Investment Overview

Millichap, as exclusive listing agents, are pleased to offer for sale the Harding & Abbott Portfolio, a 3-building portfolio totaling 30 units located in the North Beach section of Miami Beach, Florida. The sellers have owned the properties since 1994. SUBJECT PROPERTY The Harding & Abbott Portfolio is comprised of three, two-story apartment buildings totaling 30 units. The properties situated on Harding Avenue are located within a zoning district that permits the use of short-term rentals or transient licenses whereas Abbott does not. 300 76th Street (situated on Harding Avenue) is a fourteen-unit, two-story apartment building constructed in 1958 of concrete block and painted stucco. The property is comprised of 6,755 square feet of adjusted living area and is situated on a 5,650 square foot lot, according to the Miami Dade Property Appraiser. The unit mix consists of (10) studio apartments with an average in-place rent of $960 (market rents for competing studio apartments exceed $1,700 per month) and (4) one-bedroom | one-bathroom apartments with an average in-place rent of $1,088 (market rents for competing one-bedroom apartments exceed $2,000 per month). All units are equipped with wall air conditioning units, a combination of tile, vinyl, and carpet flooring, and gas appliances. The property also includes a washing machine and dryer leased through Commercial Laundry. 300 76th Street passed its 40/10-year building recertification in July 2018. 7636 Harding Avenue is an eight-unit, two-story apartment building constructed in 1956 of concrete block and painted stucco. The property is comprised of 5,458 square feet of adjusted living area and is situated on a 5,500 square foot lot, according to the Miami Dade Property Appraiser. The unit mix consists of (8) one-bedroom | one-bathroom apartments with an average in-place rent of $1,050 (market rents for competing one-bedroom apartments exceed $2,000 per month). All units are equipped with wall air conditioning units, a combination of tile, vinyl, and carpet flooring, and gas appliances. The property also shares a washing machine and dryer with 7635 Abbott Avenue leased through Commercial Laundry. 7636 Harding Avenue also passed its 40/10-year building recertification in May 2016. 7635 Abbott Avenue is an eight-unit, two-story apartment building constructed in 1956 of concrete block and painted stucco. The property is comprised of 5,522 square feet of adjusted living area and is situated on a 5,650 square foot lot, according to the Miami Dade Property Appraiser. The unit mix consists of (8) one-bedroom | one-bathroom apartments with an average in-place rent of $1,028 (market rents for competing one-bedroom apartments exceed $2,000 per month). All units are equipped with wall air conditioning units, a combination of tile, vinyl, and carpet flooring, and gas appliances. The property also shares a washing machine and dryer with 7636 Harding Avenue leased through Commercial Laundry. 7635 Abbott Avenue also passed its 40/10-year building recertification in May 2016. LOCATION The Harding & Abbott Portfolio is situated between 76th and 77th Streets along Harding Avenue/Florida State Road A1A, and Abbott Avenue just south of Surfside and Bal Harbor. The surrounding neighborhood consists primarily of multifamily properties, single-family homes, and condominiums. The average household income is reportedly $107,540 within three miles, according to Experian. North Beach is centrally located between Mid Beach to the South and Surfside to the North and provides easy access to North Bay Village, Normandy Isles, Bal Harbor, Bay Harbor Islands and Sunny Isles. The beach includes a boardwalk that becomes a flat trail and leads to the city of Surfside. This is a popular path for runners, bikers, and walkers. North Beach is also home to the North Beach Oceanside Park where you will find ample picnic tables, grills, and playgrounds. Proximate to the property, the North Beach Bandshell, a historic open-air amphitheater built in 1961, is known for its consistent lineup of both local and international musicians. The Town Center District from 69th Street to 73rd Street, from the ocean to Normandy Isle, intended to be the center of activity for North Beach, has been approved for extensive renovation and new construction, described by the city as a revitalization of North Beach. Proposed improvements include revitalized street sections, buildings, and public spaces. Multiple new projects are currently in the development pipeline, including The Gateway on 71st Street, expected to have 110 rental apartments, 8,100 square feet of retail, a 4,900 square foot rooftop restaurant, and two floors of parking, a proposed mixed-use project with ground level commercial space and 232 residential units bordering 71st and 72nd Street on the South and North and Abbott and Byron Avenues on the East and West, and a proposed project between 73rd and 75th Street on Ocean Terrace which is expected to have a 58-unit luxury residential building, a 110-room hotel, a 200-car parking garage, and 18,000 square feet of retail. Surrounding retailers include Walgreens Pharmacy and CVS (0.3 miles), Bank of America (0.4 miles), Miami Beach Tennis Academy (0.4 miles) Chase Bank (0.6 miles), and Publix Super Market at North Shore (1.0 miles). Additionally, Normandy Shores Golf Club (2.2 miles) La Groce Golf Club (2.3 miles), and North Bay Village (2.8 miles) are all just a short drive from the property. Area education centers include Biscayne Beach Elementary School (0.4 miles), North Beach Elementary (3.9 miles), North Miami Senior High (2.5 miles) and Miami Beach Nautilus Middle School (4.1 miles). Other area points of interest include The Spa at Carillon Miami Wellness Resort, The Strand Bar & Grill at Caillon, Buenos Aires Bakery and Shuckers. SUMMARY The Harding & Abbott Portfolio is offered for sale at $7,200,000 or $240,000 per unit.