Pelican Flats - LoopNet · JOE LAFLEUR JOHNNY PULLMAN Multifamily Investment Advisor Multifamily...
Transcript of Pelican Flats - LoopNet · JOE LAFLEUR JOHNNY PULLMAN Multifamily Investment Advisor Multifamily...
7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
Pelican Flats
Property Highlights:
Current Gross Income $52,200
Proforma Gross Income $59,400
Walking Distance to Beach Access
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
Executive Summary
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
PROPERTY OVERVIEW
100Units.com presents Pelican Flats, which is a 6 unit multifamily complex, built in1958. The property is situated on .14 acres. There are six - 2 bedroom 1 bath units(645 sq ft). This building features concrete block construction with stucco exteriorwalls and a flat roof. The owner is responsible for water and sewer while the tenantpays electricity and cable. Each unit has a private balcony.
PROPERTY HIGHLIGHTS
• Current Gross Income $52,200
• Proforma Gross Income $59,400
• Walking Distance to Beach Access
• Monthly Income of $4,350
• Minutes to Port Canaveral
• 5 Minute Drive to Cocoa Beach Pier
• Concrete Block Construction
OFFERING SUMMARY
Sale Price: $487,000
Price / Unit: $81,167
Price / SF: $125.84
Number Of Units: 6
Cap Rate: 6.87%
NOI: $33,439
Lot Size: 0.14 Acres
Year Built: 1958
Building Size: 3870 SF
Property Photos
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
Property Photos
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
Table of Contents
CONFIDENTIALITY & DISCLAIMER
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
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Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspectionsand investigations including through appropriate third party independent professionals selected by such party. All financial data should beverified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. 100Units.com makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financialdata or assumptions. 100Units.com does not serve as a financial advisor to any party regarding any proposed transaction. All data andassumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance.Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established ator increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancyfactors and other issues in order to determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified publicaccountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition ofthe property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriateengineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by 100Units.com incompliance with all applicable fair housing and equal opportunity laws.
6FINANCIAL ANALYSIS
10PROPERT Y INFORMATION
12LOC ATION INFORMATION
16SALE COMPARABLES
21DEMOGRAPHICS
Pelican Flats7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
FINANCIAL ANALYSISUnit Mix S ummar y
Income & Expenses
Financial S ummar y
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
Unit Mix Summary
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
FINANCIAL ANALYSIS
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MIN RENT MAX RENT
2 Bed 1 Bath 6 100.0 645 $725 $1.12 $700 $750
Totals / Averages 6 100% 3,870 $4,350 $1.12 $4,200 $4,500
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
INCOME SUMMARY CURRENT PER UNIT
Gross Income $52,200 $8,700
TOTAL SCHEDULED INCOME $54,000 $9,000
VACANCY $1,620 $270
GROSS INCOME $52,380 $8,730
EXPENSE SUMMARY CURRENT PER UNIT
Real Estate Taxes $3,941 $656
Insurance $5,400 $900
Utilities $5,400 $900
Repairs & Maintenance $2,700 $450
Lawn Care & Pest Control $1,500 $250
GROSS EXPENSES $18,941 $3,156
NET OPERATING INCOME $33,439 $5,573
OPERATING EXPENSE RATIO 36% 36%
Income & Expenses
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
FINANCIAL ANALYSIS
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
INVESTMENT OVERVIEW CURRENT
Price $487,000
Price per Unit $81,166
GRM 9.0
CAP Rate 6.9%
Cash-on-Cash Return (yr 1) 5.59 %
Total Return (yr 1) $19,306
Debt Coverage Ratio 1.33
OPERATING DATA CURRENT
Gross Scheduled Income $54,000
Other Income -
Total Scheduled Income $54,000
Vacancy Cost $1,620
Gross Income $52,380
Operating Expenses $18,941
Net Operating Income $33,439
Pre-Tax Cash Flow $8,360
FINANCING DATA CURRENT
Down Payment $149,500
Loan Amount $337,500
Interest Rate 4.25%
Amortization Period 20 yrs
Debt Service $25,079
Debt Service Monthly $2,089
Principal Reduction (yr 1) $10,946
Financial Summary
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
FINANCIAL ANALYSIS
Pelican Flats7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
PROPERTY INFORMATIONProper ty Details
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
Property Details
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
PROPERTY INFORMATION
PROPERTY NAME: Pelican Flats
PROPERTY ADDRESS: 7522 Magnolia AvenueCape Canaveral, FL 32920
APN: 24-37-23-CG-44-8
TYPE OF OWNERSHIP: Fee Simple
LOT SIZE: 0.14 AC
BUILDING SIZE: 3,870 SF
YEAR BUILT: 1958
NUMBER OF BUILDINGS: 1
NUMBER OF STORIES: 2
NUMBER OF UNITS: 6
FOUNDATION: Concrete Slab
CONSTRUCTION TYPE: Concrete Block
ROOF: Flat
HVAC: Window A/C and Heat Units
SEPARATE WATER METERS: True
SEPARATE ELECTRIC METERS True
LANDSCAPING: Mature
TOPOGRAPHY: Flat
Pelican Flats7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
LOCATION INFORMATIONRegional Map
Loc ation Maps
Retailer Map
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
Pelican Flats
Regional Map
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
LOCATION INFORMATION
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
Location Maps
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
LOCATION INFORMATION
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
Retailer Map
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
LOCATION INFORMATION
Pelican Flats7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
SALE COMPARABLESS ale Comps
S ale Comps S ummar y
S ale Comps Map
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
Sale Comps
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
SALE COMPARABLES
SUBJECT PROPERTY
7522 Magnolia Avenue | Cape Canaveral, FL 32920
$487,000Sale Price: 1958Year Built:
3,870 SFBuilding SF: $125.84Price PSF:
6No. Units: $81,167Price / Unit:
9.02GRM: 6.87%Cap:
$33,439NOI:
SOUTH ATLANTIC APARTMENTS400 S. Atlantic Ave | Cocoa Beach, FL 32931
$650,000Sale Price: 1963Year Built:
5,376 SFBuilding SF: $120.91Price PSF
8No. Units $81,250Price / Unit
07/19/2017Closed:
1
1
BEACH HOUSE APARTMENTS524 S Atlantic Ave | Cocoa Beach, FL 32931
$855,000Sale Price: 1963Year Built:
6,741 SFBuilding SF: $126.84Price PSF
10No. Units $85,500Price / Unit
06/28/2017Closed:
2
2
Status: SOLD
DRIFTWOOD VILLAS888 South Atlantic Avenue | Cocoa Beach, FL 32931
$740,000Sale Price: 1963Year Built:
5,972 SFBuilding SF: $123.91Price PSF
8No. Units $92,500Price / Unit
07/06/2017Closed:
3
3
Status: SOLD
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
Sale Comps
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
SALE COMPARABLES
LINCOLN AVE APTS303 Lincoln Ave | Cape Canaveral, FL 32920
$450,000Sale Price: 3,320 SFBuilding SF:
$135.54Price PSF 4No. Units
$112,500Price / Unit 05/15/2017Closed:
4
4
JEFFERSON AVE TRIPLEX406-410 Jefferson Ave | Cape Canaveral , FL 32920
$300,000Sale Price: 2,976 SFBuilding SF:
$100.81Price PSF 3No. Units
$100,000Price / Unit 03/16/2017Closed:
5
5
FILLMORE PALMS APARTMENTS505 Fillmore Ave | Cape Canaveral, FL 32920
$1,500,000Sale Price: 1967Year Built:
11,904 SFBuilding SF: $126.01Price PSF
15No. Units $100,000Price / Unit
11/01/2017Closed:
6
6
Status: SOLD
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS
Pelican Flats7522 Magnolia AvenueCape Canaveral, FL 32920
$487,000 3,870 SF $125.84 $81,167 6
SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS CLOSE
1South Atlantic Apartments400 S. Atlantic AveCocoa Beach, FL 32931
$650,000 5,376 SF $120.91 $81,250 8 07/19/2017
2Beach House Apartments524 S Atlantic AveCocoa Beach, FL 32931
$855,000 6,741 SF $126.84 $85,500 10 06/28/2017
3Driftwood Villas888 South Atlantic AvenueCocoa Beach, FL 32931
$740,000 5,972 SF $123.91 $92,500 8 07/06/2017
4Lincoln Ave Apts303 Lincoln AveCape Canaveral, FL 32920
$450,000 3,320 SF $135.54 $112,500 4 05/15/2017
5Jefferson Ave Triplex406-410 Jefferson AveCape Canaveral , FL 32920
$300,000 2,976 SF $100.81 $100,000 3 03/16/2017
6Fillmore Palms Apartments505 Fillmore AveCape Canaveral, FL 32920
$1,500,000 11,904 SF $126.01 $100,000 15 11/01/2017
TOTALS/AVERAGES PRICE PRICE/SF PRICE/UNIT CAP # OF UNITS$749,167 $123.87 $93,645 - 8
Sale Comps Summary
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
SALE COMPARABLES
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
7522 Magnolia Avenue | Cape Canaveral, FL 32920SUBJECT PROPERTY
Sale Comps Map
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
SALE COMPARABLES
1 400 S. Atlantic AveCocoa Beach, FL 32931
SOUTH ATLANTIC APARTMENTS 2 524 S Atlantic AveCocoa Beach, FL 32931
BEACH HOUSE APARTMENTS 3 888 South Atlantic AvenueCocoa Beach, FL 32931
DRIFTWOOD VILLAS
4 303 Lincoln AveCape Canaveral, FL 32920
LINCOLN AVE APTS 5 406-410 Jefferson AveCape Canaveral , FL 32920
JEFFERSON AVE TRIPLEX 6 505 Fillmore AveCape Canaveral, FL 32920
FILLMORE PALMS APARTMENTS
Pelican Flats7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
DEMOGRAPHICSDemographics Repor t
Demographics Map
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
Demographics Report
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
DEMOGRAPHICS
* Demographic data derived from 2010 US Census
1 MILE 3 MILES 5 MILES
Total population - Hispanic 284 592 968% Hispanic 7.5% 5.7% 4.7%
1 MILE 3 MILES 5 MILES
Total population - White 3,518 9,758 19,454% White 93.0% 93.3% 93.9%
Total population - Black 66 162 286% Black 1.7% 1.5% 1.4%
Total population - Asian 31 138 246% Asian 0.8% 1.3% 1.2%
Total population - Hawaiian 0 0 0% Hawaiian 0.0% 0.0% 0.0%
Total population - Indian 37 55 110% Indian 1.0% 0.5% 0.5%
Total population - Other 49 102 119
% Other 1.3% 1.0% 0.6%
1 MILE 3 MILES 5 MILES
Total households 2,068 5,552 10,568
Total persons per hh 1.8 1.9 2.0
Average hh income $58,405 $64,580 $68,325
Average house value $211,723 $234,223 $261,503
1 MILE 3 MILES 5 MILES
Total population 3,782 10,458 20,719
Median age 49.9 49.1 51.0
Median age (male) 51.3 52.7 52.8
Median age (female) 52.3 49.7 51.4
Demographics Map
PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920
DEMOGRAPHICS
JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor
407.504.1728 [email protected] [email protected]
100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803
* Demographic data derived from 2010 US Census
POPULATION 1 MILE 3 MILES 5 MILESTOTAL POPULATION 3,782 10,458 20,719MEDIAN AGE 49.9 49.1 51.0MEDIAN AGE (MALE) 51.3 52.7 52.8MEDIAN AGE (FEMALE) 52.3 49.7 51.4
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILESTOTAL HOUSEHOLDS 2,068 5,552 10,568# OF PERSONS PER HH 1.8 1.9 2.0AVERAGE HH INCOME $58,405 $64,580 $68,325AVERAGE HOUSE VALUE $211,723 $234,223 $261,503
ETHNICITY 1 MILE 3 MILES 5 MILES% HISPANIC 7.5% 5.7% 4.7%
RACE 1 MILE 3 MILES 5 MILES% WHITE 93.0% 93.3% 93.9%% BLACK 1.7% 1.5% 1.4%% ASIAN 0.8% 1.3% 1.2%% HAWAIIAN 0.0% 0.0% 0.0%% INDIAN 1.0% 0.5% 0.5%% OTHER 1.3% 1.0% 0.6%