seller financing available! - the hidden ......(8% cap rate) david rosenthal 813.882.0884...
TRANSCRIPT
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CONFIDENTIAL OFFERING MEMORANDUM • NOVEMBER 18, 2020
Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
Homosassa Florida , 34448, FL
SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
David [email protected]
SELLER FINANCING AVAILABLE! - THE HIDDEN SPRINGS RESORT FOR SALE!
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
MULTIFAMILY PROPERTY FOR SALE
2
presented by:
3FINANCIAL ANALYSIS 7
LOCATION INFORMATION 12
DEMOGRAPHICS 16
ADVISOR BIOS 18
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
SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
Homosassa Florida , 34448, FL
TABLE OF CONTENTS
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 1 •
4
OFFERING SUMMARY
Sale Price: $1,399,000
Number Of Units: 31
SELLER FINANCING: YES
2021 CAP RATE: 8.5%
2021 CASH-ON-CASH: 13.4%
Lot Size: 2.76 Acres
Year Built: 1977
Renovated: 2019
Zoning: CAMPS/MHP
Market: TAMPA
Submarket: SPRINGHILL
PROPERTY OVERVIEWTHE HIDDEN SPRINGS RV & COTTAGES RESORT IS A 31-UNIT MHP/CAMPGROUNDLOCATED ON THE WATER IN HOMOSASSA, FL! THIS AMAZING PROPERTY ISAPPROXIMATELY 2.76 ACRES AND CONSISTS OF RV LOTS, SMALL COTTAGES, BOATSLIPS, A FULL BAR AND RESTAURANT, AND MUCH MORE! THE PROPERTY WASRECENTLY RENOVATED IN 2019 AND THERE ARE MORE PLANNED RENOVATIONSCOMING IN EARLY 2021! SELLER FINANCING AVAILABLE AT AMAZING TERMS!
THE PROPERTY HAS A BRAND NEW 5-YEAR (NNN) LEASE IN PLACE, WHICH INCLUDESRENTAL INCREASES EVERY YEAR. THE LEASE, WHICH COMMENCED IN 2020, WILLINITIALLY PAY THE OWNER $10,000 PER MONTH, ($120,000 PER YEAR), AND IT WILLONLY INCREASE OVERTIME! STARING IN 2021, THE LEASE WILL INCREASE TO $10,500PER MONTH, PAYING THE NEW OWNER APPROXIMATELY ($126,000) PER YEAR.
THE BEST PART ABOUT THIS INVESTMENT OPPORTUNITY IS THAT THE OWNER IS NOTRESPONSIBLE FOR ANY EXPENSES AT THE PROPERTY, EXCEPT FOR PROPERTY TAXESAND INSURANCE! THE TENANT IS RESPONSIBLE FOR ALL OTHER OPERATINGEXPENSES, CREATING THE PERFECT VALUE-ADD OPPORTUNITY FOR AN OUT-OF-STATEINVESTOR LOOKING FOR A HIGH UPSIDE, LOW-RISK INVESTMENT PROPERTY! THETENANT IS HIGHLY EXPERIENCED AND HAS A VERY STRONG TRACK RECORD. THEYOPERATE AND MANAGE MANY PROPERTIES IN THE TAMPA AREA. THEY PLAN TOIMPROVE THE PROPERTY OVER THE NEXT 6 MONTHS AS WELL, WHICH WILL ONLYINCREASE THE OVERALL VALUE OF THIS AMAZING SITE IN THE FUTURE!
EVERY YEAR THE RENTAL RATE WILL INCREASE BY $500, WHICH IS ALREADY BUILTINTO THE CURRENT LEASE. THIS GIVES THE BUYER MASSIVE UPSIDE TO INCREASETHEIR NOI OVER TIME WITHOUT THE RISK OF RISING OPERATING EXPENSES. WITH THERENTAL INCREASES BUILT INTO THE BRAND NEW LEASE, A BUYER CAN OBTAIN A CAPRATE OF OVER 8.4%+ AND A CASH-ON-CASH RETURN OF OVER 13.5% STARTING INJANUARY OF 2021!
SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
Homosassa Florida , 34448, FL
EXECUTIVE SUMMARY
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 1 •
5
SITE DETAILS
THIS MAGNIFICENT WATERFRONT PROPERTY IS A CASH COW! THE PROPERTY INCLUDES (31) TOTAL RENTAL UNITS, CONSISTING OF6 COTTAGES, 10 RV RENTAL SPOTS, 15 PARKED MOBILE HOMES, AND A ONE-OF-A-KIND BOATHOUSE FOR RENT AS WELL! INADDITION TO ALL THE RENTAL UNITS FOR GUESTS TO USE, THE PROPERTY HAS 12 COVERED BOAT SLIPS, A FULL BAR, ARESTAURANT, LAUNDRY FACILITIES, CAMPING AREA, ON-SITE POOL, AND A LARGE CLUBHOUSE WITH A CONVENIENT STORE.LOCATED DIRECTLY ON THE WATER, GUESTS CAN RENT CANOES, KAYAKS, OR FISHING EQUIPMENT TO USE ON THE HOMOSASSABAY!
THE PROPERTY HAS AVERAGED AN OCCUPANCY RATE OF OVER 75% IN THE PAST 3 YEARS, RENTING ON A MONTHLY BASIS TOCUSTOMERS FROM ALL OVER, WHO COME TO VACATION AT THIS RESORT. WITH THE PLANNED RENOVATIONS BY THE CURRENTTENANT, THE OCCUPANCY AND RENTAL RATES WILL ONLY CONTINUE TO GROW. BASED ON OTHER SIMILAR PROPERTIES IN THEAREA, THESE UNITS ARE SEVERELY UNDER MARKET VALUE. THE VALUE-ADD POTENTIAL HERE IS IMMENSE, AND WITH THE LOCKED-IN INCOME THE CURRENT LEASE PROVIDES, A BUYER CAN COLLECT RENT FOR THE NEXT 5+ YEARS WHILE THE OVERALL PROPERTYVALUE RISES. THE TENANT ALSO HAS A 5 YEAR EXTENSION WHICH THEY PLAN TO EXECUTE STARTING IN 2026!
THE CAP RATE AND CASH-ON-CASH RETURN WILL CONTINUE TO GROW THROUGHOUT THE TERM OF THE LEASE AND WILLPRODUCE SOME OF THE BEST RETURNS YOU WILL FIND ANYWHERE IN THE TAMPA MARKET! IN YEAR 5, A BUYER CAN OBTAIN ACAP RATE OF OVER 10% AND A CASH-ON-CASH RETURN OF OVER 17%! THIS GIVES THE BUYER MASSIVE UPSIDE FOR FUTURERETURNS!
SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
Homosassa Florida , 34448, FL
PROPERTY DESCRIPTION
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 1 •
6
SELLER FINANCING APPROXIMATE TERMS:
DOWN PAYMENT: $600,000
FIXED INTEREST RATE: 4.5%
INTEREST ONLY PAYMENTS OR
AN AMORTIZATION OF 30-YEARS
BALLOON LENGTH: 5- YEARS
MONTHLY DEBT SERVICE AS LOW AS: $2,996!
THE BEST PART OF THIS SALE IS THAT THE SELLER ISWILLING TO PROVIDE SELLER FINANCING ATAMAZING TERMS. CURRENTLY, THE SELLER ISOFFERING THE FOLLOWING SELLER FINANCINGTERMS: $600,000 DOWN PAYMENT, 4.5% FIXEDINTEREST RATE, AMORTIZED OVER 30-YEARS/ ORINTEREST ONLY, WITH A 5-YEAR BALLOON. THESETERMS ALONG WITH THE RENTAL INCREASESAVAILABLE TO THE BUYER WILL EASILY PRODUCE ACASH-ON-CASH RETURN OF APPROXIMATELY 13%BY THE END OF 2020!
THESE TERMS ARE FAR BETTER THAN ANYTHING ABANK CAN CURRENTLY OFFER AS A PROPERTY LIKETHIS WOULD REQUIRE CLOSE TO APPROXIMATELY30% DOWN AND WOULD ONLY OFFER ANAMORTIZATION OF APPROXIMATELY 20-25 YEARSAT BEST WITH NO INTEREST ONLY OPTIONAVAILABLE!
THE BUYERS MONTHLY SAVINGS, FROM USING THEINTEREST-ONLY OPTION ARE IMMENSE. THESETERMS ARE FAR SUPERIOR THAN ANYCONVENTIONAL FINANCING AVAILABLE IN TODAYSMARKET!
SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
Homosassa Florida , 34448, FL
SELLER FINANCING AVAILABLE!
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FINANCIAL ANALYSIS
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 2 • FINANCIAL ANALYSIS
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SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
Homosassa Florida , 34448, FL
RENT ROLL*
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 2 • FINANCIAL ANALYSIS
9
SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
Homosassa Florida , 34448, FL
INCOME STATEMENT*
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 2 • FINANCIAL ANALYSIS
10
SALE HIGHLIGHTS
• THE HIDDEN SPRINGS RV & COTTAGES
RESORT FOR SALE!
• AMAZING SELLER FINANCING TERMS
AVAILABLE!
• 31-UNIT RESORT IN BEAUTIFUL
HOMOSASSA, FL!
• NEW 5-YEAR (NNN) LEASE WITH A 5-YEAR
OPTION TO RENEW IN 2026!
• THE TENANT IS EXTREMELY STRONG AND
OPERATES MANY PROPERTIES IN THE AREA
JUST LIKE THIS!
• 2021 CAP RATE OF 8.34%!
• 2021 CASH-ON-CASH RETURN OF OVER
13.5%!
• WATERFRONT PROPERTY!
• PLANNED IMPROVEMENTS TO THE SITE IN
2021 INCLUDE A FULL RENOVATION OF
THE CLUBHOUSE AND RESTAURANT!
• UNDER MARKET RENTAL RATES!
SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
Homosassa Florida , 34448, FL
COMPLETE HIGHLIGHTS
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 2 • FINANCIAL ANALYSIS
11
SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
Homosassa Florida , 34448, FL
ADDITIONAL PHOTOS
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LOCATION INFORMATION
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 3 • LOCATION INFORMATION
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SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
Homosassa Florida , 34448, FL
SITE PLAN
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 3 • LOCATION INFORMATION
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SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
Homosassa Florida , 34448, FL
REGIONAL MAP
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 3 • LOCATION INFORMATION
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SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
Homosassa Florida , 34448, FL
AERIAL MAPS
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DEMOGRAPHICS
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 4 • DEMOGRAPHICS
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POPULATION 1 MILE 10 MILES 30 MILES
Total Population 66 48,627 328,138
Average age 43.9 47.4 43.1
Average age (Male) 38.7 46.4 41.7
Average age (Female) 51.1 48.6 44.5
HOUSEHOLDS & INCOME 1 MILE 10 MILES 30 MILES
Total households 19 17,809 125,338
# of persons per HH 3.5 2.7 2.6
Average HH income $54,441 $45,580 $50,983
Average house value $146,224 $164,903
* Demographic data derived from 2010 US Census
SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
Homosassa Florida , 34448, FL
DEMOGRAPHICS MAP & REPORT
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ADVISOR BIOS
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 5 • ADVISOR BIOS
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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
SELLER FINANCING AVAILABLE!- THE HIDDEN SPRINGS RV & COTTAGES RESORT FOR SALE! (8% CAP RATE)
Homosassa Florida , 34448, FL
ADVISOR BIO & CONTACT 1