EXECUTIVE SUMMARY OVERVIEW The Capt’n Butchers project consists of approximately 3.71+/- acres acquired and owned by real estate developer Harold “Butch” Adams who has owned the property approximately 15 years. Through the years Mr. Adams has taken the property through several phases of development and additionally has procured multiple grandfathered, pre-approved plans for up to 50,000+/- of proposed additional development. A 41,382+/- sq. ft. Jackson Street Right of Way (ROW) was granted to the City of Sebastian and designated as public parking for the project. It is maintained by the City of Sebastian. The net land is approximately in the 2.76+/- to 2.79+/- range. The riverfront land area is 30,865+/- sq. ft. or approximately .71 acres with 268.88+/- sq. ft. of river frontage. The land area west of Indian River Drive is 89,298+/- or 2.05 acres. The Zoning is CWR, Commercial Waterfront Residential and a CLUP of Riverfront Mixed Use (RMU) allowing a variety of uses from retail, to restaurants, office, medical, wet or dry storage of boats, yachting clubs, fishing tackle, boat rentals, a fish market, gasoline sales, marine power sales & services, residential, multi-family, condo’s, townhouses or perhaps a boutique hotel. There is a Submerged Land Lease with the State of Florida consisting of 13,589+/- sq. ft. REAL PROPERTY IMPROVMENTS / EXISTING FACILITIES AND BUILDINGS Starting on the north east section of the property lies building one (1) a 4,840+/- restaurant. It consists of multiple in-door dining rooms, an indoor bar, a private banquet room and two (2) large outside decks. The north deck seats 56, the south deck 86, the inside bar 14, the inside dining areas plus private banquet room 151 and the outside bar 27, total seating 334+/-. The restaurant was originally built in 1952 but was has been upgraded, rebuilt and an entirely new kitchen area was added on in recent years. The kitchen equipment was purchased new within the last 5 years and an itemized list is attached here-in. There is a lot (parcel 2.0) on the north side of the restaurant where they store a trailer, the back-up generator and where they set the restaurants air conditioning systems. Building two (2), connects to the restaurant in an L pattern and runs east toward the water. It is a two-story building. On the ground floor there are his and hers restrooms, a laundry room, a walk-in cooler with 16 beer taps going directly to the outside bar which seats 27 patrons almost right on the water. The bar is approximately 690+/- sq. ft. and the rest of the ground floor approximately 1,104=1,794+/- ground floor. Upstairs there is a managers or captain’s efficiency apartment complete with a full kitchenette and a dry goods storage room for the restaurant and bar. 1,104 sq. ft. upstairs =2,898+/- total for building two (2). Building three (3) is an 8-unit apartment building consisting of a 3 three story masonry block infrastructure with hardee plank siding built in 1985.The north end consists of the 480 sq. ft. single story manager’s office with a retail front office and backroom private office with full security cameras of the entire property and all of the Company’s files, books and records. The front office overseas the marina, marine fueling area and the restaurant primary deck and bar. On the remainder of the ground floor are four (4) studio apartments. Each studio consists of a queen bed, 32” color T.V., a kitchenette with toaster oven, microwave, coffee maker, cookware, flatware, glasses, etc. Topping it off are cute covered patios with beautiful wide water views. Floors 2 & 3 are two story townhouses, 2 bedrooms, 1.5 baths, king & queen beds, washer/dryers and stunning outdoor patios with magnificent breathtaking views of the Indian River. The Manager’s office is 480+/- sq. ft. and the residential units are 6,912+/-, total 7,392+/- sq. ft. for the building. The total approximate square

footage of the 3 improved buildings is 14,953+/-. A room rate and fee schedule are attached here-in under the miscellaneous sections. Building 1,2 and 3 all are situated on parcel 2.1 , .39+/- acres and 17,061+/- sq. ft. MARINA The marina is built on a 13,589+/- sq. ft. submerged land lease through the State of Florida. The annual cost of the lease is $3,544+/- per year. The Marina features 29 slips, 4 used for fueling and transient purposes and 25 for rental. There are 6-7 boat lifts in place ranging from 5,000 to 30,000 lbs. Rental rates are $10.00 per linear foot and the marina can accommodate boats up to the 60 ft. +/- range. Fresh water and electrical hook-ups ranging from 20-50 amps are available. The site features a double wall steel above ground fuel tank that holds 2,400 gallons of diesel fuel and 1,200 gallons of gasoline. As a historical note on the north end of the Marina there is an old fish house unloading dock with a hut and railway car to transport the fish from the boat. The restaurant building which was originally built in 1952 as a commercial fish processing plant. FUTURE DEVELOPMENT The Seller has several sets of grandfathered pre-approved development plans subject to recertification by City approval. These plans are scanned digitally and can be forwarded upon request. On the water there are two rectangular lots zoned CWR. Parcel 3.2 is .12 acres, 5,227 sq. ft. lot approved for a two story four-plex, 2 units up and 2 down. Each unit would be approximately 30 x 60, 900 square feet total with 720 sq. ft. living area, 60 sq. ft. entry and a 120 sq. ft. rear porch or patio area. Parking is across the street on the west side of the property. Parcel 4.0 is 4,356+/- sq. ft. on a 54 x 120 sq. ft. lot with plans similar to parcel 3.2 Parcel 2.3 is exactly west across the street from the restaurant on the north end of the Jackson Street ROW/parking. It is 1.06+/- acres, 46,174+/- sq. ft. and approved for 2 different possible structures, one on the east side nearest the restaurant (currently used for restaurant parking) and one on the west side closest to U.S. Highway 1. The East side project is approved for a 9,600 sq. ft. 24 unit residential complex or mixed use building. Parcel 3.3 lies on the west side of Indian River Drive on the south side of the Jackson Street ROW. Its current use is as a fish house. The tenant pays $2,500 per month but will soon be relocating. This parcel is zoned CWR, is .99+/- of an acre, 43,124+-sq. ft. and is approved for a 3,8865 sq. ft. retail or 12-unit resort, 3 story residential building with a pool.

Six (6) Total Parcels

PARKING The site consists of approximately 192 parking spaces. The restaurant requires 120+/- spaces with its current seating capacity, the apartments require 8 and the marina 12. There are approximately 52 places left for future development. More may be gained by potentially lowering the restaurant seating capacity for example removing the 56 patron northern deck seating which is not used frequently to begin with would free up parking spaces for proposed development. Different proposed developmental uses require different numbers of parking spaces. A schedule will be attached here-in or added below. ASSETS AND INVENTORY The business and real property are being sold in a turn-key “as-is” manner with all of the required business assets included in the sales price. An itemized asset list is included herein and subject to change due to the normal course of business. An updated asset list will be available and attached to any Offer’s to Purchase. The assets will be sold in “as-is” condition without warranties subject to Buyer’s inspection during due diligence and in working order at closing.

FINANCING Pre-approved SBA loans with up to $5,000,000-million-dollar limits may be made available for the acquisition of the subject real estate, businesses and overall project with the Buyer requiring the difference in liquid funds and reasonable post-closing liquidity. Loans on the acquisition of any portion of the purchase price allocation of the restaurant business itself, excluding real estate may have a ten (10) year amortization while loans including the real estate may go as high as thirty (30) years. They may give the project a blended amortization of 20 years+/-. Different applications of an SBA7a and/or SBA 504 will be evaluated for pre-qualification with prominent SBA Lenders. Interest rates may be fixed or adjustable and are currently in the 6% to 6.5% range. Working Capital and Closing Costs may potentially be included as part of the loan project cost and loan proceeds available to the Buyer/Borrower. TAXES The property consists of 5 parcels. Total taxes for 2015 were approximately $34,483.92+/- plus the submerged land lease of $3,544+/- FINANCIAL INFORMATION Complete and detailed financial information will be available to financially pre-qualified Buyers. Interested Parties must submit a Financial Statement, Letter of Credit or other acceptable documentation to assure Seller and Broker(s) of Buyer’s reasonable ability to complete the transaction contemplated herein. COMMENTS Excellent opportunity to acquire a scarce and highly sought after income producing waterfront property with multiple streams of income. This proven business model has a historically high success rate with excellent upside development potential to further increase the income and return on investment.

The confidential information above has been obtained from sources we consider reliable, but we do not guarantee it. Submitted subject to errors, prior sale, withdrawal or change in price or terms and conditions without notice.

  

 

  

 

  

 

 Fishing Tournament Weigh‐In 

 

  

 Inside Bar 

 Interior Dining Rooms 

 

 

Image capture: Jul 2014 Images may be subject to copyright.

Capt'n Butcher's Grille, Bar & Marina

Capt'n Butcher's Grille, Bar & Marina

Photo - Jul 2014

Capt'n Butcher's Grille, Bar & Marina