524 SW St. Lucie Crescent, Stuart, FL 34994...For the inshore angler there are mangrove islands on...

Presented by:Boyd G. Bradfield, Jr., CCIM, SOIRPresident/Broker+1 772 215 [email protected]

Reid ArmorSales Associate+1 772 631 [email protected]

The France Apartments524 SW St. Lucie Crescent, Stuart, FL 34994

Offered at:

$4,735,000

St. Lucie River

Roosevelt Bridge

2055 S Kanner Hwy. Stuart, Florida 34994 +1 772 286 6292 naisouthcoast.com

FOR SALE THE FRANCE APARTMENTS

30 Unit Iconic Waterfront Multifamily

Built in 1926, The France has overlooked Frazier Creek’s spar-kling waters for over 88 years. In the 1920’s manufacturer and inventor Adam W. France came to Stuart from Pennsylvania. Af-ter several business ventures, Adam decided to do something new and exciting; to create something of beauty. France drew up plans for a Mediterranean-Revival style apartment building across from what is now Shepard Park, complete with dock and boathouses.

Instead of using standard cinder block construction, France had the walls of the doublewinged structure poured with concrete, making it a veritable fortress. France chose a standard hacienda layout which allows river breezes to cross-ventilate, creating a natural air conditioning system. Each floor included a central solarium where residents could relax and visit. Everything about the France reveals its designer’s keen eye for detail, function, and beauty. Evidence suggests that the boathouse may have been used during Prohibition for smuggling illegal liquor. The original boathouse was destroyed in 1949 by a hurricane. Today there are 8 docks in the protected cove, a safe haven during storms.

The building has been upgraded and renovated over the years without spoiling the original vintage. In 2005, The France caught the eye of developer and restaurateur Anette Salvatori who is the current owner. Salvatori moved to Stuart from France in 1983 and recalls when there was virtually nothing in the downtown area. When she heard that a prospective buyer had plans to tear the France down, she felt compelled to save what she consid-ers a hidden treasure. Salvatori restored the building to pristine condition adding fountains, sitting areas, and lush landscaping amongst other amentities. For over 88 years this remnant of a different time has stood tall, proud, and true. An iconic part of Stuart’s rich history, The France is truly a magnificent spectacle to behold.

The Story so far..

The Story so far..

65 Single Family Lots

Property Information

• PRICING:

• UNITS:

• LOT SIZE:

• BUILDING SIZE:

• YEAR BUILT:

• ZONING:

$4,735,000

30

± .82 Acres with 150 feet on SW Saint Lucie Crescent and 150 Feet on Frazier Creek

±28,880

1925 with many renovations over the years.

R-3 - City of Stuart (Multifamily/Office)

Property Details

It’s not every day that an opportunity to acquire an iconic multifamly asset with a rich history and great upside presents itself. This offering consists of one 30 unit building measuring 3 stories with 22,000 square feet of rentable space. There are twelve 1 BR 1 BA water view units, twelve 1 BR 1 BA garden view units, and 6 efficiency units. Each unit contains a kitchen with a refrigerator, stove, and sink. Other amenities include elegant and lush landscaping, open and spacious common areas, and an 8 slip dock with access to the Atlantic Ocean. Built in the 1920s, this Mediterranean designed building is of solid poured concrete and is a veritable fortress. The France is truly a spectacle to behold and is an elegant and timeless piece of Stuart history.

Property Overview






• 100% occupied with a waitinglist to rent

• Proudly kept in immaculatecondition by the current owner

• Grandfathered in Hotel &Restaurant license (only one inthe city of Stuart)

• Solid poured concreteconstruction withMediterranean design

• 8 slip dock with electric andeasy access to St Lucie Riverand Atlantic Ocean

• Elegant and lush landscaping

• Central laundry facility

• Managers basement/work shop

• 30+ parking spots

• Walking distance to downtown

Highlights


St. Lucie River

• Below market rents

• Hotel & Restaurant license

• May support 4th story

• Pass utilities on to tenants

• Additional parking across thestreet (see below)

• Basement could be convertedto self storage for additionalincome

Opportunities


St. Lucie RiverRoosevelt Bridge



Regional Overview Martin County, Stuart

Nestled Riverside in “America’s Happiest Seaside Town 2017” this iconic building is conveniently located just South of the Roo-sevelt Bridge right off Martin County’s main arterial, US Highway 1. Walking distance to the Historic Downtown Stuart with more than 50 world class and locally owned shops, restaurants, boutiques, antique shops, art galleries, parks, a riverside boardwalk, the courthouse, and Martin Memorial Hospital.

There are two major groups of activity in the “Old Downtown Stuart” neighborhood. One is the professional and medical services established in conjunction with Martin Memorial Hospital. The other is the professional and legal services established in conjunction with the Martin County Court House, the Stuart municipal building, and other support buildings.

Martin County is home to thousands of successful small and medium size companies, as well as many corporate, and regional headquartered operations in a broad spectrum of industries. Although the county has a variety of goods and service producers, the largest sectors are aerospace and engineering, agriculture and food processing, business and financial services, and medical and pharmaceutical producers.

Martin County’s base industries are agriculture and tourism. Over the past 30 years, other industries such as manufacturing have developed and now represent a major component of the economy. The high levels of household income are indicative of a higherprofessional market which is supported by the extraordinary levels of high tech “clean industry” formation in the county.


30 Unit Iconic Multifamily Waterfront


ELEMENTARY:Bessey Creek ElementaryCitrus Grove ElementaryCrystal Lake ElementaryFelix A. Williams ElementaryHobe Sound ElementaryJ.D. Parker ElementaryJensen Beach ElementaryPalm City ElementaryPinewood ElementaryPort Salerno ElementarySeaWind ElementaryWarfield Elementary

MIDDLE SCHOOL:Dr. David L. Anderson MiddleHidden Oaks MiddleIndiantown MiddleMurray MiddleStuart Middle

HIGH SCHOOL:Jensen Beach HighMartin County HighSouth Fork HighSpectrum Junior / Senior HighStuart Adult Community High School

SPECIAL SCHOOLS:Environmental Studies CenterPre-Kindergarten ProgramsRiverbend AcademySpectrum Junior Senior HighWilloughby Learning Center (formerly Challenger School)

Schools Martin County, Stuart



30 Unit Iconic Multifamily Waterfront

Explore Southeast Florida Waterways:Florida has over 8,000 miles of shoreline if you count inlets, bays, and capes. The western Florida on the Gulf of Mexico has 770 miles of shoreline and the eastern Atlantic side has 580 miles; now add all the islands, freshwater lakes, the Everglades, and you can see how we boast having the most miles in the United States. And Florida has claimed its fame by calling itself The Fishing Capital of the World!

Exploring the Southeast of Florida it runs from Martin County in the north to Miami-Dade County in the south, all bordering the Atlantic Ocean. Southeast Florida offshore fishing starts very close to shore as the Gulf Stream runs the closest here than anywhere else in Florida. There are three distinct ridges running south to north offering natural reefs that support a large variety of marine life. Florida is known as The Shipwreck Capital of the World and Southeast Florida has a large majority of these wrecks including many treasure ships. The whole area is littered with shipwrecks offering both anglers and divers hundreds of sites to explore. Each of the 4 counties in this region is very active in deploying artificial reefs to increase habitat and to give anglers and divers more opportunities. For the inshore angler there are mangrove islands on the intercoastal waterways. For the surf and beach angler Martin County beaches span 21.5 miles, Palm Beach County has 47 miles, Broward County has 24 miles, and Miami-Dade County has 22 miles of beaches and 67 square miles of inland waterways. For the freshwater angler the Everglades and National Parks offers limitless fresh and brackish fishing.


Map of Waterways


Martin County Parks and RecreationThe National Recreation and Parks Association reports that there are at least 12,000 publicly-funded state and local parks and recreation agen-cies in the United States. Of those, there are currently only 142, or just over one percent, that have achieved this prestigious national accredi-tation by CAPRA. Martin County Parks and Recreationis proud to be a part of this esteemed group.

Stuart Parks & BeachesThe Martin County Board of County Commissioners has developed a diverse Parks and Recreation department that includes a wide array of community and regional parks, natural areas, boat ramps, beach access parks, a community waterpark and competitive aquatic center, a 60-acre campground, a beach side café, a senior center, skate parks, historic buildings and a public golf course. The entire park system is comprised of 77 active and passive parks encompassing an area of 600-square miles (not including waterways), bordered on the east by the Atlantic Ocean, the west by Lake Okeechobee, the north by St. Lucie County and the south by Palm Beach County.


Parks & Beaches




Survey

16 Lots on Kanner Hwy



Surrounding RetailFOR SALE THE FRANCE APARTMENTS

Surrounding Buisness 1 mile away from Downtown Stuart, Courthouse & Hospital

2017 Demographics

Population• 1 Mile 4,533• 3 Miles 44,842• 5 Miles 92,815

Average Household Income• 1 Mile $ 77,527• 3 Miles $ 77,661 • 5 Miles $ 85,858

Median Age• 1 Mile 56.7• 3 Miles 52.4• 5 Miles 51.4



Location Map


Treasure CoastMultifamily Report




Martin County Market Snap ShotPopulation Estimate (2016): 153,000Projected Population (2021): 160,425Population Age 20-39 (Millennials): 19%Population Age 60-79 (Baby Boomers): 28%Households: 55,000Median Home Price: $251,000Median Income: $52,526Job Growth: 2.42%Unemployment: 4.2%Annual Rent Growth: 3%Vacancy Rate: 4.9%

The Treasure Coast is located in the South Eastern United States along the Atlantic Seaboard of Florida. It is comprised of Martin, St. Lucie, and Indian River County. Together, Martin and St. Lucie County comprise the Port St. Lucie Florida Metropolitan Statistical Area. For the past decade it has consistently ranked as one of the fastest growing MSA’s in the United States. Leading a healthy Treasure Coast Economy are rapidly growing Health Care, R&D, Retirement, Education, Tourism, Manufacturing, Marine, Aviation, Aerospace, Agribusiness, Service, and Retail sectors.

Unemployment rates are down significantly as sales of new homes, median home prices, and building permits continue to hit record highs. For decades the Treasure Coast has enjoyed rapid economic expansion fueled by population driven growth in construction and real estate. South Florida has consistently ranked among the fastest growing in numerous measurements from economic output to job creation.

The Port St. Lucie MSA benefits from a central location between two of the states other leading markets, Orlando and Miami. It has immediate access to acres of shovel ready land, highways, railroad, waterway, and airports.

The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. This is not intended to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide specific investment advice and should not be considered as investment advice. Sources: NAI Global Research Services; CoStar Group Inc; Real Capital Analytics; National Association of Realtors; Realtors Association of Martin County; Realtors of St. Lucie County; Moody’s Analytics; U.S. Census Bureau; Bureau of Labor Statistics.

vOffering Summary

The France Apartments

LISTING AGENT

Front Exterior ViewLush Landscape

Landmark Multifamily AssestStuart, Martin County, Florida 34994

Boyd G. Bradfield, Jr. SIOR, CCIMPresident - Broker+1 772 215 [email protected]

NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR WITHDRAWAL WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR PRINCIPALS NO WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE CONDITION OF THE PROPERTY OR ANY HAZARDS CONTAINED THEREIN ARE ANY TO BE IMPLIED.

Lobby/EntranceGorgoeus Wood Floors

Back Patio 8 Large Boat Slips

Sales Price

$4,735,000

Reid ArmorSales Associate+1 772 631 [email protected]

524 SW St. Lucie Crescent, Stuart, FL 34994...For the inshore angler there are mangrove islands on...

Documents

Transcript of 524 SW St. Lucie Crescent, Stuart, FL 34994...For the inshore angler there are mangrove islands on...