MURANO GRANDE

MURANO

ICON

226 JEFFERSON

226 JEFFERSON AVERARE SOUTH OF FIFTH REDEVELOPMENT OPPORTUNITY

PRESENTED BY:

RICHARD H. CAVA3 0 5 - 7 7 6 - 1 9 9 9RICKCAVA@GMAIL.COM

226 JEFFERSON AVE | 2SUMMARY

Extremely rare opportunity with non-historic structure The subject property is a 4,299 sqft multi-family income produc-ing building on a 7,000 sqft lot. It is one of the very few non-historic buildings in the South of Fifth neighborhood and it can be completely demolished.

This is a extremely rare opportunity to develop in the extremely sought after South of Fifth neighborhood.

Property highlights Address: 226 Jefferson Ave Miami Beach, FL, 33139

Lot Size: 7,000 SQFT

Building Size: 4,299 SQFT

Year Built: 1940

Units: 9 living units

Zoning: R-PS1

Permitted Uses: Single Family, Townhouses, Apartments, Apart-ment/Hotel

Buildable Sqft: 8,750 SQFT

Maximum Height: 40 FT

Asking Price: $4.5 M

226 JEFFERSON AVE | 3LOCATION

Location The property is located in South Beach, on Jefferson Ave between 2nd and 3rd Street, two blocks of 5th Street, which connects to the Macarthur Causeway, the main artery from Miami Beach to Miami, the Port of Miami and the Miami International Airport. The traffic count of the Causeway averages 109,461 vehicles per day and provides direct access to I-95, SR836 and Downtown Miami.

South of FifthMiami Beach Real Estate doesn’t get any more exclusive than the beautiful South of Fifth (SoFi) neighborhood. This sun drenched residential enclave at the southern tip of Miami Beach boasts year round sunshine, huge white sand beach, crystal clear waters surrounding it on three sides, a spectacular marina, the beautiful South Pointe Park, world-class restaurants and the most luxurious condos in Miami.

226 JEFFERSON AVE | 4NEIGHBORHOOD MAP

226 JEFFERSON

226 JEFFERSON AVE | 5ZONING ANALYSIS

Zoning Data Address: 226 Jefferson Ave, Miami Beach, FL, 33139 Zoning: R-PS1 Current Occupancy: Multi Family Existing Building Footprint: 4,299 sqft Year Built: 1940 Flood Zone: AE +8.00

Current building is a non-historic structure and can be demolished.

Lot Size: 7,000 sqft Maximum Building Height: 40’ Maximum Number of Stories: 4 Maximum Buildable Square footage under A/C: 8,750 sqft Smallest Buildable Unit: 700 sqft Maximum Number of Units: 9

Permitted Uses Single Family Home: An individual, freestanding, unattached dwelling unit

Townhouses: a grouping of single-family attached or detached units on one site arranged so that no unit is above another with each unit having separate ingress and egress.

Apartment Building: a building with or without resident supervision occupied or intended to be occupied by more than two families living separately with separate cooking facilities in each unit

Apartment-hotel: a building containing both apartment units and hotel units, under resident supervision, and having an inner lobby through which all ten-ants must pass to gain access.

226 JEFFERSON AVE | 6EXISTING BUILDING

Current Operation The existing building has been operated as apartment hotel since 2001 and all units are current leased to a management company that pays $15,000/month for the entire building.

It has eight 1-bedroom / 1-bathroom apartments and one 2-bedroom / 1-bathroom apartment. All units are completely furnished a provide all the required services and amenities for guests visiting South Beach.

Profit & Loss Statement

2016 2017

Income 180,000.00 180,000.00

Expenses 39,912.13 37,014.24 Insurance 8,758.04 5,406.25 Licenses 257.26 348.51 Professional Fees 1,975.00 1,000.00 Accounting 1,975.00 1,000.00 Property Taxes 28,921.83 30,260.48

Net Income 140,087.87 142,985.76

226 JEFFERSON AVE | 7MARKET OVERVIEW

New Construction MarketSouth of Fifth is currently an epicenter of pre-construction condos, a few brand new luxury condos are being built: 321 Ocean, One Ocean, Marea, Louver House and 300 Collins. Most of these projects are al-ready sold out and their average price per foot is around $1,550/ft.

Resale MarketSouth of Fifth is a very hot market for resale units. As of Febru-ary 2017 there were 236 condos for sale in the area with an aver-age asking price of $1,492.46/ft. The median asking price per unit is $2,522,500 with the most expensive unit listed at $65,000,000.00

Louver House

300 Collins

Marea

226 JEFFERSON AVE | 8PROPOSED USES

2 Unit Apartment BuildingThe owners of the parcel have started to conduct feasibility studies of what could be built on the site and one of their plans is to build a 4 stories building with 2 apartments, each one with 4,350 sqft of living space under A/C and 3,500 sqft of outdoor spaces with a combina-tion of balconies and terraces and a private four car garage. Each unit would be able to be configured as a 3 bedroom / 4 bathroom or a 4 bedroom / 5 bathroom. The views of the units would interchange at every floor plan level in order to guarantee that both units get both west and east views in the building.

With an average new construction as price of $1,550/ft a project like this could have a gross sale amount of $13,485,000.00

Proposed East Elevation

Proposed South Elevation

226 JEFFERSON AVE | 9PROPOSED USES

Single-family HomeA beautiful family home was just built at 334 Jefferson Ave, just a block away from the site. It is a 8,500 private residence with 8 bed-rooms, 10 bathrooms. This could be the per-fect use for 226 Jefferson Ave as well. There are very few single family homes in South of Fifth market.