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Ocean House Apartments Martin Goldstein Russell Goldstein

561-310-0935 561-503-3648A unique 8-Unit waterfront opportunity in Hutchinson Island, FL

Featuring 8 spacious units nestled among the sand dunes of beautiful Hutchinson Island, Ocean House Apartments provides an extraordinary investment

opportunity as well as unbeatable value to tenants from many walks of life. Currently managed as a long term rental with tenants on long term leases, it

provides a uniquely affordable type of waterfront living to local residents. Hutchinson Island stretches along Florida’s Eastern Atlantic Coast from Vero

Beach to Stuart. It is known for its beautiful beaches and parks, but is less densely populated than Palm Beach and Singer Islands, making it ideal for

people

seeking the quintessential laid-back Florida lifestyle. Ocean House is also convenient to local commerce centers in Fort Pierce, Port St. Lucie, Stuart, and

Vero Beach, making it strong on live/work/play fundamentals.

305-307 S Ocean Drive is fully CBS (with brand new roof on 305 bldg.), thus keeping any remaining deferred maintenance to an absolute minimum.

Interiors are updated with modern cabinets, tile flooring and recently done bathrooms, yet significant rental upside remains. Current tenants are on 6

month leases and remain on the property year round, so current cash flow is stable and competitive and easy to maintain. More aggressive

owners/investors may seek to rent a portion or all of the property as a vacation rental, due to its highly desirable coastal location.

South-Central Florida’s rental market has exploded over the preceding decade as people flock to the area for its relatively low cost of living and beautiful

coastal lifestyle. Hutchinson Island in particular is home to a huge number of modern, luxury condo units and single-family homes. Apartments such as

these hit a “sweet spot” in the market here, as they are relatively affordable and easy to maintain occupancy, while also being in one of the most desirable

and beautiful locales in the United States.

Continued population growth in South and Central Florida over the last decade has been steady. The trend towards rental housing and away from

homeownership brought on by the 2009 housing crisis combines with this fact to drive demand for quality rentals. In this market, multifamily investment

properties emerge as a stable, lucrative, recession-resistant, and comparatively simple asset to manage, providing a unique waterfront living experience in

addition to excellent return on investment!

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

“Economic and job growth in Florida are forecasted to continue to outperform the U.S. labor market and more Baby Boomers continue to reach the end of their working lives. This bodes well for continued population growth via the in-migration of retirees and job seekers to Florida. The population of Florida is also growing naturally, as birth rates exceed death rates. In addition to these sources of domestic population growth, international immigration will also feed into the state’s population growth.”

According to a widely-quoted, well-respected quarterly report last published in June 2017 by the University of Central Florida’s Institute for Economic Competitiveness:

With population growth comes increased demand for affordable, quality rental housing. Robust CBS construction ensures long-term reliability and relative ease of maintenance over the long term.

Ocean House ApartmentsOverview


Asset Overview:o Current Cap Rate: 8.18%o Market Rents Cap Rate: 10.23%o Price: $1,050,000o Address: 305 & 307 S. Ocean Dr,

Hutchinson Island, FLo 8 Units – 3 1BRs and 5 2BRso 100% Occupied!o Excellent value-add opportunity via

improved exterior maintenance and management.

o Beautiful waterfront location!!o Excellent fundamentals.

o Low maintenance CBS construction

o New roof on 305 Bldg, 307 in good condition.

o Desirable, central locationo Excellent long term growth

prospectso Bike-friendly, walkable area! Just a few

short blocks or a short drive from: o World famous South Florida

Beacheso Vibrant Downtown Fort Pierceo Indian River State Collegeo All local shopping and

commerce!o Fully occupied, stable, with below

market rents. All long term tenants.o Convenient to I-95, Port St. Lucie, Vero

Beach, Palm Beach County, and more!o Mix of window-unit and central air

conditioning units – cost effective and energy efficient.

o Well documented financials, easily finance-able!

o Excellent capitalization rate with massive near and long term rental rate upside.

o Tenants on 6 month leases with long term occupancy being the norm.

Ocean House ApartmentsHighlights and Location Map

Ocean House Apts

Atlantic Ocean

Jetty Park

Intracoastal Waterway

Downtown Ft. Pierce

Hutchinson Island

Ft. Pierce’s popular Okeechobee Corridor, a 5 min drive West from the property, offers:• Costco• Wal-Mart• Walgreens• The Home Depot• AutoZone• Dunkin Donuts• Dollar Tree• McDonald’s, Applebee’s,

other national dining chains.


Ocean House ApartmentsFinance

Offered at $1,050,000

Current Cash-on Cash Return: 18.32%

Current Cap Rate: 8.18%

Market Cap Rate: 10.23%

Market Cash-on Cash Return: 26.52%

Unit Number Current Rent Market Rent

1 1,730.00$ 1,850.00$

2 1,410.00$ 1,850.00$

3 1,410.00$ 1,850.00$

4 1,410.00$ 1,850.00$

A 1,400.00$ 1,850.00$

B 1,625.00$ 1,850.00$

C 1,515.00$ 1,850.00$

D 1,625.00$ 1,850.00$

Totals 12,125.00$ 14,800.00$

Revenues Current Pro Forma

Monthly Rents 12,125.00$ 14,800.00$

Annualized 145,500.00 177,600.00

Expenses

Taxes (2nd col. Estimate after sale) 10,147.00 18,000.00

Insurance 11,750.00 11,750.00

Utilities 24,971.00 26,063.00

R&M 5,478.00 5,500.00

Management (5%) 7,275.00 8,880.00

Total Exp 59,621.00 70,193.00

NOI 85,879.00 107,407.00

List Price 1,050,000.00$ 1,050,000.00$

Capitalization Rate 8.18% 10.23%

Leveraged Return

Down Payment 262,500.00$ 262,500.00$

Total Leverage 787,500.00$ 787,500.00$

Debt Service Expense (4.8%) 37,800.00$ 37,800.00$

NOI After Debt Svc 48,079.00$ 69,607.00$

Leveraged Return 18.32% 26.52%


Ocean House ApartmentsAerial View

Ocean House Apts

Atlantic Coast

SR A1A



Ocean House Apts

Atlantic Coast


Coin-Operated On-Site Laundry


Contact Listing Agents

For more information or to schedule a property tour please do not hesitate to contact

us at the numbers and/or email addresses below:

Martin Goldstein, Lic. Real Estate Broker

[email protected]

561-310-0935

Russell Goldstein

[email protected]

561-503-3648

ocean house apartments - loopnet...ocean house is also convenient to local commerce centers in fort...

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