sandollar (price reduced!)...813.839.7300 x0293 mark savarese associate [email protected]...

PRESENTED BY | Avery Jordan • 813.839.7300 x0293 • [email protected]

SANDOLLAR (PRICE REDUCED!)OFFERING MEMORANDUM4403 3rd Ave NW, Bradenton, FL 34209

2PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS RENT COMPARABLES FRANKLIN STREET

EXCLUSIVELY LISTED BY:

Avery JordanSenior Associate

[email protected]

813.839.7300 x0293

Mark SavareseAssociate

[email protected]

813.839.7300 x0279

This is a confidential Offering Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest into the acquisition of

the Subject Property.

This Offering Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner or the Property,

to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and

information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors

beyond the control of the Owner or Franklin Street Real Estate Services, LLC. Therefore, all projections, assumptions, and other information provided and made herein are

subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect

the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or Franklin Street Real Estate Services, LLC. , nor any of their

respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering

Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Offering Memorandum or use of its contents; and you

are to rely solely on your own investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase Property, and/or to terminate discussions with any

entity at any time with or without notice which may arise as a result of review of this Offering Memorandum. The Owner shall have no legal commitment or obligation to any

entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully

executed, delivered, and approved by the Owner and any obligations therein have been satisfied or waived.

By receipt of the Offering Memorandum, you agree that this Offering Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest

confidence and that you will not disclose this Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or the Franklin

Street Real Estate Services, LLC. Furthermore, you agree not to use this Offering Memorandum or any of its contents in a manner detrimental to the interest of the Owner or

Franklin Street Real Estate Services, LLC.

In this Offering Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor

necessarily accurate descriptions of the full agreements referenced. Interested parties are so advised and expected to review all such summaries and other documents of

whatever nature independently and not to rely on the contents of this Offering Memorandum in any manner.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR FRANKLIN STREET REAL ESTATE SERVICES, LLC AGENT FOR MORE DETAILS.

SANDOLLAR | BRADENTON | FLORIDA

CONFIDENTIALITY AGREEMENT


PROPERTY INFORMAT ION 4Executive Summary

Property Detai ls

LOCAT ION OVERV IEW 7Regional Map

Local Map

Destination Map

Parcel Map

Demographics Map & Report

F INANCIAL ANALYS IS 13Unit Mix

Income & Expenses

Pricing & Financial Analysis

RENT COMPARABLES 17Rent Comps Map

Rent Comps

Rent Comps Chart

FRANKL IN STREET 22About Us

Client Services

Back Page


Property Detai ls


Local Map

Destination Map

Parcel Map



Income & Expenses



Rent Comps

Rent Comps Chart


Client Services

Back Page


Property Detai ls


Local Map

Destination Map

Parcel Map



Income & Expenses



Rent Comps

Rent Comps Chart


Client Services

Back Page


Property Detai ls


Local Map

Destination Map

Parcel Map



Income & Expenses



Rent Comps

Rent Comps Chart


Client Services

Back Page


Property Detai ls


Local Map

Destination Map

Parcel Map



Income & Expenses



Rent Comps

Rent Comps Chart


Client Services

Back Page

IN THIS OFFERING MEMORANDUM


TABLE OF CONTENTS

PROPERTY INFORMATION


OFFERING SUMMARY

Sale Price: $550,000

Price / SF: $110.09

Price / Unit: $91,667

Number Of Units: 6

Lot Size: 0.26 Acres

Year Built: 1926

Building Size (SF): 4,996

Sandollar consists of 2- 1Bdr 1Bath and 4- 2Bdr 1Bath units. The property was built in 1926 of wood frameconstruction with pitched roofs, and has recently been inspected and approved by a professional engineer forstructural soundness. Located about 2 miles West of Downtown, Sandollar is just 2 blocks from the ManateeRiver and 4 blocks North of Manatee Ave W, the main thoroughfare with 40,000 AADT and a multitude of retaildestinations including Publix (0.7 mi) & Starbucks (1.3 mi).

PROPERTY OVERVIEW

PROPERTY HIGHLIGHTS

• Motivated Seller Recently Reduced Price From $599k to $550k ($49K Price Reduction!)

• Favorable Unit Mix Consisting of 67% 2 Bedroom 1 Bath Units and 33% 1 Bedroom 1 Bath Units

• Roof Was Replaced in 2017

• Ability To Increase Rents To Market With Light Interior Renovation

• Washer/Dryer Included in Each Unit

• Located Two Miles From Downtown Bradenton and Seven Miles From Anna Maria's Famous Beaches


EXECUTIVE SUMMARY


SALE PRICE $550,000

LOCATION INFORMATION

Building Name Sandollar

Street Address 4403 3rd Ave NW

City, State, Zip Bradenton, FL 34209

County/Township Manatee

BUILDING INFORMATION

Building Size 4,996 SF

Number Of Units 6

Occupancy % 95.0%

Number Of Floors 2

Year Built 1926

Gross Leasable Area 4,368 SF

Exterior Walls Wood Frame

PROPERTY DETAILS

Property Type Multifamily

Property Subtype Low-Rise/Garden

Lot Size 0.264 Acres

APN# 3595600002

PARKING & TRANSPORTATION

Parking Type Surface

Parking Description Free Surface Parking Available


PROPERTY DETAILS

LOCATION OVERVIEW


Sandollar


REGIONAL MAP



LOCAL MAP


Located 2.8 Miles to Downtown

1

Located 6.9 Miles to Anna Maria Beach

2


DESTINATION MAP



PARCEL MAP


POPULATION 1 MILE 3 MILES 5 MILES

Total population 7,175 70,255 146,426

Median age 43.0 47.5 44.5

Median age (Male) 43.6 45.7 43.0

Median age (Female) 43.4 48.7 45.8

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 2,792 29,969 61,876

# of persons per HH 2.6 2.3 2.4

Average HH income $80,143 $59,714 $54,012

Average house value $332,099 $245,444 $237,600

* Demographic data derived from 2010 US Census


DEMOGRAPHICS MAP & REPORT

FINANCIAL ANALYSIS

Sq Feet650750

717Weighted Averages: $8836

1Bdr 1Bath$900$850

24

Unit Type

2Bdr 1Bath

Units

$1.23 $1,000 $1.40

13.21%

Pro Forma Rent

$1,050

$1.40

Pro Forma Rent Increase

5.88%16.67%

$1.38

PF Rent/Sq Foot

$900

Rent/Sq Foot

Current Rent

$1.20$1.31

$63,600Gross Potential Rent

$72,000

Pro Forma Monthly

$6,000

Current Monthly

$5,300Gross Potential Rent Gross Potential Rent

Current Annual Pro Forma AnnualGross Potential Rent

1Bdr 1Bath, 33.33%

2Bdr 1Bath, 66.67%

Total:



UNIT MIX

% Per Unit % Per UnitIncomeGross Potential Rent (GPR) $10,600 $12,000Gross Potential Income (GPI) $10,600 $12,000Economic LossVacancy (-)* 5.00% $530 5.00% $600Loss to Lease (-) 2.83% $300 0.00% $0Total Economic Loss -7.83% -$830 -5.00% -$600Effective Gross Income (EGI) $9,770 $11,400ExpensesAdjusted Taxes (1) 12.52% $1,223 10.73% $1,223Insurance 4.30% $420 3.69% $420Utilities 7.33% $716 6.28% $716Repairs & Maintenance 1.68% $164 3.07% $350Contract Services 2.27% $222 1.94% $222Management 0.00% $0 8.00% $912General & Administrative 1.09% $106 0.93% $106Reserves & Replacements 2.56% $250 2.19% $250Total Expenses 31.75% $3,102 36.84% $4,200

Net Operating Income (NOI) $6,668 $7,200

2018 Taxable Value $182,2572018 Millage Rate 14.8694

Pro Forma Taxable Value $418,000

(1) Current & Pro Forma Taxes are Based on 76% of List Price x 2018 Millage RateInserted at Brokers Discretion*

$25,198

$40,008 $43,202

$18,612

$0

$1,330$5,472$638

$1,500

-$3,600$68,400

$7,340$2,522$4,296$2,100

$72,000

$3,600

$1,500

$7,340$2,522$4,296$986

$1,330$0

$638

-$4,980$58,620

$1,800

$63,600

$3,180

Current Pro Forma

Total

$63,600

Total

$72,000



INCOME & EXPENSES

Price

Price Per Unit

Price Per Sq Foot

Net Operating Income

Cap RateGross Rent Multiplier

Current

$91,667

Pro Forma

$43,202

$125.92

List Price

$550,000

$40,008

7.64

7.85%

8.65

7.27%



PRICING & FINANCIAL ANALYSIS

RENT COMPARABLES


SUBJECT PROPERTY4403 3rd Ave NW | Bradenton, FL 34209

1 1016 10TH AVE W1016 10th Ave WBradenton, FL 34205

2 404 25TH ST W404 25th St WBradenton, FL 34205

3 2727 75TH ST W2727 75th St WBradenton, FL 34209

4 2928 64TH ST2928 64th StBradenton, FL 34209


RENT COMPS MAP


SUBJECT PROPERTY4403 3rd Ave NW | Bradenton, FL 34209

4,996 SFBldg Size: 1926Year Built:

0.26 ACLot Size: 6No. Units:

$1.28Avg. Rent/SF: 716 SFAvg. Size:

$916Avg. Rent: 95.0%Occupancy:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1Bdr 1Bath 2 33.3 650 $850 $1.31

2Bdr 1Bath 4 66.7 750 $950 $1.27Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 6 100% 716 $916 $1.28

1016 10TH AVE W1016 10th Ave W | Bradenton, FL 34205

1


1Bdr 1Bath 4 100 700 $895 $1.28Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 4 100% 700 $895 $1.28

Laundry: N/AUtilities: Water Included in RentAmenities: N/A

2,800 SFSpace Size: 2,208 SFBldg Size:

1920Year Built: 0.15 ACLot Size:

4No. Units: $1.28Avg. Rent/SF:

700 SFAvg. Size: $895Avg. Rent:

95%Occupancy:

404 25TH ST W404 25th St W | Bradenton, FL 34205

2

UNIT TYPE # UNITS % OFSIZE

SFRENT MIN MAX MKT

RENT/SF

1Bdr1Bath

8 100 633 $920 - - - $1.45Liquid error: no implicit conversion from nil to integer Liquid error: no implicit conversion from nil to integer Liquid error: no implicit conversion from nil to integer Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 8 100% 633 $920 $0 $0 $0 $1.45

Laundry: N/AUtilities: Water Included in RentAmenities: N/A


1966Year Built: 0.44 ACLot Size:

8No. Units: $1.45Avg. Rent/SF:

633 SFAvg. Size: $920Avg. Rent:

95%Occupancy:


RENT COMPS


2727 75TH ST W2727 75th St W | Bradenton, FL 34209

3


2Bdr 2Bath 1 100 925 $1,200 $1.30Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 1 100% 925 $1,200 $1.30

Laundry: Machines IncludedUtilities: Water/Sewer/Trash/Basic Cable Included in RentAmenities: Pool

925 SFSpace Size: 925 SFBldg Size:

0 ACLot Size: 1No. Units:

$1.30Avg. Rent/SF: 925 SFAvg. Size:

$1,200Avg. Rent: 98%Occupancy:

2928 64TH ST2928 64th St | Bradenton, FL 34209

4


2Bdr 2Bath 1 100 1,100 $1,250 $1.14Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 1 100% 1,100 $1,250 $1.14

Laundry: Machines in Each UnitUtilities: Included in RentAmenities: Pool


0 ACLot Size: $1.14Avg. Rent/SF:

1,100 SFAvg. Size: $1,250Avg. Rent:

95%Occupancy:


RENT COMPS



RENT COMPS CHART

FRANKLIN STREET

TENANTREPRESENTATION

INVESTMENTSALES

INSURANCESERVICES

CAPITALADVISORS

PROPERTYMANAGEMENT

PROJECTMANAGEMENT

TAILOREDTO OUR

CLIENT NEEDSLANDLORD

REPRESENTATION

OUR MISSION STATEMENT Franklin Street and our family of full-service companies are committed to providing supreme advisory services through the collaboration of each member of our team of Real Estate professionals.

We deliver precise and accurate information to our clients by embracing technology and the development and recruitment of top-level employees. Nationwide, we are helping clients make the most successful decisions in real estate, capital, management and insurance from our southeast based offices.

ACHIEVING RESULTS THROUGH COLLABORATIONFounded in 2006 during one of the toughest real estate climates, Franklin Street has evolved to become one of the fastest-growing full-service commercial real estate firms in the southeast.

Our family of real estate companies – which include Capital Advisors, Investment Sales, Insurance Services, Landlord and Tenant Representation, Property Management and Project Management – is focused on delivering value-added solutions to the evolving demands of our clients.



ABOUT US

ACHIEVING RESULTS THROUGH

COLLABORATION

LANDLORD REPRESENTATION

Leasing a commercial real estate property requires expertise, research and planning. Our team creates and implements a unique strategy to find prospective tenants that provide the best, long-term use of the asset.

INSURANCE SERVICES

Franklin Street Insurance Services offers commercial property and casualty insurance programs tailored to fit the needs of our clients and protect their businesses in the case of an unfortunate event or situation.

INVESTMENT SALES

From the process of buying to selling property, our investment sales team offers customized solutions based on each client’s unique needs—ensuring optimal results that increase property value and deliver maximum benefits to the client.

CAPITAL ADVISORS

Our team of experts specializes in helping clients secure capital for their commercial real estate investments—via debt and equity placement. We work closely with our clients to develop, optimize and implement a plan that enables them to achieve more, retain more and profit more.

TENANT REPRESENTATION

Experienced in working with both tenants and landlords nationwide, we understand the industry and will work alongside our clients during every step of the deal process, ensuring that they secure the ideal space and best lease terms for their business needs.

PROPERTY MANAGEMENT

Business sites require ongoing maintenance. We offer integrated property and facilities management for both investors and occupiers of mixed-use, office, industrial, retail and multifamily product types—maximizing property value and ensuring a safe and reliable environment for its users.

PROJECT MANAGEMENT

Our project management team is ready to manage every aspect of a commercial real estate project, whether it requires an exterior facelift, interior remodel or a tenant build-out. We have expertise to deliver results, while ensuring that projects are completed on time and within budget.



CLIENT SERVICES

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TAILOREDTO OUR

CLIENT NEEDSLANDLORD

REPRESENTATION

FACILITIESMANAGEMENT

Oscar BanegasSenior [email protected]

Greg MatusSenior Vice President, Investment [email protected]

Darron KattanManaging Director813.658.3355 [email protected]

Avery JordanSenior [email protected]

Ethan [email protected]

Brett WittenSenior [email protected]

AJ [email protected]

Zachary AmesSenior Director813.288.6676 [email protected]

Robert GoldfingerManaging Director813.658.3353 [email protected]

Kevin KelleherSenior Director813.658.3358 [email protected]

Dan DratchSenior [email protected]

Joe RubinDirector954.660.9815 [email protected]

Hernando [email protected]

Jim ReedDirector904.899.0310 [email protected]

Mark [email protected]

Jake ReidSenior Director404.832.1255 [email protected]

Michael [email protected]

Alex [email protected]

WE COLLABORATE. FIND OUT MOREBY VISITING FRANKLINST.COM

Chad DefoorSenior [email protected]

Roger SchoernerSenior [email protected]

Royce BaptistSenior [email protected]

sandollar (price reduced!)...813.839.7300 x0293 mark savarese associate [email protected]...

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