Copy of OM Copy SITE

SENIOR AFFORDABLE HOUSING DEVELOPMENT OPPORTUNITY
OFFERING MEMORANDUM
4685 NW 7th St, Miami FL 33126
I. EXECUTIVE SUMMARY
Prime Development Opportunity: NW 7th Street, Flagami
An exceptional opportunity to acquire a strategically positioned 0.56-acre property in Miami-Dade County's rapidly evolving Flagami neighborhood for development of a 175-unit, mixed-income senior housing community. This project capitalizes on unprecedented demographic trends, favorable regulatory environment, and strong market fundamentals driving senior housing demand in South Florida.
INVESTMENT HIGHLIGHTS
$4.9M
Offering Price
Acquisition cost for prime development opportunity
27.9%
Developer IRR
Strong returns with 3.42x equity multiple
11.3%
LIHTC Investor IRR
Stable returns with 1.61x equity multiple
5
Year Exit Strategy
Optimized timeline for maximum investor returns
PROJECT OVERVIEW
Total Units
175 units with 40% Affordable and 60% Market Rate distribution, creating an optimal mixed-income community
Building Height
8 Stories designed specifically for senior residents with enhanced accessibility features
Site Size
0.56 Acres strategically located in the Flagami neighborhood of Miami-Dade County
Cost Per Unit
$275,547 representing efficient development costs in the competitive Miami market
INCOME ADVANTAGE
$227,100
Existing Annual Income
Cash flow from fully occupied commercial building during predevelopment phase
100%
Occupancy Rate
Fully leased commercial building reduces development risk and provides immediate returns
This existing income stream provides a competitive advantage in ground-up development projects, effectively subsidizing the predevelopment phase while maintaining community services during the approval process.
CONFIDENTIALITY NOTICE AND DISCLAIMER
© 2025 FORTUNE CHRISTIE'S INTERNATIONAL REAL ESTATE. ALL RIGHTS RESERVED.
The information contained in this Offering Memorandum is proprietary, strictly confidential, and intended solely for the use of qualified investors and potential purchasers who have been pre-approved to receive such materials.
CONFIDENTIALITY OBLIGATIONS:
By accepting and reviewing this Offering Memorandum, you (the "Recipient") acknowledge and agree that: (i) all information contained herein constitutes confidential and proprietary information; (ii) you will maintain the confidentiality of all information and will not disclose any portion of this document to any third party without prior written consent; (iii) you will use the information solely for the purpose of evaluating the potential transaction described herein.
ACCURACY AND RELIABILITY:
All information contained herein has been secured from sources we believe to be reliable; however, the accuracy of such information is not guaranteed and has not been independently verified. The information is subject to errors, omissions, changes, and withdrawal without notice. Any reference to age, square footage, income projections, development costs, or other quantitative data must be independently verified by the Recipient and are not guaranteed by the Seller or its representatives.
INVESTMENT DISCLAIMERS:
Real estate investments involve substantial risks, including but not limited to market volatility, regulatory changes, construction delays, cost overruns, financing risks, and potential loss of principal.
DUE DILIGENCE REQUIREMENT:
Prospective purchasers must conduct their own independent investigation, analysis, and due diligence regarding all aspects of the proposed investment, including but not limited to: financial projections, market conditions, regulatory compliance, environmental conditions, title matters, zoning restrictions, development feasibility, and all other factors material to the investment decision.
NO WARRANTIES OR REPRESENTATIONS:
Seller makes no warranties regarding accuracy or completeness. Consult your own legal, tax, and financial advisors before making investment decisions.
LIMITATION OF LIABILITY:
Neither the Seller nor its representatives shall be liable for any errors, omissions, or misstatements contained in this Offering Memorandum, nor for any damages arising from the use of or reliance upon the information contained herein. The Recipient acknowledges that any investment decision will be based upon independent investigation and analysis.
By proceeding to review this Offering Memorandum, you acknowledge that you have read, understood, and agree to be bound by all terms and conditions set forth in this Confidentiality Notice and Disclaimer.
TABLE OF CONTENTS
I. EXECUTIVE SUMMARY
Pg#3. Investment Highlights
Pg#4. Project Overview
Pg#5. Income Advantage
II. INVESTMENT OVERVIEW
Pg#9. Proposed Capital Stack
Pg#10. Sources of Funds
Pg#11. Uses of Funds
Pg#12. Return Summary
III. PROPERTY OVERVIEW
Pg#14. Site Description
Pg#15. Existing Property Details
Pg#16. Current Income Performance
IV. LOCATION ANALYSIS
Pg#17. Prime Flagami Corridor Position
Pg#18. Transportation Infrastructure
Pg#19. Miami International Airport Influence
V. MARKET ANALYSIS
Pg#21. Demographic Drivers
Pg#22. Senior Housing Market Fundamentals
VI. DEVELOPMENT PROGRAM
Pg#23. Parking Calculations
Pg#24. Unit Mix & Pricing Strategy
Pg#25. Senior-Focused Amenities
VII. REGULATORY FRAMEWORK
Pg#26. Live Local Act Compliance
Pg#27. Live Local Act Benefits
Pg#28. Affordable Housing Requirements
VIII. FINANCIAL ANALYSIS
Pg#30. Development Costs Breakdown
Pg#31. Soft Costs Breakdown
Pg#32. Revenue Projections
Pg#33. Operating Pro Forma
Pg#34. Exit Strategy Analysis
Pg#35. Cash Flow Waterfall Structure
IX. EXHIBITS
Pg#37. A: Floor Breakdown Analysis
Pg#40. B: Market Comparables Analysis
CONCLUSION
II. INVESTMENT OVERVIEW
Proposed Capital Stack
This development opportunity is structured as a ground-up, mixed-income senior housing project utilizing Low-Income Housing Tax Credit (LIHTC) financing, combined with Conventional Debt, State Apartment Incentive Loan (SAIL), County Surtax and Developer Equity.
Sources of Funding:
Source: Florida Housing Finance Corporation Guidelines; Miami-Dade County Surtax Program
Uses of Funds
Source: RS Means 2025 Construction Cost Data; Comprehensive Financial Analysis
Return Summary
5-Year Exit Strategy Analysis:
The financial projections are based on a comprehensive 5-year hold period with sale to developer investor, which is the recommended strategy for maximizing returns while maintaining operational stability for the affordable housing component.
Developer Returns (5-Year Hold):
Total Equity Investment: $4,822,064
Preferred Return: 10% annually
Equity Multiple: 3.42x
Internal Rate of Return: 27.9%
Total Cash-on-Cash Return: $16,503,950
LIHTC Investor Returns (5-Year Hold):
Total Equity Investment: $16,877,224
Preferred Return: 6.5% annually
Equity Multiple: 1.61x
Internal Rate of Return: 11.3%
Note: Detailed cash flow waterfalls, cash flow distributions to LIHTC investor, and complete IRR calculations will be provided to qualified buyers during due diligence phase.
III. PROPERTY OVERVIEW
Site Description
Property Address
4685 NW 7th Street, Miami FL, 33126
Total Land Area
24,375 SF (0.56 acres)
Zoning
T6-8-O
Live Local Act qualified for mixed-income senior housing
Maximum Building Height
8 stories (111 ft due to FAA airport restrictions)
Source: Miami-Dade County Property Records; FAA Part 77 Airspace Analysis
Existing Property Details
Current Structure:
Building Type
Single-story commercial building
Building Size
9,482 square feet
Year Built
1972
Property Condition
Excellent condition with 40-year recertification completed
Recent Capital Improvements:
Roof replacement (2019)
Parking lot resurfacing (2020)
Building Systems: All mechanical, electrical, and plumbing systems in good working condition
Source: Property Due Diligence Report; Miami-Dade County Building Department Records
Current Income Performance
100% Occupied Commercial Building:
The existing property provides exceptional value through its fully-leased commercial building, generating income during the extended predevelopment and permitting phase. This cash flow reduces development risk and carrying costs.
Current Tenant Profile:
Source: Current Lease Abstracts and Rent Roll
IV. LOCATION ANALYSIS
Prime Flagami Corridor Position
The subject property occupies a commanding position on NW 7th Street, one of Miami's most significant east-west transportation arteries. This corridor serves as a critical link connecting Miami International Airport, downtown Miami, and western suburbs.
Traffic and Visibility Metrics:
Daily Traffic Volume
40,744 vehicles per day (VPD)
Corridor Classification
Major east-west arterial roadway
Commercial Density
High-visibility retail and service corridor
Transit Access
Multiple Metrobus routes with frequent service
Source: Florida Department of Transportation Traffic Count Database 2024
Transportation Infrastructure
Highway Access Network:
The property provides exceptional connectivity to South Florida's primary transportation infrastructure:
Primary Highway Connections:
SR 836 (Dolphin Expressway)
0.5 miles - Direct access to I-95, Florida's Turnpike, and I-75
SR 826 (Palmetto Expressway)
2.0 miles - North-south connectivity throughout Miami-Dade County
I-95 Corridor
4.0 miles - Direct downtown Miami, Fort Lauderdale, and Gold Coast access
Florida's Turnpike
Via SR 836 connection - Central and northern Florida access
Source: Florida Department of Transportation Highway System Map 2024
Regional Drive Time Analysis:
Downtown Miami: 15 minutes via SR 836 and I-95
Brickell Financial District: 18 minutes via multiple route options
Miami Beach: 25 minutes via I-195 or SR 836 to I-395
Fort Lauderdale: 35 minutes via I-95 north
Key Biscayne: 30 minutes via downtown Miami connection
Source: Google Maps Travel Time Analysis during peak hours
Miami International Airport Influence
Airport Proximity to property and Economic Impact:
3.2
Miles from MIA
8-12 minute drive time
280K+
Jobs
Employment within airport economic area
$34B
Economic Impact
Annual impact from airport operations
52.3M
Passengers
Annual passenger volume (2023)
Source: Miami International Airport Economic Impact Study 2023; Miami-Dade Aviation Department
Federal Aviation Administration (FAA) Height Restrictions:
The property's location within Miami International Airport's airspace protection zone creates both development constraints and competitive advantages through supply limitation.
Height Restriction Analysis:
FAA Regulation: Part 77 airspace protection surface requirements
Maximum Allowable Height: 111 feet above ground level
Practical Building Limitation: 8 stories for residential development with mechanical systems
Building Envelope Calculation: Approximately 14 feet per story including structure and mechanicals
Federal vs. State Law: FAA regulations supersede state zoning allowances
Source: Federal Aviation Administration Part 77 Airspace Analysis; Miami International Airport Master Plan Update
Zoning & Height Restrictions
Live Local Act Height Provisions vs. FAA Restrictions:
State Law Allowance:
SB 102 Height Rule: Permits height matching tallest building within 1-mile radius
Local Analysis: Nearby developments would support up to 12 stories
Zoning Override: Live Local Act supersedes local zoning restrictions
Federal Aviation Administration Override:
FAA Part 77: Federal airspace protection requirements take precedence
Maximum Height: 111 feet above ground level due to airport proximity
Practical Limit: 8 stories for residential development
Compliance Required: Federal law supersedes state and local regulations
Source: Florida Statutes 163.31801; FAA Advisory Circular 70/7460-1L; Miami International Airport Airspace Analysis
V. MARKET ANALYSIS
Demographic Drivers
Miami-Dade County Senior Population Explosion:
Miami-Dade County is experiencing unprecedented demographic transformation, with senior population growth rates significantly exceeding national averages.
County-Wide Senior Demographics:
Current 65+ Population
386,640
15% of 2.7M total population
Current 55+ Population
680,000+
26% of total population
Projected Senior Population:
Projected 2040 Senior Population
800,000+
25% of projected population
Growth Rate
107%
Increase in 65+ population by 2040
Source: Miami-Dade County Age-Friendly Initiative Action Plan; Florida Department of Elder Affairs Profile 2021
Flagami Neighborhood Senior Concentration:
Flagami demonstrates more pronounced aging trends than broader Miami-Dade County, creating ideal conditions for senior housing development.
Flagami Age-Specific Demographics:
Median Age: 45.4 years
55+ Population: Estimated 8,900+ residents (26.6% of neighborhood)
Retirement-Age Trend: "Mainly populated by older retired residents"
Aging in Place Pattern: Strong community ties encouraging local aging
Source: AreaVibes Demographics 2024; Homes.com Local Guide 2024; City-Data.com
City of Miami Senior Housing Crisis:
Senior Homelessness: 14% of Miami-Dade's 3,800 homeless population is 65+
Fastest Growing Demographic: Seniors represent fastest-growing homeless segment
Housing Unit Shortage: 4,500 rental units needed for low/moderate income residents
Affordability Gap: Increasing seniors facing housing insecurity
Source: Miami Herald Senior Housing Crisis Report, January 2025; City of Miami Affordable Housing Master Plan
Senior Housing Market Fundamentals
National and Regional Occupancy Trends:
87.4%
National Senior Housing Occupancy (Q1 2025), up from 87.1% Q4 2024
89.0%
Independent Living Occupancy nationally
2.1%
Miami-Dade Market Vacancy for senior housing (exceptionally tight)
Market Trend: "Surging senior living demand" driving occupancy increases
Supply Constraint: Limited new senior housing development in urban core areas
Source: Senior Housing News Market Report Q1 2025; CoStar Group Miami-Dade Market Analytics Q1 2025
Aging in Place Preferences:
80%
Of seniors prefer aging in their local community
78%
Of adults 45+ prefer remaining in homes indefinitely
Cultural Ties: Particularly strong in established Hispanic communities like Flagami
Source: AARP Home and Community Preferences
VI. DEVELOPMENT PROGRAM
Total Residential Units
175 units (optimized for senior living)
Building Height
8 stories (maximum under FAA restrictions)
Total Building Area
156,120 SF
Site Coverage
80% building footprint (19,500 SF)
Parking Requirement
88 total spaces
Source: Miami-Dade County Zoning Code; Senior Housing Design Standards
Parking Calculations
Parking Requirement Analysis:
The parking calculation reflects Miami-Dade County requirements for senior housing developments, which recognize the lower automobile ownership rates among senior residents compared to general population housing.
Base Parking Calculation:
Standard Requirement: 0.5 spaces per unit for senior housing
Total Units: 175 units
Base Requirement: 175 × 0.5 = 87.5 spaces
Rounded Requirement: 88 spaces
Parking Distribution:
Enclosed Parking (Floors 1-2): 82 spaces
1st Floor: 40 spaces
2nd Floor: 42 spaces
Surface Parking: 6 spaces
Total Provided: 88 spaces (meets code requirement)
The parking ratio reflects demographic research showing seniors average 0.4-0.6 vehicles per household, significantly lower than general population averages of 1.8-2.2 vehicles per household, allowing for more efficient land use.
Source: American Community Survey Transportation Data; Senior Housing Industry Standards
Unit Mix & Pricing Strategy
Affordable Housing Component (70 units - 40% of total):
Source: Miami-Dade County Housing Authority 2025 Income Limits
Market-Rate Component (105 units - 60% of total):
Total Project Annual Residential Income: $4,397,400
Source: Market Rent Analysis; Flagami Rental Market Comparables 2025 (Exhibit B)
Senior-Focused Amenities
Third Floor Amenity Package (19,515 SF):
Community Spaces
Multi-purpose community room with full catering kitchen
Game room and social lounges
Media/theater room
Central laundry facilities
Wellness Areas
Fitness center with senior-appropriate equipment
Wellness and health services center
Salon and barber services
Learning Spaces
Library and computer learning center
Arts and crafts studio
Management and staff offices
Rooftop Community Spaces (8,000 SF):
Community garden with individual raised beds (3,500 SF)
Pet relief and exercise area (2,000 SF)
Shaded seating areas with pergolas (2,000 SF)
ADA-accessible pathways throughout
Emergency access and safety features
Source: Senior Housing Design Standards; Americans with Disabilities Act Requirements
Senior-Specific Design Features:
ADA-compliant units throughout
Enhanced grab bars and safety features
Wide corridors and accessible pathways
Emergency call systems
Enhanced lighting and visual safety elements
Non-slip surfaces and materials
Elevated electrical outlets and lowered switches
VII. REGULATORY FRAMEWORK
The project fully qualifies for and complies with Florida's Live Local Act, providing significant regulatory and financial benefits while ensuring long-term affordability compliance.
Florida Bill 102 (Live Local Act) Compliance
Source: Florida Statutes 163.31801 (Live Local Act); Miami-Dade County SB 102 Implementation Guidelines
Live Local Act Benefits
Financial Benefits:
Impact Fee Deferral
Up to 30 years on all development impact fees
Property Tax Reduction
Significant reduction for affordable housing component
Streamlined Approvals
Administrative approval process vs. traditional zoning
Fee Reductions
Various permit and processing fee reductions
Estimated Financial Impact:
$0
Impact Fees
Deferred in year 1, included in projections
$115,500
Annual Property Tax Savings
Significant ongoing operational benefit
$50-75K
Permit Processing Savings
Reduced fees and expedited processing
Source: Miami-Dade County Fee Schedule; Live Local Act Financial Impact Analysis
Affordable Housing Requirements
Long-Term Affordability Compliance:
LIHTC Compliance Period:
1
Initial Compliance
15 years from placed-in-service date
2
Extended Use Period
Additional 15 years (30 years total)
3
Income Certification
Annual tenant income verification required
4
Rent Restrictions
Maximum rents tied to Area Median Income limits
Live Local Act Compliance:
Affordability Period: 30 years minimum
Income Targeting: 30%, 50%, and 60% AMI levels
Monitoring: Annual compliance reporting to state and local agencies
Penalties: Non-compliance results in benefit recapture
Source: Internal Revenue Code Section 42; Florida Housing Finance Corporation Compliance Manual
VIII. FINANCIAL ANALYSIS
Development Costs Breakdown
Comprehensive Construction Cost Analysis:
The development cost projections are based on extensive analysis utilizing RS Means 2025 Construction Cost Data for Miami market conditions, adjusted for senior housing specifications and current material/labor costs.
Hard Construction Costs ($30,679,180 total):
Source: RS Means 2025 Florida Construction Cost Data; Cumming Construction Miami Market Analysis 2025
Soft Costs Breakdown ($9,203,754 total):
Source: AIA Florida 2025 Fee Schedule; Florida Housing Finance Corporation Guidelines
Revenue Projections
5-Year Revenue Growth Projections:
Annual Growth Assumptions: Residential 3.85%, Retail 5.8%, Other Income 3.9%
Vacancy Assumption: 3%
Other income: $50 per Unit/Month, includes laundry, application fees, late fees, etc.
Source: Miami-Dade Market Analysis; Colliers Retail Market Report 2025
Operating Pro Forma
5-Year Operating Expense Projections:
Annual Growth Assumption: 3% for all operating expenses
Source: IREM 2025 South Florida Operating Expense Analysis
Exit Strategy Analysis
5-Year Hold Period with Institutional Sale:
The financial analysis is structured around a 5-year exit strategy, which represents the optimal hold period for mixed-income senior housing developments. This timeframe allows for:
Stabilization Period: Full lease-up and operational optimization (Years 1-2)
Cash Flow Growth: Rent growth and expense management benefits (Years 3-4)
Exit Timing: Sale to institutional investor seeking stabilized senior housing asset (Year 5)
Year 5 Exit Analysis:
Year 5 NOI
$3,315,694
Exit Cap Rate
5.25% (based on comparable sales)
Gross Sale Price
$63,156,070
Sale Costs (1.5%)
$947,341
Net Sale Proceeds
$62,208,729
Remaining Debt Balance
$25,642,942
Net Cash Available for Distribution
$36,565,787
Cash Flow Waterfall Structure:
The project utilizes a cash flow waterfall structure accommodating multiple investor classes with different return requirements:
Distribution Priority:
Senior Debt Service: 6.75% annual
LIHTC Investor Preferred Return: 6.5% annually on $16,877,224 investment
Developer Preferred Return: 10% annually on $4,822,064 investment
Return of Capital: LIHTC and Developer equity return
Excess Cash Flow: Split per partnership agreement (65% Developer, 35% LIHTC)
Projected Distribution Summary (5-Year Total):
Note: Detailed annual cash flow projections, distribution schedules, and complete IRR sensitivity analysis will be provided to qualified buyers during the due diligence period.
Sensitivity Analysis Summary:
IX. EXHIBITS
EXHIBIT A: FLOOR BREAKDOWN ANALYSIS
1st Floor (19,515 SF) - Parking, Lobby & Retail:
2nd Floor (19,515 SF) - Parking & Building Services:
3rd Floor (19,515 SF) - Complete Senior Amenity Package:
4th-8th Floors (Identical - 19,515 SF each):
Rooftop Level (8,000 SF) Outdoor Spaces:
Building Summary:
Total Building Area: 156,120 SF (19,515 sqft per floor x 8 floors)
Residential Units: 175 total, 40% affordable, 60% market rate (70 affordable, 105 market rate)
Parking Spaces: 82 enclosed + 6 surface = 88 total
Retail Space: 1,815 SF total generating annual income
Dedicated Amenity Space: 19,515 SF (entire 3rd floor)
Rooftop Amenities: 8,000 SF accessible outdoor space
Source: Architectural Program Analysis; Senior Housing Design Standards
EXHIBIT B: MARKET COMPARABLES ANALYSIS
Senior Housing Rental Comparables:
Studio Apartment Market Analysis ($2,600/month):
Sources: Centro City leasing office Q1 2025; The Palace price sheet March 2025; Douglas Development listings April 2025; Flagler Villas marketing materials Dec 2024
One-Bedroom Apartment Market Analysis ($2,850/month):
Sources: Centro City leasing office Q1 2025; Mirabella price sheet February 2025; East Ridge rate card March 2025; Bayshore Senior Living January 2025
One-Bedroom + Den Apartment Market Analysis ($3,100/month):
Sources: Flagler Property Management, March 2025; Blue Lagoon leasing portal, April 2025; Bayshore Senior Living January 2025; Miami-Dade Housing Analysis, Q4 2024
Affordable Housing Rent Verification:
Source: Miami-Dade County Housing Authority 2025 Income Limits
Land Value Comparables Analysis:
Market Position Analysis:
Land Cost Advantage: Subject property at $28,000/door represents 20-38% savings vs. comparable sites
Location Premium: Airport proximity and transportation access justify pricing strategy
Source: CoStar Group; Real Capital Analytics 2024-2025
Retail Market Comparables:
Sources: Colliers Miami-Dade Retail Market Report Q1 2025; LoopNet Flagami listings 2025
CONCLUSION
This senior affordable housing development represents an exceptional convergence of demographic trends, regulatory advantages, market fundamentals, and financial opportunity in Miami-Dade County's established Flagami neighborhood.
Key Investment Drivers:
Unprecedented Demographic Growth
107% increase in Miami-Dade senior population by 2040
Existing Income Advantage
$227,100 annual cash flow during predevelopment phase
Regulatory Tailwinds
Live Local Act benefits including $115,500 annual tax savings
Strategic Location
Prime corridor with airport proximity and transportation access
Strong Financial Returns
27.9% developer IRR with comprehensive downside protection
Competitive Advantages:
Supply-Constrained Market: FAA height restrictions limit competing developments
Established Neighborhood: Mature community with aging-in-place demographics
Mixed-Income Structure: Balanced affordable and market-rate components providing stability
Comprehensive Amenities: Full-floor senior amenity package differentiates project from competition
The combination of Miami-Dade County's exceptional senior population growth, the property's strategic location, existing income generation, and favorable regulatory environment creates a compelling investment opportunity with multiple value drivers and strong risk mitigation factors.
This offering represents an optimal entry point into South Florida's rapidly expanding senior housing market, with conservative underwriting, experienced development team execution, and institutional-quality exit strategy positioning.
For additional information, detailed financial models, and due diligence materials, qualified investors should contact the listing agent to begin the confidential review process.
EXCLUSIVE LISTING AGENT:
Maria Francisca Miranda
Commercial Real Estate Specialist
Fortune Christie's International Real Estate
Direct Phone: +1 (786) 399-3192
Email: [email protected]
Website: www.mirandaCRE.com
Office Address:
8551 NW 53rd Street, Suite A106
Miami, FL 33166
Specializing in Miami-Dade County & Broward County Commercial Real Estate
Expert in Development Sites, Investment Properties, and Mixed-Use Opportunities
For additional information, detailed financial models, due diligence materials, or to schedule a property tour, qualified investors should contact Maria Francisca Miranda directly. All inquiries will be handled with complete confidentiality.
CONFIDENTIAL OFFERING MEMORANDUM
This document contains confidential and proprietary information. Distribution is restricted to qualified investors and potential purchasers that acknowledge the terms set forth in the Confidentiality Notice and Disclaimer.
© 2025 Fortune Christie's International Real Estate. All Rights Reserved.