SWASHBUCKLER

11875 Gulf Boulevard • Treasure Island, FL 33706

•OFFERING MEMORANDUM•

Motel & Apartments

SWASHBUCKLER Treasure Island, FLACT ID ZAA0250070

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Non-EndorsementsMarcus & Millichap Real Estate Investment Services of Florida, Inc. ("Marcus & Millichap") is not affiliated with, sponsored by, or endorsed by any commercial tenant orlessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship orendorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and issolely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

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Joshua D. TeplitzkyFirst Vice President InvestmentsDirector - National Multi Housing Groupjoshua.teplitzky@marcusmillichap.comTel: (813) 387-4756

Investment Overview

Offering SummaryProperty Address

Number of Units

Number of Buildings

Number of Stories

Year Built

Rentable Square Feet

Lot Size

Type of Ownership

Foundation/Framing/Exterior

Roof Type

HVAC Type

Electrical

Plumbing

ParkingSurface

Assessor’s Parcel Number

11875 Gulf Boulevard, Treasure Island, FL 3370629 Units

Five

Two

1952

13,3400.58 +/- Acres

FeeSimple

Concrete Slab on Grade/Concrete Block/Painted StuccoPitched Composition Shingle

Individual A/C

Copper

Copper/PVC

Asphalt

23-31-15-91764-002-0080

Electricity Property

Water/Sewer Property

Trash Removal Property

Internet/Cable Property

List Price $3,400,000Price per Unit $117,241 per Unit

Pinellas County, FloridaMost Densely Populated County in theState

916,542Pinellas County Year-RoundPopulation

St. Pete Beach Ranked #7 in the United States by TripAdvisor

Utility Paid By

Unit Type # of Units Square Footage Weekly PriceEfficiency 5 325 $367

Junior Studio 2 292 $424

Deluxe Studio 4 340 $452

Large Studio 5 375 $480

Standard 1x1 6 516 $480

Large 1x1 4 600 $735

2 Bed/ 1 Bath 3 800 $848

Pricing Schedule

Current Pricing Schedule - Swashbuckler

Weekly Pricing

Unit Type# of UnitsSquare FootageWeekly Price

Efficiency5325$367*assumption of 4.3333 weeks per month

Junior Studio2292$424

Deluxe Studio4340$452

Large Studio5375$480

Standard 1x16516$480

Large 1x14600$735

2 Bed/ 1 Bath3800$848

Weekly Total Potential$15,255

Monthly Total Potential$66,105

Annual Total Potential$793,260

Daily Pricing

Unit Type# of UnitsSquare FootageDaily Price

Efficiency5325$141

Junior Studio2292$147*assumption of 30.4167 days per month

Deluxe Studio4340$153

Large Studio5375$158

Standard 1x16516$158

Large 1x14600$175

2 Bed/ 1 Bath3800$198

Weekly Total Potential$4,644

Monthly Total Potential$141,264

Annual Total Potential$1,695,171

INVESTMENT HIGHLIGHTS

Swashbuckler consists of five buildings which are comprised of five efficiencies, eleven studios, ten one-bedroom/one-bathrooms and three two-bedroom/one-bathroom floor plans totaling approximately 13,340 square feet of living space. Suites feature kitchenettes in most studio and efficiency units, full sized kitchensin the one-bedrooms and two-bedrooms, ceramic tile or hardwood flooring, and water views in select units. Amenities include a sparkling swimming pool, lushtropical landscaping, leasing office, on-site laundry facility and an abundance of off-street parking. Located directly across from beach access and walk-ability tonearby retailers, restaurants and other demand drivers.

Treasure Island, Florida got its name from an early hotel owner who buried and then "discovered" a couple of wooden chests on the beach. The hotelierclaimed that the chests were filled with "treasure." News of the discovery spread quickly and people began calling the area Treasure Island. The main draw fortodays visitors is not buried treasure, but the towns three miles of white, sandy beaches on the Gulf of Mexico. Nearby activities include swimming, shelling,sunning, snorkeling, parasailing, kayaking, fishing or simply walking the beach and taking in a memorable sunset. Home of what's touted as the "world's longestwaterfront bar" accessible by boat, number of hotels of all price ranges and numerous beach bistros and restaurants.

PROPERTY OVERVIEW

Direct Frontage on Gulf Boulevard

Concrete Block Constructed Asset Built in Phases between 1948 and 1954

Buildings & Walkways were Repainted in 2019

Ten of the Unit Interiors have been Recently Renovated

Opportunity to Acquire Adjacent Land Owned by Current Ownership whichhas Redevelopment Potential for 4 Buildable Units or Additional CommonArea Amenities (Price of Additional Lot is $400,000)

Property Boasts a Transient Business License to Give an InvestorFlexibility in Business Plan for Either Short-Term or Long-Term Rentals

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Property Photos

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Vintage Photos

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Exterior Photos

Interior Photos

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Interior Photos

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Hardwood Floors in Select Floor Plans

Furnished Interiors

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AmenitiesLeasing Office

Swimming Pool

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LOCAL MAP

SWASHBUCKLER

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AERIAL PHOTO

SWASHBUCKLER

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AERIAL PHOTO

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AERIAL PHOTO

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AERIAL PHOTO

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FINANCIALANALYSIS

DAILY PRICING – HYBRID – EOY1

Daily Pricing - In Season

Unit Type # of Units Square Footage Daily Price

Efficiency 5 325 $95

Junior Studio 2 292 $105

Deluxe Studio 4 340 $110

Large Studio 5 375 $115

Standard 1x1 6 516 $125

Large 1x1 4 600 $130 2 Bed/ 1 Bath 3 800 $198

Daily Total Potential $3,563

Annual Total Potential $755,409

Daily Pricing - Out of Season

Unit Type # of Units Square Footage Daily Price

Efficiency 5 325 $55

Junior Studio 2 292 $60

Deluxe Studio 4 340 $65

Large Studio 5 375 $70

Standard 1x1 6 516 $80

Large 1x1 4 600 $85

2 Bed/ 1 Bath 3 800 $95

Daily Total Potential $2,110

Annual Total Potential $322,830

*In Season Months are October through April (212 Days)

*Out of Season Months are May through September (153 Days)

Number of Units Daily Rentals Net Rentable Area End of Year 1

Projection % of GPR Per UnitINCOME

GROSS POSSIBLE/SCHEDULED RENT $1,078,239 37,181

Other IncomeLaundry Income $7,200 0.67% 248

Total Other Income $7,200 0.67% 248

GROSS POTENTIAL INCOME $1,085,439 37,429 Physical Vacancy ($323,472) 30.00% (11,154)

EFFECTIVE GROSS INCOME $761,967 $26,275

EXPENSESReal Estate Taxes % of EGI

2019 Taxes Paid/Adj. for Sale $43,244 5.68% 1,491 Total Real Estate Taxes $43,244 5.68% 1,491

Insurance $35,462 4.65% 1,172

UtilitiesWater & Sewer $19,800 2.60% 683 Cable & Wifi $7,103 0.93% 245 Electric $34,420 4.52% 1,187

Total Utilities $61,323 8.05% 2,115 Contract Services

Contract Services $6,525 0.86% 225 Total Contract Services $6,525 0.86% 225

Repairs & Maintenance $13,050 1.71% 450 Management Fee $45,718 6.00% 1,576 Tourism Tax $22,859 3.00% 316 Sales Tax $53,338 7.00% 1,839 On-Site Payroll $50,000 6.56% 1,724 Replacement & Reserves $7,250 0.95% 250

TOTAL EXPENSES $338,769 44.46% 11,682

NET OPERATING INCOME $423,199 55.54% 14,593

List Price Per Unit CAP Rate - Daily Rentals

$3,400,000 $117,241 12.45%

YEAR-ROUND WEEKLY PRICING SCHEDULE

Weekly Pricing - Year Round

Unit Type # of Units Square Footage Weekly Price

Efficiency 5 325 $367 Junior Studio 2 292 $424 Deluxe Studio 4 340 $452 Large Studio 5 375 $480 Standard 1x1 6 516 $480 Large 1x1 4 600 $735 2 Bed/ 1 Bath 3 800 $848 Weekly Total Potential $15,255 Monthly Total Potential $66,105 Annual Total Potential $793,260

*assumption of 4.3333 weeks per month

Number of Units Weekly Rentals Net Rentable Area End of Year 1

Projection % of GPR Per UnitINCOME

GROSS SCHEDULED RENT $793,260 27,354 Other Income

Laundry Income $7,200 0.91% 248 Total Other Income $7,200 0.91% 248

GROSS POTENTIAL INCOME $800,460 27,602 Physical Vacancy ($118,989) 15.00% (4,103)

EFFECTIVE GROSS INCOME $681,471 $23,499

EXPENSESReal Estate Taxes % of EGI

2019 Taxes Paid/Adj. for Sale $43,244 6.35% 1,491 Total Real Estate Taxes $43,244 6.35% 1,491

Insurance $35,462 5.20% 1,172

UtilitiesWater & Sewer $19,800 2.91% 683 Cable & Wifi $7,103 1.04% 245 Electric $34,420 5.05% 1,187

Total Utilities $61,323 9.00% 2,115 Contract Services

Contract Services $6,525 0.96% 225 Total Contract Services $6,525 0.96% 225

Repairs & Maintenance $13,050 1.91% 450 Management Fee $40,888 6.00% 1,410 Tourism Tax $20,444 3.00% 316 Sales Tax $47,703 7.00% 1,645 On-Site Payroll $50,000 7.34% 1,724 Replacement & Reserves $7,250 1.06% 250

TOTAL EXPENSES $325,889 47.82% 11,238

NET OPERATING INCOME $355,582 52.18% 12,261

List Price Per Unit CAP Rate -Weekly Rentals

$3,400,000 $117,241 10.46%

MARKETCOMPARABLES

SALES COMPARABLES MAP

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SWASHBUCKLER MOTEL & APARTMENTS

(SUBJECT)

Sea Jay Motel

The New Yorker

Island Paradise Cottages

Blue Water Motel & Cottages

Bungablows

8535 Blind Pass Dr

Serendity

SALES COMPARABLES

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PROPERTY NAMESWASHBUCKLER

SALES COMPARABLES

Avg. $301.35

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Average Price Per Square Foot

Avg. $145,750

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Average Price Per Unit

SALES COMPARABLES SALES COMPS AVG

PROPERTY NAME

MARKETING TEAM

SWASHBUCKLER

SALES COMPARABLES

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SALES COMPARABLES

SWASHBUCKLER11875 Gulf Blvd, Treasure Island, FL, 33706

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Units Unit Type

Sales Price: $3,099,000 7 Studio Bath

Price/Unit: $163,105 12 1 Bdr 1 Bath

Price/SF: $402.68

Total No. of Units: 19

Year Built: 1958

NOTESThis property is currently under contract.

SEA JAY MOTEL11240 1st St E, Treasure Island, FL, 33706

Units Unit Type

Close Of Escrow: 8/1/2018 10 Studio Bath

Sales Price: $2,450,000

Price/Unit: $153,125

Price/SF: $321.69

Total No. of Units: 16

Year Built: 1957

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NOTESThis property represents the conventional sale of a garden apartment/motel.

THE NEW YORKER332 Hamden Dr, Clearwater Beach, FL, 33767

PROPERTY NAME

MARKETING TEAM

SWASHBUCKLER

SALES COMPARABLES

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SALES COMPARABLES

Units Unit Type

Close Of Escrow: 6/1/2018 6 1 Bdr 1 Bath

Sales Price: $1,150,000 2 2 Bdr 1 Bath

Price/Unit: $143,750

Price/SF: $252.30

Total No. of Units: 8

Year Built: 1947

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ISLAND PARADISE COTTAGES13215 2nd St E, Madeira Beach, FL, 33708

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Close Of Escrow: 8/1/2016

Sales Price: $1,825,000

Price/Unit: $140,385

Price/SF: $434.52

Total No. of Units: 13

Year Built: 1949

BLUE WATER MOTEL & COTTAGES8105 W Gulf Blvd, Treasure Island, FL, 33706

Close Of Escrow: 12/1/2016

Sales Price: $1,525,000

Price/Unit: $138,636

Price/SF: $314.69

Total No. of Units: 11

Year Built: 1946

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BUNGABLOWS12321 Gulf Blvd, Treasure Island, FL, 33706

PROPERTY NAME

MARKETING TEAM

SWASHBUCKLER

SALES COMPARABLES

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SALES COMPARABLES

Close Of Escrow: 2/1/2015Sales Price: $1,250,000Price/Unit: $156,250Price/SF: $281.59Total No. of Units: 8

Year Built: 1973

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8535 BLIND PASS DR8535 Blind Pass Dr, Treasure Island, FL, 33706

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Units Unit TypeClose Of Escrow: 7/5/2018 5 Studio BathSales Price: $1,250,000 5 1 Bdr 1 BathPrice/Unit: $125,000Price/SF: $101.99Total No. of Units: 10

Year Built: 1951

SERENDITY 6901 Sunset Way, St Pete Beach, FL, 33706

Contact:

Joshua TeplitzkyFirst Vice President InvestmentsDirector - National Multi Housing Groupjoshua.teplitzky@marcusmillichap.com 30

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