Inc 906

Miami Jwish HM Hosp Thrift Str 900

MIAMI BEHAVIORAL CENTER 600

Sheraton Bal Harbour Bch Resort 600

PRICING AND FINANCIAL ANALYSISTucan ApartmentsMIAMI BEACH, FL

A

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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. Rich Homes of Florida is a trademark of Rich Homes of Florida Real Estate Investment Services of Florida © 2015 Rich Homes of Florida. All rights reserved.

OFFERING SUMMARY

Mount Sinai Med Ctr Fl Inc 2,318



RENT ROLL

Income CurrentGROSS CURRENT RENT $143,700.00

Other Income

Laundry 0

Total Other Income $143,700.00

GROSS CURRENT INCOME $143,700.00

Vacancy/Collection Allowance (GPR) 3.0% / $4,311

EFFECTIVE GROSS INCOME $139,389.00

Expenses

Real Estate Taxes $30,136.41Insurance $3,046.65

Water $7,354.91Electric $641.67

Garbage Collection $4,191.59

Licenses / Accounting $125.00

Lawn Service$1,200.00

TOTAL EXPENSES $46,666.23

NET OPERATING INCOME $92,722.77

Total Number of Units: 8Total Rentable Area: 5,918 SF


This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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. Rich Homes of Florid is a trademark of Rich Homes of Florida Real Estate Investment Services of Florida © 2015 Rich Homes of Florida. All rights reserved.

INCOME & EXPENSES

TUCAN APARTMENTS MIAMI BEACH, FL

PROPERTY DESCRIPTION

Tucan Apartments MIAMI BEACH, FL

Tucan Apartments is a 1951 act /1961 all CBS construction, with poured concrete floors and roof building, located in the City of Miami Beach. The property consists of 5,918 rentable square feet with 6 one-bedroom/one-bath units and 2 studios. Each units has washer / dryer. These are large units with wood floors units offer garden views.

Located just 3 blocks away from the Ocean, walking distance to World famous Lincoln Road just west of Faena Art District. this apartment building situated in the heart of Miami Beach provides exceptional access to employment, local schools, neighborhood services, entertainment, shopping and the best Florida beaches. Building represents an excellent opportunity to purchase an asset in a highly competitive Miami Beach apartment market with historically high occupancy rates and demand.

Investment Highlights

■ Prime South Beach Location

■ Just West of FAENA Art District

■ Walking Distance to World Famous■ Lincoln Road

■ 3 Blocks to the Ocean

■ Concrete Roof and Structure

PROPERTY DESCRIPTIONTucan ApartmentsMIAMI BEACH, FL


INVESTMENT OVERVIEW

The Offering

Property

Property Address

Tucan Apartments 2825 Sheridan

Miami Beach, FL 33140Assessor's Parcel Number 02-3227-004-0190Zoning RM-1 (Residential Multi-Family)

Site Description

Number of Units 8Number of Buildings 1

Number of Stories 2Year Built 1951 / 1961

Rentable Square Feet 5,918 SFLot Size 8,538 SF

Type of Ownership Fee Simple

Density Medium

Parking Resident Street Parking

Landscaping Minimal

Topography Flat

Utilities

Water Paid by Landlord

Phone Paid by Tenant

Electric Paid by Tenant

Construction

Foundation Concrete

Framing Concrete Block

Exterior Painted

Parking Surface N/A

Roof

Mechanical

HVAC Central A/C



PROPERTY SUMMARY

Shingle

Common Area Amenities

Unit Amenities

■ Interior Common Area

■ Tropical Garden / Patio Area

■ Resident Street Parking

■ Impact Windows

■ New Modern Euro Style Kitchens

■ Stainless Steel Appliances

■ Washer and Dryer in Units



AMENITIES

■ Central A/C and Heat

■ Wood Floors Throughout

■ Spacious Closets

Local Map Regional Map



AREA MAPS

Tucan Apartments

Tucan Apartments



AERIAL PHOTOS

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AERIALS

1)2)3)4)5)

Tucan Apartment237 38 Street2825 Sheridan Avenue 2499 N Meridian912 Euclid Avenue 1150 8th Street

RECENT SALESTucan ApartmentsMIAMI BEACH, FL


RECENT SALES MAP

TUDAN APARTMENT

No. of Units: 4 Units Unit Type

Year Built: 1928 / 1958 4 1 Bdr 1 Bath

Sale Price: $1,200,000

Price/Unit: $300,000

Price/SF: $333.00

1150 8th Street1150 8th Street Miami Beach, FL 33139


Year Built: 1951 6 1 Bdr 1 Bath



Price/SF: $434.78Close of Escrow: 04/11/2019

Close of Escrow: 02/11/2019

Tucan Apartments2825 Sheridan AvenueMiami Beach, FL 33141


Year Built: 1951 / 1961 6 1 Bdr 1 Bath



Price/SF: $387.00Subject Property

1

2 2499 N Meridian2499 N MeridianMiami Beach, FL 33140



RECENT SALES

2 Studio

Total: 8 Units

Close of Escrow: 03/22/2019


Year Built: 1924 / 1975 8 1 Bdr 21Bath



Price/SF: $516.00

237 38th StreetMiami Beach, FL 33140

912 Eucid Avenue912 Euclid Avenue

Miami, FL 33139


Year Built: 1921 / 1971 4 Bdr Bath



Price/SF: $483.00Close of Escrow: 03/22/2019

3

4

5



RECENT SALES

237 38th Street

B rBrigitte Benichay, Broker Joseph Torregrossa, Realtor

Rich Homes of Florida

C. 305 491 7575 F. 305 731 2485 O. 305 379 [email protected]

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