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Shared Deal · Generated Aug 11, 2026
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Detailed Underwriting Report · Generated Aug 11, 2026
Home / Property / Report / 3616 Grand Ave
Multifamily Class — Hold

3616 Grand Ave, Miami, FL 33133

A 10-unit value-add multifamily opportunity in the Miami submarket, underwritten over a 10-year hold with full pro forma and syndication waterfall.

Main Scenario
Purchase Price
$1,320,000
$132,000 / unit
Equity Required
$485,600
30% down + closing
Loan Amount
$924,000
70% LTV at 6.72%
Year 1 NOI
$91,300
↓ 6.92% cap rate
DSCR
1.27×
Meets default DSCR target (1.25×)
IRR
8.14%
Project-level, 10-yr · net of asset-mgmt fee & reserves
Property-Level Equity Multiple
1.89×
Total cash returned / invested
Cash-on-Cash
4.04%
Year 1, after fees

01 Asset Profile

Physical attributes & submarket positioning
Miami 10 Units
Property
3616 Grand Ave
Miami, FL 33133
Asset Class Multifamily
Acreage N/A
Total Units 10
In-Place Occupancy 100% Stabilized
Year Built N/A
Exterior N/A

Key Operating Ratios

Year One · Stabilized
Internal Rate of Return
8.14%
Levered project-level, 10-yr hold
Property-Level Equity Multiple
1.89×
Above target
Cap Rate (Going-In)
6.92%
Above market
Gross Rent Multiplier
8.46×
vs. market 8–12×
Net Income Multiplier
14.46×
Healthy NOI
Debt Yield
9.88%
Meets lender floor · NOI ÷ original loan
Expense Ratio
45%
In line with market
Cash-on-Cash
4.04%
Below 6% target
Operating vs Lender Basis
MetricOperating BasisLender Basis
NOI $91,300 $91,300
DSCR 1.27× 1.27×
Debt Yield 9.88% 9.88%
Lender basis nets management fee and replacement reserves when those reserves are modeled below NOI.

02 Underwriting Snapshot

Sources, uses & Year-1 cash flow
Year One Operating Statement
Line ItemMonthlyAnnual
Rental Income $13,000 $156,000
Other Income $833 $10,000
Gross Operating Income $13,833 $166,000
Capital Reserve $0 $0
Operating Expenses $6,225 $74,700
Capital Expenditure $4,167 $50,000
Net Operating Income $7,608 $91,300
Operating Expenses$74,700
Expense Rows$74,700
Asset Management Fee (below NOI)$0
Operating Expenses equal the expense rows; the Asset Management Fee is excluded from NOI and deducted below NOI.
Capital Stack
SourceShareAmount
Senior Debt 70% LTV 65.6% $924,000
LP Equity 1 investor 34.4% $485,600
Total Sources 100% $1,409,600
Purchase Price 93.6% $1,320,000
Closing Costs 2.8% $39,600
Non-Financed CapEx 3.5% $50,000
Total Uses 100% $1,409,600
Total CapEx$50,000
Financed CapEx$0
Non-Financed CapEx$50,000
Financed CapEx flows into the loan basis. Non-Financed CapEx is paid as upfront cash.
Interest Rate Fixed
6.72%
Spread est. over 10Y UST
Annual Debt Service
$71,696
$5,975 / month · 30-yr amort
Coverage Ratio
1.27×
Meets default DSCR target (1.25×)

03 Pro Forma Projection

10-year cash flow model with exit analysis
Year 10 NOI
$95,917
+5.1% growth
Year 10 Value
$1,598,617
at 6.00% exit cap on sale-year NOI
Cumulative CF
$158,888
Over 10-yr hold
Proceeds at Sale
$275,045
Net of cost & loan
Total Return on Equity
89.4%
Over hold · = Equity Multiple − 1
Break-even Cap
10.85%
Required at exit
Income & Expense In-PlaceYear 1Year 2Year 3Year 4Refi Year 5Year 6Year 7Year 8Year 9Exit Year 10
Gross Potential Rent $156,000$156,000$159,900$163,898$167,995$172,195$176,500$180,912$185,435$190,071$194,823
Vacancy Loss Stabilized 8%
In-Place from current occupancy; Yr 1+ stabilized		 $0-$12,480-$12,792-$13,112-$13,440-$13,776-$14,120-$14,473-$14,835-$15,206-$15,586
Concessions $0$0$0$0$0$0$0$0$0$0$0
Effective Rental Income $156,000$143,520$147,108$150,786$154,555$158,419$162,380$166,439$170,600$174,865$179,237
Other Income $10,000$10,000$10,250$10,506$10,769$11,038$11,314$11,597$11,887$12,184$12,489
Gross Operating Income $166,000$153,520$163,358$167,292$171,324$175,457$179,694$184,036$188,487$193,049$197,725
Operating Expenses -$74,700-$74,700-$77,315-$80,021-$82,821-$85,720-$88,720-$91,825-$95,039-$98,366-$101,808
Net Operating Income $91,300$78,820$86,044$87,271$88,503$89,737$90,974$92,211$93,448$94,684$95,917
Debt Service -$71,696-$71,696-$71,696-$71,696-$71,696-$75,323-$75,323-$75,323-$75,323-$75,323-$75,323
Levered Cash Flow Before Asset Management Fee $19,604$7,124$14,348$15,576$16,807$14,414$15,651$16,888$18,125$19,361$20,594
Asset Management Fee $0$0$0$0$0$0$0$0$0$0$0
Cash Flow After Asset Management Fee $19,604$7,124$14,348$15,576$16,807$14,414$15,651$16,888$18,125$19,361$20,594
Cap Rate at Exit ——————————6.00%
Sale Proceeds (Net) ——————————$275,045
Capex Draw Schedule Total Capex Budget $50,000
Timing view of the existing Capital Expenditure budget — from engine output.
Metric Acquisition / Year 0 EOY 1EOY 2EOY 3EOY 4EOY 5EOY 6EOY 7EOY 8EOY 9EOY 10
Annual Capex Draw $758 $1,515$2,273$3,030$3,788$4,545$5,303$6,061$6,818$7,576$8,333
Cumulative Capex Drawn $758 $2,273$4,546$7,576$11,364$15,909$21,212$27,273$34,091$41,667$50,000
Remaining Capex Budget $49,242 $47,727$45,454$42,424$38,636$34,091$28,788$22,727$15,909$8,333$0
Capital Reserves are modeled separately. Capex draws are timing visibility only and are not deducted again from annual cash flow.
NOI & Cash Flow Trajectory
Annual through hold period
NOI Cash Flow (before mgmt fee)
Loan Balance vs Market Value
Equity build-up over time
Loan Value

04 Syndication Analysis

LP / GP economics, waterfall & investor returns
LP Equity
$485,600
1 investor · avg $486k
Preferred Return
0.0%
Cumulative · non-compounding
Promote / Carry
0/100
Residual split above pref
Projected LP IRR
0.00%
10-yr fully diluted
Projected LP MOIC
1.00×
Above pref threshold

04.1 Distribution Waterfall

I
Return of Capital
100% to LPs until original $485,600 equity returned
100% / 0%
II
Preferred Return
0.0% pref to LPs · cumulative non-compounding
100% / 0%
III
Promote Split
Residual proceeds above preferred return split 0/100 LP/GP (no separate GP catch-up tier)
0% / 100%
Projected Partner Distributions & Sponsor Fees · $433,933
GP · 70%
Fees
LP Residual $0 LP Preferred Return $0 GP Residual $303,753 Sponsor Fees $130,180

04.2 LP / GP Return Profile

Return MetricLPGP
Capital Invested$485,600$0
Return of Capital$485,600$0
Total Cash Returned $485,600 $0
Equity Multiple1.00×N/A
IRR (LP) · Annualized Return (GP, approx.)0.00%N/A
Net Profit / (Loss) +$0 +$0
GP Sponsor Fees — sponsor compensation, excluded from Total Cash Returned & the GP Equity Multiple above.
Asset Mgmt Fees (incl. acquisition)$130,180
Total Sponsor Fees$130,180
Total Cash Returned = Return of Capital + Distributions (operating distributions, preferred, and each partner's share of net sale/refi proceeds), so the Equity Multiple (Total Cash Returned ÷ Capital Invested) and Net Profit (Total Cash Returned − Capital Invested) reconcile to the cent. GP Capital Invested reflects actual GP co-investment only — the promote/carry is the GP's share of residual profit above the preferred return, not a capital contribution, so the GP multiple reads N/A when the GP invests no capital. GP sponsor fees are compensation for services, listed separately and not counted in the GP equity multiple or Total Cash Returned. The GP figure is an approximate annualized return (CAGR of GP cash ÷ GP capital), not a cash-flow IRR; the LP IRR is a full cash-flow IRR.
!
Investor Alert
Projected LP IRR of 0.00% falls below the 0.0% preferred return — the GP residual promote split is unlikely to be earned.
LP Distribution Schedule
Cumulative LP cash returned over hold period
Annual Distribution Cumulative Returned Capital Invested

05 Deal Score

Composite of computed dimensions only · not-yet-modeled dimensions are shown but carry no weight
DealWorthIt Score
61/100
Hold · Within Tolerance
0 · Pass50 · Hold100 · Buy
Return Profile 70
Capital Structure 59
Rent Growth Outlook 68
Exit Liquidity 28
Market & Submarket Not scored
Walkability / Access Not scored
Demographics Not scored
Sponsor Quality Not scored

06 Market Context

Illustrative rent distribution & accessibility · live market data is in the Market Insights tab
Illustrative only. The rent bars are modeled from this property’s own average rent and the comparison column uses fixed reference benchmarks, not sourced market comparables. See the Market Insights tab for live Census / HUD / BLS market data.
Rent Distribution · Illustrative
Modeled from this property’s own average rent, $/mo — not sourced comps
Reference band Subject
Walk Score Composite
3616 Grand Ave
Live Walk Score® data for this address — shown on the web report only (interactive tile, not captured into the PDF).
IndicatorSubjectvs. Reference
Avg Rent / Unit $1,300 -13%
Going-In Cap Rate 6.92% +1.9 pts
Stabilized Vacancy Assumption 8% +3.0 pts
Rent Growth Outlook 2.5% −0.5 pts

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Methodology

Pro forma assumes 2.5% annual rent growth, 3.5% expense inflation, and a 6.00% exit cap. Sale price is based on sale-year (trailing) NOI ÷ exit cap (not next-year forward NOI). Waterfall modeled with a 0.0% LP preferred return and 100% GP promote above pref. Preferred return is modeled as simple/non-compounding. Sale proceeds are net of estimated 3% transaction costs. Property taxes use the current-tax basis (seller's current taxes inflated with other expenses; no reassessment). Projection vacancy uses the separate projection vacancy assumption.

Reserves — replacement reserves use the Below NOI / Cash Flow Only treatment.

Lease-up — No lease-up ramp is modeled; projections assume stabilized income from Year 1.

Expense growth — All expense lines inflate at the single global expense inflation rate.

Refinance sizing — The Year 5 refinance loan of $1,046,936 is sized by LTV alone (no lender constraints set), producing gross refinance proceeds of $166,865.

Report Metadata
Report IDDWI-1D694E4D08A5
Version4.2
GeneratedAug 11, 2026 · 15:14
SponsorDealWorthIt

This report is generated by DealWorthIt for informational purposes only and does not constitute investment advice, an offer, or solicitation. The figures and projections presented are based on the inputs supplied by the user and assumptions provided by the platform; actual results will differ. Past performance is not indicative of future results. Investors should perform their own due diligence and consult licensed legal, tax, and financial advisors prior to making any investment decision.