Offering Memorandum RIVER STUDIOS 77 3 5 NE 4TH CT Miami, FL 331 38 We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. RIVER STUDIOS CONTENTS 01 Executive Summary Investment Summary 5 02 Property Description Property Features 7 Aerial 8 Property Images 9 0 4 Sale Comps Sale Comparables Map 17 Sale Comparables Summary 1 8 0 3 Financial Analysis 1 4 1 4 Tenant Summary Operating Summary Pricing Detail 1 5 05 Demographics Demographics 23 Exclusively Marketed by: Mikael Hamaoui Broker (305) 776-5345 License # BK329915 mikael@rivierahorizons.com www.RivieraHorizons.com RIVER STUDIOS Investment Summary | 3 OFFERING SUMMARY ADDRESS 77 35 N E 4th CT Miami , FL 331 38 COUNTY Miami Dade MARKET Miami FINANCIAL SUMMARY OFFERING PRICE $1,450,000 OCCUPANCY 100.00 % NO I $76,170 CAP RATE 5.25% PROPERTY FEATURES NUMBER OF UNITS 6 LAND SF 6,500 YEAR BUILT 19 47 YEAR RENOVATED 2020 # OF PARCELS 1 ZONING TYPE T4-R BUILDING CLASS A FOLIO # 01-3207-040-0410 BUILDING SF 2,328 The River Studios is a 6-unit garden-style complex that was fully renovated and completed in early 2020. The property was entirely updated with new impact windows, roof, plumbing, and electric. The units offer exposed wood beam ceilings, washer/dryer combo in each unit, kitchen with top brand stainless steel appliances, stunning bathrooms, concrete tile floors, and security/alarm system. In addition, 5 of the 6 units have their own private backyard garden/space. Located in the highly desirable Little River neighborhood, the property is across the street from Ironside on NE 4th Ct, and just steps away from the popular new spots like The Citadel, La Natural, and El Bagel. PROPERTY DESCRIPTION RIVER STUDIOS Aerial | 4 RIVER STUDIOS Aerial | 5 RIVER STUDIOS Aerial | 6 RIVER STUDIOS Property Images | 7 RIVER STUDIOS Property Images | 8 RIVER STUDIOS Property Images | 9 RIVER STUDIOS Rent Roll Summary / Operating Statement | 10 RENT ROLL SUMMARY RENT ROLL DETAIL OPERATING STATEMENT # of Avg Sq Rental Average Average Monthly Average Average Monthly Unit Type Units Feet Range Rent Rent / SF Income Rent Rent / SF Income Studio 6 450 $1,325 - $1,500 $1,438 $3.19 $8,625 $1,533 $3.41 $9,200 Totals/Weighted Averages 6 450 $1,438 $3.19 $8,625 $1,533 $3.41 $9,200 Current Potential Current Current Potential Potential Square Rent / Rent / SF/ Rent / Rent/ SF/ Unit Unit Type Feet Month Month Month Month 1 Studio 450 $1,325 $2.94 $1,575 $3.50 2 Studio 450 $1,450 $3.22 $1,550 $3.44 3 Studio 450 $1,500 $3.33 $1,550 $3.44 4 Studio 450 $1,500 $3.33 $1,550 $3.44 5 Studio 450 $1,350 $3.00 $1,400 $3.11 6 Studio 450 $1,500 $3.33 $1,575 $3.50 Total 2,700 $8,625 $3.19 $9,200 $3.41 Income Current Year 1 Per Unit Per SF Gross Potential Rent 110,400 113,712 18,952 42.12 Loss / Gain to Lease (6,900) 6.3% 0 0.0% 0 0.00 Gross Current Rent 103,500 113,712 18,952 42.12 Physical Vacancy (3,105) 3.0% (3,411) 3.0% (569) (1.26) Total Vacancy ($3,105) 3.0% ($3,411) 3.0% ($569) ($1) Effective Rental Income 100,395 110,301 18,383 40.85 Other Income 2,400 2,400 400 0.89 $2,400 $2,400 $400 $0.89 Total Other Income Effective Gross Income $102,795 $112,701 $18,783 $41.74 Expenses Current Year 1 Per Unit Per SF 7,701 20,300 3,383 7.52 6,900 6,900 2.56 1,076 1,076 [2] 1,150 179 0.40 1,860 1,860 310 0.69 948 948 158 0.35 1,800 1,800 300 0.67 1,200 1,200 200 0.44 Real Estate Taxes Insurance Utilities - Water & Sewer Trash Removal Internet Landscaping Operating Reserves Management Fee 5,140 5.0% 5,635 5.0% 939 2.09 $26,625 $39,719 $6,620 $14.71 25.9% 35.2% Total Expenses Expenses as % of EGI Net Operating Income $76,170 $72,982 $12,164 $27.03 Parking Income RIVER STUDIOS Pricing Detail | 1 1 PRICING DETAIL Operating Data Price $1,450,000 $1,450,000 100% 6 Current Year 1 $241,667 Gross Scheduled Rent $103,500 $113,712 $537.04 3.0% $3,105 3.0% $3,411 2,700 $100,395 $110,301 0.15 Acres $2,400 $2,400 Down Payment Number of Units Price Per Unit Price Per SqFt Rentable SqFt Lot Size Approx. Year Built 1947 $102,795 $112,701 Less: Vacancy/Deductions Total Effective Rental Income Other Income Effective Gross Income Less: Expenses 25.9% $26,625 35.2% $39,719 Net Operating Income $76,170 $72,982 Returns Current Year 1 Cash Flow $76,170 $72,982 CAP Rate 5.25% 5.03% 14.01 12.75 Net Cash Flow After Debt Service 5.25% $76,170 5.03% $72,982 5.25% 5.03% GRM Cash-on-Cash Total Return 5.25% $76,170 5.03% $72,982 Current Year 1 $7,701 $20,300 $6,900 $6,900 $1,076 $1,076 $1,860 $1,860 $948 $948 $1,800 $1,800 $1,200 $1,200 Real Estate Taxes Insurance Utilities - Water & Sewer Trash Removal Internet Landscaping Operating Reserves Management Fee $5,140 $5,635 Total Expenses $26,625 $39,719 Expenses/Unit $4,437 $6,620 Expenses/SF $9.86 $14.71 Expenses Income Summary RIVER STUDIOS Sale Comparables Map | 1 2 # Property Name Address City S River Studios 7735 NE 4th Ct Miami 1 9220 Biscayne Blvd 9220 Biscayne Blvd Miami 2 238 NE 58th St 238 NE 58th St Miami 3 7421 NW Miami Pl 7421 NW Miami Pl Miami 4 143 NE 43rd St 143 NE 43rd St Miami 5 9005 NE 8th Ave 9005 NE 8th Ave Miami RIVER STUDIOS Sale Comparables | 1 3 1 9220 Biscayne Blvd 9220 Biscayne Blvd Miami, FL 33138 TOTAL UNITS 8 YEAR BUILT 1947 SALE PRICE $2,105,000 PRICE/UNIT $263,125 PRICE/SF $291.39 BUILDING SF 7,224 LAND SF 19,500 CLOSING DATE 10/28/2020 DISTANCE 1.3 miles 2 238 NE 58th St 238 NE 58th St Miami, FL 33137 TOTAL UNITS 5 YEAR BUILT 1930 SALE PRICE $1,000,000 PRICE/UNIT $200,000 PRICE/SF $229.15 BUILDING SF 4,364 LAND SF 10,000 CLOSING DATE 9/17/2019 DISTANCE 1.5 miles RIVER STUDIOS Sale Comparables | 1 4 3 7421 NW Miami Pl 7421 NW Miami Pl Miami, FL 33150 TOTAL UNITS 5 YEAR BUILT 1947 SALE PRICE $925,000 PRICE/UNIT $185,000 PRICE/SF $197.82 BUILDING SF 4,676 LAND SF 14,711 CLOSING DATE 5/30/2019 DISTANCE 1.0 miles 4 143 NE 43rd St 143 NE 43rd St Miami, FL 33137 TOTAL UNITS 8 YEAR BUILT 1926 SALE PRICE $1,500,000 PRICE/UNIT $187,500 PRICE/SF $301.51 BUILDING SF 4,975 LAND SF 5,250 CLOSING DATE 12/5/2019 DISTANCE 2.5 miles 5 9005 NE 8th Ave 9005 NE 8th Ave Miami, FL 33138 TOTAL UNITS 11 YEAR BUILT 1947 SALE PRICE $2,100,000 PRICE/UNIT $190,909 PRICE/SF $264.78 BUILDING SF 7,931 LAND SF 22,743 CLOSING DATE 6/25/2020 DISTANCE 1.5 miles RIVER STUDIOS Sale Comparables | 1 5 RIVER STUDIOS | 77 35 N E 4TH CT Exclusively Marketed by: Mikael Hamaoui Broker (305) 776-5345 License # BK329915 mikael@rivierahorizons.com www.RivieraHorizons.com The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Riviera Horizons and it should not be made available to any other person or entity without the written consent of Riviera Horizons . By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return this offering memorandum to Riviera Horizons. This offering memorandum has been prepared to provide summary, unverified financial and physical 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. Riviera Horizons 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, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or 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 offering memorandum has been obtained from sources we believe reliable; however, Riviera Horizons Th has not verified, and will not verify, any of the information contained herein, nor has Riviera Horizons 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 of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT MIKAEL HAMAOUI FOR MORE DETAILS.