1130 S Pinellas Bayway, Saint Petersburg, FL 33715...1130 S Pinellas Bayway, Saint Petersburg, FL 33715 COMPLETE HIGHLIGHTS. Grimaldi Commercial Realty Corp • 115 W Bearss Ave •

CONFIDENTIAL OFFERING MEMORANDUM • SEPTEMBER 05, 2019

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

1130 S Pinellas Bayway, Saint Petersburg, FL 33715

TIERRA VERDE GARDENS (MIXED USE MULTIFAMILY AND RETAIL FOR SALE)! SELLER FINANCING AVAILABLE!

David Rosenthal Kari L. Grimaldi/ Broker813.882.0884 [email protected] [email protected]

TIERRA VERDE GARDENS FOR SALE (MIXED USE PROPERTY) - SELLER FINANCING AVAILABLE!

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


MULTIFAMILY PROPERTY FOR SALE

2

presented by:

PROPERTY INFORMATION 3

FINANCIAL ANALYSIS 7

LOCATION INFORMATION 12

ADVISOR BIOS 17

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

David Rosenthal

President/ BrokerO: 813.882.0884C: 813.376.3386E: [email protected]

Kari L. Grimaldi/ Broker

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: $1,850,000

Number Of Units: 6:4-MF/2-RETAIL

2020 Cash-On-Cash Return: 11%

2021 Cash-on-cash Return: 12%

2023 Cash-On-Cash Return: 23%

Year Built: 1968

Building Size: 8,600 SF

Renovated: 2018

Zoning: MIXED-USE

Market: Pinellas

Submarket: TIERRA VERDE

Traffic Count: 30,678

PROPERTY OVERVIEWSELLER FINANCING AVAILABLE: ARRPROXIMATE TERMS $850K DOWN,4.5%-4.0%, INTEREST ONLY PAYMENTS, 5-YEAR BALLOON!

TIERRA VERDE GARDENS IS A ONE-OF-A-KIND MIXED-USE PROPERTYFEATURING 3 DIFFERENT TYPES OF RENTAL INCOME. THE PROPERTY CONSISTSOF FOUR LARGE 2-BEDROOM/2-BATHROOM MULTIFAMILY UNITS, TWO LARGERETAIL BAYS, AND A CELL TOWER THAT WILL PRODUCE FUTURE INCOMEWHICH IS LOCATED IN THE REAR OF THE PROPERTY. THESE UNITS ARE INEXCELLENT CONDITION AND LOCATED ON ONE OF THE MOST LUXURIOUSPARTS IN ALL OF ST. PETE. TIERRA VERDE GARDENS SITS DIRECTLY ONPINELLAS BAY, ONE OF THE ONLY ACCESS ROADS TO ST. PETE BEACH! TIERRAVERDE GARDENS HAS AMAZING VALUE-ADD POTENTIAL AND CAN EASILYPRODUCE A CAP RATE OF ALMOST 8% AND A CASH-ON-CASH RETURN OF OVER11% BY 2020!

WHEN A NEW CELL TOWER LEASE IS EXECUTED, THE CASH-ON-CASH RETURNCAN INCREASE TO OVER 23% PER YEAR!

CURRENTLY, THE PROPERTY FEATURES EXTREMELY UNDER MARKET RENTALRATES AS THE CURRENT OWNER HAS NOT RAISED RENTAL RATES FOR THEMULTIFAMILY OR RETAIL TENANTS IN OVER 5 YEARS. DUE TO ITS AMAZINGLOCATION AND THE HIGH DEMAND FOR RETAIL AND RESIDENTIAL RENTALUNITS, A BUYER CAN IMMEDIATELY INCREASE THE RENTAL RATES TO AT LEASTTHE MARKET RATE. THIS WILL SIGNIFICANTLY BOOST THE POTENTIAL CASHFLOW AND CREATE EVEN MORE UPSIDE FOR A BUYER.



EXECUTIVE SUMMARY




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SELLER FINANCING APPROXIMATE TERMS:

DOWN PAYMENT: $850,000

FIXED INTEREST RATE: 4.5%-4.0%

INTEREST ONLY PAYMENTS!

BALLOON LENGTH: 5- YEARS

MONTHLY DEBT SERVICE: $3,300

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: 850K DOWN PAYMENT, 4.5%-4.0% FIXED IR,INTEREST ONLY PAYMENTS WITH A 5-YEARBALLOON. THESE TERMS ALONG WITH THE RENTALINCREASES AVAILABLE TO THE BUYER WILL EASILYPRODUCE A CASH-ON-CASH RETURN OFAPPROXIMATELY 11%+ 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 AROUND 20-25 YEARS AT BESTWITH NO INTEREST ONLY OPTION AVAILABLE!

THE BUYERS MONTHLY SAVINGS, FROM USING THEINTEREST-ONLY OPTION ARE IMMENSE. THESETERMS ARE FAR SUPERIOR THAN ANYCONVENTIONAL FINANCING AVAILABLE IN TODAYSMARKET!



SELLER FINANCING AVAILABLE!




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PROPERTY DESCRIPTIONCURRENTLY, THE MONTH-TO-MONTH MULTIFAMILY TENANTS PAY APPROXIMATELY $400 PER MONTH, BELOW THE AVERAGE MARKET RATE!THIS IS A MASSIVE JUMP IN THE POTENTIAL NOI THAT IS EASILY OBTAINABLE WITH THE CURRENT RENTS BEING SO UNDERVALUED DUE TO THEPROPERTY'S FANTASTIC CONDITION, LOCATION, AND DEMAND! THIS ONLY ADDS TO THE AMAZING VALUE-ADD OPPORTUNITIES THIS ASSETOFFERS! JUST BY INCREASING THE MULTIFAMILY RENTAL RATES TO THE AVERAGE MARKET RATE, A BUYER CAN OBTAIN A CASH-ON-CASHRETURN OF OVER 11% BY 2020!

THE FOUR MULTIFAMILY UNITS AT THE TERRA VERDE GARDENS ARE CURRENTLY 100% OCCUPIED. EACH 2-BEDROOM/2-BATHROOM UNIT ISCURRENTLY RENTED FOR $400 PER MONTH, BELOW THE CURRENT MARKET RENTAL RATE. THE TENANTS HAVE OCCUPIED THESE UNITS FOR AVERY LONG TIME AND THE OWNER HAS HAD TREMENDOUS SUCCESS WITH THE CURRENT TENANTS AND HAS OPTED TO NOT RAISE THEIRRENTAL RATES HIGHER THAN $100 PER YEAR. THE UPSIDE WITH THESE PARTICULAR UNITS IS ENORMOUS AS THERE IS A TON OF ROOM TOINCREASE THESE RENTS JUST TO THE MARKET RATE. THE PROPERTY IS ALSO CURRENTLY HOME TO THE FAMOUS GOOD TIMES CONTINENTALRESTAURANT, WHICH HAS ANCHORED THE RETAIL PORTION OF THE PROPERTY FOR OVER 15 YEARS. GOOD TIMES IS AN EXTREMELY STRONGTENANT THAT RUNS ONE OF THE MOST FAMOUS RESTAURANTS IN TOWN!

THIS IS BY FAR THE BEST VALUE-ADD OPPORTUNITY CURRENTLY ON THE MARKET. CURRENTLY, THE SECOND RETAIL BAY IS VACANT, WHICHCAN BE EASILY RENTED WITH THE PROPER MARKETING. THERE IS VERY LITTLE RETAIL SPACE CURRENTLY AVAILABLE IN TIERRA VERDE. ESPRETAIL SPACE, WITH FRONTAGE ON S. PINELLAS BAY WAY AND AMPLE PARKING FOR ALL TENANTS AND THEIR CUSTOMERS, SHOULD BERENTED FOR A MINIMUM OF $3,500-$4,000 PER MONTH. ADDING THIS TYPE OF INCOME TO THE PROPERTY WILL SIGNIFICANTLY BOOST THENOI AND CREATE AN ENORMOUS RETURN FOR THE BUYER. THE BEST PART IS THAT THE CURRENT SPACE IS IN GOOD CONDITION ANDSHOULD REQUIRE VERY LIMITED CAPEX TO PREPARE THE SPACE FOR A NEW TENANT.

THIS AMAZING VALUE-ADD OPPORTUNITY ONLY GETS BETTER AS THE CURRENT LEASE ON THE CELL-TOWER WILL BE EXPIRING INAPPROXIMATELY 4 YEARS! WHILE THE LEASE PAYMENTS HAVE NOW BEEN FULLY SATISFIED, THE VALUE IS IN THE POTENTIAL FUTURE INCOME ABUYER CAN OBTAIN FROM OWNING ONE OF THE ONLY CELL-TOWER READY LOCATIONS IN ALL OF TIERRA VERDE! PROPERTY WITHCELL-TOWERS ON-SITE ARE ONE OF THE MOST SOUGHT AFTER ASSET TYPES IN TODAYS REAL ESTATE MARKET. DUE TO THE FACT THATCELL-TOWER LEASES CAN PRODUCE MASSIVE AMOUNTS OF INCOME, IN SOME CASES OVER $50,000 PER YEAR, A BUYER CAN PURCHASE THEPROPERTY AND OBTAIN AMAZING CASH-FLOW INITIALLY, AND MASSIVELY INCREASE THIS WHEN A NEW LEASE IS NEGOTIATED WITH THECURRENT CELL TOWER TENANT OR ANOTHER COMPANY LOOKING TO EXPAND THEIR SERVICE IN TIERRA VERDE, FL! ADDING $80,000-$120,000PER YEAR TO A PROPERTY ON A LONG-TERM LEASE WHERE THE OWNER REALLY HAS VERY LITTLE, IF ANY, RESPONSIBILITIES IS JUST THE ICINGON THE CAKE OF THIS AMAZING ASSET. A BUYER CAN COME IN, RENT THE VACANT RETAIL BAY, INCREASE THE MULTIFAMILY UNITS TO MARKETRATE, AND THEN HOLD THE ASSET, WHICH WILL ONLY INCREASE IN VALUE WHEN A NEW CELL-TOWER LEASE IS AGREED UPON. IT REALLY DOESNOT GET MUCH BETTER THAN THIS FOR A VALUE-ADD ASSET IN TODAY'S MARKET.



PROPERTY DESCRIPTION


FINANCIAL ANALYSIS


SECTION 2 • FINANCIAL ANALYSIS

8



RENT ROLL*




9



INCOME STATEMENT*




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SALE HIGHLIGHTS• CELL TOWER ON-SITE WITH MASSIVE

POTENTIAL FUTURE INCOME!

• AMAZING VALUE-ADD OPPORTUNITYLOCATED ON ONE OF THE MOST BEAUTIFULISLANDS IN FLORIDA!

• MIXED-USE PROPERTY IN TIERRA VERDE, FL!

• SELLER FINANCING AVAILABLE!

• APPROXIMATE SELLER FINANCING TERMS:

• $850K DOWN!

• INTEREST ONLY PAYMENTS!

• 5- YEAR BALLOON!

• MONTHLY DEBT SERVICE AS LOW AS $3,300!

• 11% + CASH-ON-CASH RETURN BY THE START OF 2020!

• 23%+ CASH-ON-CASH RETURN CAN BE OBTAINED WHEN

NEW CELL TOWER LEASE IS EXECUTED!

• ALL TENANTS ON SHORT TERM LEASES, AT EXTREMELY

UNDER MARKET RENTAL RATES!

• MASSIVE UPSIDE AS THE BUYER HAS THE ABILITY TO

INSTANTLY INCREASE RENTAL RATES AND BOOST CASH

FLOW!

• CONCRETE BLOCK ON BOTH STORIES!

• ROOF REPLACED WITHIN THE LAST 5 YEARS!



COMPLETE HIGHLIGHTS




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ADDITIONAL PHOTOS


LOCATION INFORMATION


SECTION 3 • LOCATION INFORMATION

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Saint Petersburg, FL



REGIONAL MAP




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LOCATION MAPS




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1130 S Pinellas Bayway



AERIAL MAPS




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POPULATION 1 MILE 5 MILES 10 MILES

Total population 617 28,912 230,966

Median age 51.1 51.9 43.5

Median age (Male) 51.8 51.1 41.9

Median age (Female) 49.9 52.7 44.8

HOUSEHOLDS & INCOME 1 MILE 5 MILES 10 MILES

Total households 302 14,184 101,870

# of persons per HH 2.0 2.0 2.3

Average HH income $124,099 $82,142 $57,635

Average house value $596,678 $407,081 $244,308

* Demographic data derived from 2010 US Census



DEMOGRAPHICS MAP & REPORT


ADVISOR BIOS


SECTION 4 • ADVISOR BIOS

18

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



SECTION 4 • ADVISOR BIOS

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115 W Bearss AveTampa, FL 33613T 813.882.0884C [email protected] #BK3076744

PROFESSIONAL BACKGROUND

Kari Grimaldi is a Managing Broker/President of Grimaldi Commercial Realty Corp. andcommercial real estate expert. Kari has quickly climbed the ranks of who’s who inTampa Bay Area Commercial Real Estate to become a Top Producer. Learning & joiningthe family business at an early age, Kari understands the importance of networkingand building relationships, and has accumulated 20+ years of experience and in-depthknowledge to execute and navigate commercial real estate transactions for Sellers,Buyers, and Landlords/Tenants from inception to closing. Kari has an extensive resumewith some of the highlights listed below:

Areas of Expertise:Office and Build to Suit Sales & LeasingMedical Office Sales & LeasingResale & Leasing of Office ParksRetail Sales & LeasingIndustrial Sales & LeasingMulti family InvestmentsSingle NNN National InvestmentsLand & Commercial DevelopmentForeign Investors & Investment SpecialistSeller Finance and Creative Financing1031 & Reverse ExchangesShort Sales & Distressed/Bank-owned assets

As a commercial real estate owner and investor herself, she knows first hand how toguide others through the process, and negotiate and close transactions successfully.Kari has a vast portfolio of closed transactions in all sectors of the commercial market,and is a multi-million dollar sales producer.

EDUCATION

A Florida native, Kari earned her Bachelors at University of Florida in Management andPsychology, and a Masters at University of South Florida. A consummate professional,Kari is continually educating herself on the latest economic and market trends withcontinuing education, seminars and networking.

MEMBERSHIPS & AFFILIATIONS

Member of NAR, FAR, and FGCAR- Association of RealtorsREIC Member- Real Estate Investment CouncilCCIM Candidate- Certified Commercial Investment MemberICSC Member- International Council of Shopping Centers

KARI L. GRIMALDI/ BROKER

President/ Broker



ADVISOR BIO & CONTACT 2


Documents

1130 S Pinellas Bayway, Saint Petersburg, FL 33715...1130 S Pinellas Bayway, Saint Petersburg, FL 33715 COMPLETE HIGHLIGHTS. Grimaldi Commercial Realty Corp • 115 W Bearss Ave •