Nobe Island - images1.loopnet.com€¦ · Nobe Island is a unique waterfront property on Crespi Boulevard, surrounded by parks and less than a mile from attractions like North . Beach

Nobe IslandNobe Island

7925-7935 Crespi Boulevard

Offering Memorandum

Table of ContentsTable of Contents2

Content Page Number

North Beach’s New Waterfront Oasis 3Listing Price 4Proforma Rent Roll 5Future Financial Summary 6Floor Plans 11Building Renderings 13Location 14-17About North Beach 18Town Center District 1972nd Street Community Complex 20North Beach Oceanside Park 21North Shore Park & Youth Center 22Area Residential & Mixed-Use Development 23-265 Big Ideas To Grow North Beach 27

Nobe Island is a unique waterfront property on Crespi Boulevard, surrounded by parks and less than a mile from attractions like North Beach Oceanside Park and Town Center, the future of North Beach. This 14-unit apartment complex is unlike anything in its vicinity, and with its pre-approved construction plans and unbeatable listing price, this is a rare opportunity you do not want to miss!

North Beach’s New North Beach’s New Waterfront OasisWaterfront Oasis

3

List Price: List Price: $2.2 Million$2.2 Million

Located along the Tatum Waterway, Nobe Island has already been approved by the city of Miami Beach. Purchasing this property includes plans to construct a new 4-story building featuring 14 1-bedroom and 2-bedroom residences with water and city views.

4

1 Bed/1 Bath

1 Bed/1 Bath

2 Bed/1 Bath

2 Bed/2 Bath

2 Units

4 Units

6 Units

6 Slips

Quantity Bed/Bath Total

Proforma Rent RollProforma Rent Roll

Docks

D

C

B

A

Unit

2 Units

11,990

887

581

529

SF

Annualized:

Total:

$500

$3,500

$2,900

$2,150

$2,200

Rent/Month

$4,400

$4,300

$11,600

$21,000

$3,000

$44,300

$531,600

945

5

Future Financial SummaryFuture Financial Summary

Purchase Price $2,200,000 Estimated Constructoin Cost $3,750,000 Total Investment Cost $5,950,000Total Return on Investment 6.30%

Total Investment CostGross Rental Revenue $531,600Total Expenses $155,646Net Operating Income $374,754

Net Operating Income

Landscaping $200Cleaning $600Water & Sewer $980Electric $200Trash $300Elevator $350Fire Systems $60Internet/Telephone $200

Total $2,890

Monthly Operating ExpensesRE Taxes $48,750Insurance $20,000Operating Expenses $34,680Maintenance/Repair $10,000Vacancy $21,216Management $21,000

Total $155,646

Yearly Expenses

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Floor PlansFloor Plans 7

8

9

10

11

12

13

LocationLocation 14

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Points of Interest 17

About North BeachAbout North Beach

North Beach, the tranquil alternative to its noisy counterpart, South Beach, is Miami’s most up-and-coming location. With projects underway in Town Center, North Beach is on the rise and will soon be home to many new businesses, restaurants, and retail stores. Many renovations to nearby parks and community centers are also underway, with millions of dollars recently invested to help redefine the North Beach community.

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Town Center DistrictTown Center District

With various projects in the approval process, North Beach Town Center will improve the North Beach community with the opening of new living spaces, restaurants, shops, and offices. This district, spanning 10 blocks in North Beach, will currently bring more than 445 residences. As Nobe Island’s construction nears completion, its residents will have full access to this new, thriving Town Center location.

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72nd St. Community Complex72nd St. Community Complex

72nd St. Community Complex is North Beach’s newest planned project, with a projected budget of $64.4 million to build. This complex will include a parking garage with 500 parking spaces and a new recreational park. It will also include a rooftop competition pool, warm-up pool and support facilities, a new 5,000 -10,000 sqft. library/media center, and a 7,500 sq ft upscale fitness gym with a running track.

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North Beach Oceanside ParkNorth Beach Oceanside Park

Just a few steps away from Nobe Island is North Beach Oceanside Park, a less crowded alternative in Miami Beach. With its expansive sandy walking trails and beautiful ocean view, this park is a family – and pet – friendly destination. This nearly 36-acre park will soon undergo a $10.66 million renovation to include new pathways, lighting, entry gates and trees, as well as the completion of the existing beach walk.

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North Shore Park & Youth CenterNorth Shore Park & Youth CenterNorth Shore Park & Youth Center is North Beach’s recreational facility. Between 2020 and 2022, these renovations cost upward of $5.7 million and included:

• Installation of security cameras• Construction of a new jogging path circling the

park premises• Installation of new playground equipment• Reforestation of landscaping and green space• Renovations to the floors inside the building,

including in the danceroom, the auditorium and other communalspaces.

• Interior renovations to the youth center,including the installation of a green roof

• Tennis court renovations

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Private Projects

Address Stage Details

Completed Luxury residential building featuring 16 units8425 Crespi Blvd “Nobe Marina”

8701 Collins Ave Completed New 18-story residential building with 7 luxury condos “Eighty Seven Park”

6901 Collins Ave Completed New 18-story residential building with 20 luxury units“L’Altelier”

6800 Indian Creek Dr Underway New 11-story luxury residential building with 39 units

Area Residential & Mixed-Use Developments23

Private Projects

Address Stage Details

666 71st Street Approved New 13-story building with 80 residential units,7,000squarefeetofground-floorretail, 79 parking spaces, and a rooftop restaurant

6747 Collins Ave Approved New 20-story, 200-room lifestyle hotel

6970 Collins Ave Approved New 21-unit apartment building

6988 Abbott Ave Approved New 12-story mixed-use building with 170 residential units and will potentially be home to Miami Beach’s second Target Store

7140 Abbott Ave Approved New 14-story building with 232 residential units and 16,074 square feet of residential space

Area Residential & Mixed-Use Developments24

Private Projects

Address Stage Details

7125-7145 Carlyle Ave Approved Mixed-use 22-story building with 283 residential “72nd Park” units and 12,500 square feet of commercial

space

7140 Collins Ave Approved Brand new building with 187 hotel rooms, 24 residential units and 28,000 square feet of retail

7316 Collins Ave Approved Restaurant chain, Pizza Bar will be opening its newest location

7400 Ocean Terrace Approved 16-unit apartment/hotel building, projecting tocreate upward of 350 jobs

6985 Abbott Ave Pending Approval New 14-story apartment building with 118residentialunits,groundfloorretailand217parking spaces

Area Residential & Mixed-Use Developments25

Public Projects

Address Stage Details

Ocean Terrace Park Approved New 20-story residential tower with 71 units and a hotel tower with 120 units

Byron Carlyle Theater Request For Proposal Current proposal to include 10,000 sqft theater/civic space built for community use, along with workforce housing.

Altos Del Mar Park Completed Public park spanning 76th and 77th St.

Area Residential & Mixed-Use Developments26

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

1. Make A Town Center1. Make A Town CenterVibrant, dynamic, compact, pedestrian-friendly and with a mix of uses to ensure a pedestrian experience that is welcoming Vibrant, dynamic, compact, pedestrian-friendly and with a mix of uses to ensure a pedestrian experience that is welcoming and interestingand interesting

2. More Mobility Options2. More Mobility OptionsSafe, comfortable, interesting, and beautiful streets with wider sidewalks, world-class bike infrastructure, shade trees for 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.sidewalks, better lighting and buried or relocated overhead utilities.

3. Protect & Enhance Neighborhoods3. Protect & Enhance NeighborhoodsPreservation is the soundest long-term economic development strategy to date. New construction should occur in vacant or Preservation is the soundest long-term economic development strategy to date. New construction should occur in vacant or underutilized spaces and compliment the existing builings.underutilized spaces and compliment the existing builings.

4. Maximize Public Lands Utility4. Maximize Public Lands UtilityUtilize its properties to support the surrounding community and attract new investment.Utilize its properties to support the surrounding community and attract new investment.

5. Improve Protection5. Improve ProtectionImproving its ability to deal with sea level rise and climate change by upgrading all infrastructure to new standards.Improving its ability to deal with sea level rise and climate change by upgrading all infrastructure to new standards.

5 Big Ideas To Grow North Beach5 Big Ideas To Grow North Beach27

Founded in 2003 by brother-sister team Daniel and Laura Veitia, Urban Resource is a rapidly growing Real Estate and Property Management company located in North Beach, the northern neighborhood of Miami Beach. With a team of professional and skilled individuals, Urban Resource provides expert Real Estate services and effective Property Management.

OurRealEstateservicesaretailoredspecificallyfortheclient,whetherit’sforbuying,selling,orrentingresidential real estate, related to condominiums, single family homes or multi-apartment buildings. Our hyperfocusonspecificneighborhoodsgeographicallylocatedwithin20minutesfromourNorthBeachofficemeansourclientshaveaccesstoadeeperunderstandingofthemarketinthoseneighborhoods.

About Urban Resource

Laura VeitiaBroker & Vice PresidentOffice:[email protected]