15 UNIT MULTIFAMILY BUILDING FOR SALEimages4.loopnet.com/d2/KPvMT2ZHlzELQfEF-LGb3vl3VMGZiBQToFpT4gTeul4/... · 15 UNIT MULTIFAMILY BUILDING FOR SALE 810 SALZEDO STREET CORAL GABLES,

15 UNIT MULTIFAMILY BUILDING FOR SALE810 SALZEDO STREET CORAL GABLES, FL. 33134

Marcelo LlorenteCommercial DirectorMobile: (305) [email protected]

Matthew LlorenteManaging BrokerMobile: (305) [email protected]

Global Group Realty - 117 Majorca Ave. STE 2 Coral Gables, FL 33134 - Office:305-569-0252 - Fax: 305-569-0253

I. INTRODUCTION

II. PROPERTY OVERVIEW

III. INVESTMENT HIGHLIGHTS

IV. LOCATION OF PROPERTY

V. MARKET DEMOGRAPHICS

VI. RENT ROLL

VII. INCOME & EXPENSES (ACTUAL & PROFORMA)

VIII. RECENT COMPARABLE SALES

IX. OFFERING PROCEDURE

X. DISCLAIMER

TABLE OF CONTENTS

INTRODUCTION

Global Group Realty is pleased to exclusively offer for sale this 15 unit apartment building in the heart of Coral Gables. The asset consists of twelve 2 bed/1 Bath units and three 1 Bed/1 Bath units. Two of the apartments have been completely renovated with new wood cabinets, tile floors, granite counter tops and updated bathrooms. The 15,381 SF building sits on an 11,000 SF lot and has 15 parking spaces. Recent upgrades to the building include new hurricane impact windows and doors, renovated elevator, resurfaced pool, new exterior paint and much more. All units have central air conditioning. The property offers great upside potential.

Property Overview

GENERAL DESCRIPTION

OFFERING PRICE: $5,000,000

LOCATION: 810 Salzedo Street

Coral Gables, FL 33134

ADJ. BUILDING SQUARE FOOTAGE: 15,381 SF

LOT SIZE: 11,000 SF (0.25 Acres)

DESCRIPTION: 15 Unit Multifamily Building

YEAR BUILT: 1969

PARKING: 15 Parking Spaces

Parcel ID: 03-4108-009-0050

SUMMARY OF PROPERTY

Investment Highlights

INVESTMENT HIGHLIGHTS

810 Salzedo Street is a remarkable opportunity for a well-qualified investor to acquire a 15 unit multifamily building

in the heart of Coral Gables. It consists of twelve 2 Bed/1 Bath units and three 1 Bed/1 Bath units. All apartments

have central air conditioning and spacious floor plans. The one bedroom units measure approximately 700 SF and

the two bedroom units measure about 825 SF. The property has 15 parking spaces which is uncommon for a

building of this size in Coral Gables. Recent upgrades include hurricane impact windows and doors, new exterior

paint, remodeled elevator, resurfaced pool and much more. Two of the units have been completely renovated with

new kitchen cabinets, stainless steel appliances, granite counter tops, tile flooring and updated bathroom. This

asset offers steady cash flow with incredible upside potential.

The property is located just north of SW 8th Street and one block west of Ponce de Leon Blvd. It is walking distance

to world class restaurants, hotels, Downtown Coral Gables and Miracle Mile. Mass transportation is within walking

distance of the building, including the free Coral Gables trolley. The property is in close proximity to major

expressways, making it easily accessible to Miami International Airport, Coconut Grove, Downtown Miami and

Miami Beach.

The city of Coral Gables is known as the “corporate capital of the Americas.” George Merrick, its founder, predicted

in 1925 that Coral Gables would someday be the gateway to Latin America. The city has a wide variety of multi-

national corporations. Coral Gables is the regional headquarters of approximately 155 of those corporations. Over

100 countries have corporate addresses in Coral Gables. Its economy is made up of local and international

businesses. The city is considered one of the premium residential markets in South Florida.

810 Salzedo Street

Coral Gables, FL 33134

810 Salzedo Street

Coral Gables, FL 33134

810 Salzedo Street

Coral Gables, FL 33134

810 Salzedo Street

Coral Gables, FL 33134

810 Salzedo Street

Coral Gables, FL 33134

810 Salzedo Street

Coral Gables, FL 33134

Location of Property

810 Salzedo Street

Coral Gables, FL 33134

810 Salzedo Street

Coral Gables, FL 33134

Market Demographics

MARKET DEMOGRAPHICS

Population for 1 Mile Radius from Subject Property

MARKET DEMOGRAPHICS

Demographic Overview: 1 Mile Radius from Subject Property

Source: 2010 Census / US Census Bureau

Source: 2013 American Community Survey, 5 year estimates / US Census Bureau

Rent Roll

Bedroom/Bath Scheduled Potential

Rent Rent

Unit 10 2Bed/1Bath $1,500 $1,950

Unit 11 2Bed/1Bath $1,500 $1,950

Unit 12 2Bed/1Bath $1,500 $1,950

Unit 14 1Bed/1Bath $1,400 $1,600

Unit 15 2Bed/1Bath $1,600 $1,950

Unit 20 2Bed/1Bath $1,550 $1,950

Unit 21 2Bed/1Bath $1,500 $1,950

Unit 22 2Bed/1Bath $1,500 $1,950

Unit 23 2Bed/1Bath $1,550 $1,950

Unit 24 1Bed/Bbath $1,450 $1,600

Unit 30 2Bed/1Bath $1,550 $1,950

Unit 31 2Bed/1Bath $1,500 $1,950

Unit 32 2Bed/1Bath $1,800 $1,950

Unit 33 2Bed/1Bath $1,500 $1,950

Unit 34 1Bed/1Bath $1,400 $1,600

Total Monthly Rent $22,800 $28,200

810 Salzedo Street

Coral Gables, FL 33134

Income & Expenses

INCOME & EXPENSES

OFFERING PRICE: $5,000,000

Income & Expenses

Current Proforma

Potential Gross Income 273,600 338,400

Vacancy 3% (Projected) 8,208 10,152

Effective Rental Income 265,392 328,248

Other Income (Laundry Income) 3,600 3,600

Effective Gross Income 268,992 331,848

Operating Expenses

Real Estate Taxes 33,883

Insurance 9,553

Electric 2,730

Waste Removal 3,587

Landscaping 600

Water & Sewer 7,863

Elevator Phone 1,740

Fire Alarm 428

Elevator Maintenance 1,591

Pool Service 1,680

Licenses & Permits 639

Professional Fees 262

Repair & Maintenance 5,000

Management Fee 6,600

Total Operating Expenses 76,156

Net Operating Income 192,836 255,692

Cap. Rate at Offering Price: 3.85%

Proforma Cap. Rate at Offering Price: 5.11%

Recent Comparable Sales

COMPARABLE PROPERTIES

Offering Procedure

OFFERING PROCEDURE

Offers must specify the following information:

PRICE:

LENGTH OF INSPECTION PERIOD:

LENGTH OF CLOSING PERIOD:

DEPOSIT:

ADDITIONAL DEPOSIT DUE AT INSPECTION EXPIRATION:

SUBMIT OFFERS TO: Marcelo Llorente Matthew Llorente Commercial Director Managing Broker

Mobile: (305) 979-3025 or Mobile: (305) [email protected] [email protected]

117 Majorca Ave. STE 2 Coral Gables, FL 33134 Office: (305) 569-0252 Fax: (305) 569-0253

DISCLAIMER

THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use, in considering whether to

pursue negotiations to purchase 810 Salzedo Street Coral Gables, FL (the “Property”) from Global Group

Realty(“Broker representing the Owner”).

This confidential memorandum contains brief, selected information pertaining to the business and affairs of

the Property. All projections are based on assumptions relating to the general economy, competition and

other factors beyond the control of Owner and are therefore subject to variation. This confidential

memorandum does not purport to be all-inclusive or to contain all of the information that a prospective

purchaser may desire and shall not be relied on as a promise or representation as to the future performance

of the Property. Owner expects prospective purchasers to exercise independent due diligence in verifying all

information. Neither the Owner, or any of its directors or employees or Global Group Realty makes any

representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential

memorandum or any of its contents and no legal liability is assumed or is to be implied by any of the

aforementioned with respect thereto.

This confidential memorandum shall not be deemed a representation of the state of affairs of the Property or

constitute an indication that there has been no change in the business or affairs of the Property since the date

of preparation of this memorandum.

By your receipt of this confidential memorandum, you agree that the information contained herein is of a

confidential nature and you will not disclose this memorandum or any part of the contents to any other

person, firm or entity without prior authorization from Global Group Realty. Photocopying or other

duplication is not authorized.

Thank You

Matthew LlorenteManaging BrokerMobile: (305) [email protected]

Marcelo LlorenteCommercial DirectorMobile: (305) [email protected]