50 SE 3rd Ave & 245 E Dania Beach Blvd Dania Beach ...€¦ · Marketing Brochure has been prepared...

50 SE 3 RD AVE & 245 E DANIA BEACH BLVD

DAN IA B EACH , F LOR IDA

OFFER MEMORANDUM$1,700,000

15

Uni

ts E

ast

of

US-1

Peter DackoMedia Realty & Advisors

954-923-2325

954-328-8248

[email protected]

mailto:[email protected]

This analysis has been prepared solely for informational purposes to assist the investor(s) in determining whether to proceed with the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be liable for

misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of action. 2

CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Offer Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Media Realty & Advisors, Inc. (Media Realty)and should not be made available to any other person or entity without the written consent of Media Realty. 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. Media Realty 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, Media Realty has not verified, and will not verify, any of the information contained herein, nor has Media Realty 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 the information set forth herein.



TABLE OF CONTENTS

•Executive Summary

•Media Realty

•Market Report

•Subject Property

•Photo Addendum

•Financials

•Rent Survey

•Comparable Sales



EXECUTIVE SUMMARY

Offering Summary Property Highlights

Sale Price: $1,700,000 Great Location in the epicenter of the development boom

Price/SF: $193 Unique Upside in the Rent

Cap Rate: 5.00% Exposure on Dania Beach Blvd

NOI: $59,686 Fantastic zoning City Center 8.0 FAR

Building Size: 6,193 4 Parking Spaces per 1000 SF

Lot Size: 15,763 Limited Competition

Zoning: EDBB-MU Develop 50 units/Acre by right with bonus to 150 units/Acre

Demographics

1 Mile 3 Miles 5 Miles

Total Households 6,538 34,745 110,443

Total Population 14,454 78,148 250,844

Average HH Income $43,595 $46,298 $51,057

E xe c u t i ve S u m m a ry | S u b j e c t P ro pe r t y | Re n t S u r vey | Co m pa rab l e S a l e s | F i n a n c i a l s



MISSION STATEMENT

Media Realty was created in 2004 with the vision that real estate is the one common denominator that binds the neighborhoods to its residential and business communities alike.

Media Realty is a full-service real estate company with a business platform which includes brokerage services, property management, tenant placement services, and other ancillary services such as valuations, highest and best use analysis and tax abatement. Through our commitment of creating and maintaining long term relationships Media Realty is dedicated to reshaping our neighborhoods with best business practices and community involvement.

Media Realty will enable our clients to maximize their net returns by providing the best information which allows our clients to make the most educated decision in a timely manner.

Media Realty offers a unique value proposition no matter which side of the transaction you are on.



MEDIA REALTY SERVICES



INTRODUCTION TO BROWARD COUNTY

Broward County is located within the Southeast Florida mega-region, which represents over one third of Florida’s overall population and is the third most densely populated area in the US. At 1,320 square miles, the county is considered the second largest in the state of Florida in terms of area. It is also the second most populated county in the State with 1.8 million people as of the 2010 census. With an inviting business environment and an exceptional quality of life, Greater Fort Lauderdale/Broward County is attracting small businesses, regional companies and Fortune 500 multinationals. In fact, CNN Money and Fortune Small Business (FSB) Report recently named Fort Lauderdale one of the top 100 U.S. cities in which to “Live and Launch a Business”.

Broward County is well known for its brilliant sunshine in the winter, and ocean breezes in the summer, but it is also a vibrant, diverse destination for many growing businesses, corporations and others who seek the unique South Florida lifestyle. Currently, the County consists of thirty-one (31) unique municipalities, from the bustling urban center of the City of Fort Lauderdale, to the tranquil rural lifestyle found in the Town of Southwest Ranches. The diversity of lifestyles and tremendous population growth has positioned Broward County to become the second most populated county in the State of Florida. Broward County is an urbanized county located in southeast Florida. It is bounded by Palm Beach County to the north, Miami-Dade County to the south, Hendry and Collier Counties to the west, and the Atlantic Ocean on the east. The County population has increased steadily from 5,135 in 1920 to more than 1.7 million in 2011. This dramatic increase has made Broward County the 15th largest County (in terms of population) in the United States and the second largest in the State of Florida, just behind Miami-Dade

One of the challenges residents of Broward County will face with is build-out.Broward County is the first County in the State to face the issue of build-out. Build-out occurs when available vacant or undeveloped land no longer exists. New development cannot occur without the demolishing, reconstructing, or subdividing of existing properties. As build-out becomes a reality, redevelopment within Broward County will be the future focus of how the County manages and directs growth, while protecting existing residential neighborhoods.

South Florida (Miami-Dade, Broward and Palm Beach Counties) is the 8th largest metropolitan statistical area (MSA) in the nation. The region, whose combined population is now nearly 6 million, has roughly one-third of Florida's total population. Approximately 60 percent of the population is in the prime working ages. The region has been designated a mega-region of the future and a driver of U.S. economic growth in Richard Florida's book Who's Your City?.

7



INTRODUCTION DANIA BEACH

FLORIDA

Dania Beach, so named by the Danish residents who first lived there, is located in South Florida

between Fort Lauderdale and Miami in a culturally diverse community with all the appeal of small

town living. It was incorporated into Broward County in November 1904 with only 35 residents.

Today with a population of nearly 30,000 people, Dania Beach remains one of Florida’s most

fascinating cities.

Dania Beach not only provides a luxurious ocean view, but also offers a wide range of activities to

pass the time including fishing, windsurfing, snorkeling, kiteboarding and much more.

Stroll the immaculate parks and beaches while taking in the fresh sea breeze with the wide

expanse of the gorgeous Atlantic Ocean. There are plenty of places to shop including a historic

antiquities district with unique vintage finds. Take time to browse Dania Beach’s local art galleries,

sip coffee at a local shop, or try some famous ice cream. Why not take a gamble and try your hand

at Poker? Dania Beach is known for its alluring Poker tournaments. Want something more exciting?

Stop by Dania Jai-Alai and watch one of the word’s fastest games!

When you are not lying on the sand soaking up the sun, give surfing a try as the blue-green waves

that roll onto the beach. Hitch a ride with a sea captain for a day trip at sea or explore the

Atlantic’s inner depths with some scuba diving.

If you’re looking for a nice and relaxing time, come spend the day on the beach and enjoy

gorgeous evening sunset.

Dania Beach is definitely not one of your typical beach side towns. Dania Beach provides more to

visitors than what meets the eye. From fishing and windsurfing to roller coaster rides and Jai-Alai,

Dania Beach offers a variety activities for all ages. So pack your bags and book your flight today.

Visit Dania Beach today, a place where relaxation and surf takes precedence.

DANIA BEACH

9

Dania Pointe - Mixed-Use Lifestyle Development. Dania

Pointe is a 102-acre premier mixed-use development with

almost 1 million square feet of retail and restaurants in

addition to Class A offices, hotels, luxury apartments and

public event space. With 1,600 linear feet of frontage on 1-95

and immediate proximity to the Fort Lauderdale-Hollywood

International Airport, Port Everglades Cruise Port, and the

DCOTA Design Center, Dania Pointe’s sophisticated mix of

shop, work, live, play and stay options will make it Broward

County’s preeminent lifestyle destination.

The Place

The place at Dania Beach... a mixed-use project on

approximately two acres featuring 144 residential rental

units with 8,000 square feet of retail commercial space for

restaurant and retail. Amenities also include a rooftop

recreation facility, pool and fire-pit with some units

available with a 'back-yard". The Place at Dania Beach is

located at 180 East Dania Beach Blvd, 33004 and is

owned by AHS Development Group.

Casino & Jai-Alai

The Dania Beach Casino & Jai-Alai - The newest casino in

Broward County is here in the City of Dania Beach.

Featuring 900 Las Vegas style slot machines, a 24-table

card room, nationally known recording artists and

comedians, simulcast lounge and sports bar, multiple

dining options and live Jai-Alai, the brand new Casino @

Dania Beach offers a gaming and entertainment

experience like no other in a friendly and fun environment.

http://daniabeachfl.gov/2740/The-Place

http://daniabeachfl.gov/2724/Casino-Jai-Alai

MARKET REPORT



CLICK HERE TO VIEW FULL SUB-MARKET REPORT

The Hollywood/Dania Beach Submarket is beginning to

grow in popularity, and developers are helping the

landscape evolve with the times. The submarket’s lower

rents have made it desirable to renters seeking

affordable alternatives to Downtown Fort Lauderdale or

expensive premier suburban submarkets that lie to the

west, such as Pembroke Pines/West Miramar.

Development has been mostly sparse this cycle but

picked up recently with two new apartment developments

delivering in 18Q2. This has caused a spike in vacancies

as the communities go through lease-up. Sales volume

for the submarket has been strong, with almost $200

million in trades over the past 12 months.

https://www.dropbox.com/s/vvawd0djdavkbl4/Office%20Market%20Report.pdf?dl=0



PENDING MAJOR

PROJECTS LIST

Click Here to view City’s Pending Projects and Development Pipeline

http://www.daniabeachfl.gov/DocumentCenter/Home/View/4798



PIPELINE

Dania Beach

SUBJECT PROPERTY



BROWARD COUNTY

PROPERTY APPRAISER’S

PROPERTY CARD

Click Here to View Property Card

http://www.bcpa.net/RecInfo.asp?URL_Folio=504234110100



BROWARD COUNTY

PROPERTY APPRAISER’S

PROPERTY CARD

Click Here to View Property Card

http://www.bcpa.net/RecInfo.asp?URL_Folio=504234110120



SKETCH

50 SE 3rd Ave



SKETCH

254 E Dania Beach Blvd



LOCATION MAP Click here to Goog le Map

https://www.google.com/maps/place/254+E+Dania+Beach+Blvd,+Dania+Beach,+FL+33004/@26.0468997,-80.1533337,13.92z/data=!4m5!3m4!1s0x88d9aaf42bd6e1a7:0x7d0dfe576494e0e6!8m2!3d26.0521646!4d-80.1397238



NEIGHBORHOODDANIA BEACH

Dania Beach is in the South Florida region in Broward County. The Galleria at Fort Lauderdale shopping mall is just a 20-minute ride away and about eight miles north.

The neighborhood is known for the best “blue-wave beaches” and plentiful opportunities for outdoor recreation. Locals enjoy the beach at Dania Beach Ocean Park, a great destination for swimming and fishing.

A small-town atmosphere with access to big-city amenities, many families excitedly call this area their home. With so many marinas making up the neighborhood, locals and tourists alike are afforded the chance to experience the nautical life with year-round boat excursions.

Within the community, you’ll discover a casino as well as the headquarters of two airline companies and an online pet supply retailer. In combination with outstanding weather and cool attractions, the Dania Beach/Fort Lauderdale neighborhood is a wonderful place to rent an apartment. The Fort Lauderdale-Hollywood Airport is close by.



AERIAL VIEW ZONING – EDBB-MUEast Dania Beach Blvd Mixed Use



AERIAL VIEW

Zoning - EDBB-MU

Click Here to view Development Codes as per

the city of Dania Beach

Subject

Density: 35 du/ac by right; up to 75

du/ac with density bonus.

F.A.R.: max. 8.0

Intent and Purpose of Zoning:

Redevelopment to place a greater

emphasis on pedestrian activity and

transit supportive development. This

will be accomplished by building close

to the street, relocating parking

facilities behind buildings, and mixing

residential and commercial uses at

medium to high intensities.

https://library.municode.com/fl/dania_beach/codes/code_of_ordinances?nodeId=PTIICOOR_CH28LADECO_SP1COREARCRFOSEZODI_ART303DIDEST_S303-60EDEADABEBOMIEDI

EDBB-MULAND

DEVELOPMENT CODE DANIA

BEACH



DEMOGRAPHICS

Radius 1 Mile 3 Mile 5 Mile

Population:

2024 Projection 25,799 123,467 290,545

2019 Estimate 24,646 117,645 277,223

2010 Census 22,733 106,624 252,475

Growth 2019-2024 4.68% 4.95% 4.81%

Growth 2010-2019 8.42% 10.34% 9.80%

2019 Population Hispanic

Origin7,113 34,610 93,275

2019 Population by Race:

White 15,726 86,486 203,171

Black 7,740 25,459 59,442

Am. Indian & Alaskan 121 478 1,623

Asian 489 2,547 6,802

Hawaiian & Pacific Island 42 155 409

Other 528 2,519 5,775

U.S. Armed Forces: 1 28 85

Households:

2024 Projection 11,088 54,252 123,123

2019 Estimate 10,663 51,959 117,992

2010 Census 10,112 48,032 109,135

Growth 2019 - 2024 3.99% 4.41% 4.35%

Growth 2010 - 2019 5.45% 8.18% 8.12%

Owner Occupied 4,534 28,833 70,818

Renter Occupied 6,129 23,126 47,174

2019 Avg Household

Income$55,926 $72,052 $73,723

2019 Med Household

Income$42,406 $50,775 $51,685

2019 Households by

Household Inc:

<$25,000 3,154 12,718 28,533

$25,000 - $50,000 3,068 12,945 28,956

$50,000 - $75,000 1,909 9,099 20,892

$75,000 - $100,000 1,154 5,845 13,903

$100,000 - $125,000 600 4,225 8,740

$125,000 - $150,000 231 2,156 4,796

$150,000 - $200,000 331 2,179 5,059

$200,000+ 217 2,794 7,114



CITY CENTER (CC) DISTRICTLAND DEVELOPMENT CODE DANIA BEACH




Generalized permitted uses (see article 302

for specific uses and conditions of use) .

Core

Streets

*

Other

Streets

Residential Multifamily U ✓

Commercial (Mixed use compatible) ✓ ✓

General Commercial ✓ ✓

Restricted Commercial ** **

Entertainment ✓ ✓

Lodging ✓ ✓

Civic and institutional ✓ ✓

Transportation ✓ ✓

City center core. Located between NE and NW 1st Avenues and

between SE/SW 1st and NE/NW 1st Streets (see cross-hatching on

map). The core is the planned retail, government and downtown of

Dania Beach. Mixed-use buildings with ground-floor retail,

entertainment, and/or office uses are required in the core.

https://library.municode.com/fl/dania_beach/codes/code_of_ordinances?nodeId=PTIICOOR_CH28LADECO_SP1COREARCRFOSEZODI_ART302DEUSRE




• Building placement standards.

Diagram

Key NP = not permitted Core Outside core

"F" Front street

setback

Shopfront 0′—5′ 0′—5′

with arcade 0′—10′ 0′—10′

Stoop NP 4′—8′

Dooryard NP 8′—12′

Balcony over porch NP 8′—12′

"C" Corner street setback 0′—5′ 0′—5′

"G" Interior side setback, 1st layer 0′ min 0′ min

"H" Interior side setback, 2nd layer 0′ min. 0′ min.

"I" Rear setback 0′ min. 0′ min.



PHOTO ADDENDUM

FINANCIALS



INCOME &E X P E N S E

50 SE 3 AVE

Price:

25.00% $218,750 Terms:

7

$125,000

10.9

4.11%

9.1

5.87%

$18.14

1974

6,709.0

4,431

$197.47

$80,400

4,020

76,380$

40,418

35,962$

40,288

(4,327)$ *

11,573

7,247$ *

Market Rent Taxes: 16,696$

UNIT BDRMS/ Unit Monthly Monthly Monthly Monthly 7,500

NUM BATHS Size Rent/Unit Income Rent/Unit Income 3,500

6 1/1 $875-$1050 $5,825 $7,200 6,698

1 0/1 $750 $750 $850 Landscaping 800

200

3,224

1,800

$6,575 $8,050

Laundry 125 125 40,418$

$6,700 $9.12

Annual Scheduled Gross Income: $80,400 $96,600 Per Unit: $5,774.05

Current CAP:

Approximate Net RSF:

Cost per Net RSF:

Gross Operating Income:

Less Expenses:

Current Rents

Scheduled Gross Income:

Market GRM:

Market CAP:

SQ FTApproximate Lot Size:

Less Vacancy Rate Reserve:

Annual Rent per Square Foot:

Approximate Age:

Annualized Operating Data

50.27%

Price per Unit

Current GRM:

$656,250

30

$875,000

$3,357.35

Number of Units:

Monthly Payment:

Purchase Money Mortgage

Summary Proposed Financing

interest

yr. amortization

4.50%Down Payment:

5.00%

Market Rent

4,830

$96,600

51,352$ Net Operating Income:

*As Percent of Down Payment

-1.98%

22,637$

Licenses

10.35%

11,573

Annualized ExpensesScheduled Income

Less Loan Payments:

Pre Tax Cash Flow:

Total Return Before Taxes:

Plus Principal Reduction:

11,063$

40,288

91,770$

40,418

5.00%

3.31%

5.06%

44.04%

Water & Trash

Total Expenses:

Per Net Sq.Ft.:

Trash

Maintenance:

Monthly Scheduled Gross Income:

Current Rents

Total Scheduled Rent:

$8,050

Electric

$1,200

Insurance:

$850



INCOME &E X P E N S E254 E DANIA BEACH

BLVD

Price:

25.00% $206,250 Terms:

8

$103,125

10.5

5.17%

9.3

6.37%

$25.19

1952

5,986.0

3,108

$265.44

$78,300

3,915

74,385$

31,770

42,615$

37,986

4,629$ *

11,573

16,202$ *

Market Rent Taxes: 9,000$

UNIT BDRMS/ Monthly Monthly Monthly Monthly 7,000

NUM BATHS Rent/Unit Income Rent/Unit Income 2,250

5 Studio $775-$900 $4,250 $5,000 1,800

3 Efficency $750-$775 $2,275 $2,400 Landscaping 720

200

6,600

2,520

Trash 1,680

$6,525 $7,400

31,770$

$6,525 $10.22

Annual Scheduled Gross Income: $78,300 $88,800 Per Unit: $3,971.25

Current CAP:

Approximate Net RSF:

Cost per Net RSF:

Gross Operating Income:

Less Expenses:

Current Rents

Scheduled Gross Income:

Market GRM:

Market CAP:

SQ FTApproximate Lot Size:

Less Vacancy Rate Reserve:

Annual Rent per Square Foot:

Approximate Age:

Annualized Operating Data

40.57%

Down Payment:

Cost per Unit:

Current GRM:

$618,750Obtain 1st Mortgage

30

$825,000

$3,165.50

Number of Units:

Monthly Payment:

Summary Proposed Financing

interest

yr. amortization

4.50%

5.00%

Market Rent

4,440

$88,800

52,590$ Net Operating Income:

*As Percent of Down Payment

2.24%

26,177$

Licenses

12.69%

11,573

Annualized ExpensesScheduled Income

Less Loan Payments:

Pre Tax Cash Flow:

Total Return Before Taxes:

Plus Principal Reduction:

14,604$

37,986

84,360$

31,770

5.00%

7.86%

7.08%

37.66%

Water Sewer

Total Expenses:

Per Net Sq.Ft.:

Cable

Maintenance:

Rate:

Monthly Scheduled Gross Income:

Current Rents

Total Scheduled Rent:

$7,400

Electric

$1,000

Insurance:

$800

RENT SURVEY



RENT SURVEY STUDIO APARTMENTS

Click Here to View Full Report

Address City NameCurrent

PriceSale Price

Closing

Date

Days on

Market#Beds Bath Year Built Pool YN

1603 N 17 Hollywood $1,100 9 0 1 No

206 S 15th Ave Unit#1-6 Hollywood $1,100 40 0 1 1930 No

1601 N 17th Ave Unit#1601 Hollywood $1,300 100 0 1 1933 No

31 SE 13th St Unit#1-2 Dania Beach $1,200 $1,200 4/17/2019 31 0 1 2005 No

1644 Jackson St Unit#Rear Hollywood $1,000 $1,000 9/1/2019 59 0 1 1994 No

1621 Van Buren St Unit#11 Hollywood $1,000 $1,000 2/26/2019 113 0 1 1936 No

258 SW 1st Ct Unit#E Dania Beach $1,100 $1,100 10/29/2019 48 0 1 1960 No

505 N 20th Ave Unit##3 Hollywood $1,000 $1,000 4/19/2019 17 0 1 1965 No

917 NE 7th St Unit#3 Hallandale $1,000 $1,000 3/12/2019 11 0 1 1955 No

1750 Fletcher Unit#6 Hollywood $1,095 $1,095 11/14/2019 2 0 1 No

223 S 17th Ave Unit#1 Hollywood $1,250 $1,250 11/13/2019 49 0 0 1932 No

1634 Fletcher St Hollywood $1,200 $1,200 6/1/2019 5 0 1 1975 Yes

1656 Polk St Unit#11 Hollywood $1,250 $1,250 7/3/2019 2 0 1 1937 No

$1,123 $1,110

https://matrix.southfloridamls.com/DE.asp?k=1681505XWVRB&p=DE-23830626-603



RENT SURVEY ONE BEDROOM APARTMENTS


Address City Name Current Price Sale Price Closing DateDays on

Market#Beds Bath

Year

Built

Cooling

Description

1612 HARRISON ST Unit#5 Hollywood $1,000 1 1 1 1933 Wall/Window Unit

1736 Madison Unit#A Hollywood $1,000 137 1 1 Wall/Window Unit

1710 Thomas St Unit#6 Hollywood $1,100 28 1 1 1969

1800 Fillmore St Unit#E Hollywood $1,100 103 1 1 1930

1740 Funston St Unit#7 Hollywood $1,025 62 1 1 1977 Central Cooling

1100 NE 1st Ct Hallandale $1,300 96 1 1 1970

1018 N 17th Ct Hollywood $1,000 $1,000 10/2/2019 47 1 1 1950

1815 Buchanan St Unit#1 Hollywood $1,000 $1,000 12/21/2019 48 1 1 1948 Wall/Window Unit

310 S 17th Ave Unit#2 Hollywood $1,075 $1,075 10/11/2019 14 1 1 1931

1735 Dewey St Unit#402 Hollywood $1,100 $1,100 9/1/2019 13 1 1 1973 Central Cooling

1714 Plunkett St Unit#1 Hollywood $1,100 $1,100 9/1/2019 13 1 1 1950 Wall/Window Unit

1639 Dewey St Hollywood $1,050 $1,050 7/25/2019 19 1 1 1974

1555 Tyler St Unit#10 Hollywood $1,100 $1,100 7/31/2019 84 1 1 1963 Central Cooling

724 NE 4th St Unit#12 Hallandale $1,100 $1,100 10/28/2019 8 1 1 1977

500 NE 2nd St Unit#325 Dania Beach $1,145 $1,145 8/22/2019 82 1 1 1975

1628 Plunkett St Hollywood $1,150 $1,150 10/4/2019 28 1 1 1952

1625 DEWEY Unit#FRONT Hollywood $1,200 $1,200 11/14/2019 5 1 1

1708 N 16th ave Unit#1 Hollywood $1,150 $1,150 11/8/2019 23 1 1 1970

1621 Van Buren St Unit#4 Hollywood $1,150 $1,150 8/27/2019 8 1 1

1727 THOMAS ST Hollywood $1,200 $1,200 9/1/2019 27 1 1 1955 Central Cooling

1314 S 17th Ave Unit#North Hollywood $1,200 $1,200 11/2/2019 38 1 1 1953 Wall/Window Unit

1735 Dewey St Unit#403 Hollywood $1,200 $1,200 10/15/2019 20 1 1 1973 Central Cooling

23 SE 12 Unit#101 Dania Beach $1,100 $1,100 11/12/2019 78 1 1 1985 Central Cooling

400 NE 1st St Unit#103 Hallandale $1,200 $1,200 8/22/2019 28 1 1 1972 Central Cooling

615 NE 10th St Unit#202 Hallandale $1,250 $1,250 11/1/2019 37 1 1 1974 Central Cooling

1750 Madison St Unit#A Hollywood $1,250 $1,250 10/29/2019 7 1 1 1955

1736 Rodman St Unit#1 Hollywood $1,250 $1,250 11/1/2019 63 1 1 1960 Electric Cooling

1811 Jefferson St Unit#603 Hollywood $1,290 $1,290 7/2/2019 198 1 1 1970 Central Cooling

925 NE 15 th Avenue Unit#2 Hollywood $1,300 $1,300 10/1/2019 18 1 1 Central Cooling

$1,141 $1,155

https://matrix.southfloridamls.com/DE.asp?k=1681505XWVRB&p=DE-23830543-870

COMPARABLE SALES



COMMENTS DIRECT SALES COMPARISON

A COMPARABLE SALE IS PROPERTY THAT IS SIMILARTO THE SUBJECT PROPERTY IN MOST RESPECTS. IT ISLOCATED IN A NEARBY LOCATION. IT HAS RECENTLYSOLD FOR A FAIR MARKET VALUE. THE SELECTION OFCOMPARABLE SALES IS IN MOST APPRAISALS IS THESINGLE MOST DETERMINING FACTOR INESTABLISHING THE VALUE. THE RESPONSIBILITY IS TOFULLY RESEARCH THE LOCAL REAL ESTATE MARKETAND DETERMINE WHICH COMPARABLE SALESREPRESENT THE BEST VALUE CHARACTERISTICS OF THESUBJECT PROPERTY.

THE MARKET OR DIRECT SALES COMPARISONAPPROACH TO AN ESTIMATE OF VALUE IS APROCESS OF COMPARING MARKET DATA,THAT IS, PRICES PAID FOR SIMILARPROPERTIES, PRICES ASKED BY OWNERS, ANDOFFERS MADE BY PROSPECTIVE BUYERS ORTHE TENANTS WILLING TO BUY OR LEASE.TYPICALLY A COMPARISON GRID IS USEDAND ADJUSTMENTS ARE MADE TO EACHCOMPARABLE SALES USED FOR MAJORDIFFERENCES BETWEEN THE COMPARABLEAND THE SUBJECT PROPERTY FOR SUCHITEMS AS LOCATION, CONSTRUCTIONQUALITY AND SIGNIFICANT AMENTIAS, ETC.IN THE MARKET APPROACH, THE ATTEMPTSARE MADE TO BOTH GAUGE AND REFLECTTHE ANTICIPATED REACTION BY A TYPICALPURCHASER TO THE SUBJECT PROPERTY.

COMPARABLE SALES



COMPARABLE GRIDHOLLYWOOD

PRIMARY EMPHASIS


Property Address Asking Price Sale Price Sale DateMarket

Time

Bldg

SF

#

Units

Price Per

Unit

Price

Per SF

Cap

Rate

Land

Area SF

Year

Built

820 S 19th Ave $1,420,000 17 7,530 10 $142,000 $189 6.55 10,454 1964

2216 Fillmore St $1,300,000 223 5,559 10 $130,000 $234 6.23 20,037 1955

2325 Taylor St $1,280,000 266 6,315 9 $142,222 $203 7.27 20,037 1952

2125 Polk St (2 Properties) $1,100,000 105 4,316 8 $137,500 $255 7.13 11,491

2029-2033 Funston St $1,100,000 55 6,072 9 $122,222 $181 5.4 16,117 1960

1943-1947 Buchanan St $897,000 192 4,078 8 $112,125 $220 12,196 1953

2020 Washington St $875,000 43 4,712 8 $109,375 $186 4.8 11,325 1926

345 Monroe St $798,000 91 1,649 4 $199,500 $484 - 1965

1848 Madison St $765,000 8 3,779 6 $127,500 $202 5.03 10,890 1952

2110-2124 Anton Ter $750,000 160 4,695 6 $125,000 $160 8.06 22,651 1984

2634 Pierce St $475,000 371 3,452 6 $79,167 $138 20,473 1954

1840-1844 Taft St $1,190,000 2/1/2019 9,954 10 $119,000 $120 6,185 1951

1837-1843 Fillmore St $1,100,000 1/7/2019 5,467 9 $122,222 $201 15,677 1946

1104 N 17th Ct $1,125,000 $980,000 4/12/2019 163 8,052 8 $122,500 $122 13,503 1963

1350 Tyler St $840,000 1/28/2019 3,500 8 $105,000 $240 12,100 1940

1925 Washington St $750,000 $685,000 11/23/2018 56 4,400 6 $114,167 $156 5.33 15,590 1955

1858 Dewey St $650,000 12/20/2018 3,632 9 $72,222 $179 10,824 1964

1708 N 16th Ave $575,000 $555,000 3/11/2019 3,311 4 $138,750 $168 5.82 7,840 1969

2101 N 16th Ave $800,000 10/22/2018 80 4,401 6 $133,333 $182 20,037 1969

1728 Pierce St $415,000 4/10/2019 2,012 4 $103,750 $206 5,601 1943

$129,692 $223 6.31%

$114,549 $175 5.58%

On M

arket

Clo

sed

https://www.dropbox.com/s/lp00bngo89jrt30/Comp Report Hollywood.pdf?dl=0



COMPARABLE GRIDHOLLYWOOD

PRIMARY EMPHASIS


Property Address Property City Asking Price Sale Price Sale DateBuilding

SF

Land

Area SF# Units

Price Per

SF

Price Per

Unit

Cap

Rate

1812-1824 Taft St Hollywood 2,500,000 9,368 30056 20 $266.87 $125,000 6.21

201 NE 4th Ct Hallandale Beach 1,990,000 9,380 19166 7 $212.15 $284,285 4.97

530 N 20th Ave Hollywood 1,300,000 7,597 14374 12 $171.12 $108,333 5.21

1942 Rodman St Hollywood $680,500 12/2/2019 4,416 5 $154.10 $136,100

915 NE 8th St Hallandale Beach 2,400,000 $2,225,000 11/25/2019 10,918 15245 14 $203.79 $158,928 5.72

1536-1538 Polk St Hollywood $1,430,000 11/6/2019 4,056 7840 8 $352.56 $178,750 6.61

820 S 19th Ave Hollywood 1,420,000 $1,380,000 9/19/2019 7,530 10454 10 $183.27 $138,000 6.73

1701 Taft St Hollywood 650,000 3,883 8276 4 $167.40 $162,500 6.73

1730 Washington St Hollywood $385,000 8/26/2019 1,860 3 $206.99 $128,333

227-235 SE 1st St Dania Beach 1,075,000 $1,010,000 8/15/2019 4,973 17859 8 $203.10 $126,250 4.89

322-324 NE 3rd St Hallandale Beach 2,800,000 $2,650,000 8/14/2019 14,301 29185 11 $185.30 $240,909 5.10

237 SE 1st St Dania Beach $400,000 8/14/2019 2,966 5902 4 $134.86 $100,000

22 SE 10th Ter Dania Beach $592,000 8/13/2019 6,050 14810 4 $97.85 $148,000

1958 Liberty St Hollywood 1,500,000 $1,300,000 8/8/2019 7,184 16117 12 $180.96 $108,333 5.96

250 SE Park St Dania $551,000 7/23/2019 3,444 8921 5 $159.99 $110,200

$192.02 $150,261 5.81

https://www.dropbox.com/s/onnoozizz6yesmw/Costar Rpt.pdf?dl=0



SALE GRID APT BLDGS. 5+ UNITS

Folio Number Property Address City Zip Code Amount Date No Units Adj SF Price per Unit Price per SF

514216-01-4230 2300 PIERCE STREET HOLLYWOOD 33020 $2,500,000 3/16/2019 20 15444 $125,000.00 $161.88

514215-04-0040 1639 MADISON STREET HOLLYWOOD 33020 $1,650,000 3/4/2019 13 6776 $126,923.08 $243.51

514210-10-0070 1128 N 16 COURT HOLLYWOOD 33020 $1,200,000 2/27/2019 11 6366 $109,090.91 $188.50

494224-04-0120 2817 NE 32 STREET FORT LAUDERDALE 33306 $4,450,000 2/26/2019 33 19948 $134,848.48 $223.08

514123-00-0040 1860 SW 68 AVENUE MIRAMAR 33023 $9,000,000 2/19/2019 76 54657 $118,421.05 $164.66

494135-19-0070 1701 NW 58 TERRACE SUNRISE 33313 $925,000 2/15/2019 10 7006 $92,500.00 $132.03

504204-20-0590 1412 NW 4 STREET FORT LAUDERDALE 33314 $1,100,000 2/12/2019 12 8145 $91,666.67 $135.05

494234-04-4760 1120 N VICTORIA PARK ROAD FORT LAUDERDALE 33304 $1,000,000 2/4/2019 11 6237 $90,909.09 $160.33

494214-08-0150 600 NE 46 COURT OAKLAND PARK 33334 $1,150,000 2/1/2019 10 6567 $115,000.00 $175.12

494234-04-5501 1015 NE 17 AVENUE FORT LAUDERDALE 33304 $1,535,000 1/31/2019 10 7285 $153,500.00 $210.71

494135-23-0020 5960 NW 16 PLACE SUNRISE 33313 $4,000,000 1/18/2019 36 24633 $111,111.11 $162.38

514215-02-0150 1826 JOHNSON STREET HOLLYWOOD 33020 $1,000,000 1/18/2019 12 6758 $83,333.33 $147.97

484235-00-1000 101 NW 7 AVENUE POMPANO BEACH 33060 $800,000 1/17/2019 10 6271 $80,000.00 $127.57

514216-01-5250 2519 PIERCE STREET HOLLYWOOD 33021 $1,631,000 1/13/2019 13 9207 $125,461.54 $177.15

$111,269 $172.14

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