Tuscany Villas

Offering Memorandum

14 Units | 4696 - 4716 SW 33rd Avenue | Dania Beach, Florida 33312

NON - E N D OR S E M E N T & D I S C L A I M E R NOT IC E

CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified 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. Marcus & Millichap 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, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the 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 Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2022 Marcus & Millichap. All rights reserved.

THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2022 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT NOTICE Marcus & Millichap Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser.

Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.

Activity ID #ZAC0240982

OFFICES THROUGHOUT THE U.S. AND CANADA marcusmillichap.com

E X C L U S I V E LY L I S T E D B Y Alec G. Bashein

Evan P. Kristol

Senior Associate Office: Fort Lauderdale Direct: 954.245.3437 Alec.Bashein@marcusmillichap.com License: FL #SL3357791

Executive Managing Director Investments Office: Fort Lauderdale Direct: 954.245.3459 Evan.Kristol@marcusmillichap.com License: FL #SL640466

Brandon J. Rex Senior Vice President Investments Office: Fort Lauderdale Direct: 954.245.3488 Brandon.Rex@marcusmillichap.com

DISCLAIMER Any rent or income information in this offering memorandum, with the exception of actual, historical rent collections, represent good faith projections of potential future rent only, and Marcus & Millichap makes no representations as to whether such rent may actually be attainable. Local, state, and federal laws regarding restrictions on rent increases may make these projections impossible, and Buyer and its advisors should conduct their own investigation to determine whether such rent increases are legally permitted and reasonably attainable.

TA B L E O F C O N T E N T S SECTION 1

Executive Summar y

7

SECTION 2

Property Information

11

SECTION 3

Financial Analysis

25

SECTION 4

Sale Comparables

31

SECTION 5

Rent Comparables

37

SECTION 6

Market Overview

45

SECTION 1

Executive Summary O F F E R I N G S U M M A RY INVESTMENT HIGHLIGHTS

O F F E R I N G S U M M A RY

Listing Price

Cap Rate

# of Units

$2,800,000

4.38%

14

FINANCIAL Listing Price Down Payment NOI

$2,800,000 35% / $980,000 $122,670

Cap Rate

4.38%

Total Return

5.61%

Price/SF

$279.41

Rent/SF

$2.25

Price/Unit

$200,000

OPERATIONAL Rentable SF # of Units Lot Size Year Built

8 | E X E C U T I V E S U M M A RY

10,021 SF 14 1 Acres (43,505 SF) 1954

TU SCA N Y VIL L AS 4 7 0 2 S W 3 3 rd Ave , Fo r t L a u d e rd a l e , FL 3 3 3 1 2 INVESTMENT OVERVIEW Marcus & Millichap, as exclusive listing broker, is pleased to offer for sale, Tuscany Villas (herein referred to as “The Property”), a 14-unit rental community located in the highly desirable Dania Beach submarket of Dania, Florida. This offering affords an investor the opportunity to immediately raise rents in an already stabilized and cash flowing rental property or to further renovate units to increase rental premiums and overall return.

Tuscany Villas was constructed in 1954 and 1961 and consists of seven duplexes situated on a large 0.99 - acre lot with an ample amount of parking spaces and plenty of open space. Aside from renovating units to increase rents, a new owner could repurpose some of the unused space on the expansive lot into tenant amenities, that would only increase the current appeal to renters and future potential for the property. The Property has an excellent unit mix consisting of one three-bedroom, 12 twobedroom and one one-bedroom and one-bathroom floor plans. The Property features excellent proximity to Interstate-95, which provides access to all of South Florida.

The Property is well maintained and features a large average unit size of over 700 square feet, with many units featuring washer/dryer hookups in unit and large living rooms.

The Property is located just North of Griffin Road, which is one of the major thoroughfares in Broward County, lined with shopping, entertainment, and employment opportunities, which further enhances the perceived value to current and future residents. Units feature central air conditioning and are appointed with tile floors, with many units having black and stainless-steel appliances. The Property also has had all the roofs recently replaced, new electrical disconnects, and the installation of double pane, high impact glass windows.

Tuscany Villas offers an excellent community feel supported by the expansive plot of land, ample parking and landscaping surrounding the property. Furthermore, in addition to being nearly equidistant from Miami and West Palm Beach, the property features excellent proximity to Fort Lauderdale another major employment hub of South Florida. The location of Tuscany Villas affords an investor the opportunity to attract residents that work in any of the major metropolitan areas of South Florida and further harness the exceptionally strong rental growth that South Florida is experiencing.

INVESTMENT HIGHLIGHTS Highly Sought-After Dania Beach Submarket Centrally Located in Broward County Close Proximity to Hard Rock Hotel & Casino All Roofs Recently Replaced Double Pane Hurricane Impact Windows Well Maintained Property with Significant Upside in Rents Over 90 Percent Two- and Three-Bedroom Floor Plans

E X E C U T I V E S U M M A RY |

9

SECTION 2

Property Information P R O P E R T Y D E TA I L S FLOOR PLANS POINT OF INTEREST MAP REGIONAL MAP LOCAL MAP AERIAL MAP PROPERTY PHOTOS

P R O P E R T Y D E TA I L S // Tuscany Villas SITE DESCRIPTION Number of Units

CONSTRUCTION 14

Framing

Concrete Block

Number of Buildings

7

Exterior

Stucco

Floors

1

Roof

Year Built/Renovated Rentable SF Lot Size Topography Landscaping

1954 10,021 SF 1.00 Acres Flat Mature

PARKING Number of Parking Spaces Parking Parking Ratio

1 2 | P ROP E RT Y I N F OR M AT ION

23 Spaces Asphalt Surface 1.64 Spaces/Unit

Flat

Tuscany Villas // FLOOR PLANS

One - Bedroom/One-Bath

Two - Bedroom/One-Bath P ROP E RT Y I N F OR M AT ION |

13

F L O O R P L A N S // Tuscany Villas

Two - Bedroom/One-Bath (without utility)

1 4 | P ROP E RT Y I N F OR M AT ION

Two - Bedroom/One-Bath (with den)

Tuscany Villas // POINT OF INTEREST MAP

« Tuscany Villas 1. Seminole Hard Rock Hotel & Casino

15

2. Seminole Classic Casino

N

3. Publix Super Market

7. Target 8. The Home Depot 9. Walmart 10. Memorial Hospital Pembroke

14

595

95 17

12

13 11

11. Nova High School

595

Florida’s Turnpike

6. CVS

South University Drive

5. Walgreens

South Pine Island Road

4. Sedano’s Supermarket

441

16

12. Nova Southeastern University Griffin Road

13. Florida Atlantic University

3

14. Meadowbrook Elementary School 15. Stranahan High School 16. Fort Lauderdale International Airport 17. Secret Woods Nature Center 18. ALDI

1

8 7 9

5 6 Sterling Road

18

2

95

10

Sheridan Street

4

P ROP E RT Y I N F OR M AT ION |

15

R E G I O N A L M A P // Tuscany Villas

Tuscany Villas

1 6 | P ROP E RT Y I N F OR M AT ION

Tuscany Villas // LOCAL MAP

Tuscany Villas

P ROP E RT Y I N F OR M AT ION |

17

A E R I A L M A P // Tuscany Villas

Tuscany Villas

18 | P ROP E RT Y I N F OR M AT ION

Tuscany Villas // PROPERTY PHOTOS

P ROP E RT Y I N F OR M AT ION |

19

P R O P E R T Y P H O T O S // Tuscany Villas

2 0 | P ROP E RT Y I N F OR M AT ION

Tuscany Villas // PROPERTY PHOTOS

P ROP E RT Y I N F OR M AT ION |

21

P R O P E R T Y P H O T O S // Tuscany Villas

2 2 | P ROP E RT Y I N F OR M AT ION

Tuscany Villas // PROPERTY PHOTOS

P ROP E RT Y I N F OR M AT ION |

23

SECTION 3

Financial Analysis F I N A N C I A L D E TA I L S

F I N A N C I A L D E TA I L S // Tuscany Villas

As of January, 2022

Square Feet

SCHEDULED

SCHEDULED

POTENTIAL

POTENTIAL

Rent /

Rent / SF/

Month

Month

Rent / Month

Rent/ SF/ Month

UNIT

UNIT TYPE

1

2 Bdr / 1 Bath

700

$1,350

$1.93

$1,600

$2.29

2

2 Bdr / 1 Bath

700

$1,350

$1.93

$1,600

$2.29

3

2 Bdr / 1 Bath

700

$1,450

$2.07

$1,600

$2.29

4

2 Bdr / 1 Bath

700

$1,350

$1.93

$1,600

$2.29

5

2 Bdr / 1 Bath

700

$1,450

$2.07

$1,600

$2.29

6

2 Bdr / 1 Bath

700

$1,450

$2.07

$1,600

$2.29

7

2 Bdr / 1 Bath

700

$1,150

$1.64

$1,600

$2.29

8

2 Bdr / 1 Bath

700

$1,450

$2.07

$1,600

$2.29

9

2 Bdr / 1 Bath

700

$1,450

$2.07

$1,600

$2.29

10

2 Bdr / 1 Bath

700

$1,450

$2.07

$1,600

$2.29

11

2 Bdr / 1 Bath

700

$1,100

$1.57

$1,600

$2.29

12

1 Bdr / 1 Bath

600

$1,100

$1.83

$1,300

$2.17

13

2 Bdr / 1 Bath

700

$850

$1.21

$1,600

$2.29

14

3 Bdr / 1 Bath

Total

2 6 | F I N A N C I A L A N A LY S I S

1,021

$2,000

$1.96

$2,000

$1.96

10,021

$18,950

$1.89

$22,500

$2.25

Tuscany Villas // FINANCIAL DETAILS

UNIT TYPE 1 Bdr / 1 Bath 2 Bdr / 1 Bath 3 Bdr / 1 Bath TOTALS/WEIGHTED AVERAGES

# OF UNITS 1 12 1 14

AVG SQ FEET 600 700 1,021 716

RENTAL AVERAGE RANGE RENT $1,100 $1,100 - $1,100 $1,321 $850 - $1,450 $2,000 $2,000 - $2,000 $1,354

GROSS ANNUALIZED RENTS

SCHEDULED AVERAGE MONTHLY RENT / SF INCOME $1.83 $1,100 $1.89 $15,850 $1.96 $2,000 $1.89 $18,950

AVERAGE RENT $1,300 $1,600 $2,000 $1,607

$227,400

POTENTIAL AVERAGE RENT / SF $2.17 $2.29 $1.96 $2.25

MONTHLY INCOME $1,300 $19,200 $2,000 $22,500

$270,000

Unit Rent

Unit Distribution $2,500

$2.40 SF $2.30 SF

Rent per Month

2 Bdr / 1 Bath 86%

3 Bdr / 1 Bath 7% 1 Bdr / 1 Bath 7%

$2.20 SF

$1,500

$2.10 SF

$1,000

$2.00 SF $1.90 SF

$500

Rent per SF/Month

$2,000

$1.80 SF $1.70 SF

$0 1 Bdr / 1 Bath

2 Bdr / 1 Bath

3 Bdr / 1 Bath

Unit Type Rent

Rent SF

F I N A N C I A L A N A LY S I S |

27

F I N A N C I A L D E TA I L S // Tuscany Villas

INCOME Rental Income Gross Potential Rent Loss / Gain to Lease Gross Scheduled Rent Physical Vacancy TOTAL VACANCY Effective Rental Income Other Income All Other Income TOTAL OTHER INCOME EFFECTIVE GROSS INCOME EXPENSES Real Estate Taxes Insurance Utilities - Electric Utilities - Water & Sewer Trash Removal Repairs & Maintenance Landscaping Operating Reserves Management Fee TOTAL EXPENSES EXPENSES AS % OF EGI NET OPERATING INCOME

Current 270,000 (42,600) 227,400 (11,370) ($11,370) 216,030

15.8% 5.0% 5.0%

270,000 0 270,000 (13,500) ($13,500) 256,500

NOTES

5.0% 5.0%

[1]

PER UNIT

PER SF

19,286 0 19,286 (964) ($964) 18,321

26.94 0.00 26.94 (1.35) ($1) 25.60

1,000 $1,000 $217,030

1,000 $1,000 $257,500

[2]

71 $71 $18,393

0.10 $0.10 $25.70

Current 45,928 14,000 600 9,600 1,680 7,000 1,200 3,500 10,852 $94,360 43.5% $122,670

Year 1 45,928 14,000 600 9,600 1,680 7,000 1,200 3,500 12,875 $96,383 37.4% $161,117

NOTES [3] [4]

PER UNIT 3,281 1,000 43 686 120 500 86 250 920 $6,885

PER SF 4.58 1.40 0.06 0.96 0.17 0.70 0.12 0.35 1.28 $9.62

$11,508

$16.08

Notes and assumptions to the above analysis are on the following page.

2 8 | F I N A N C I A L A N A LY S I S

Year 1

5.0%

[5] 5.0%

[6] [7]

Tuscany Villas // FINANCIAL DETAILS

NOTES TO OPERATING STATEMENT [1]

Assumes an annual physical vacancy of 5 percent.

[2]

Accounts for late fees, retained security deposits and all other miscellaneous income.

[3]

Reassessed taxes are based on an 80 percent reassessment ratio, multiplied by the millage rate and less a 4 percent discount for early November payment.

[4]

Insurance is based on $1,000 per unit.

[5]

Repairs & Maintenance is based on $500 per unit.

[6]

Operating Reserves is based on $250 per unit.

[7]

Management fee assumes 5 percent of EGI.

F I N A N C I A L A N A LY S I S |

29

F I N A N C I A L D E TA I L S // Tuscany Villas

SUMMARY Price Down Payment Number of Units Price Per Unit Price Per SqFt Rentable SqFt Lot Size Approx. Year Built

RETURNS CAP Rate GRM Cash-on-Cash Debt Coverage Ratio

OPERATING DATA $2,800,000 $980,000 14 $200,000 $279.41 10,021 1.00 Acres 1954

Current 4.38% 12.31 2.20% 1.21

FINANCING Loan Amount Loan Type Interest Rate Amortization Year Due

35%

Year 1 5.75% 10.37 6.12% 1.59

INCOME Gross Scheduled Rent Less: Vacancy/Deductions Total Effective Rental Income Other Income Effective Gross Income Less: Expenses Net Operating Income Cash Flow Debt Service Net Cash Flow After Debt Service Principal Reduction TOTAL RETURN

0.00 -10.32% 0.00

1st Loan $1,820,000 New 3.75% 30 Years 2026

Loan information is subject to change. Contact your Marcus & Millichap Capital Corporation representative.

# OF UNITS 1 12 1 0 0 IRR Year 5 7 10

UNIT TYPE 1 Bdr / 1 Bath 2 Bdr / 1 Bath 3 Bdr / 1 Bath

IRR Unlevered 0.00% 0.00% -5.59%

3 0 | F I N A N C I A L A N A LY S I S

SQFT/UNIT 600 700 1,021

IRR Levered 0.00% 0.00% 0.00%

SCHEDULED RENTS $1,100 $1,321 $2,000

MARKET RENTS $1,300 $1,600 $2,000

EXPENSES Real Estate Taxes Insurance Utilities - Electric Utilities - Water & Sewer Trash Removal Repairs & Maintenance Landscaping Operating Reserves Management Fee TOTAL EXPENSES Expenses/Unit Expenses/SF

5.0%

43.5%

2.20% 5.61%

Current $227,400 $11,370 $216,030 $1,000 $217,030 $94,360 $122,670 $122,670 $101,144 $21,526 $33,466 $54,992

Current $45,928 $14,000 $600 $9,600 $1,680 $7,000 $1,200 $3,500 $10,852 $94,360 $6,740 $9.42

5.0%

37.4%

6.12% 9.66%

Year 1 $270,000 $13,500 $256,500 $1,000 $257,500 $96,383 $161,117 $161,117 $101,144 $59,972 $34,743 $94,715

Year 1 $45,928 $14,000 $600 $9,600 $1,680 $7,000 $1,200 $3,500 $12,875 $96,383 $6,885 $9.62

SECTION 4

Sale Comparables SALE COMPS MAP S A L E C O M P S S U M M A RY SALE COMPS

S A L E C OM P S M A P Tuscany Villas 1

2008 Monroe St

2

335 SW 20th St

3

300 SE 9th Ct

4

500 E Country Club Cir

3 2 | S A L E C O M PA R A B L E S

Tuscany Villas // SALE COMPS SUMMARY SUBJECT PROPERTY Tuscany Villas

4702 SW 33rd Ave

Fort Lauderdale, FL 33312

SALE COMPARABLES

PRICE

BLDG SF

PRICE/SF

LOT SIZE

PRICE/UNIT

# OF UNITS

CLOSE

$2,800,000

10,021 SF

$279.41

1 AC

$200,000

14

On Market

PRICE

BLDG SF

PRICE/SF

LOT SIZE

PRICE/UNIT

# OF UNITS

CLOSE

1

2008 Monroe St

Hollywood, FL 33020

$2,850,000

8,823 SF

$323.02

0.56 AC

$190,000

15

06/29/2021

2

335 SW 20th St

Fort Lauderdale, FL 33315

$1,815,000

6,951 SF

$261.11

0.24 AC

$181,500

10

11/23/2021

3

300 SE 9th Ct

Hallandale Beach, FL 33009

$1,400,000

5,310 SF

$263.65

0.25 AC

$140,000

10

06/02/2021

4

500 E Country Club Cir

Plantation, FL 33317

$1,450,000

6,041 SF

$240.03

0.5 AC

$181,250

8

04/01/2021

AVERAGES

$1,878,750

6,781 SF

$271.95

0.39 AC

$173,187

11

-

S A L E C O M PA R A B L E S |

33

S A L E C O M P S // Tuscany Villas

Tuscany Villas 4702 SW 33rd Ave, Fort Lauderdale, FL 33312 Listing Price:

$2,800,000

Price/SF:

Property Type:

Multifamily

GRM:

NOI:

$122,670

Occupancy: COE:

95% On Market

Lot Size:

1.0 Acres

Total SF:

10,021 SF

3 4 | S A L E C O M PA R A B L E S

Cap Rate: Year Built: Number Of Units: Price/Unit:

1

$279.41 10.37 4.38%

2008 Monroe St Hollywood, FL 33020

Sale Price:

$2,850,000

Price/SF:

Property Type:

Multifamily

Year Built:

COE:

06/29/2021

Number Of Units:

1954

Lot Size:

0.56 Acres

14

Total SF:

8,823 SF

$200,000

Price/Unit:

$323.02 1936 15 $190,000

Tuscany Villas // SALE COMPS

2

335 SW 20th St Fort Lauderdale, FL 33315

Sale Price:

$1,815,000

3

Price/SF:

Property Type:

Multifamily

Year Built:

COE:

11/23/2021

Number Of Units:

Lot Size:

0.24 Acres

Price/Unit:

Total SF:

6,951 SF

$261.11 1975 10 $181,500

300 SE 9th Ct Hallandale Beach, FL 33009

Sale Price:

$1,400,000

Price/SF:

Property Type:

Multifamily

Year Built:

COE:

06/02/2021

Number Of Units:

Lot Size:

0.25 Acres

Total SF:

5,310 SF

$263.65

Price/Unit:

1960 10 $140,000

S A L E C O M PA R A B L E S |

35

S A L E C O M P S // Tuscany Villas

4

500 E Countr y Club Cir Plantation, FL 33317

Sale Price:

$1,450,000

Price/SF:

Property Type:

Multifamily

Year Built:

COE:

04/01/2021

Number Of Units:

Lot Size:

0.5 Acres

Total SF:

6,041 SF

3 6 | S A L E C O M PA R A B L E S

Price/Unit:

$240.03 1971 8 $181,250

SECTION 5

Rent Comparables RENT COMPS MAP R E N T C O M P S S U M M A RY RENT COMPS

R E N T C OM P S M A P Tuscany Villas 1

4632 SW 33rd Ave

2

Edgewood

3

Emerald Plaza Apartments

4

Hollywood Park North

5

Pirita Apartments

6

White Wing Apartments

3 8 | R E N T C O M PA R A B L E S

Tuscany Villas // RENT COMPS SUMMARY SUBJECT PROPERTY

RENT/SF

AVAILABLE SF

LOT SIZE

# OF UNITS

OCCUPANCY %

Tuscany Villas

4702 SW 33rd Ave

Fort Lauderdale, FL 33312

$2.25

10,021 SF

1 AC

14

95%

RENT COMPARABLES

RENT/SF

AVAILABLE SF

LOT SIZE

# OF UNITS

OCCUPANCY %

1

4632 SW 33rd Ave

Fort Lauderdale, FL 33312

$1.79

12,956 SF

0.99 AC

16

100%

2

Edgewood

1400 SW 33rd St

Fort Lauderdale, FL 33315

$1.72

18,910 SF

1.74 AC

20

100%

3

Emerald Plaza Apartments

5950 SW 40th Ave

Fort Lauderdale, FL 33314

$1.57

23,305 SF

1.88 AC

30

100%

4

Hollywood Park North

2851 Griffin Rd

Fort Lauderdale, FL 33312

$1.22

42,884 SF

1.57 AC

35

100%

5

Pirita Apartments

1431 SW 24th Ct

Fort Lauderdale, FL 33315

$2.31

5,978 SF

0.19 AC

10

100%

6

White Wing Apartments

500 SE 22nd St

Fort Lauderdale, FL 33316

$2.37

8,136 SF

0.31 AC

13

100%

AVERAGES

$1.83

18,695 SF

1.11 AC

21

100%

R E N T C O M PA R A B L E S |

39

R E N T C O M P S // Tuscany Villas Tuscany Villas 4702 SW 33rd Ave, Fort Lauderdale, FL 33312 UNIT TYPE

1

14 Units

# UNITS

% OF

SIZE SF

RENT

Year Built 1954

RENT/SF

1 Bdr / 1 Bath

1

7.1

600

$1,100

$1.83

2 Bdr / 1 Bath

12

85.7

700

$1,321

$1.89

3 Bdr / 1 Bath

1

7.1

1,021

$2,000

$1.96

TOTAL/AVG

14

100%

715

$1,353

$1.89

4632 SW 33rd Ave Fort Lauderdale, FL 33312

16 Units

100% Total Occupancy

Year Built 1969

UNIT TYPE

# UNITS

% OF

SIZE SF

RENT

RENT/SF

2 Bdr / 1 Bath

16

100

809

$1,450

$1.79

TOTAL/AVG

16

100%

809

$1,450

$1.79

Water, sewer, and trash are included in the rent. Electric is separately metered and paid for by the residents.

4 0 | R E N T C O M PA R A B L E S

95% Total Occupancy

Tuscany Villas // RENT COMPS 2

Edgewood 1400 SW 33rd St, Fort Lauderdale, FL 33315

20 Units

UNIT TYPE

# UNITS

% OF

2 Bdr / 1 Bath

17

3 Bdr / 2 Bath

3

TOTAL/AVG

20

100% Total Occupancy

Year Built 1967

SIZE SF

RENT

RENT/SF

85

895

$1,600

$1.79

15

1,232

$1,800

$1.46

100%

945

$1,630

$1.72

Water, sewer, and trash are included in the rent. Electric is separately metered and paid for by the residents.

3

Emerald Plaza Apartments 5950 SW 40th Ave, Fort Lauderdale, FL 33314 UNIT TYPE

30 Units

100% Total Occupancy

Year Built 1977

# UNITS

% OF

SIZE SF

RENT

RENT/SF

1 Bdr / 1 Bath

28

93.3

750

$1,200

$1.60

2 Bdr / 2 Bath

2

6.7

1,152

$1,450

$1.26

TOTAL/AVG

30

100%

776

$1,216

$1.57

Water, sewer, and trash are included in the rent. Electric is separately metered and paid for by the residents.

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41

R E N T C O M P S // Tuscany Villas 4

Hollywood Park North 2851 Griffin Rd, Fort Lauderdale, FL 33312

35 Units

100% Total Occupancy

Year Built 1979

UNIT TYPE

# UNITS

% OF

SIZE SF

RENT

RENT/SF

2 Bdr / 2 Bath

35

100

1,225

$1,500

$1.22

TOTAL/AVG

35

100%

1,225

$1,500

$1.22

Water, sewer, and trash are included in the rent. Electric is separately metered and paid for by the residents.

5

Pirita Apartments 1431 SW 24th Ct, Fort Lauderdale, FL 33315

10 Units

UNIT TYPE

Year Built 1967

# UNITS

% OF

SIZE SF

RENT

RENT/SF

1 Bdr / 1 Bath

8

80

575

$1,350

$2.35

2 Bdr / 1 Bath

2

20

689

$1,500

$2.18

TOTAL/AVG

10

100%

597

$1,380

$2.31

Water, sewer, and trash are included in the rent. Electric is separately metered and paid for by the residents.

4 2 | R E N T C O M PA R A B L E S

100% Total Occupancy

Tuscany Villas // RENT COMPS 6

White Wing Apartments 500 SE 22nd St, Fort Lauderdale, FL 33316

13 Units

UNIT TYPE

100% Total Occupancy

# UNITS

% OF

SIZE SF

1 Bdr / 1 Bath

10

76.9

2 Bdr / 1 Bath

3

23.1

TOTAL/AVG

13

100%

625

Year Built 1959

RENT

RENT/SF

575

$1,450

$2.52

795

$1,600

$2.01

$1,484

$2.37

Water, sewer, and trash are included in the rent. Electric is separately metered and paid for by the residents.

R E N T C O M PA R A B L E S |

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SECTION 6

Market Overview M A R K E T OVE RVI E W DEMOGRAPHICS

M A R K E T OV E RV I E W // Tuscany Villas

BROWARD COUNTY Known for its sunshine and beaches, Broward County is located in South Florida and contains a population of 1.9 million people. The county is bordered to the north and south by Palm Beach and Miami-Dade counties, respectively. On the east is the Atlantic Ocean and Big Cypress National Reserve is to the west. The Everglades cover the western portion of the county, restricting development. As limited land is available for construction, any significant growth is upward rather than outward. Roughly 23 miles of shoreline and 300 miles of inland waterways provide a wide range of recreation and transport uses. Fort Lauderdale is the largest city in the county with 180,000 residents, followed by Pembroke Pines with 167,000 people.

METRO HIGHLIGHTS STRONG POPULATION GROWTH Broward County’s population grew at a pace well above the U.S. rate during the past five years. Migration trends emerging from the health crisis will further bolster the number of new residents.

DESIRABLE CORPORATE LOCATION Companies are attracted to the metro for its tax structure, proximity to Latin American markets, large educated workforce and desirable climate.

HOUSING AFFORDABILITY Home prices are more affordable in Broward County than in many other coastal counties.

4 6 | M A R K E T OVE RVI E W

Tuscany Villas // MARKET OVERVIEW

ECONOMY    

Key economic drivers include tourism, healthcare, biotechnology and commerce.

As a major point of access to both international trade and cruise tourism, Port Everglades typically generates more than $32 billion of economic activity and supports more than 13,000 direct local jobs. Activity in 2020, however, was slowed by the pandemic.

The significant population of senior citizens results in healthcare playing a major role in the county’s economy.

A diverse array of companies are headquartered in the area, including Citrix Systems, AutoNation and Heico.

MAJOR AREA EMPLOYERS Ultimate Software Nova Southeastern University American Express Spirit Airlines Kaplan, Inc. Citrix Systems DHL Express JM Family Enterprises AutoNation * Estimate, ** Forecast

First Service Residential

SHARE OF 2020 TOTAL EMPLOYMENT

3%

MANUFACTURING

24%

TRADE, TRANSPORTATION AND UTILITIES

18%

13%

PROFESSIONAL AND BUSINESS SERVICES

6%

CONSTRUCTION

GOVERNMENT

+

13%

EDUCATION AND HEALTH SERVICES

9%

LEISURE AND HOSPITALITY

2%

INFORMATION

8%

FINANCIAL ACTIVITIES

4%

OTHER SERVICES

M A R K E T OVE RVI E W |

47

M A R K E T OV E RV I E W // Tuscany Villas

SPORTS

DEMOGRAPHICS  

The county’s population will increase by roughly 35,300 residents by 2025. This growth will raise the metro’s household count by 15,400.

An increase in education attainment provides a skilled labor pool and has helped boost income levels. Approximately 31 percent of residents age 25 and older have at least a bachelor’s degree, matching the national rate.

2020 Population by Age

6%

17%

6%

27%

27%

17%

0-4 YEARS

5-19 YEARS

20-24 YEARS

25-44 YEARS

45-64 YEARS

65+ YEARS

2020 POPULATION:

2020 HOUSEHOLDS:

2020 MEDIAN AGE:

Growth 2020-2025*:

Growth 2020-2025*:

U.S. Median:

1.9M

762K

1.8%

2.0%

40.5 38.2

2020 MEDIAN HOUSEHOLD INCOME:

$60,200 U.S. Median:

$63,000

QUALITY OF LIFE Broward County has one of the most desirable climates in the United States and has a wide variety of recreational opportunities and cultural amenities. The metro boasts 300 days of sunshine annually, and the average winter temperature is 78 degrees. Fort Lauderdale is known as the “Venice of America” for its inland canals. In addition, more than 145 marinas along Fort Lauderdale’s inland waterways cater to boating and fishing needs. Various professional sports are nearby in Miami. There are also more than 40 golf courses in the county. Other attractions include the NSU Art Museum Fort Lauderdale, the Broward Center for the Performing Arts, Flamingo Gardens, Museum of Discovery and Science, Symphony of the Americas and the International Swimming Hall of Fame. *Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

4 8 | M A R K E T OVE RVI E W

EDUCATION

ARTS & ENTERTAINMENT

Tuscany Villas // DEMOGRAPHICS POPULATION 2026 Projection Total Population 2021 Estimate Total Population 2010 Census Total Population 2000 Census Total Population Daytime Population 2021 Estimate HOUSEHOLDS 2026 Projection Total Households 2021 Estimate Total Households Average (Mean) Household Size 2010 Census Total Households 2000 Census Total Households Growth 2021-2026 HOUSING UNITS Occupied Units 2026 Projection 2021 Estimate Owner Occupied Renter Occupied Vacant Persons in Units 2021 Estimate Total Occupied Units 1 Person Units 2 Person Units 3 Person Units 4 Person Units 5 Person Units 6+ Person Units

1 Mile

3 Miles

5 Miles

12,663

108,989

355,739

12,410

106,229

348,694

11,301

94,621

314,739

9,727

94,055

304,414

7,517 1 Mile

130,444 3 Miles

428,725 5 Miles

5,100

43,576

142,834

5,011 2.5

42,298 2.5

139,446 2.5

4,520

37,185

123,778

4,168 1.8% 1 Mile

37,719 3.0% 3 Miles

121,228 2.4% 5 Miles

5,389 5,320 3,288 1,723 310

45,591 44,411 24,853 17,446 2,113

150,679 147,469 76,431 63,014 8,024

5,011 26.8% 33.4% 18.1% 12.4% 6.3% 3.0%

42,298 28.7% 32.2% 16.6% 12.7% 5.7% 4.1%

139,446 30.9% 31.2% 16.0% 12.0% 5.7% 4.2%

HOUSEHOLDS BY INCOME 2021 Estimate $200,000 or More $150,000-$199,999 $100,000-$149,999 $75,000-$99,999 $50,000-$74,999 $35,000-$49,999 $25,000-$34,999 $15,000-$24,999 Under $15,000 Average Household Income Median Household Income Per Capita Income POPULATION PROFILE Population By Age 2021 Estimate Total Population Under 20 20 to 34 Years 35 to 39 Years 40 to 49 Years 50 to 64 Years Age 65+ Median Age Population 25+ by Education Level 2021 Estimate Population Age 25+ Elementary (0-8) Some High School (9-11) High School Graduate (12) Some College (13-15) Associate Degree Only Bachelor's Degree Only Graduate Degree Population by Gender 2021 Estimate Total Population Male Population Female Population

1 Mile

3 Miles

5 Miles

8.9% 6.0% 15.9% 13.6% 17.5% 12.0% 9.9% 8.6% 7.6% $101,368 $66,933 $40,932 1 Mile

5.5% 4.8% 13.7% 13.0% 19.1% 13.9% 10.2% 9.6% 10.3% $82,403 $57,646 $32,887 3 Miles

5.1% 4.8% 12.8% 12.6% 19.1% 14.1% 10.1% 10.0% 11.5% $78,539 $55,282 $31,603 5 Miles

12,410 23.1% 18.1% 7.8% 13.7% 21.2% 16.0% 40.6

106,229 22.3% 20.3% 7.3% 13.4% 20.4% 16.3% 40.1

348,694 22.1% 21.3% 7.2% 13.5% 20.7% 15.2% 39.5

8,960 1.9% 6.3% 29.7% 20.0% 9.7% 19.8% 12.4%

76,813 5.8% 7.5% 29.3% 20.2% 9.0% 18.1% 10.1%

250,402 5.9% 7.6% 29.4% 20.0% 9.6% 18.0% 9.6%

12,410 50.0% 50.0%

106,229 50.4% 49.6%

348,694 50.1% 49.9%

M A R K E T OVE RVI E W |

49

D E M O G R A P H I C S // Tuscany Villas POPULATION In 2021, the population in your selected geography is 348,694. The population has changed by 14.5 percent since 2000. It is estimated that the population in your area will be 355,739 five years from now, which represents a change of 2.0 percent from the current year. The current population is 50.1 percent male and 49.9 percent female. The median age of the population in your area is 39.5, compared with the U.S. average, which is 38.4. The population density in your area is 4,446 people per square mile.

EMPLOYMENT In 2021, 198,148 people in your selected area were employed.

The 2000 Census revealed that 60.0 percent of employees are in white-collar occupations in this geography, and 40.0 percent are in blue-collar occupations. In 2021, unemployment in this area was 6.0 percent. In 2000, the average time traveled to work was 22.8 minutes.

HOUSEHOLDS

HOUSING

There are currently 139,446 households in your selected geography.

The number of households has changed by 15.0 percent since 2000.

It is estimated that the number of households in your area will be 142,834 five years from now, which represents a change of 2.4 percent from the current year. The average household size in your area is 2.5 people.

The median housing value in your area was $260,817 in 2021, compared with the U.S. median of $227,827. In 2000, there were 75,849 owner-occupied housing units and 45,379 renter-occupied housing units in your area. The median rent at the time was $594.

INCOME

EDUCATION

In 2021, the median household income for your selected geography is $55,282, compared with the U.S. average, which is currently $65,694.The median household income for your area has changed by 48.0 percent since 2000. It is estimated that the median household income in your area will be $58,035 five years from now, which represents a change of 5.0 percent from the current year.

The selected area in 2021 had a lower level of educational attainment when compared with the U.S averages. Only 9.6 percent of the selected area’s residents had earned a graduate degree compared with the national average of 12.0 percent, and 18.0 percent completed a bachelor’s degree, compared with the national average of 19.5 percent.

The current year per capita income in your area is $31,603, compared with the U.S. average, which is $36,445. The current year's average household income in your area is $78,539, compared with the U.S. average, which is $94,822.

The number of area residents with an associate degree was higher than the nation’s at 9.6 percent vs. 8.3 percent, respectively.

5 0 | M A R K E T OVE RVI E W

The area had more high-school graduates, 29.4 percent vs. 27.2 percent for the nation, but the percentage of residents who completed some college is lower than the average for the nation, at 20.0 percent in the selected area compared with the 20.5 percent in the U.S.

Tuscany Villas // DEMOGRAPHICS Employees

Major Employers 1

Whole Foods Market Group Inc-Whole Foods Market

9,800

2

Carlson Restaurants Inc

5,007

3

North Broward Hospital Dst-Central Business Office

4,000

4

The School Bd of Broward Cnty

3,455

5

Seminole Tribe Fla Hard Rock-Seminole Gaming

3,300

6

Seminole Tribe of Florida

3,000

7

Seminole Hard Rock Ht & Casino

3,000

8

County of Broward-Broward County Jurors Info

2,632

9

County of Broward-Broward Addiction & Recovery

2,632

10 Solid Resources Inc

2,300

11 Chewy Promotions LLC

2,228

12 Cambrdge Intgrted Svcs Group I-Cambridge Integrated Services

2,200

13 National Railroad Pass Corp-Amtrak Ticket Office

1,913

14 Nova Southeastern Univ Inc

1,500

15 County of Broward-Court Administration

1,477

16 County of Broward-Sheriffs Office

1,431

17 City of Hollywood-City Atty Office

1,300

18 South Broward Hospital Dst-Memorial Cancer Institute

1,148

19 North Broward Hospital Dst-Specialty Care Center

1,027

20 North Broward Hospital Dst

1,027

21 Chiquita Brands Intl Inc-Chiquita

1,000

22 City of Hollywood

1,000

23 Dfa Holdings Inc

1,000

24 North Broward Hospital Dst

945

25 County of Broward-Broward County Clerk of Courts

900

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D E M O G R A P H I C S // Tuscany Villas

5 2 | M A R K E T OVE RVI E W

Offering Memorandum

E xcl u s i ve l y Li s t e d by

ALEC G. BASHEIN

E VA N P. K R I STO L

BRANDON J. REX

SENIOR ASSOCIATE

EXECUTIVE MANAGING DIRECTOR INVESTMENTS

SENIOR VICE PRESIDENT INVESTMENTS

Cell: (305) 299-0775 Alec.Bashein@MarcusMillichap.com

Tel: (954) 245-3459 Evan.Kristol@MarcusMillichap.com LICENSE: FL SL640466

Tel: (954) 245-3488 Brandon.Rex@MarcusMillichap.com

LICENSE: FL SL3357791

FORT LAUDERDALE OFFICE 5900 North Andrews Avenue, Ste. 100 Fort Lauderdale, Florida 33309

LICENSE: FL SL672545