THEATRESOUTH

 

We need an angel. Thank you in advance for the partnership/investment/help!

We have a purchase contract on a $1.1M property with some improvements will be worth $1.5M or more, on Zillow it is worth $1.442M- $1.613M.  The property is a 4b4b 4,500sqft townhouse condo (2 story) in Miami, FL on the bay.  The subject building is being renovated from top to bottom, which will elevate the value.  The contract is for $935,000.00 and we have paid $30,000.00 towards the contract.  We came across the property in February 2020 just before the pandemic and paid the HOA fees (about $120,000 over a 26-month period) to keep the property because we saw the value in the property.   Some upgrades were done during this time.

Our goal is to procure the property.  We need $300,000.00 to complete the sale of the contract! 

The exit pan is to REFI (refinance). The equity is there. The market in Miami is so tremendous in values that it is a sellers' market. The owners will not pay assessment and HOA fess attached to the purchase that we were not aware of at the 1st negotiations. That is why we need this cash ($300,000)

Our desire is for the property to be passive income for our Theatre Arts company TheatreSouth, Inc. We plan to Airbnb and rent the space for small business and event gatherings in Miami, Fl.  Also, in our production budgets there is a line item for housing actors that come in to work (rehearsal and performance time) for our plays.  We would use the housing budget to house/Airbnb our out-of-town actors, technicians, designers, special quests, instead of paying the Marriott or Hilton hotels for example.

Experience:  The principals asking for the funds have owned and operated a 12,000sqft childcare facility and 10 rental houses.  They operated these sites for 20 years in the late 1980s till early 2000.  Have operated a theatre business for 30+ years.    They operated an Airbnb for 3 years in Homestead, Florida and was a top-rated host.

The credit score is 757, 746, 724.  Presently, one principal works at Miami Children's Museum and Consults for Childcare Operators.  The other principal is Artistic Director of the Theatre South and tours productions nationally and internationally, and Consults for Entertainment venues.  Personal tax income for 2021 $178,000 and business $320,000.  COVID delayed some income, but the theatre houses are open again for major business.  The principle is working on a Broadway production going into Atlanta in July 2022.

Please review information on the property below:

1.     THIS IS THE SUBJECT PROPERTY
11113 Biscayne Blvd Unit PH-54, Miami, FL 33181 - Condo for Rent in Miami, FL | Apartments.com 

Zestimate®: $1,613,900 Rent Zestimate®: $41,455

Est. refi payment: $8,970/month

2.  THIS IS THE DEVELOPMENT GOING IN NEXT TO OUR SUBJECT PROPERTY THAT WILL INCREASE THE SUBJECT PROPERTY: Article April 25, 2022
Turnberry, Carlos Rosso Launch Sole Mia Condo Tower (therealdeal.com) Developer Carlos Rosso is partnering with Turnberry Development to launch a condo tower at SoLé Mia, a massive $4 billion mixed-use development in North Miami, The Real Deal has learned.

The developers will begin accepting reservations for the building, called One Park Tower by Turnberry at SoLé Mia, in May, said Rosso, though brokers have been teasing the launch for more than a month. Fortune Development Sales is handling sales and marketing.

The 32-story, 303-unit building marks the first condo tower to launch at the master-planned community. Prices range from the low $500,000s to more than $3 million for the penthouses, said Rosso, founder and CEO of Rosso Development. Units will range from about 900 square feet to 2,100 square feet, with one to three bedrooms.

Rosso expects buyers will be a combination of end-users and investors, including employees of the future University of Miami medical center within SoLé Mia.