THE BAY HARBOR COLLECTION

Joseph Thomas, Alec Demetriou and the Thomas Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Bay Harbor Collection, which is located at 9200 and 9270 East Bay Harbor Drive, Bay Harbor Islands (Miami), Florida.

SUBJECT PROPERTY

The Bay Harbor Collection is comprised of two (adjacent), two-story apartment buildings totaling 42 units.  The properties were built in 1951 and 1955, include 33,940 square-feet and encompass a 44,360 square-foot lot (according to the Miami Dade Property Appraiser).  The property is comprised of (4) studio apartments with an average in-place rent of $1,800, (28) one-bedroom | one-bath apartments with an average in-place rent of $2,094, (4) two -bedroom | one and a half-bathroom apartments with an in-place rent of $2,532, and (6) two-bedroom | two-bathroom apartments with an in-place rent of $2,758.  39 of the 42 apartments (93%) have undergone significant renovations including new kitchens, appliances, flooring, baseboards, vanities and light fixtures totaling more than $300,000.  Prior ownership installed hurricane-resistant impact windows and doors, and new roofs were installed in 2016.  Amenities include garden-style courtyards, street parking along the perimeter and on-site laundry facilities.

The underlying zoning at The Bay Harbor Collection is RM-2, which offers a maximum allowable base density of 34 dwelling units per acre and maximum allowable overall density (includes base density + TDR units) of 60 dwelling units per acre, with a maximum height of 65 feet.  Please see the Zoning Study provided by Kobi Karp Architecture provided in Section 2 herein.

LOCATION

The Bay Harbor Collection is situated on E Bay Harbor Drive between 92nd and 93rd Streets, just south of Kane Concourse (96^thStreet).  Residents can walk north to the two-block business district along Kane Concourse/96^th Street, which offers a variety of boutique retail shops, restaurants and art galleries.  The surrounding neighborhood consists primarily of townhomes and condominiums, as well as multifamily properties.  The average household income is $140,104 within one-mile, as reported by Experian.

Area education centers include Ruth K. Broad K-8 Center (0.3 miles), Mater Beach Academy Middle School (1.7 miles) and Johnson & Wales University Miami (2.6 miles).  Surrounding area points of interest and retailers include the Regions Bank (0.4miles), Bank of America (0.4 miles), Surfside Plaza (0.6 miles), Surfside Walking Path (0.7 miles), St. Regis Bal Harbour Resort (0.9 miles), Publix Supermarket at Surfside (0.9 miles) and Bal Harbour Shops (0.9 miles). Additionally, the Four Seasons Hotel at The Surf Club (1.5 miles), North Beach Oceanside Park (2.0 miles), Bill Bird Marina (2.1 miles) and Haulover Inlet and Beach Park (2.3 miles) are just a short drive from the property.  The Bay Harbor Islands are also just a short drive from Bal Harbor, Sunny Isles, Surfside and North Beach.

Bay Harbor Islands has experienced a recent development boom with more than 20 projects currently under construction, planned or recently completed.  The development pipeline is outlined in more detail in Section 3 herein.

SUMMARY

The Bay Harbor Collection offers incoming investors a true covered land play with the ability to redevelop luxury condominiums in one of South Florida’s hottest residential markets in the future.  The Bay Harbor Collection is offered for sale, unpriced to be determined by the market.