sea cove - flyer & ca

8/7/2019 Sea Cove - Flyer & CA

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Confi dential & Exclusive Investment Offering for the Sale of

S C

Jimmy AdamsDirect: [email protected]

19664 West 36th AvenueGulf Shores, AL 36542

160 Units

REO Opportunity


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I O160

$3,500,000$21,875/ Unit

150,700 Sq. Ft.

$23.22/ Sq. Ft.12.00 Acres13.33 Units/ Acre

2003

Paid by TenantPaid by Owner

None

Brick & Vinyl SidingPitched, Asphalt Shingles

152

Units:Price:Price Per Unit:Total Rentable Square Feet:

Price Per Square Foot:Site Acreage:Density:Year Built:Mechanical SystemElectric:Water/ Sewer:Gas:ConstructionExterior:Roof:Buildings:Stories:

ea oveSea Cove

FSea Cove is offered on an all cash basis.

I OSea Cove is a very attractive opportunity with signifi cant upside potefor the entrepreneurial investor and a low entry price for a newer vindeal. This REO asset is located in Gulf Shores, Alabama - a submarkehas stabilized with high occupancy. Third party management has rec

increased occupancy upon turning a limited number of units.

U FCovered Balcony / PatioWasher & Dryer Connections

Upgraded AppliancesCustom Cabinetry

CAwimming Poolitness Center

Childrens PlaygroundLaundry Facility

is 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.ferences to square foot or age are approximate. Buyer must verify the information and bears all risk for inaccuracies.pyright Southeast Apartment Partners


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UNIT TYPE # OF UNITS SIZE SQ. FT. TOTAL SQ. FT. RENT RENT / SQ. FT. MONTHLY RENT

1 BD / 1 BA

2 BD / 2 BA

3 BD / 2 BA

Totals/Averages

32

92

36

160

725

975

1,050

942

23,200

89,700

37,800

150,700

$490

$595

$660

$589

$0.68

$0.61

$0.63

$0.62

$15,680

$54,740

$23,760

$94,180

Sea Cove is on West 36th Avenue, which becomes Cotton Creek Driveupon crossing Gulf Shores Parkway (Hwy 59). Cotton Creek Drive ishome to two Jack Nicklaus golf courses at Craft Farms as well as newerconstruction single-family and retail. Highway 59, Beach Boulevard,he airport, and the Orange Beach interchange are within three miles,providing excellent vehicular access to employers around Gulf Shoresand Orange Beach, many of which cater to the travel and vacationndustry.

Within two miles of the property, Sea Cove residents can shop along bothhe high-traffi c Highway 59 retail/commercial corridor as well as withinThe Pinnacle retail center and the Walmart SuperCenter. There is also anew Publix built in 2009 as well as many smaller retail stores and hotels.The immediate retail development provides employment and attractive

support services for Sea Cove residents.

A A F A

Income % of

Scheduled Gross Income

Concessions

Deliquency

Vacancy

Employee Units

Other Income

Total Operating Income

$1,130,160

($22,603)

($22,603)

($90,413)

($7,064)

$57,600

$1,045,077

Expenses Per

Repairs / Maintenance

Salaries and Wages

Electric

Gas

Water / Sewer

Garbage Removal

General and Administrative

Advertising

Property Management Fee

Real Estate Taxes

Property Insurance

Capital Expenditures

Total Expenses

Net Operating Income

$3

$3

Total

$84,000

$135,300

$48,000

$0

$38,400

$21,000

$32,000

$6,000

$41,803

$19,800

$88,000

$40,000

$554,303

$490,774

Total

1

The income and expense fi gures below represent the propertys potperformance once stabilized.


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www.seapts.com

Atlanta, GA Central GA Birmingham, AL Charlotte, NC Jacksonville, FL Raleigh/ Durham, NC

We invite you to explore this investment opportunity. Prospectivepurchasers who are interested in the additional sales materials should

Prospective Purchaser:

Jimmy AdamsBirmingham Offi ce

2100 SouthBridge Parkway, Suite 650Birmingham, AL 35209Phone: (205) 414.7460Mobile: (678) 357.5091

Fax: (205) 414.7558Email: [email protected]


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SEA COVE

CONFIDENTIALITY/REGISTRATION AGREEMENT

THIS CONFIDENTIALITY AGREEMENT (Agreement) is made and agreed to by Southeast Apartment Partners (Broker), Broker for theProperty, known as Sea Cove, (the Property) and Purchaser (see below). The obligations of confidentiality undertaken pursuant to thisAgreement shall survive the terms under which the Broker is working with the owner.

PURCHASER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner ofthe property has authorized Broker to deliver information concerning the Property, much of which is highly confidential, only to those potentialpurchasers who sign this Agreement.

THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows:

1. Purchaser will not disclose, permit the disclosure of, release, disseminate or transfer, any information obtained hereunder(Information) to any other person or entity.

2. If Purchaser is a corporation, partnership, limited liability company or other non-natural legal entity, the person(s) signing thisAgreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those personswithin the entity who have need to know of the Information, and who are specifically aware of the Agreement and agree to honor it.

3. This Agreement applies to all Information received from Broker, which is not readily available to the general public. Purchaserunderstands that all Information shall be deemed confidential, valuable and proprietary and shall be used for the sole purpose ofevaluating the potential acquisition of the Property.

4. Purchaser shall not contact directly any persons concerning the Property, other than Broker, without Brokers or Owners written

permission. Such persons include, Owners employees, suppliers and tenants.

5. Purchaser acknowledges that it is a principal and not an agent or acting on behalf of any other party in conjunction with the purchaseof the Property (except Advisors working on behalf of their pension fund clients). Purchaser acknowledges that it is not working withany other broker or agent other than the Broker named below in connection with the Property.

6. Neither Broker nor Owner makes any representations or warranty, express or implied, as to the accuracy or completeness of anyinformation provided by them. Purchaser assumes full and complete responsibility for confirmation and verification of all Informationreceived and expressly waives all rights of recourse against Owner and Broker with respect to the same.

7. Southeast Apartment Partners represents the Owner. Co-brokerage shall be determined in a separate agreement.

For additional information, please fill out below and fax this form back to Southeast Apartment Partners atFax # (205) 414-7558

PURCHASER:

Signature: Title: Date:

Contact Name:(Please Print)

Company Name:

Address:

City, State, Zip:

Telephone: Fax:

Email:

Do you prefer to receive information via: Email Hard CopyHow did you hear of this listing? Flyer Broker Newspaper (please specify):________________________

Online (please specify):______________________ Other (please specify):_______________________

Thank you for your interest in Sea Cove. Please do not contact the management company or property owner directly. All additionalinformation and showings are to be arranged through Jimmy Adams at Southeast Apartment Partners, (205) 414-7460.

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