Vero Beach Apartments · JOE LAFLEUR JOHNNY PULLMAN Multifamily Investment Advisor Multifamily...

1825 14TH AVE, VERO BEACH, FL 32960

Vero Beach Apartments

Property Highlights:

Gross Scheduled Income $172,740

Proforma Scheduled Income $205,500

Ideally Located in Downtown Vero Beach

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

VERO BEACH APARTMENTS 1825 14TH AVE, VERO BEACH, FL 32960




PROPERTY OVERVIEW

100Units.com presents the Vero Beach Apartments which is a 22 unit multifamilycomplex, built in 1940 and renovated in 1983. This property consists of onetwo-story apartment building. The apartment building has a total of approximately9,426 gross sqaure feet and is situated on .46 acres. There are 9 studios (413 sq ft)and 13 one bedroom one bath units (699 sq ft). The building is of concrete blockconstruction.

Ideally located in Downtown Vero Beach on a corner lot. Zoning in downtownallows variety of commercial uses.

PROPERTY HIGHLIGHTS

• Gross Scheduled Income $172,740

• Proforma Scheduled Income $205,500

• Ideally Located in Downtown Vero Beach

• Concrete Block Construction

• Zoned VDTW

OFFERING SUMMARY

Sale Price: $1,390,900

Price / Unit: $63,223

Price / SF: $147.56

Number Of Units: 22

Cap Rate: 7.66%

NOI: $106,547

Lot Size: 0.46 Acres

Year Built: 1940

Building Size: 9,426 SF

Renovated: 1983

Zoning: VDTW

Market: Vero Beach

Table of Contents

CONFIDENTIALITY & DISCLAIMER




All materials and information received or derived from 100Units.com its directors, officers, agents, advisors, affiliates and/or any third partysources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance orlack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projectedfinancial performance of the property for any party’s intended use or any and all other matters.

Neither 100Units.com its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as toaccuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source,whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence todetermine these and other matters of significance to such party. 100Units.com will not investigate or verify any such matters or conduct duediligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

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.

4FINANCIAL ANALYSIS

9PROPERT Y INFORMATION

14LOC ATION INFORMATION

19SALE COMPARABLES

23DEMOGRAPHICS

Vero Beach Apartments1825 14TH AVE, VERO BEACH, FL 32960

FINANCIAL ANALYSISRent Roll

Unit Mix S ummar y

Income & Expenses

Financial S ummar y




UNITSIZE (SF)

CURRENTRENT

CURRENTRENT (PER SF)

MARKETRENT

MARKETRENT/SF

413 $550 $1.33 $675 $1.63

699 $700 $1.00 $850 $1.22

699 $700 $1.00 $850 $1.22

699 $700 $1.00 $850 $1.22

413 $550 $1.33 $675 $1.63

413 $550 $1.33 $675 $1.63

699 $700 $1.00 $850 $1.22

699 $700 $1.00 $850 $1.22

413 $550 $1.33 $675 $1.63

699 $700 $1.00 $850 $1.22

699 $750 $1.07 $850 $1.22

699 $695 $0.99 $850 $1.22

413 $650 $1.57 $675 $1.63

699 $650 $0.93 $850 $1.22

413 $600 $1.45 $675 $1.63

413 $600 $1.45 $675 $1.63

413 $575 $1.39 $675 $1.63

699 $700 $1.00 $850 $1.22

413 $575 $1.39 $675 $1.63

699 $850 $1.22 $850 $1.22

699 $650 $0.93 $850 $1.22

699 $700 $1.00 $700 $1.00

12,804 $14,395 $1.12 $16,975 $1.38

Rent Roll


FINANCIAL ANALYSIS




Unit Mix Summary


FINANCIAL ANALYSIS




UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MIN RENT MAX RENT MARKET RENT MARKET RENT/SF

Studio 5 22.7 413 $575 $1.39 $550 $650 $675 $1.63

1 Bed 1 Bath 13 59.1 699 $710 $1.18 $650 $850 $850 $1.42

2 Bed 1 Bath 1 4.5 700 $850 $1.21 $13,400 $16,900 $900 $1.29

Totals / Averages 22 100% 12,365 $15,085 $1.22 $13,400 $16,900 $17,875 $1.45




INCOME SUMMARY CURRENT PER UNIT PROFORMA PER UNIT

TOTAL SCHEDULED INCOME $172,740 $7,851 $205,500 $9,340

VACANCY $8,637 $392 $6,165 $280

GROSS INCOME $164,103 $7,459 $199,335 $9,060

EXPENSE SUMMARY CURRENT PER UNIT PROFORMA PER UNIT

Real Estate Taxes $8,587 $390 $16,350 $743

Insurance $9,900 $450 $8,800 $400

Utilities $15,840 $720 $15,840 $720

Management Fee $13,128 $596 $13,828 $628

Repairs & Maintenance $7,700 $350 $7,700 $350

Contract Services $2,400 $109 $2,400 $109

GROSS EXPENSES $57,555 $2,616 $64,918 $2,950

NET OPERATING INCOME $106,547 $4,843 $134,416 $6,109

OPERATING EXPENSE RATIO 35% 35% 33% 33%

Income & Expenses


FINANCIAL ANALYSIS




INVESTMENT OVERVIEW CURRENT PROFORMA

Price $1,390,900 $1,364,000

Price per Unit $63,222 $62,000

GRM 8.1 6.6

CAP Rate 7.7% 9.9%

Cash-on-Cash Return (yr 1) 7.09 % 14.37 %

Total Return (yr 1) $59,455 $87,323

Debt Coverage Ratio 1.41 1.78

OPERATING DATA CURRENT PROFORMA

Gross Scheduled Income $172,740 $205,500

Other Income - -

Total Scheduled Income $172,740 $205,500

Vacancy Cost $8,637 $6,165

Gross Income $164,103 $199,335

Operating Expenses $57,555 $64,918

Net Operating Income $106,547 $134,416

Pre-Tax Cash Flow $30,932 $58,801

FINANCING DATA CURRENT PROFORMA

Down Payment $436,100 $409,200

Loan Amount $954,800 $954,800

Interest Rate 5.0% 5.0%

Amortization Period 20 yrs 20 yrs

Debt Service $75,615 $75,615

Debt Service Monthly $6,301 $6,301

Principal Reduction (yr 1) $28,522 $28,522

Financial Summary


FINANCIAL ANALYSIS


PROPERTY INFORMATIONProper ty Photos

Proper ty Photos

Proper ty Photos

Proper ty Photos




Property Photos


PROPERTY INFORMATION





LOCATION INFORMATIONRegional Map

Loc ation Maps

Aerial Map

Retailer Map







Vero Beach Apartments

Regional Map


LOCATION INFORMATION




Location Maps






Aerial Map






Retailer Map




SALE COMPARABLESS ale Comps

S ale Comps S ummar y

S ale Comps Map




Sale Comps


SALE COMPARABLES

SUBJECT PROPERTY

1825 14th Ave | Vero Beach, FL 32960

$1,390,900Sale Price: 1940Year Built:

9,426 SFBuilding SF: $147.56Price PSF:

22No. Units: $63,223Price / Unit:

8.05GRM: 7.66%Cap:

$106,547NOI:

VERO BEACH APARTMENT1895 40th Avenue | Vero Beach , FL 32960

$1,012,500Sale Price: 1972Year Built:

11,940 SFBuilding SF: $84.80Price PSF

16No. Units $63,281Price / Unit

7%CAP: 10/10/2017Closed:

1

1

Status: SOLD by 100Units.com

1875-1885 40TH AVE1875-1885 40th Ave | Vero Beach, FL 32960

$633,000Sale Price: 1971Year Built:



01/17/2018Closed:

2

2

Status: SOLD

1865 40TH AVE1865 40th Ave | Vero Beach, FL 32960

$275,000Sale Price: 1971Year Built:



05/31/2017Closed:

3

3

Status: SOLD







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

Vero Beach Apartments1825 14th AveVero Beach, FL 32960

$1,390,900 9,426 SF $147.56 $63,223 22

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

1Vero Beach Apartment1895 40th AvenueVero Beach , FL 32960

$1,012,500 11,940 SF $84.80 $63,281 16 10/10/2017

21875-1885 40th Ave1875-1885 40th AveVero Beach, FL 32960

$633,000 7,460 SF $84.85 $63,300 10 01/17/2018

31865 40th Ave1865 40th AveVero Beach, FL 32960

$275,000 3,730 SF $73.73 $55,000 5 05/31/2017

TOTALS/AVERAGES PRICE PRICE/SF PRICE/UNIT # OF UNITS$640,167 $83.03 $61,971 10.33

Sale Comps Summary


SALE COMPARABLES




1825 14th Ave | Vero Beach, FL 32960SUBJECT PROPERTY

Sale Comps Map


SALE COMPARABLES

1 1895 40th AvenueVero Beach , FL 32960

VERO BEACH APARTMENT 2 1875-1885 40th AveVero Beach, FL 32960

1875-1885 40TH AVE 3 1865 40th AveVero Beach, FL 32960

1865 40TH AVE


DEMOGRAPHICSDemographics Repor t

Demographics Map







Demographics Report


DEMOGRAPHICS

* Demographic data derived from 2010 US Census

1 MILE 3 MILES 5 MILES

Total population - Hispanic 1,059 3,819 6,778% Hispanic 14.9% 9.6% 8.5%


Total population - White 6,485 35,409 67,218% White 91.0% 88.9% 84.3%

Total population - Black 216 2,758 9,347% Black 3.0% 6.9% 11.7%

Total population - Asian 34 400 1,040% Asian 0.5% 1.0% 1.3%

Total population - Hawaiian 2 24 34% Hawaiian 0.0% 0.1% 0.0%

Total population - Indian 8 107 219% Indian 0.1% 0.3% 0.3%

Total population - Other 163 463 861

% Other 2.3% 1.2% 1.1%


Total households 3,125 17,407 34,285

Total persons per hh 2.3 2.3 2.3

Average hh income $46,533 $62,997 $67,968

Average house value $206,540 $237,806 $243,173


Total population 7,126 39,821 79,769

Median age 43.3 47.3 46.8

Median age (male) 40.7 44.6 44.9

Median age (female) 45.3 49.6 48.4

Demographics Map


DEMOGRAPHICS




* Demographic data derived from 2010 US Census

POPULATION 1 MILE 3 MILES 5 MILESTOTAL POPULATION 7,126 39,821 79,769MEDIAN AGE 43.3 47.3 46.8MEDIAN AGE (MALE) 40.7 44.6 44.9MEDIAN AGE (FEMALE) 45.3 49.6 48.4

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILESTOTAL HOUSEHOLDS 3,125 17,407 34,285# OF PERSONS PER HH 2.3 2.3 2.3AVERAGE HH INCOME $46,533 $62,997 $67,968AVERAGE HOUSE VALUE $206,540 $237,806 $243,173

ETHNICITY 1 MILE 3 MILES 5 MILES% HISPANIC 14.9% 9.6% 8.5%

RACE 1 MILE 3 MILES 5 MILES% WHITE 91.0% 88.9% 84.3%% BLACK 3.0% 6.9% 11.7%% ASIAN 0.5% 1.0% 1.3%% HAWAIIAN 0.0% 0.1% 0.0%% INDIAN 0.1% 0.3% 0.3%% OTHER 2.3% 1.2% 1.1%

Vero Beach Apartments · JOE LAFLEUR JOHNNY PULLMAN Multifamily Investment Advisor Multifamily...

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