THE LAKE MAGDALENE VILLAS FOR SALE IN TAMPA, FL! THE … · Sale Price: $1,100,000 Number Of Units: 7 2019 Cash-on-cash 12% 2019 CAP RATE 8.5% OCCUPANCY 100% Year Built: 2015 Building

CONFIDENTIAL OFFERING MEMORANDUM • JUNE 20, 2019

Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com

2101-2113 Oak Chace Tr, Tampa, FL 33613

THE LAKE MAGDALENE VILLAS FOR SALE!

David [email protected]

THE LAKE MAGDALENE VILLAS FOR SALE IN TAMPA, FL!

https://www.grimaldicommercialrealty.com/index.php


MULTIFAMILY PROPERTY FOR SALE

2

presented by:

PROPERTY INFORMATION 3

FINANCIAL ANALYSIS 7

LOCATION INFORMATION 11

ADVISOR BIOS 15

AssociateO: 813.882.0884C: 813.245.7333E: [email protected]

David Rosenthal

The information contained in the following offering memorandum is proprietary and strictlyconfidential. It is intended to be reviewed only by the party receiving it from GrimaldiCommercial Realty and it should not be made available to any other person or entity withoutthe written consent of Grimaldi Commercial Realty.

By taking possession of and reviewing the information contained herein the recipient agrees tohold and treat all such information in the strictest confidence.

The recipient further agrees that recipient will not photocopy or duplicate any part of theoffering memorandum. If you have no interest in the subject property, please promptly returnthis offering memorandum to Grimaldi Commercial Realty.

This offering memorandum has been prepared to provide summary, unverified financial andphysical information to prospective purchasers, and to establish only a preliminary level ofinterest in the subject property.

The information contained herein is not a substitute for a thorough due diligenceinvestigation.

Grimaldi Commercial Realty has not made any investigation, and makes no warranty orrepresentation with respect to the income or expenses for the subject property, the futureprojected financial performance of the property, the size and square footage of the propertyand improvements, the presence of absence of contaminating substances, PCBs or asbestos,the compliance with local, state and federal regulations, the physical condition of theimprovements thereon, or financial condition or business prospects of any tenant, or anytenant’s plans or intentions to continue its occupancy of the subject property.

The information contained in this offering memorandum has been obtained from sources webelieve reliable; however, Grimaldi Commercial Realty has not verified, and will not verify, anyof the information contained herein, nor has Grimaldi Commercial Realty conducted anyinvestigation regarding these matters and makes no warranty or representation whatsoeverregarding the accuracy or completeness of the information provided.

All potential buyers must take appropriate measures to verify all of the information set forthherein.

Prospective buyers shall be responsible for their costs and expenses of investigating thesubject property.

CONTENTS CONFIDENTIALITY & DISCLAIMER



TABLE OF CONTENTS


PROPERTY INFORMATION


SECTION 1 • PROPERTY INFORMATION

4

OFFERING SUMMARY

Sale Price: $1,100,000

Number Of Units: 7

2019 Cash-on-cash 12%

2019 CAP RATE 8.5%

OCCUPANCY 100%

Year Built: 2015

Building Size: 12,040 SF

Renovated: 2016

Zoning: PD

Market: North Tampa

Submarket: Lake Magdalene

PROPERTY OVERVIEWTHE LAKE MAGDALENE VILLAS CONSIST OF A 7-UNIT MULTI-FAMILYBUILDING LOCATED IN TAMPA, FL. THESE UNITS ARE IN EXCELLENTCONDITION AND ALL HAVE THE SAME MASSIVE FLOOR PLAN OFAPPROXIMATELY 1,710 S/F. BUILT IN 2015, THIS PROPERTY IS INFANTASTIC CONDITION AND HAS BEEN WELL MAINTAINED BY THEOWNER. WITH THE EXTREMELY LOW RENTAL RATES IN-PLACE, THEBUYER CAN INSTANTLY INCREASE THEIR NET OPERATING INCOME ANDEASILY OBTAIN A CASH-ON-CASH RETURN OF OVER 12% AND ACAP-RATE OF OVER 8.5%, BY THE END OF 2019!

IT IS EXTREMELY RARE TO FIND A VALUE-ADD OPPORTUNITY IN THISPART OF TAMPA! NOT TO MENTION THE NEW CONSTRUCTION SHOULDALLOW THE BUYER TO INCREASE THE RENTAL RATES WITHOUT HAVINGTO SPEND MUCH ON REPAIRS AT THE PROPERTY!

THE LAKE MAGDALENE VILLAS ARE CURRENTLY 100% OCCUPIED ANDHAVE IMMENSE UPSIDE WITH THE EXTREMELY LOW RENTAL RATESCURRENTLY IN-PLACE. THE PROPERTY HAS A FANTASTIC MIX OFSHORT-TERM AND LONG-TERM TENANTS WHICH GIVES THE BUYER THEABILITY TO INCREASE THE RENTAL RATES IMMEDIATELY UPON TAKINGOVER THE PROPERTY. CURRENTLY, EACH UNIT IS RENTING FORAPPROXIMATELY $250-$300 BELOW THE CURRENT MARKET RATE! THIS ISA MASSIVE JUMP IN THE POTENTIAL NOI THAT IS EASILY OBTAINABLEWITH THE CURRENT RENTS BEING SO UNDER MARKET VALUE.



EXECUTIVE SUMMARY




5

PROPERTY DESCRIPTIONA THREE-BEDROOM/ TWO AND A HALF-BATHROOM APARTMENT IN THIS PART OF TAMPA SHOULD BE RENTING FOR NO LESS THAN$1,500-$1,575 PER MONTH. SOME COMPARABLE UNITS ARE RENTING FOR AS MUCH AS $1,600 A MONTH! DUE TO THE FACT THATTHE PROPERTY HAS CONSISTENTLY STAYED OCCUPIED WITH HIGH-QUALITY TENANTS, THE OWNER HAS NOT ACTIVELY TRIED TOINCREASE THE RENTAL RATES. HOWEVER, BASED ON THE RENTAL RATES OF COMPARABLE PROPERTIES, A $200-$300 INCREASESHOULD BE VERY EASILY ATTAINABLE WITH ROOM FOR POTENTIALLY EVEN HIGHER RENTAL RATES!

THE BEST PART ABOUT THIS AMAZING INVESTMENT OPPORTUNITY IS THAT ALL OF THE UNITS ARE PART OF A HOMEOWNER'SASSOCIATION. THE HOA HAS A SET MONTHLY COST OF $115 PER UNIT, PAID FOR BY THE SELLER. IN EXCHANGE FOR THE MONTHLYFEE, THE HOA COVERS ALL REPAIRS TO THE EXTERIOR OF THE BUILDING, INCLUDING BUT NOT LIMITED TO, GARBAGE, LAWN,LANDSCAPING, PLUMBING, ROOF, AND ALL HVAC UNITS AT THE PROPERTY.

PAYING A SET MONTHLY FEE OF $115 PER MONTH WILL DEFINITELY PROVE TO BE A MASSIVE HELP IN THE FUTURE AS ALMOST ALLTHE REPAIR AND MAINTENANCE EXPENSE WILL COME FROM THIS MONTHLY FEE. THIS HELPS THE BUYER LIMIT THE AMOUNT OFPOTENTIAL REPARIS MOVING FORWARD WITHOUT THE RISK OF HAVING TO SPEND A LARGE AMOUNT OF MONEY FOR A MAJORREPAIR AT THE PROPERTY!

FUTHERMORE, COMPARABLE PROPERTIES HAVE AN AVERAGE OF $250 PER UNIT PER MONTH IN REPAIR AND MAINTENANCEEXPENSES. THE $115 HOA FEE IS WELL BELOW THAT AVERAGE AMOUNT AND WILL SAVE THE BUYER MONEY NOW AND IN THEFUTURE!

ALL ROOFS AND HVAC UNITS WERE INSTALLED DURING CONSTRUCTION JUST 4 YEARS AGO AND ARE IN FANTASTIC CONDITION.THE ROOFS, A/C UNITS, AND PLUMBING ARE CURRENTLY IN GOOD WORKING CONDITION AND ARE WELL MAINTAINED BY THEPROPERTY MANAGER AND PAID FOR BY THE HOA. LASTLY, EACH UNIT HAS ITS OWN WASHER AND DRYER MACHINES AS WELL ASAMPLE PARKING FOR TENANTS AND THEIR GUESTS!



PROPERTY DESCRIPTION




6

SALE HIGHLIGHTS

• 7-LARGE MULTI-FAMILY UNITS NEAR BEAUTIFUL

LAKE MAGDALENE IN TAMPA, FL!

• 12%+ CASH-ON-CASH RETURN BY THE END OF

2019!

• EACH UNIT HAS AN IDENTICAL 3-BEDROOM/ 2.5

BATHROOM FLOOR PLAN!

• NEW CONSTRUCTION, AS THESE UNITS, WERE

BUILT IN 2015!

• EXTREMELY LOW RENTAL RATES, GIVING THE

BUYER MASSIVE UPSIDE!

• RENTAL RATES ARE CURRENTLY $200-$300

UNDER MARKET VALUE!

• 100% OCCUPIED WITH A PERFECT MIX OF SHORT

AND LONG TERM TENANTS!

• ALL UNITS ARE PART OF A HOMEOWNERS

ASSOCIATION THAT MAINTAINS THE PROPERTY!

• HOA COVERS ALMOST ALL REPAIR AND

MAINTENANCE EXPENSES AT THE PROPERTY!

• AMPLE PARKING AND LAUNDRY ACCESS ON-

SITE!



COMPLETE HIGHLIGHTS


FINANCIAL ANALYSIS


SECTION 2 • FINANCIAL ANALYSIS

8



RENT ROLL




9



INCOME STATEMENT




10



INTERIOR PHOTOS


LOCATION INFORMATION


SECTION 3 • LOCATION INFORMATION

12

Tampa, FL



REGIONAL MAP




13

2101-2113 Oak Chace Tr



AERIAL MAPS




14

POPULATION 1 MILE 2 MILES 3 MILES

Total population 17,561 57,812 99,124

Median age 29.1 30.4 32.0

Median age (Male) 29.2 29.5 31.2

Median age (Female) 29.0 31.2 32.9

HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILES

Total households 7,350 23,646 38,600

# of persons per HH 2.4 2.4 2.6

Average HH income $32,196 $36,176 $44,030

Average house value $168,487 $182,673 $193,360

* Demographic data derived from 2010 US Census



DEMOGRAPHICS MAP & REPORT


ADVISOR BIOS


SECTION 4 • ADVISOR BIOS

16

115 W Bearss AveTampa, FL 33613T 813.882.0884C [email protected]

PROFESSIONAL BACKGROUND

David began his career at Ernst & Young, David serving as a Big FourAccountant, focusing on client services and analyzing Financial Statements.Before joining Grimaldi Commercial Realty, David worked with many local RealEstate Investment Trusts, learning the financial side of the Real Estate market.

Experience in the following:Retail Sales & LeasesFinancial PlanningReal Estate Investment TrustsDividend Reinvestment Plans & Dividend Payout RatiosSeller and Investor FinancingContract negotiations and due diligenceInvestment & Financial AnalysisProperty Valuation>

EDUCATION

David graduated from Tulane University in New Orleans, Louisiana, where hereceived a Bachelor's in Finance and a Masters in Accounting.A Tampa native since 1991, David attended Tampa Preparatory High School inDowntown Tampa where he played Soccer, Basketball, and ran Cross Country.When he is not working, David enjoys watching sports, working out and playinggolf.

MEMBERSHIPS & AFFILIATIONS

David is an outgoing individual whose drive and passion are evident in hispersistence to provide outstanding service. His business is built on: Dedication,Communication, Determination, & Trust while embodying the ability to caterand adapt to all of his client's Real Estate needs.

DAVID ROSENTHAL

Associate



ADVISOR BIO & CONTACT 1


Documents

THE LAKE MAGDALENE VILLAS FOR SALE IN TAMPA, FL! THE … · Sale Price: $1,100,000 Number Of Units: 7 2019 Cash-on-cash 12% 2019 CAP RATE 8.5% OCCUPANCY 100% Year Built: 2015 Building