new multifamily portfolio for sale · 2018. 3. 30. · confidential offering memorandum • march...

CONFIDENTIAL OFFERING MEMORANDUM • MARCH 30, 2018

Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com

3021 Sanchez St., Tampa, FL 33605

6 -UNIT MULTI-FAMILY PORTFOLIO IN TAMPA HEIGHTS/YBOR CITY

David [email protected]

MULTIFAMILY PORTFOLIO FOR SALE

https://www.grimaldicommercialrealty.com/index.php


MULTIFAMILY PROPERTY FOR SALE

2

presented by:

PROPERTY INFORMATION 3

LOCATION INFORMATION 8

FINANCIAL ANALYSIS 11

SALE COMPARABLES 16

ADVISOR BIOS 21

AssociateO: 813.882.0884C: 813.245.7333E: [email protected]

David Rosenthal

The information contained in the following offering memorandum is proprietary and strictlyconfidential. It is intended to be reviewed only by the party receiving it from GrimaldiCommercial Realty and it should not be made available to any other person or entity withoutthe written consent of Grimaldi Commercial Realty.

By taking possession of and reviewing the information contained herein the recipient agrees tohold and treat all such information in the strictest confidence.

The recipient further agrees that recipient will not photocopy or duplicate any part of theoffering memorandum. If you have no interest in the subject property, please promptly returnthis offering memorandum to Grimaldi Commercial Realty.

This offering memorandum has been prepared to provide summary, unverified financial andphysical information to prospective purchasers, and to establish only a preliminary level ofinterest in the subject property.

The information contained herein is not a substitute for a thorough due diligenceinvestigation.

Grimaldi Commercial Realty has not made any investigation, and makes no warranty orrepresentation with respect to the income or expenses for the subject property, the futureprojected financial performance of the property, the size and square footage of the propertyand improvements, the presence of absence of contaminating substances, PCBs or asbestos,the compliance with local, state and federal regulations, the physical condition of theimprovements thereon, or financial condition or business prospects of any tenant, or anytenant’s plans or intentions to continue its occupancy of the subject property.

The information contained in this offering memorandum has been obtained from sources webelieve reliable; however, Grimaldi Commercial Realty has not verified, and will not verify, anyof the information contained herein, nor has Grimaldi Commercial Realty conducted anyinvestigation regarding these matters and makes no warranty or representation whatsoeverregarding the accuracy or completeness of the information provided.

All potential buyers must take appropriate measures to verify all of the information set forthherein.

Prospective buyers shall be responsible for their costs and expenses of investigating thesubject property.

CONTENTS CONFIDENTIALITY & DISCLAIMER



TABLE OF CONTENTS


PROPERTY INFORMATION


SECTION 1 • PROPERTY INFORMATION

4

OFFERING SUMMARY

Sale Price: $535,000

Number Of Units: 6

Cap Rate: 10.0%

Cash-On-Cash Return: 20.60%

Cap Rate Year End (2018): 12.5%

NOI: $53,394

Available SF: 0 SF

Lot Size: 0.52 Acres

Building Size: 6,990 SF

Renovated: 2018

Zoning: RESIDENTIAL (SINGLE

FAMILY) RS-50

Market: TAMPA HEIGHTS

PROPERTY OVERVIEWThis 6- Unit Income producing portfolio is located in one of the mostup-and-coming markets in the Tampa Area. It consists of 6 big rental units thathave been recently renovated and are in great condition. All units are 100%occupied as these are some of the nicest units in their respectiveneighborhoods. The portfolio consists of 5 Single Family homes, and one guesthouse, that will be sold as a package. The portfolio has massive upside as therents are very low for this area and with such high demand, and very littleinventory, the buyer can raise the rental rates immediately to increase their netoperating income (NOI). These units have been significantly updated in the past12 months, leaving the buyer with minimal Capex upon taking over theportfolio. The portfolio has minimal expenses, as the tenants pay all their ownutilities. All units have washing machines and dryers inside as well as central A/C units!

The property boasts an amazing in-place 10% cap rate & a 20.60%Cash-on-Cash return. With the upside this property possesses, the Cap-rate andCash-on-Cash return will only rise! By increasing the low rental rates, to just thecurrent market rates, the buyer can increase their Cap Rate to over 12.5% andCash-on-Cash to over 30% by the end of 2018! In this hot market, it is extremelyhard to find a real in place 10-Cap like this. With the excellent condition, insaneupside and, the amazing in-place return, this opportunity will not last long!



EXECUTIVE SUMMARY




5

PROPERTY OVERVIEW

Another amazing feature of this portfolio is the ability to self-manage these units as it is only 6 units total that are all in very closeproximity to each other. However, we have included a management fee consistent with the market in-case you prefer to go thatroute. This is a unique opportunity to own valuable real estate in the most up-and-coming market in the Tampa Bay Area. Manyprojections show this area growing at an amazingly high rate with the recent announcement of the new Tampa Bay Rays baseballstadium just down the street!

LOCATION OVERVIEW

THIS SIX PROPERTY PORTFOLIO IS LOCATED IN, TAMPA HEIGHTS AND MINUTES FROM YBOR CITY. THE ADDRESSES FOR THEPROPERTIES ARE AS FOLLOWS: 3021 SANCHEZ ST, 3024 SANCHEZ ST., 1814 E. 19th Ave., 3305 E. 27th Ave., 2408 E. 20th Ave. Withthe recent development boom in the Tampa Heights/Ybor city area, this market is at an all-time high. However, with the recentoverhaul of Florida Ave. and the announcement of a new Baseball stadium going into Tampa Heights/Ybor city market this area willonly grow and increase in value. This is one of the fastest growing markets in the Tampa Bay area, and all the projection modelsindicate a rapid increase over the next 12-36 months. This is clearly a one of a kind location with immense upside. Buying propertyin this area today will pay dividends down the road, while the buyer will be able to obtain one of the highest in-place cap rates ofany property on market in the Tampa Bay Area.



PROPERTY DESCRIPTION




6

SALE HIGHLIGHTS• AMAZING 10% CAP RATE AND OVER 20%

CASH-ON-CASH RETURN IN-PLACE!

• POTENTIAL TO RAISE CAP RATE TO OVER

12.4% BY THE END OF 2018!

• 5- SINGLE FAMILY HOMES, AND ONE GUEST

HOUSE, IN THE FASTEST GROWING MARKET

IN THE TAMPA BAY AREA!

• LOW RENTAL RATES, GIVING THE BUYER

MASSIVE UPSIDE TO INCREASE RENTS

IMMEDIATELY!

• ALL UNITS HAVE UNDERGONE MAJOR

RENOVATIONS IN THE PAST 12 MONTHS, AND

ARE IN EXCELLENT CONDITION!

• 100% OCCUPIED, WITH VERY MINIMAL, IF

ANY, CAPEX!

• TOTAL OF 6 INCOME PRODUCING RENTAL

UNITS!

• ALL UNITS HAVE WASHER/DRYER AND

CENTRAL A/C!



COMPLETE HIGHLIGHTS




7



INTERIOR PHOTOS


LOCATION INFORMATION


SECTION 2 • LOCATION INFORMATION

9

6 -UNIT MULTI-FAMILY PORTFOLIO INTAMPA HEIGHTS/YBOR CITY



REGIONAL MAP



SECTION 2 • LOCATION INFORMATION

10

6 -UNIT MULTI-FAMILY PORTFOLIO INTAMPA HEIGHTS/YBOR CITY



AERIAL MAP


FINANCIAL ANALYSIS


SECTION 3 • FINANCIAL ANALYSIS

12

INVESTMENT OVERVIEW 6 -UNIT MULTI-FAMILY PORTFOLIO IN TAMPAHEIGHTS/YBOR CITY

Price $535,000

Price per Unit $89,166

CAP Rate 10.0%

Cash-on-Cash Return (yr 1) 20.6 %

Total Return (yr 1) $53,394

OPERATING DATA 6 -UNIT MULTI-FAMILY PORTFOLIO IN TAMPAHEIGHTS/YBOR CITY

Vacancy Cost $703

Gross Income $70,800

Operating Expenses $16,698

Net Operating Income $53,394

Pre-Tax Cash Flow $53,394

FINANCING DATA 6 -UNIT MULTI-FAMILY PORTFOLIO IN TAMPAHEIGHTS/YBOR CITY

Down Payment $133,750

Loan Amount $401,250



FINANCIAL SUMMARY




13



RENT ROLL




14



INCOME STATEMENT




15



CAP RATE ANALYSIS


SALE COMPARABLES


SECTION 4 • SALE COMPARABLES

17

Subject Property

3021 Sanchez St. | Tampa, FL 33605

$535,000Sale Price: 6,990 SFBuilding SF:

$76.54Price PSF: 6No. Units:

$89,167Price / Unit: 10.00%CAP:

$53,394NOI:

This 6- Unit Income producing portfolio is located in one of the most up and coming markets in the Tampa Area. It consists of 6 big rental units that have been recently renovated and are in great condition.All units are 100% occupied as these are some of the nicest units in their respective neighborhoods. The portfolio consists of 5 Single Family homes, and one guest house, that will be sold as a package. Theportfolio has massive upside as the rents are very low for this area and with such high demand, and very little inventory, the buyer can raise the rental rates immediately to increase their net operatingincome (NOI). These units have been significantly updated in the past 12 months, leaving the buyer with minimal Capex upon taking over the portfolio. The portfolio has minimal expenses, as the tenants payall their own water, electric, cable, garbage, and sewer bills. All units have washing machines and dryers inside as well as central A/C units!

Another amazing feature of this portfolio is the ability to self-manage these units as it is only 6 units total that are all in very close proximity to each other. However, we have included a management feeconsistent with the market in-case you prefer to go that route. This is a unique opportunity to own valuable real estate in the most up-and-coming market in the Tampa Bay Area. Many projections show thisarea growing at an amazingly high rate with the recent announcement of the new Tampa Bay Rays baseball stadium just down the street!

The property boasts an amazing in place 10% cap rate and a 20.60% Cash-on-Cash return. With the upside, this property possesses, the Cap rate and Cash-on-Cash return will only rise! In this hot market, itis extremely hard to find a real in place 10-Cap like this. With is excellent condition, insane upside and, the amazing in-place return, this opportunity will not last long!

4 Bedroom/ 1 Bth Single Family Home, 1,432 S/F.

1

3301 N. 12th St.

3301 N. 12th St. | Tampa, FL 33605

$195,000Sale Price: 4,832 SFLot Size:

1925Year Built: 1,432 SFBuilding SF:


$195,000Price / Unit: 0.00%CAP:

11/21/2017Closed: 0%Occupancy:

$0NOI:

1

3-bedroom/1 Bath Single Family Home, 1,395 S/F

2

2925 Sanchez St.

2925 Sanchez St. | Tampa, FL 33605

$191,000Sale Price: 0 SFLot Size:



$191,000Price / Unit: 8.00%CAP:


$15,325NOI:

2

3-bedroom/2-bath Single Family Home, 1,196 S/F

3

1510 E 18th Ave.

1510 E 18th Ave. | Tampa, FL 33605




$185,000Price / Unit: 10.00%CAP:


$19,872NOI:

3



SALE COMPS




18

3-Bedroom/1-Bathroom, Single Family Home, 1,300 S/F

4

1815 E 18th Ave.

1851 E 15th Ave. | Tampa, FL 33605




$158,900Price / Unit: 0.00%CAP:

11/22/2017Closed: $21NOI:

4



SALE COMPS




19

1

2

3

4

SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS

6 -UNIT MULTI-FAMILYPORTFOLIO IN TAMPAHEIGHTS/YBOR CITY3021 Sanchez St.Tampa, FL 33605

$535,000 6,990 SF $76.54 $89,167 10.0% - 6

SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

3301 N. 12th St.3301 N. 12th St.Tampa, FL 33605

$195,000 1,432 SF $136.17 $195,000 0.0% - 111/21/2017

2925 Sanchez St.2925 Sanchez St.Tampa, FL 33605

$191,000 1,395 SF $136.92 $191,000 8.0% - 101/16/2018

1510 E 18th Ave.1510 E 18th Ave.Tampa, FL 33605

$185,000 1,196 SF $154.68 $185,000 10.0% - 103/09/2018

1815 E 18th Ave.1851 E 15th Ave.Tampa, FL 33605

$158,900 1,300 SF $122.23 $158,900 0.0% - 111/22/2017

PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

Totals/Averages $182,475 1,331 SF $137.10 $182,475 9.0% - 1



SALE COMPS SUMMARY




20

3021 Sanchez St. | Tampa, FL 33605SUBJECT PROPERTY

13301 N. 12th St.Tampa, FL 33605

3301 N. 12TH ST. 22925 Sanchez St.Tampa, FL 33605

2925 SANCHEZ ST.

31510 E 18th Ave.Tampa, FL 33605

1510 E 18TH AVE. 41851 E 15th Ave.Tampa, FL 33605

1815 E 18TH AVE.



SALE COMPS MAP


ADVISOR BIOS


SECTION 5 • ADVISOR BIOS

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115 W Bearss AveTampa, FL 33613T 813.882.0884C [email protected]

PROFESSIONAL BACKGROUND

David began his career at Ernst & Young, David serving as a Big FourAccountant, focusing on client services and analyzing Financial Statements.Before joining Grimaldi Commercial Realty, David worked with many local RealEstate Investment Trusts, learning the financial side of the Real Estate market.

Experience in the following:Retail Sales & LeasesFinancial PlanningReal Estate Investment TrustsDividend Reinvestment Plans & Dividend Payout RatiosSeller and Investor FinancingContract negotiations and due diligenceInvestment & Financial AnalysisProperty Valuation>

EDUCATION

David graduated from Tulane University in New Orleans, Louisiana, where hereceived a Bachelor's in Finance and a Masters in Accounting.A Tampa native since 1991, David attended Tampa Preparatory High School inDowntown Tampa where he played Soccer, Basketball, and ran Cross Country.When he is not working, David enjoys watching sports, working out and playinggolf.

MEMBERSHIPS & AFFILIATIONS

David is an outgoing individual whose drive and passion are evident in hispersistence to provide outstanding service. His business is built on: Dedication,Communication, Determination, & Trust while embodying the ability to caterand adapt to all of his client's Real Estate needs.

DAVID ROSENTHAL

Associate



ADVISOR BIO & CONTACT 1


new multifamily portfolio for sale · 2018. 3. 30. · confidential offering memorandum • march...

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