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COSTEL VANATORU, Lic. Real Estate BrokerVanwald&Associates LLC • 407-403-5775 • [email protected]
$130,000 UNDER APPRAISED VALUE
8 unit office building minutes from dt orlando and winter park
989 West Kennedy BLVd, OrLandO, FL 32810
COSTEL VANATORU, Lic. Real Estate BrokerVanwald&Associates LLC • 407-403-5775 • [email protected]
PROPER T Y SN APSHO T
LEASE OVERV I EW
LOC AT ION OVERV I EW
DEMOGRAPH ICS
INCOME PROFORMA
CONTACT INFORMAT ION
TABLE OF CONTENTS
F O R M O R E I N F O R M A T I O N , C O N T A C T :
COSTEL VANATORULic. Real Estate [email protected]
VanWald & Associates LLC • 6000 Metrowest BLVD, STE 101, Orlando, FL 32835& A S S O C I A T E S
DisclaimerThis Offering Memorandum is provided by Vanwald and Associates, solely for your consideration of the opportunity to purchase the commercial property described herein. This Offering Memorandum may be used only as stated herein and shall not be used for any other purpose, or in any other manner, without prior written authorization and consent of Vanwald and Associates.
This Offering Memorandum does not constitute or pertain to an offer of a security or an offer of any investment contract. It contains descriptive materials, financial information and other data compiled by Vanwald and Associates for the convenience of parties who may be interested in the subject property.
The information contained is not all inclusive and is not represented to include all information that may be material to an evaluation of the acquisition opportunity presented. Vanwald and Associates has not independently verified any of the information contained herein and makes no representations or warranties of any kind concerning the accuracy or completeness thereof. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available.
An interested party must conduct its own independent investigation and verification of any information the party deems material to consideration of the opportunity, or otherwise appropriate, without reliance upon Vanwald and Associates. Legal Disclosure: One of the sellers holds an active real estate broker’s license in the State of Florida.
COSTEL VANATORU, Lic. Real Estate BrokerVanwald&Associates LLC • 407-403-5775 • [email protected]
$130K UNDER APPRAISAL
ProPer t y Sn aPSho t
PROPERTY SNAPSHOT
Property Office Building Kennedy BLVD
Address989 Kennedy BLVd, OrLandO, FL 32810
County Orange County
Type Office Building
Floors Two (2)
Parking 27 spaces
Zoning Commercial Office
Land Use 1800 - Office Low Rise
Class C
Year Built 1998
Gross Area 7,784 SF +/-
Leasable 7,104 SF +/-
Lot Size 0.58 AC +/-
Occupancy 63%
Tenancy Multiple
Lease Type(s) Modified Gross
Lease Term(s)
Traffic Counts 16,500 (per FDOT)
Appraised Value $780,000
Purchase Price $650,000
NOI (Proforma) $72,840
CAP RATE (Proforma) 11.21%
Price/Square Foot $83.50
Vanwald & Associates is pleased to present the opportunity to acquire an eight (8) unit office building in the center of Orlando, Florida.
VALUE ADD - Under Market Rents√The building is 63% leased with the opportunity for a
new owner to increase the current under market rents and to lease up the three (3) remaining vacant units.
UPDATED OCT 28: One of the 3 vacant suites has been leased after 5 days on market for 25% more than current in-place rents. Now only 2 vacant units with an occupancy of 75%. As the units fill up the price will increase to get closer to market value.
CENTRAL LOCATION √The Building is in a great location, located on a
busy road, just minutes from Interstate 4, Downtown Orlando, Winter Park, Maitland and College Park.
UNDER APPRAISED VALUE √The Building appraised in 2017 for $780,000. The
rental rates and values in Orlando have been on a consistent climb for the past years.
COSTEL VANATORU, Lic. Real Estate BrokerVanwald&Associates LLC • 407-403-5775 • [email protected]
Loc at ion overv iew
INCREDIBLE LOCATIONThe Office Building benefits from a very central location, with easy access to I-4, and within minutes from Winter Park, Maitland, and Downtown Orlando.
COSTEL VANATORU, Lic. Real Estate BrokerVanwald&Associates LLC • 407-403-5775 • [email protected]
989 West Kennedy BLVDOrdinary Income/Expense
Income Monthly AnnualRental Income 8,025.00 96,300.00
Total Income 96,300.00Expense
Electrical - Parking Lights 55.00 660.00Insurance 2,236.50Landscaping 300.00 3,600.00Pest Control 79.88 958.56Real Estate Taxes 16,796.60
Total Expense 24,251.66Net Ordinary Income 72,048.34
Net Income (Proforma) 72,048.34
Purchase Price $650,000Cap Rate 11.21%
Income Proforma
Income Proforma (As 100% Leased)January to December of 2020
COSTEL VANATORU, Lic. Real Estate BrokerVanwald&Associates LLC • 407-403-5775 • [email protected]
Source: This infographic contains data provided by Esri, Esri and Infogroup. The vintage of the data is 2019.
KEY FACTS
11,708Population
35.2
Median Age
2.5
Average Household Size
$49,413Median Household
Income
EDUCATION
15%
No High School
Diploma 27%High School
Graduate
32%Some College 26%
Bachelor's/Grad/Prof Degree
BUSINESS
853Total Businesses
12,973Total Employees
EMPLOYMENT
61%White Collar
18%Blue Collar
21%Services
6.0%
Unemployment Rate
INCOME
$49,413
Median Household Income
$26,124
Per Capita Income
$24,588
Median Net Worth
Households By IncomeThe largest group: $50,000 - $74,999 (18.5%)
The smallest group: $200,000+ (2.2%)
Indicator Value Difference
<$15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
14.7%
$75,000 - $99,999
10.1%
$100,000 - $149,999
10.8%
$150,000 - $199,999
14.9%
$200,000+
18.5%
+3.6%
14.1%
+0.5%
10.5%
+1.4%
4.2%
+0.6%
2.2%
-0.4%
+2.7%
-2.2%
-1.7%
-4.6%
Bars show deviation from
Orange County
1 mile
DemograPh icS - 1 miLe rad iuS
COSTEL VANATORU, Lic. Real Estate BrokerVanwald&Associates LLC • 407-403-5775 • [email protected]
Source: This infographic contains data provided by Esri, Esri and Infogroup. The vintage of the data is 2019.
KEY FACTS
93,529Population
37.3
Median Age
2.4
Average Household Size
$53,157Median Household
Income
EDUCATION
8%
No High School
Diploma 24%High School
Graduate
33%Some College 34%
Bachelor's/Grad/Prof Degree
BUSINESS
6,662Total Businesses
70,513Total Employees
EMPLOYMENT
66%White Collar
16%Blue Collar
17%Services
4.5%
Unemployment Rate
INCOME
$53,157
Median Household Income
$31,463
Per Capita Income
$36,882
Median Net Worth
Households By IncomeThe largest group: $50,000 - $74,999 (19.6%)
The smallest group: $150,000 - $199,999 (4.7%)
Indicator Value Difference
<$15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
11.7%
$75,000 - $99,999
10.4%
$100,000 - $149,999
10.1%
$150,000 - $199,999
14.2%
$200,000+
19.6%
+0.6%
12.2%
+0.8%
11.3%
+0.7%
4.7%
-0.1%
5.8%
+0.7%
+0.8%
-1.4%
-1.2%
-1.0%
Bars show deviation from
Orange County
3 mile
DemograPh icS - 3 miLe rad iuS
COSTEL VANATORU, Lic. Real Estate BrokerVanwald&Associates LLC • 407-403-5775 • [email protected]
Source: This infographic contains data provided by Esri, Esri and Infogroup. The vintage of the data is 2019.
KEY FACTS
259,778Population
38.4
Median Age
2.4
Average Household Size
$54,603Median Household
Income
EDUCATION
9%
No High School
Diploma 24%High School
Graduate
31%Some College 36%
Bachelor's/Grad/Prof Degree
BUSINESS
17,525Total Businesses
185,508Total Employees
EMPLOYMENT
69%White Collar
15%Blue Collar
16%Services
4.7%
Unemployment Rate
INCOME
$54,603
Median Household Income
$33,297
Per Capita Income
$54,485
Median Net Worth
Households By IncomeThe largest group: $50,000 - $74,999 (18.8%)
The smallest group: $150,000 - $199,999 (5.2%)
Indicator Value Difference
<$15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
11.4%
$75,000 - $99,999
10.1%
$100,000 - $149,999
9.7%
$150,000 - $199,999
14.1%
$200,000+
18.8%
+0.3%
11.7%
+0.5%
12.2%
+0.3%
5.2%
-0.2%
6.9%
-0.1%
+0.3%
-0.5%
-0.7%
+0.1%
Bars show deviation from
Orange County
5 mile
DemograPh icS - 5 miLe rad iuS
COSTEL VANATORU, Lic. Real Estate BrokerVanwald&Associates LLC • 407-403-5775 • [email protected]
F O R M O R E I N F O R M A T I O N , C O N T A C T :
VanWald & Associates LLC • 6000 Metrowest BLVD, STE 101, Orlando, FL 32835& A S S O C I A T E S
COSTEL VANATORULic. Real Estate [email protected]
contact informat ion