OM 650 SW 1 10pages

Land Development Site | Approved Plans
22 Unit Almost-Permit Approved Dev Site

El Colonial Apartments | 650 SW 1st Street, Miami, FL 33130
We are pleased to offer this 22-unit development site in Little Havana at

650 SW 1st Street, Miami, FL 33130 named “El Colonial”.
Approved Plan 22-unit development site in Little Havana, Miami, FL, with 100% parking reduction approved. Amazing
Rental development opportunity offering a builder a Proforma IRR of over 20%. In the path of progress central to Brickell,
Gables, Grove, Hospital District & Wynwood.
The mixed-use plans for “El Colonial” calls for 1 retail bay fronting the street, 20-“Studio & 1-bed unit”, & One – 2-bed unit.
Long-term or short-term rental potential. Rarely available land site with cost effective development plans for a 9,300 SF of
total rental SF. Project approved prior to May 01, 2022, allowing for the 100% parking approval. Nearly permit approved
with full plans submitted and on last round of comments. Permits and impact fee included in the purchase price. Buyer to
reimburse Seller’s permit & impact fees at closing in addition to purchase price.
See proforma development model presented here-in.
Asking $1.99 mm
Exclusively Listed by Brian Carter, P.A. | 305.582.2424 | Brian.Carter@elliman.com
Development Concept & Proforma Rental Model
& 1 – Retail Bay
El Colonial | Little Havana Development Site

Approved Plans 21 unit boutique apartment building + 1 Retail Bay
650 SW 1st Street, Miami, FL 33130
Proforma Year 1 stabilized Rental Model
Unit Style Beds Baths Unit Count SF $P/SF Rent Total SF $ Rent/Unit/Mo Total Monthly Annual Rent
Retail 0 1 1 398 $ 55.00 398 $ 1,824 $ 1,824 $ 21,890
Studios & 1/1's 0-1 1 20 409 $ 4.64 8,183 $ 1,900 $ 38,009 $ 456,111
Residential 2/1 2 1 1 719 $ 4.00 719 $ 2,876 $ 2,876 $ 34,512
Totals 22 1,526 9,300 $ 6,601 $ 42,709 $ 512,513
Note: All information is subject to errors, omissions, change &/or withdrawal without notice. Buyer should verify all information
during inspections and due diligence.
Development proforma stabilized annual gross rent potential of $512,513.

Proforma Development Returns
El Colonial | Little Havana | 650 SW 1st Street, Miami, FL | Where Little Havana meets Brickell West
Projected Operational Income & Valuation Model
Annual Income Terminal

Units SF Leasable Lease Rate Y1 - Stabilized Y2 Y3 Y4 Y5 Value
Residential Income (Net CAM) 22 9,300 Mixed $ 512,513 $ 548,388 $ 575,808 $ 598,840 $ 616,805
Additional Ancillary Income $ 35,876 $ 38,387 $ 40,307 $ 41,919 $ 43,176
Potential Gross Rental Income $ 548,388 $ 586,776 $ 616,114 $ 640,759 $ 659,982
Expenses
Ancillary Service Charge Income $ - $ - $ - $ - $ -
Replacement Reserves 3% $ (16,452) $ (17,603) $ (18,483) $ (19,223) $ (19,799)
Vacancy Reserves 5% $ (27,419) $ (29,339) $ (30,806) $ (32,038) $ (32,999)
Potential Net Rental Income $ 504,517 $ 539,834 $ 566,825 $ 589,498 $ 607,183
Operating Expenses (Property Taxes & Building Insurance) 28% $ 153,549 $ 156,620 $ 159,752 $ 162,947 $ 166,206
Net Operating Income (NOI) $ 350,969 $ 383,214 $ 407,073 $ 426,551 $ 440,977 $ 9,436,911
Exit Value $ 7,019,373 $ 7,664,277 $ 8,141,463 $ 8,531,023 $ 8,819,543 $ 9,436,911
Capitalization Rate 5.00%
Projected IRR & Multiple of Capital

Exit Cap Exit End Total Cash Equity Deal Deal Multiple Cash Flow Net of Interest Exit
Rate Year 5 Inflows Profit IRR of Capital Invest 1 Invest 2 Y1 - Stabilized Y2 Y3 Y4 Y5 Profit
5.00% $ 8,819,543 $ 6,710,752 $ 5,050,270 28% 3.04 $ (830,241) $ (830,241) $ 250,969 $ 283,214 $ 307,073 $ 326,551 $ 340,977 $5,201,968
5.25% $ 8,399,564 $ 6,290,774 $ 4,630,292 27% 2.79 $ (830,241) $ (830,241) $ 250,969 $ 283,214 $ 307,073 $ 326,551 $ 340,977 $4,781,990
5.50% $ 8,017,766 $ 5,908,975 $ 4,248,493 26% 2.56 $ (830,241) $ (830,241) $ 250,969 $ 283,214 $ 307,073 $ 326,551 $ 340,977 $4,400,191
5.75% $ 7,669,168 $ 5,560,377 $ 3,899,895 25% 2.35 $ (830,241) $ (830,241) $ 250,969 $ 283,214 $ 307,073 $ 326,551 $ 340,977 $4,051,593
6.00% $ 7,349,619 $ 5,240,828 $ 3,580,346 24% 2.16 $ (830,241) $ (830,241) $ 250,969 $ 283,214 $ 307,073 $ 326,551 $ 340,977 $3,732,044
6.25% $ 7,055,634 $ 4,946,843 $ 3,286,361 22% 1.98 $ (830,241) $ (830,241) $ 250,969 $ 283,214 $ 307,073 $ 326,551 $ 340,977 $3,438,059
Development proforma IRR of over 22%

Exit Profit of over $3.4 mm +



Plans by MODIS Architects.




TERMS: CASH
SOLD: AS-IS/WHERE-IS. Plans transfer with Sale.
DUE DILIGENCE ITEMS: During Inspections after an accepted contract with a deposit down.
SHOWINGS: Drive by the site.
OFFERED AT: $2,200,000
FOR MORE INFORMATION, CONTACT:
Brian Carter, P.A., MBA, CCIM

Licensed Real Estate Broker-Associate
Brian.Carter@Elliman.com
305.582.2424
NOTE: All information is subject to errors, omissions, change and withdrawal without notice. Douglas Elliman Real Estate makes no representations
or warrantees to this 3rd party information contained herein. Buyers should understand this information is proforma in nature and should perform their
own due diligence and research before deciding to purchase.

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Land Development Site | Approved Plans

22 Unit Almost-Permit Approved Dev Site

We are pleased to offer this 22-unit development site in Little Havana at

Development Concept & Proforma Rental Model

& 1 – Retail Bay

El Colonial | Little Havana Development Site

Development proforma stabilized annual gross rent potential of $512,513.

Proforma Development Returns

Annual Income Terminal

Capitalization Rate 5.00%

Projected IRR & Multiple of Capital

Development proforma IRR of over 22%

Exclusively Listed by Brian Carter, P.A. | 305.582.2424 | Brian.Carter@elliman.com

Exclusively Listed by Brian Carter, P.A. | 305.582.2424 | Brian.Carter@elliman.com

Exclusively Listed by Brian Carter, P.A. | 305.582.2424 | Brian.Carter@elliman.com

Plans by MODIS Architects.

Exclusively Listed by Brian Carter, P.A. | 305.582.2424 | Brian.Carter@elliman.com

Plans by MODIS Architects.

Exclusively Listed by Brian Carter, P.A. | 305.582.2424 | Brian.Carter@elliman.com

Plans by MODIS Architects.

Exclusively Listed by Brian Carter, P.A. | 305.582.2424 | Brian.Carter@elliman.com

Plans by MODIS Architects.

Exclusively Listed by Brian Carter, P.A. | 305.582.2424 | Brian.Carter@elliman.com

OFFERED AT: $2,200,000

FOR MORE INFORMATION, CONTACT:

Brian Carter, P.A., MBA, CCIM

Exclusively Listed by Brian Carter, P.A. | 305.582.2424 | Brian.Carter@elliman.com

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