Address: 8918 Collins Ave, Surfside, FL 33154

https://www.loopnet.com/Listing/8918-Collins-Ave-Surfside-FL/31292988/

This site is .55 acres in Surfside, Florida, where I grew up :). It currently consists of 2 older multi family properties on the site. The project consists of the following: 1. Assume you are a good negotiator and you managed to put this property under contract for $10M. You also have a current lender that is willing to finance you 60% at 6% fixed mortgage for 5 years. Thankfully you also have $4M in cash from your trip to Vegas where you doubled down the $500K and won big 2. Even though your goal may be to develop this property, you will need to Analyze the 2 multifamily properties on the site by putting together and income and expense report of the existing units. How much income can you get from the units and typical expenses of this type of properties, including taxes, insurance, maintenance, etc. How much NOI is left? What kind of cap rate are you getting? Can you pay debt service? Any cash flow left over? 3. On the development, what can you build on these properties in the city of Surfside? Density? Height? How much parking? Assuming construction cost is $250/per sqft of net rentable area, and parking costs $25,000 per space in a garage, can you put together a development proforma? Describe the project that you envision going on this site. 4. Does this work at $10M? Would you hold the property and cash flow the existing apartments, or will you try and develop immediately? Why? There is no right answer here. The point of this project/final is to make you think like a real estate investor / developer. Use your resources and make it happen....