OFFERING MEMORANDUM
Piedra Villas 2614 SW 8th Street
MIAMI, FL.
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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 Will C Real Estate and should not be
made available to any other person or entity without the written consent of Will C Real Estate. 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. Will C Real
Estate 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
intent, 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, Will C Real Estate has not verified, and will not verify, any of the information
contained herein, nor has Will C Real Estate conducted any investigations 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.
CONFIDENTIALITY AND DISCLAIMER
Will C Real Estate 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 company of Will C Real
Estate LLC., its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Will C
Real Estate, 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 WILL C REAL ESTATE AGENT FOR MORE DETAILS.
Piedra Villas 2614 SW 8th Street
MIAMI, FL.
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2500 SW 8th Street T6-8 O 1925 - Freestanding Retail Closed sale 12.05.17 (demolished & rebuilding) Sold $850,000 $308.86/sf bldg, $167.32/sf lot
1731 SW 8th Street and 1730 SW 7th Street T6-8 O and T5 O 1926 - 14 Multifamily units and 1950 - 11 Multifamily units Closed sale 01.18.18 Sold $4,600,000 $184,000/unit, $292.69/sf of bldg, $148.38/sf lot
2555 SW 8th Street T6-8 O 1981 - Freestanding Retail Pending Sale Under Contract $2,025,000 $290.53/sf of bldg, $264.02/sf lot
2055 SW 8th Street T6-8 O 1997 - Multitenant Retail Closed sale 05.25.17 Sold $3,100,000 $426.52/sf of bldg, $153.08/sf lot
528 & 534 SW 9th Avenue T4 R 1925 - Hospitality 33 rooms Closed sale 04.12.18 Sold $8,600,000 $260,606/unit, $678.61/sf of bldg, $880.78/sf lot
432 NE 26th Street T6-36a L 1925 - Hospitality 24 rooms Closed sale 12.18.17 Sold $4,895,000 $203,958/unit, $447.44/sf bldg, $998.98/sf lot
2614 SW 8th Street - Subject T6-8 O 1930 - 24 Apts & 4 Retail For sale $5,000,000 $178,571/unit, $293.50/sf bldg, $505.86/sf lot
SALES COMPARABLES
3003 Indian Creek Miami Beach RM-2 1949 – 20 Apts sold for Hotel Closed sale 10.05.16 Sold $8,200,000 $410,000/unit, $554.50/sf bldg, $1,093.33/sf lot
PRICING AND FINANCIAL ANALYSIS
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Piedra Villas 2614 SW 8th Street
MIAMI, FL.
No. of
Units Unit Type
Approx.
SF
Current
Rents Rent/SF
Monthly
Income
Pro Forma
Rents Rent/ SF
Monthly
Income
4 Retail 1,250 $2,000 $19.20 $8,000 $2,100 $20.16 $8,400
24 1 Bed 1 Bath 502 $975 $1.94 $23,400 $1,200 $2.39 $28,800
28 Total 17,036 $31,400 $37,200
UNIT MIX & CURRENT RENTS
Income Current Per Unit Pro Forma Per Unit
Gross Potential
Income $376,800 $13,457 $446,400 $15,943
Vacancy/Collection
Allowance 5% ($18,840) 5% ($672.86) 5% ($22,320) 5% ($797.14)
Effective Gross
Income $357,960 $12,784 $424,080 $15,145
Expenses Current Per Unit Pro Forma Per Unit
Real Estate Taxes $23,895 $853.39 $92,000 $3,286
Property Insurance $22,036 $787 $30,716 $1,097
Management $17,898 (5%) $639.21 (5%) $21,204 (5%) $757.28 (5%)
Electricity $4,480 $160 $4,480 $160
Water & Sewer $5,796 $207 $5,796 $207
Waste Services $7,364 $263 $7,364 $263
Landscaping $0 $0 $0 $0
Repairs &
Maintenance $14,000 $500 $14,000 $500
Reserves &
Replacements $14,000 $500 $14,000 $500
Total Expenses $109,469 $3,909 $189,560 $6,770
% of EGI 30.58% 44.69%
Net Operating
Income Current Per Unit Pro Forma Per Unit
Total $248,491 $19,046 $234,520 $8,375.71
ANNUALIZED INCOME & EXPENSES
Total Adjusted Area 17,036 sf
Total Number of Units 28
Total Land Area 9,884 sf
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Price $5,000,000
Total Properties 1
Total Adjusted Area 9,884 sf
CAP Rate - Current 4.96%
CAP Rate – Pro Forma 4.69%
GRM - Current 13.27
GRM – Pro Forma 11.79
Year Built 1930
Total Number of Units 28
Lot Size 9,884
Type of Ownership Fee Simple
Income Current Pro Forma
Gross Potential Rent $376,800 $424,080
Less Vacancy/Collections 5% ($18,840) 5.0% ($22,320)
Effective Gross Income $357,960 $424,080
Less Expenses $109,469 $189,560
Net Operating Income $248,491 $234,520
Net Cash Flow Before Debt Service $248,494 $234,520
Annual Debt Service $161,052 $161,052
Debt Coverage Ratio 1.54 1.45
Net Cash Flow After Debt Service $87,442 $73,468
Total Cash on Cash Return % 3.49% 2.9%
Expenses Current Pro Forma
Real Estate Taxes $23,895 $92,000
Property Insurance $22,036 $30,716
Management Fee $17,898 (5%) $21,204 (5%)
Electricity $4,480 $4,480
Water & Sewer $5,796 $5,796
Waste Services $7,364 $7,364
Landscaping $0 $0
Repairs & Maintenance $14,000 $14,000
Reserves & Replacements $14,000 $14,000
Total Expenses $109,469 $189,560
Expenses per Unit $3,909 $6,770
% of EGI 30.58% 44.69%
Financing Pro Forma
Loan Type New
Down Payment $2,500,000
Loan Amount $2,500,000
Loan to Value 50%
Interest Rate 5%
Amortization 30 Years
Program 7 Year Fixed
FINANCIAL OVERVIEW
ANNUALIZED OPERATING DATA
Location
2614 SW 8th Street
Miami, FL. 33135
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OFFERING MEMORANDUM
5/24/2018 Will C Real Estate 18
Presented by:
William Cabrera
Principal Broker
Will C Real Estate LLC
BK 3251009
305.812.1216
Piedra Villas 2614 SW 8th Street
MIAMI, FL.