NATIONAL MULTIFAMILY ADVISORS · 4. Carrabba’s Italian Grill 5. The Home Depot 6. 7-Eleven 7. Olive Garden 8. Embassy Crossing Shopping Center (Bealls, Michaels, Bed Bath & Beyond,

NATIONAL MULTIFAMILY ADVISORS

BAY POINT APARTMENTS - 1 12 UNITS

O. 813-387-4800 | CARRIERAREGAN.COM

11431 Cockle Drive, Port Richey, FL 34668

2

CONTACT

Michael P. ReganSenior Managing Director [email protected] O. 813-387-4775

Francesco P. CarrieraSenior Managing Director [email protected] O. 813-387-4769

v

BAY POINT112 Units11431 Cockle DrivePort Richey, FL 34668

Price: Market Bid

Year Built: 1984 / 1994 / 1998

Total Units: 112

Rentable Square Feet (SF): 76,102

Average Unit Size (SF): 679

Market Rent Per Unit: $807

Average Rent Per Unit: $726

Total Lot Size: 11.40 Acres

Units/Acre: 9.82 Units/Acre

Cameron S. BarbasSenior Investment [email protected]. 813-387-4792

3

Buyer’s Business Case

Value Add Business Strategy• Upgrade 112 units ($165 potential rent increase

on top of current average) - Add washer/dryer connections in the

remaining 15 units - Add washer/dryer appliances in 112 units - Currently $22 average rent increase for

deluxe units with vinyl wood plank (Phase 1) and ceramic tile flooring (Phase 2)

Potential to Build Additional Units• Approximately 2.64 acres (known as Phase

3-A) was previously engineered and permitted for an additional 16 units which were never constructed

• Low density parcel of 9.82 +/- units per acre• The proposed 3-A is presently zoned MF-2

high-density residential (18 units/acre)

Investment Highlights• Six minutes to Gulf View Square Mall• Located directly off highway US-19 which sees

over 60,000 cars per day and serves as a major north-south artery for the region

• HAP contract expired in 2017 and converted to market rate

RESULTS IN

IN YEAR 1 NET OPERATING INCOME

$185,518 (36%) Increase

Phase 2/3 Interior

Phase 1 Interior

4

VITAL PROPERTY DATA

PROPERTY

Site Address 11431 Cockle DrivePort Richey, FL 34668

Number of Buildings1 (1998 Construction)1 (1994 Construction)12 (1984 Construction)

Stories Two-Stories (1998/1994 Construction)One-Story (1984 Construction)

Parcel ID/Folio ID(Pasco County)

09-25-16-0010-03500-000009-25-16-0010-03300-001309-25-16-0010-03500-0010

Number of Units 112

Total RentableSquare Feet (SF) 76,102

Average Unit Size (SF) 679

Year Built1998 (Phase 3 - 12 Units) 1994 (Phase 2 - 16 Units)1984 (Phase 1 - 84 Units)

Lot Size (Acres) 11.40 +/- Acres

Density (Units/Acre) 9.82 +/- Acres

Property Use 0MF3 Multi Family

Parking Spaces 224 +/- Spaces

Parking Ratio (Spaces/Unit) 2.00 +/- Spaces/Unit

Type of Ownership Fee Simple

Financing Free & Clear

UTILITIES

Water/Sewer Resident Pays(Individually Metered)

Trash Removal Landlord Pays(Progressive Waste)

Electricity Resident Pays (Duke Energy)

Cable Resident Pays (Spectrum)

Internet Resident Pays (Spectrum)

MECHANICAL

Construction • Phase 1: Modular Wood Frame • Phase 2 & 3: Concrete Block (1st Floor),

Wood Frame (2nd Floor)

Roof Type Pitched

Washer/Dryer Connections

• Phase 1: 84 Units with Connections • Phase 2: 1 Unit with Connections • Phase 3: 12 Units with Connections

Plumbing • Phase 1: PVC with some Polybutylene • Phase 2 & 3: PVC

HVAC Central

WindowsSingle Hung: Aluminum Frame,Single Pane

Parking Surface Asphalt

Exterior Stucco/Vinyl Siding

5

COMMUNITY AMENITIES• Spacious courtyard• Pet-friendly community• Lush landscaping• Mature trees and shade• Well-manicured lawns and grounds keeping• Walking paths• Outdoor seating areas• Close to shopping and dining destinations• On public transportation route• Plenty of resident and guest parking

UNIT AMENITIES• Vaulted ceiling in all ranch style units • Efficiently designed one and two-bedroom

apartments• Washer/dryer connections in 97 units• Private entrance• Wood plank flooring*• Breakfast bar*• Open kitchen design• Garbage Disposal• Dishwashers in 950 SF 2x2 floor plans• Attic storage in 84 units• Private balconies or patios in all units• Cable ready• Hi-speed Internet ready• Linen closet• Updated bathrooms*In select units

AMENITIES

Phase 1 Interior

Phase 1 Interior

6

Phase 2/3 Interior (above)

Phase 1 Interior Phase 1 Interior

7

AERIAL OVERVIEW

1. Dunkin’ Donuts2. CVS3. Big Lots4. KFC5. McDonald’s6. Denny’s7. Wendy’s8. Point Plaza (Dollar Tree, H&R Block,

Bealls Sally Beauty, Waffle House)9. Walmart

1. Wells Fargo 2. Arby’s3. ALDI4. Carrabba’s Italian Grill5. The Home Depot6. 7-Eleven7. Olive Garden8. Embassy Crossing Shopping Center

(Bealls, Michaels, Bed Bath & Beyond, Petco, Lane Bryant, Famous Footwear)

9. Chili’s Grill & Bar

10. LongHorn Steakhouse11. Office Depot12. Burlington Coat Factory13. Rooms To Go Furniture Store14. Gulf View Square Mall (Dillard’s,

Best Buy, Bath & Body Works, Chipotle Mexican Grill, Bob Evans, Jimmy John’s, Panera Bread, GNC)

15. Walmart 16. Dunkin Donuts

US 19 SOUTH OF SANDRAUS 19 NORTH OF SANDRA DRIVE

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FLOOR PLANS

Ranch Style

One-Bedroom/One-Bathroom | 560 SF• 59% of Community• Units with washer/dryer connections: 66

Ranch Style

Two-Bedroom/One-Bathroom | 649 SF• 13% of Community• Units with washer/dryer connections: 14

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FLOOR PLANS

Two-Bedroom/Two-Bathroom | 864 SF• 4% of Community• Units with washer/dryer connections: 3

Two-Bedroom/Two-Bathroom | 950 SF• 25% of Community• Units with washer/dryer connections: 14

10

SITE MAP

11

UNIT MIX SUMMARY

No. of Rentable Total Total Total No. of TotalUnit Type W/D Status Units SF SF Rent / Unit Per SF Monthly Rent / Unit Per SF Monthly Units Rent / Unit Per SF Monthly

1x1 Connections 57 Units 560 SF 31,920 SF $745.00 $1.33 SF $42,465 $679.00 $1.21 SF $38,703 0 Units $0.00 $0.00 SF $0

1x1 - Deluxe Connections 9 Units 560 SF 5,040 SF $760.00 $1.36 SF $6,840 $672.57 $1.20 SF $6,053 66 Units $850.00 $1.52 SF $56,100

2x1 Connections 11 Units 649 SF 7,139 SF $845.00 $1.30 SF $9,295 $799.40 $1.23 SF $8,793 0 Units $0.00 $0.00 SF $0


2x2 - Deluxe None 1 Units 864 SF 864 SF $915.00 $1.06 SF $915 $785.00 $0.91 SF $785 0 Units $0.00 $0.00 SF $0


2x2 None 14 Units 950 SF 13,300 SF $905.00 $0.95 SF $12,670 $804.15 $0.85 SF $11,258 0 Units $0.00 $0.00 SF $0

2x2 Connections 14 Units 950 SF 13,300 SF $920.00 $0.97 SF $12,880 $781.91 $0.82 SF $10,947 28 Units $970.00 $1.02 SF $27,160

Totals / Wtd. Averages 112 Units 679 SF 76,102 SF $807.46 $1.19 SF $90,435 $725.92 $1.07 SF $81,303 112 Units $890.54 $1.31 SF $99,740

Set by Management 11-25-2018 Rent Roll 100% Upgraded, Compared to Competition

Current Market Rent Average Effective Pro Forma Projection

$850 $900$970

$0

$200

$400

$600

$800

$1,000

$1,200

Studio 1x1 2x2

Re

nt

pe

r M

on

th

Unit Market Rent

Current Market Avg. Effective Pro Forma Projection

93.75%5.36%

0.89%

Current Occupancy

Occupied Units Vacant Units Model Units

58.9%

12.5%28.6%

Unit Distribution

Studio 1x1 2x2

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida, Inc. © 2018 Marcus & Millichap. All rights reserved.

12

INCOME AND EXPENSES


Number of Units ### Year 0Net Rentable Area ### Current Income End of Year 1

Adjusted Expenses % of GPR Projection % of GPR Per UnitINCOME

GROSS POTENTIAL RENTAll Units at Market Rent $1,085,220 9,689 $1,196,880 10,686Gain (Loss)-to-Lease ($98,820) 9.11% (882) ($5,984) 0.50% (53)

GROSS POSSIBLE RENT $986,400 RR - 11-25-2018 8,807 $1,190,896 10,633

Physical/Economic LossPhysical Vacancy ($44,388) Market 4.50% (396) ($53,590) Market 4.50% (478)Bad Debt ($4,932) Market 0.50% (44) ($5,954) Market 0.50% (53)Concessions Allowance ($4,932) Market 0.50% (44) ($5,954) Market 0.50% (53)

Total Physical/Economic Loss ($54,252) 5.50% (484) ($65,499) 5.50% (585)

NET RENTAL INCOME $932,148 94.50% 8,323 $1,125,396 94.50% 10,048

Other IncomeWater/Sewer Reimbursement $30,166 T3 3.06% 269 $30,166 T3 2.53% 269Late Charges $7,869 T10 0.80% 70 $7,869 T10 0.66% 70Damages $6,175 T10 0.63% 55 $6,175 T10 0.52% 55Lease Termination Fees $5,666 T10 0.57% 51 $5,666 T10 0.48% 51Pet Fees $3,840 T10 0.39% 34 $3,840 T10 0.32% 34Laundry Income $3,229 T10 0.33% 29 $3,229 T10 0.27% 29Application Fees $1,759 T10 0.18% 16 $1,759 T10 0.15% 16

Total Other Income $58,704 5.95% 524 $58,704 4.93% 524

EFFECTIVE GROSS INCOME $990,852 8,847 $1,184,101 10,572

EXPENSES% of EGI % of EGI

Total Real Estate Taxes $108,599 10.96% 970 $108,599 9.17% 970

Insurance $70,575 2017-2018 7.12% 630 $70,575 2017-2018 5.96% 630

Sewer $18,743 T10 1.89% 167 $18,743 T10 1.58% 167Water $17,384 T10 1.75% 155 $17,384 T10 1.47% 155Electric (Common) $12,529 T10 1.26% 112 $12,529 T10 1.06% 112Trash Removal $5,214 T10 0.53% 47 $5,214 T10 0.44% 47Gas $1,056 T10 0.11% 9 $1,056 T10 0.09% 9

Total Utilities $54,926 5.54% 490 $54,926 4.64% 490

Total Non-Controllable Expenses $234,100 23.63% 2,090 $234,100 19.77% 2,090

Landscaping $10,560 T10 1.07% 94 $10,560 T10 0.89% 94Pest Control $4,844 T10 0.49% 43 $4,844 T10 0.41% 43

Total Contract Services $15,404 1.55% 138 $15,404 1.30% 138

$50,400 Market 5.09% 450 $50,400 Market 4.26% 450$7,489 T10 0.76% 67 $7,489 T10 0.63% 67

$86,601 T10 8.74% 773 $86,601 T10 7.31% 773$11,355 T10 1.15% 101 $11,355 T10 0.96% 101

$39,634 Market 4.00% 354 $47,364 Market 4.00% 423Replacement & Reserves $28,000 Market 2.83% 250 $28,000 Market 2.36% 250

Total Controllable Expenses $238,882 24.11% 2,133 $246,612 20.83% 2,202

TOTAL EXPENSES $472,982 47.73% 4,223 $480,712 40.60% 4,292

NET OPERATING INCOME $517,870 52.27% 4,624 $703,389 59.40% 6,280

General & Administrative

Marketing & PromotionOn-Site Payroll

Real Estate Taxes

Management Fee

Utilities

Contract Services

Repairs & Maintenance

Per Unit

Year 0 (Projected Going-In) Year 1 (Pro Forma)

13

CASH FLOW PROJECTION

Year 0 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 (Acquisition) YE Jan-2020 YE Jan-2021 YE Jan-2022 YE Jan-2023 YE Jan-2024 YE Jan-2025 YE Jan-2026 YE Jan-2027 YE Jan-2028 YE Jan-2029

INCOMEGROSS POTENTIAL RENT

All Units at Market Rent $1,085,220 $1,196,880 $1,232,786 $1,269,770 $1,307,863 $1,347,099 $1,387,512 $1,429,137 $1,472,011 $1,516,172 $1,561,657Gain (Loss)-to-Lease (98,820) (5,984) (3,082) (3,174) (3,270) (3,368) (3,469) (3,573) (3,680) (3,790) (3,904)

GROSS POSSIBLE RENT $986,400 $1,190,896 $1,229,704 $1,266,596 $1,304,593 $1,343,731 $1,384,043 $1,425,564 $1,468,331 $1,512,381 $1,557,753

Physical/Economic LossPhysical Vacancy -$44,388 -$53,590 -$55,337 -$56,997 -$58,707 -$60,468 -$62,282 -$64,150 -$66,075 -$68,057 -$70,099Bad Debt -$4,932 -$5,954 -$6,149 -$6,333 -$6,523 -$6,719 -$6,920 -$7,128 -$7,342 -$7,562 -$7,789Concessions Allowance -$4,932 -$5,954 -$6,149 -$6,333 -$6,523 -$6,719 -$6,920 -$7,128 -$7,342 -$7,562 -$7,789

Total Physical/Economic Loss -$54,252 -$65,499 -$67,634 -$69,663 -$71,753 -$73,905 -$76,122 -$78,406 -$80,758 -$83,181 -$85,676

NET RENTAL INCOME $932,148 $1,125,396 $1,162,071 $1,196,933 $1,232,841 $1,269,826 $1,307,921 $1,347,158 $1,387,573 $1,429,200 $1,472,076

Other IncomeTOTAL OTHER INCOME $58,704 $58,704 $60,466 $62,280 $64,148 $66,072 $68,055 $70,096 $72,199 $74,365 $76,596

EFFECTIVE GROSS INCOME $990,852 $1,184,101 $1,222,536 $1,259,212 $1,296,989 $1,335,898 $1,375,975 $1,417,255 $1,459,772 $1,503,565 $1,548,672EXPENSES

Real Estate Taxes $108,599 $108,599 $111,857 $115,213 $118,669 $122,229 $125,896 $129,673 $133,563 $137,570 $141,697Insurance $70,575 $70,575 $72,692 $74,873 $77,119 $79,433 $81,816 $84,270 $86,798 $89,402 $92,084Utilities $54,926 $54,926 $56,574 $58,271 $60,019 $61,820 $63,674 $65,584 $67,552 $69,578 $71,666Contract Services $15,404 $15,404 $15,866 $16,342 $16,832 $17,337 $17,857 $18,393 $18,944 $19,513 $20,098Repairs & Maintenance $50,400 $50,400 $51,912 $53,469 $55,073 $56,726 $58,427 $60,180 $61,986 $63,845 $65,761Marketing & Promotion $7,489 $7,489 $7,714 $7,945 $8,183 $8,429 $8,682 $8,942 $9,210 $9,487 $9,771On-Site Payroll $86,601 $86,601 $89,199 $91,875 $94,631 $97,470 $100,394 $103,406 $106,508 $109,703 $112,994General & Administrative $11,355 $11,355 $11,696 $12,046 $12,408 $12,780 $13,163 $13,558 $13,965 $14,384 $14,816Management Fee $39,634 $47,364 $48,901 $50,368 $51,880 $53,436 $55,039 $56,690 $58,391 $60,143 $61,947Replacement & Reserves $28,000 $28,000 $28,840 $29,705 $30,596 $31,514 $32,460 $33,433 $34,436 $35,470 $36,534

TOTAL EXPENSES $472,982 $480,712 $495,250 $510,107 $525,410 $541,173 $557,408 $574,130 $591,354 $609,095 $627,368

NET OPERATING INCOME $517,870 $703,389 $727,286 $749,105 $771,578 $794,726 $818,567 $843,124 $868,418 $894,471 $921,305


14

Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Income

Gross Potential Rent 10.29% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%(Loss) / Gain to Lease* 0.50% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%Other Income 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

ExpensesExpenses 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%Mangement Fee** 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Physical Vacancy 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Bad Debt 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%Concessions Allowance 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%Total Economic Loss 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%Notes*Calculated as a percentage of Gross Potential Rent | **Calculated as a percentage of Effective Gross Income

Cash Flow Projection Growth Rate Assumptions

Economic Occupancy / (Loss) Summary & Projections

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

Year 0 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11

Economic Loss Projection

Physical Vacancy Bad Debt Concessions Allowance

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

Year 0 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11

Projected Net Operating Income Growth

Effective Gross Income Total Expenses Net Operating Income

(1)

(2)(3)(4)(5)(6)(7)

Repairs and Maintenance is based on $450/unit/year to reflect current local market norms.Management Fee is based on 4.00% of Effective Gross Income to reflect current local market norms. T10 Management Fee is 3.75% of Effective Gross Income.

Income & Expenses Underwriting Assumptions

Pro Forma reflects all units at the pro forma rents set in the unit mix section earlier in this OM, less a loss-to-lease of 0.5%. With capital infusion, an investor can experience 19% return on invested capital.

Vacancy is based on 4.50% of Gross Possible Rent to reflect current local market norms.Bad Debt is based on 0.5% of Gross Possible Rent to reflect current local market norms. T10 Bad Debt is 0.44% of Gross Potential Rent.Concessions is based on 0.5% of Gross Possible to reflect current local market norms. T10 Concessions is 1.00% of Gross Potential Rent.Insurance is based on the 2018-2019 Insurance bill currently being paid by the owners. Four buildings have been recently removed from the 100 year flood plain.


NOTES AND ASSUMPTIONS

15

RENT COMPARABLES

1. BAY POINT APARTMENTS (Subject) 2. Cottage Court Apartments

3. Agora at Port Richey Apartments 4. Harbor Oaks Apartments

5. Park Place Luxury Apartments 6. Ridgestone Apartments

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RENT COMPARABLESSorted by Net Rent

* LRO/YieldStar Communities/Properties which utilize a price-optimization software such as LRO or YieldStar are notated with an asterisk (*) (Asking rents at these properties fluctuate daily according to variable supply and demand as well as lease term, availability and location within the community). Puritan Place, Heritage at Tampa, Doral Oaks, River View, Rivertree Landing and Courtyards on the River are currently undergoing property interior and exterior renovations which are affecting the current occupancy rates. The Park at Ravenna did not disclose their current occupancy rate.

Property Year Built Unit Type Finish Level Washer/Dryer SFMarket

RentConcession

s Adj.Utilities

Adj. Net RentNet

Rent/SF Occupancy

Agora at Port Richey 1987 1x1 Standard Appliances (Select) 734 $925 $0 $45 $880 $1.20 97%

Harbor Oaks 1985 1x1 Upgraded Connections 659 $925 $0 $45 $880 $1.34 96%

Cottage Court 1986 1x1 Upgraded Connections 676 $915 $0 $45 $870 $1.29 99%

Bay Point (Pro Forma) 1984 1x1 Upgraded Appliances 560 $850 $0 $0 $850 $1.52 -

Harbor Oaks 1985 1x1 Standard Connections 659 $825 $0 $45 $780 $1.18 96%

Ridgestone 1985 1x1 Standard Connections 761 $775 $0 $0 $775 $1.02 98%

Cottage Court 1986 1x1 Standard Connections 676 $815 $0 $45 $770 $1.14 99%

Bay Point (Current Market) 1984 1x1 Deluxe Connections 560 $760 $0 $0 $760 $1.36 94%

Bay Point (Current Market) 1984 1x1 Standard Connections 560 $745 $0 $0 $745 $1.33 94%

Park Place Luxury 1985 1x1 Upgraded Connections 695 $740 $0 $0 $740 $1.06 100%


Park Place Luxury 1985 1x1 Standard Connections 695 $710 $0 $0 $710 $1.02 100%


Bay Point (Average Effective) 1984 1x1 Standard Connections 560 $679 $0 $0 $679 $1.21 94%

Bay Point (Average Effective) 1984 1x1 Deluxe Connections 560 $673 $0 $0 $673 $1.20 94%

Averages 644 $783 $0 $45 $768 $1.20 97%

One-Bedroom/One-Bathroom Apartment Rents


RentConcessions

Adj.Utilities

Adj. Net RentNet

Rent/SF Occupancy

Agora at Port Richey 1987 2x1 Standard Appliances (Select) 875 $1,015 $0 $55 $960 $1.10 97%

Bay Point (Pro Forma) 1984 2x1 Upgraded Appliances 649 $900 $0 $0 $900 $1.39 -

Bay Point (Current Market) 1984 2x1 Deluxe Connections 649 $860 $0 $0 $860 $1.33 94%

Bay Point (Current Market) 1984 2x1 Standard Connections 649 $845 $0 $0 $845 $1.30 94%



Bay Point (Average Effective) 1984 2x1 Deluxe Connections 649 $813 $0 $0 $813 $1.25 94%


Bay Point (Average Effective) 1984 2x1 Standard Connections 649 $793 $0 $0 $799 $1.23 94%

Averages 736 $856 $0 $0 $850 $1.17 96%

Two-Bedroom/One-Bathroom Apartment Rents

17

Sorted by Net Rent

* LRO/YieldStar Communities/Properties which utilize a price-optimization software such as LRO or YieldStar are notated with an asterisk (*) (Asking rents at these properties fluctuate daily according to variable supply and demand as well as lease term, availability and location within the community). Puritan Place, Heritage at Tampa, Doral Oaks, River View, Rivertree Landing and Courtyards on the River are currently undergoing property interior and exterior renovations which are affecting the current occupancy rates. The Park at Ravenna did not disclose their current occupancy rate.


RentConcessions

Adj.Utilities

Adj. Net RentNet

Rent/SF Occupancy

Agora at Port Richey 1987 2x2 Standard Appliances (Select) 1,033 $1,135 $0 $65 $1,070 $1.04 97%

Agora at Port Richey 1987 2x2 Standard Appliances (Select) 975 $1,075 $0 $65 $1,010 $1.04 97%

Cottage Court 1986 2x2 Upgraded Connections 936 $1,045 $0 $65 $980 $1.05 99%

Bay Point (Pro Forma) 1994/1998 2x2 Upgraded Appliances 864 $970 $0 $0 $970 $1.12 -

Bay Point (Pro Forma) 1994/1998 2x2 Upgraded Appliances 950 $970 $0 $0 $970 $1.02 -


Bay Point (Current Market) 1994/1998 2x2 Deluxe Connections 864 $930 $0 $0 $930 $1.08 94%

Bay Point (Current Market) 1994/1998 2x2 Standard Connections 950 $920 $0 $0 $920 $0.97 94%

Bay Point (Current Market) 1994/1998 2x2 Standard None 950 $905 $0 $0 $905 $0.95 94%


Harbor Oaks 1985 2x2 Upgraded Connections 875 $960 $0 $65 $895 $1.02 96%

Cottage Court 1986 2x2 Standard Connections 936 $935 $0 $65 $870 $0.93 99%


Harbor Oaks 1985 2x2 Standard Connections 875 $930 $0 $65 $865 $0.99 96%


Bay Point (Average Effective) 1994/1998 2x2 Standard None 950 $776 $0 $0 $804 $0.85 94%

Bay Point (Average Effective) 1994/1998 2x2 Standard Connections 950 $793 $0 $0 $782 $0.82 94%

Bay Point (Average Effective) 1994/1998 2x2 Deluxe Connections 864 $775 $0 $0 $775 $0.90 94%

Averages 925 $927 $0 $65 $906 $0.98 97%

Two-Bedroom/Two-Bathroom Apartment Rents

RENT COMPARABLES

18

BAY POINT (SUBJECT) 11431 Cockle DrivePort Richey, FL 34668

Total # of Units: 112Year Built: 1984/1994/1998

UNIT TYPE

# OF UNITS SF RENT

LOWRENTHIGH

RENTAVG. RENT/ SF

1x1 66 560 $672 $679 $672 $1.20

2x1 14 649 $793 $813 $803 $1.24

2x2 4 864 $785 $775 $780 $0.90

2x2 28 950 $776 $793 $785 $0.83

Total 112 679 $715 $1.05

COTTAGE COURT 7110 Tudor LanePort Richey, FL 34668

Total # of Units: 92Year Built: 1986

UNIT TYPE

# OF UNITS SF RENT

LOWRENTHIGH

RENTAVG. RENT/ SF

1x1 20 676 $815 $915 $865 $1.28

2x2 72 936 $935 $1,035 $985 $1.05

Total 92 879 $959 $1.09

HARBOR OAKS12221 Holdbrook DriveHudson, FL 34667


UNIT TYPE

# OF UNITS SF RENT

LOWRENTHIGH

RENTAVG. RENT/ SF

1x1 133 659 $825 $925 $875 $1.33

2x2 103 875 $930 $1,015 $973 $1.11

Total 236 753 $918 $1.22

AGORA AT PORT RICHEY8228 Chasco Woods Blvd.Port Richey, FL, 34668


UNIT TYPE

# OF UNITS SF RENT

LOWRENTHIGH

RENTAVG. RENT/ SF

1x1 96 734 $925 $925 $1.26

2x1 52 875 $1,015 $1,015 $1.16

2x2 52 975 $1,075 $1,075 $1.10

2x2 48 1,033 $1,135 $1,135 $1.10

3x2 40 1,198 $1,285 $1,285 $1.07

Total 288 917 $1,053 $1.15

RENT COMPARABLES

19

RENT COMPARABLES

94%

99% 100%

97%96%

100%98% 98.3%

80%

85%

90%

95%

100%

Bay Point CottageCourt

Park Place Harbor Oaks Agory at PortRichey

Park PlaceLuxury

Ridgestone Average ofComps

PARK PLACE LUXURY 9310 Valley View LanePort Richey, FL 34668


UNIT TYPE

# OF UNITS SF RENT

LOWRENTHIGH

RENTAVG. RENT/ SF

1x1 132 650 $690 $720 $705 $1.08

1x1 144 695 $710 $740 $725 $1.04

2x1 72 850 $810 $840 $825 $0.97

2x2 72 905 $840 $870 $855 $0.94

Total 420 743 $758 $1.02

RIDGESTONE 12315 Little RoadHudson, FL, 34667


UNIT TYPE

# OF UNITS SF RENT

LOWRENTHIGH

RENTAVG. RENT/ SF

1x1 64 761 $775 $775 $1.02

2x1 16 802 $825 $825 $1.03

2x2 28 902 $900 $900 $1.00

2x2 28 965 $950 $950 $0.98

Total 136 837 $843 $1.01

Current Occupancy

20

INCOME DEMOGRAPHICS

Data Based on 2017 Estimates3-Mile Radius 5-Mile Radius Tampa Bay MSA Florida

$34,192 $47,485 $48,682 $49,043Average Income $44,022 $35,708 $70,092 $71,422Per Capita Income $19,526 $21,128 $28,934 $28,304

Households by Income$0 - $9,999 8.3% 8.7% 7.3% 7.5%$10,000 - $19,999 17.9% 16.9% 11.4% 11.1%$20,000 - 29,999 18.0% 16.3% 12.0% 12.8%$30,000 - 39,999 13.7% 13.6% 10.9% 10.9%$40,000 - $49,999 11.1% 11.4% 9.6% 9.5%$50,000 - $59,999 8.4% 8.5% 8.6% 8.5%$60,000 - $74,999 8.7% 8.9% 10.2% 10.3%$75,000 - $99,999 7.7% 7.8% 11.4% 11.4%$100,000 - $124,999 3.7% 4.1% 7.2% 7.2%$125,000 - $149,999 1.2% 1.6% 3.9% 3.8%$150,000 + 1.3% 2.2% 7.5% 7.9%

Educational Attainment3.2% 3.2% 3.1% 4.0%9.9% 10.0% 7.8% 8.0%

40.4% 38.9% 29.8% 29.7%22.1% 22.5% 21.4% 20.8%10.1% 10.1% 9.5% 9.1%9.2% 10.0% 18.0% 17.3%3.8% 4.1% 9.2% 9.6%1.3% 1.2% 1.1% 1.4%

Associates DegreeBachelor's DegreeGraduate DegreeNo Schooling Completed

Median Household Income

Grade K-8Grade 9-11Highschool GraduateSome College, No Degree

21

POPULATION DEMOGRAPHICS

Data Based on 2017 Estimates

Population by Age 3-Mile Radius 5-Mile Radius Tampa Bay MSA Florida0 to 4 4.8% 4.6% 5.4% 5.4%5 to 14 10.0% 9.7% 11.4% 11.3%15 to 19 5.3% 5.2% 5.8% 5.8%20 to 24 4.9% 5.0% 5.9% 6.4%25 to 34 10.8% 10.5% 12.9% 12.9%35 to 44 10.5% 10.2% 12.3% 12.1%45 to 54 12.6% 13.0% 13.9% 13.6%55 to 64 13.1% 14.0% 13.4% 13.1%65 to 74 13.5% 14.0% 10.5% 10.7%75 to 84 9.4% 9.1% 5.8% 6.0%85 + 5.3% 4.6% 2.7% 2.7%Total Population 58,410 98,752 3,009,251 20,484,696

Total Housing Units 31,803 52,467 1,401,344 9,322,449 Total Occupied Housing Units 82.4% 83.3% 87.9% 86.2% Owner Occupied: with Loan 35.6% 35.8% 39.8% 40.0%

31.4% 31.5% 24.7% 25.2% Renter Occupied 33.1% 32.8% 35.5% 34.8% Vacant 17.6% 16.7% 12.1% 13.8%

Housing Value 3-Mile Radius 5-Mile Radius Tampa Bay MSA Florida$ 0 - $24,999 7.0% 9.4% 5.1% 4.1%$ 25,000 - $34,999 2.8% 3.4% 2.1% 2.1%$ 35,000 - $49,999 5.7% 6.8% 3.0% 2.9%$ 50,000 - $79,999 18.2% 18.1% 9.4% 8.5%$ 80,000 - $99,999 13.3% 12.9% 7.9% 7.4%$100,000 - $149,999 18.2% 17.0% 15.1% 13.9%$150,000 - $199,999 21.1% 17.3% 17.7% 15.7%$200,000 - $299,999 8.5% 8.7% 20.0% 20.8%$300,000 - $399,999 2.4% 2.7% 8.3% 9.8%$400,000 - $499,999 1.2% 1.3% 4.5% 5.8%$500,000 - $749,999 0.8% 1.2% 3.4% 4.5%$750,000 - $999,999 0.4% 0.7% 1.8% 2.3%$1,000,000 or more 0.5% 0.6% 1.8% 2.3%Median Home Value $107,165 $98,776 $170,143 $184,131

Owner Occupied: Free & Clear

22

SHOPPING

Gulf View Square (2.7 Miles f rom Bay Point) • The premier shopping outlet for greater New Port

Richey with 69 shops and 5 restaurants • Anchored by Best Buy, Dillard’s, TJ Maxx, and

Ulta Beauty

HOSPITALS

Morton Plant North Bay Hospital(6.6 Miles f rom Bay Point) • Founded in 1965, this nationally renowned hospital has

222 beds and 35,291 annual visits • Since 1999, the hospital has invested more than $100

million to expand and develop programs, services, and technologies

• Recipient of the Primary Stroke Center Certification, an accolade that identifies the facility as meeting the highest national standard in stroke care protocol

Medical Center of Trinity (12.3 Miles f rom Bay Point) • 288-bed state-of-the-art hospital with all private rooms • Recognized among the nation’s top performers on

five key quality measures: heart attack, heart failure, pneumonia, stroke, and surgical care

MARKET OVERVIEW

Medical Center of Trinity

Gulf View Square

Morton Plan Hospital

23

HOSPITALS

Regional Medical Center Bayonet Point(3.6 Miles f rom Bay Point) • 290-bed general medical and surgical hospital

specializing in Cancer, Diabetes, Orthopedics, Pulmonology and Neurology as well as other subspecialties

• Staffed by a combination of over 350 physicians, 950 employees, and over 500 volunteers

EDUCATION

Pasco‐Hernando State College West Campus(6.8 Miles f rom Bay Point) • Newest State College in Florida • PHSC has campuses in Brooksville, Dade City,

New Port Richey, Spring Hill, and Wesley Chapel • Originally a community college, PHSA was reaccredited

by the Southern Association of Colleges and Schools Commission on Colleges to offer Baccalaureate degrees

• With an annual operating budget of approximately $45 million, PHSC employs more than 450 full‐time faculty and staff members and serves over 15,000 students

RECREATION

Werner‐Boyce Salt Springs State Park(4.9 Miles f rom Bay Point) • 10 minutes southeast of Bay Point is Werner‐Boyce Salt

Springs State Park which is named in part for its 320‐foot deep saltwater spring

• This recreational area features four miles of Pasco County’s coastal waters on the Gulf of Mexico and is a local destination for picnicking, boating, fishing, hiking, and wildlife viewing

MARKET OVERVIEW

Werner‐Boyce Salt Springs State Park

Regional Medical Center Bayonet Point

Pasco-Hernando Stage College West Campus

24

Tarpon Springs Sponge Dock(14 Miles f rom Bay Point) • Just 19 minutes away from Tarpon Springs’ Sponge Docks

which is represented on the National Register of Historic Places

• Originally serving as the heart of Tarpon Springs’ sponge‐diving industry as early as 1905, the Sponge Docks is now a recreational centerpiece of the Tarpon Springs community

• The Sponge Docks is home to a collection of traditional Greek and water‐front restaurants, 12 unique sponge and gift shops, fishing charters, the Tarpon Springs Aquarium and a free museum dedicated to the memory of the City’s sponge‐diving origins

• The Tarpon Spring Sponge Docks provide the perfect, historic day‐trip from Pasco County, Tampa, Clearwater, St. Petersburg, and Sarasota

DEVELOPMENTS

Sims Park(7.3 Miles f rom Bay Point) • In 2016, New Port Richey invested $3 million in upgrades to

Sims Park which includes a splash pad, new playground, and structural renovations

• This park is now a central attraction within the New Port Richey downtown area attracting local and regional residents

Main Street Landing Development • $15 million development which will include 13,640 square

feet of retail space as well as 80 residential units • This development accentuates New Port Richey’s emerging

presence as a lucrative market

MARKET OVERVIEW

Tarpon Springs

Sims Park

25

EMPLOYMENT

Pasco Job Creation Incentive Funding Program • Pasco County has implemented the Pasco Job Creation

Incentive Funding Program to promote the attraction and expansion of target industries within Pasco County

• The Pasco County Board of County Commissioners will provide cash payments directly to companies for the creation of full-time positions within the following guidelines:

- Pay an average annual wage of at least 115% of the prevailing Pasco County average wage of $36,365 (as of January 2018 this amount is equal to $41,820) and must sell at least 51% of products or services outside of Pasco County

- Businesses serving multi-state and/or international markets and that create new jobs at greater than the annual average wage of Pasco County

- Must result in a minimum of 10 new full-time jobs (W-2) in Pasco County within one year of the project completion

TouchPoint Medical Inc. • TouchPoint Medical Inc., a global leader in the

manufacturing of medical device equipment, will set up its global headquarters and American operations facility at the intersection of State Road 54 and Suncoast Parkway just outside of the New Port Richey limits

• Through this $23 million-dollar investment, with $1.7 million coming f rom incentives f rom the county, Pasco county will bring in approximately 230 jobs and will pay wages 150% above county average. The announcement took place June 2018 and time of completion has not been announced

20 LARGEST EMPLOYERS OF PASCO COUNTY

1. Pasco County School District - 10,215

2. Pasco County Government - 3,851

3. HCA Healthcare (5 locations) - 2,675

4. State of Florida - 1,985

5. Florida Medical Clinic (22 locations) - 1,762

6. Medical Center of Trinity - 1,372

7. Pasco County Sheriff - 1,300

8. Florida Hospital Wesley Chapel - 1,152

9. Morton Plant North Bay Hospital - 1,052

10. Florida Hospital Zephyrhills - 966

11. Saint Leo University - 951

12. Federal Government - 847

13. Pasco-Hernando State College - 575

14. Pall Aeropower Corporation - 518

15. Saddlebrook Resort - 517

16. Withlacoochee River Electric Coop. - 372

17. Southeast Personnel Leasing - 319

18. Pasco Clerk of the Circuit Court - 305

19. Florida Hospital Connerton Long Term - 270

20. Florida Hospital Dade City - 276

MARKET OVERVIEW

26

(Note: map is not to scale)IMMEDIATE POINTS OF INTEREST

MEDICAL1. Regional Medical Center

Bayonet Point 2. Gulf Coast Medical Center 3. Morton Plant North Bay

Hospital 4. Florida Hospital North

Pinellas Wound Healing Institute of Trinity

RETAIL1. Dunkin’ Donuts2. CVS3. Point Plaza4. Walmart Supercenter5. Walgreens6. Publix Super Market at

Tower Oaks Terrace7. CVS8. Plaza of the Oaks9. ALDI10. Carrabba’s Italian Grill

11. The Home Depot12. Winn-Dixie13. Gulf View Square Mall14. Embassy Crossing

Shopping Center

EDUCATION1. Gulf Highlands

Elementary School

2. Fivay High School 3. Bayonet Point Middle

School 4. Schrader Elementary

School 5. Fox Hollow

Elementary SchoolTRANSPORTATION1. Hidden Lake Airport

RECREATION1. Werner-Boyce Salt Springs

State Park 2. Robert J. Strickland

Memorial Park 3. Gulf Island Beach & Tennis

Club 4. Beacon Woods Golf Club 5. Robert K Rees Memorial

Park 6. Jay B. Starkey Wilderness

Park 7. Veterans Memorial Park

BAY POINT (SUBJECT)

CONFIDENTIALITY AGREEMENTThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee 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 or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Bay Point ApartmentsTampa, FLZ0250582

NATIONAL MULTIFAMILY ADVISORS

CONTACT

Michael P. ReganSenior Managing Director [email protected] O. 813-387-4775

Francesco P. CarrieraSenior Managing Director [email protected] O. 813-387-4769

Cameron S. BarbasSenior Investment [email protected]. 813-387-4792

O. 813-387-4800 | CARRIERAREGAN.COM

Documents

NATIONAL MULTIFAMILY ADVISORS · 4. Carrabba’s Italian Grill 5. The Home Depot 6. 7-Eleven 7. Olive Garden 8. Embassy Crossing Shopping Center (Bealls, Michaels, Bed Bath & Beyond,