276 7th Ave. NE
Transcription
276 7th Ave. NE
33 units Multifamily OLD NORTHEAST 656 Beach Dr. N.E., 276 7th Ave. N.E. & 266 7th Ave. N.E. St. Petersburg, FL 33701 $2,300,000 Lisa Ulrich RE/MAX Metro 201 2nd St. N. St. Petersburg , FL 33701 727.643.3236 Ulrichcre.com Commercial & Investment Services [email protected] Page 3 Investment Overview Page 4 Property Summary Page 5 Property Description-656 Beach Dr. N.E. Page 6 Property Description-276 7th Ave. N.E. Page 7 Property Description– 266 7th Ave. N.E. Page 8 Property Talking Points Page 9 Location Page 10 Financials(Contact for CA and complete financials) No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other limitations imposed by our principles . Investment Overview Unmatched Location along Beach Drive in Old Northeast Huge Upside Potential With Rents Currently Well Below Market High Demand with Units staying 100% Leased Old Northeast Market considered to one of the strongest rental markets in the entire Tampa Bay Area One block from the Waterfront, North Shore Park and the Vinoy Two blocks from Downtown St. Petersburg Extensive upside due to absentee ownership for many years Two colleges in Downtown St. Petersburg, USF and St. Pete College Three Hospitals within one mile, All Childrens, Bayfront Medical Center and St. Anthonys Hospital Downtown St. Petersburg is the most Active, Vibrant Downtown in the entire Tampa Bay Area Downtown St. Petersburg is home to the Michelin rated Dali Museum, the Mahaffey Theater, the Museum of Fine Arts, The Chihuly Museum, the Palladium Theater, Jannus Landing, The Holocaust Museum, Florida Craftsmen Guild, The Morean Arts Center, The P. Buckley Moss Studio to mention a few along with numerous restaurants and nightclubs. No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other limitations imposed by our principles . Property Summary Properties Total Land size: Total Building(s) size: 656 Beach Dr. N.E. Number of Units Number of Buildings Number of Stories Year Built/Effective Age Parking Electric Cable 276 7th Ave. N.E. Number of Units Number of Buildings Number of Stories Year Built/Effective Age Parking Electric Cable 266 7th Ave. N.E. Number of Units Number of Buildings Number of Stories Year Built/Effective Age Parking Electric Cable 656 Beach Dr. N.E 276 7th Ave. N.E. 266 7th Ave. N.E. 24,395 SF 18,846 SF 11(1 2Bdr, 1.5 ba, 10 studios) 1 3 1910/1988 4 to 5 on site and street parking Paid by Landlord Paid by Landlord 8 1 bdr 1 3 1925/1988 3 to 4 in front and street parking Paid by Landlord Paid by Landlord 14(8 1 bdr & 6 studios) 5 1 two story, 4 one stories 1956 5 on site and street parking Paid by Tenant Paid by Landlord No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other limitations imposed by our principles . Property Description 656 Beach Dr. 3 stories 11 units, 10 studios, (1) 2 bdr, 1.5 bath 5254 ESF Effective Age: 1988 Year built: 1910 Concrete block with wood siding overlay Tented within last year Zoning - NT-2 Parking– 5 spaces and street parking Land: 60’ x 97’ Laundry Room Roof Dec. of 1998 No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other limitations imposed by our principles . Property Description 276 7th Ave. N.E. 3 stories 8 1 bdr units 4,032 ESF Effective Age: 1988 Year built: 1925 Commercial Brick and wood 6 units redone hardwood floors Parking– 4 spaces and street parking Land: 45’x60’ Laundry Room Private common area for Beach Dr units and 276 No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other limitations imposed by our principles . Property Description 266 7th Ave. N.E.-14 units Bldg. 1-2 stories, 2600 ESF -4 1 bdr units Bldg. 2-1 story, 1056 ESF -3 studios Bldg. 3-1 story, 1056 ESF -2 1 bdr units Bldg. 4-1 story, 1056 ESF -2 1 bdr units Bldg. 5-1 story, 1056 ESF -3 studios Year Built-1956 Concrete Block 90% hardwood floors Parking– 4 spaces and street parking Land: 125’x127’ No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other limitations imposed by our principles . Property Talking Points Units stay 100% leased at all times, laundry facilities in all 3 properties Units at 266 are separately metered(14 units). 656 Beach and 276 7th Ave N.E. each have one meter for Bldg. Easy to submeter and pick up extra dollars. Owner pays for basic cable in 656 Beach and 276 7th., can be changed or additional charge on rental rate. Units may be rehabbed one at a time to generate additional rental income, studios in area which should generate rents in the $700 to $850 range plus electric and cable in Beach Dr. area., 1 bedrooms in area renting for $850 to $925 plus electric and cable. 656 Beach Dr. roof replaced in Dec. 1998. With approximately 10,200 SF of total roof area Recent sales in Beach Drive area have units selling for $90,000 to $130,000 per unit OUT OF TOWN OWNER Location, financials, condition of asset, capital improvements, and the potential to further increase value makes this investment an excellent multi-family real estate opportunity! Location Financials 2012 Contact for CA, Rent Rolls, Current Financials 656 Beach Drive N. E. Actual Proforma Rental Income Expenses $84,437 $45,656 $96,000(rents @ 700) $37,516(less cable & elec) Net Income $38,781 $58,484 Rental Income Expenses $70,790 $36,737 $76,800(rents @ $800) $27,753(less cable & elec.) Net Income $34,732 $49,047 276 7th Ave. N.E. 266 and 256 7th Ave. N.E. Rental Income Expenses $103,818 $50,502 Net Income $53,316 Total Net Income 2012 $124,896 $129,600(rents @ $700 to $850) $43,611(less elec.) $85,989 $193,520 **These are Conservative Estimates on Proforma *Management charges 10% on Labor and Materials No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other limitations imposed by our principles .