Embed Size (px)
Citation preview
Troy Giles Realty & Management
1600 Padre Boulevard South Padre Island, TX
OFFERING MEMORANDUM
1
Although this information is believed to be accurate, it can not be guaranteed. Price and terms subject to change without notice.
Principal Broker: Troy Giles
License Number: 0482551
1600 PADRE BLVD
Location, Location, Location!
Building & Land For Sale
LEGAL DESCRIPTION: So Padre Island, Sunny Isles Lot 10-12 Blk 4 LOCATION: 1600 P adre Blvd., South Padre Island, Tx LOT SIZE: 100’ x 150’ TAX ID: 6-8000-0040-0100-00 TAXES: $9,001.98 INSURANCE: $6,109.00 SHOWING INSTRUCTIONS: Long Term Tenants, Call Troy for Appt. LIST PRICE: $785,000.00 LISTING AGENT: Troy Giles, (956) 551-2040 Email: [email protected]
Offered By: Office: 956-761-2040 Mobile: 956-551-2040
Troy W. Giles
TROY GILES REALTY & MANAGEMENT
5813 PADRE BOULEVARD
SOUTH PADRE ISLAND, TX 78597
Although this information is believed to be accurate it cannot be guaranteed.
Current Tenants
Becky’s Place
Rent: $1670/month
Unique women's boutique while visiting
South Padre Island where you will find
name brand, high style ladies fashions, ap-
parel, accessories, and jewelry.
Ace Tatoo
Rent: $1970/month
Premier tattoo parlor on South Padre Is-
land. Very popular during peak season and
spring break.
Total Income from Rent: $3,640.00
Tenants pay all utilities. $20 per month is collected for water (there is only one
meter).
Each renter has agreed to an automatic 6 month extension of each of their leases
from the date that a contract has been accepted for this property. All terms and
conditions and rental amounts must remain for a 6 month period. A purchaser of
this property must agree to these terms in writing
7
1600 Padre Boulevard
South Padre Island, TX
Although this information is believed to be accurate it cannot be guaranteed.
Property Description
PROPERTY FEATURES:
Building with land for sale in the “heart” of South Padre Island
Located next to CVS Pharmacy on Padre Boulevard
Two long term tenants
INCOME:
ACE - $1,970.00
BECKY’S - $1,670.00
TOTAL - $3,640.00 (X 12 MONTHS)
EXPENSE:
TAXES - $9,001.98
INSURANCE - $6,109.00
MAINTENANCE - $354.00
MOWING - $200.00
TOTAL - $15,662.98
TOTAL PROFIT: $28,017.2
14
1600 Padre Boulevard
South Padre Island, TX
Although this information is believed to be accurate it cannot be guaranteed.
Property Description
Space Plan
16
1600 Padre Boulevard
South Padre Island, TX
DEMOGRAPHIC ANALYSIS
21
1600 Padre Boulevard
South Padre Island, TX
Although this information is believed to be accurate it cannot be guaranteed.
Demographic Analysis
22
1600 Padre Boulevard
South Padre Island, TX
Although this information is believed to be accurate it cannot be guaranteed.
Demographic Analysis
COMMUNITY PROFILE
The following community profile information is intended to help you perform relevant site selection research on South Padre Island, Texas, and is intended to serve as a starting point.
If you do not find all the information that you need in order to make an informed decision about South Padre Island, please contact the South Padre Island Economic Development Corporation office and we will be happy to provide you with the infor-mation or data that you require.
City of South Padre Island - Demographics Summary - 2009
Estimated Population- # of Inhabitants 5,900
Population 2000 census 2,838
Population growth from 2000 census 22%
Median Age 57.7
Average Age 52.0
Number of Households 1,827
Average Household Income $70,096
Per capita Income $36,795
Estimated to be Employed 34.6%
Master’s or Doctorate Degree Earned 15.2%
Bachelor’s Degree Earned 18.2%
23
1600 Padre Boulevard
South Padre Island, TX
Although this information is believed to be accurate it cannot be guaranteed.
Demographic Analysis
LOCATION South Padre Island, Texas is located at the eastern edge of Cameron County in the growing Rio Grande Valley of Texas. The Valley consists of four counties. The counties from west to east are Starr, Hidalgo, Willacy and Cameron.
UTILITIES South Padre Island is equipped to supply electrical, water, telephone and other public service needs to indus-try in the Laguna Madre Area. Electrical service can be obtained from several suppliers (www.powertochoose.org). The Laguna Madre Water District manages water and sewer needs (956-943-2626). Telecommunication service is available through AT&T, and industrial waste disposal is provided by Allied Waste (1-800-423-7316).
Distance to Major Cities
Monterrey 225 miles
San Antonio 285 miles
Austin 340 miles
Houston 367 miles
Tampico 336 miles
Dallas 531 miles
Mexico City 666 miles
El Paso 815 miles
24
1600 Padre Boulevard
South Padre Island, TX
Although this information is believed to be accurate it cannot be guaranteed.
Demographic Analysis
EDUCATION The Island is within a 90-minute drive of two four-year universities, (University of Texas at Brownsville and University of Texas Pan American), a technical and vocational training program, a university preparatory pro-gram and the Marine Military Academy. The children of Island residents are part of the Point Isabel Inde-pendent School District.
In addition, South Padre Island is home to the University of Texas at Brownsville (UTB) South Padre Island Campus in the old Coast Guard station, and nearby is UTB’s Laguna Madre Learning Center at Port Isabel High School.
LABOR Low wage costs and high productivity levels characterize the Rio Grande Valley labor force. The local labor force is drawn from the Laguna Madre Area and the surrounding communities of Brownsville and Los Fres-nos. The unemployment rate for Cameron County in April 2010 was 10.8% and the unemployment rate for South Padre Island is estimated to be 6.9% The current year estimated per capita income is $36,795, com-pared to an estimate of $26,410 for the United States as a whole.
Major Employers
Schlitterbahn Beach Water Park 383
Sheraton South Padre Island Beach Hotel 225
Isla Grand Resort 217
City of South Padre Island 200
Blackbeard's Restaurant 180
Hilton Garden Inn 150
Louie's Backyard 130
La Quinta Inn and Suites 120
La Copa Inn 110
Sea Ranch Enterprises 85
25
1600 Padre Boulevard
South Padre Island, TX
Although this information is believed to be accurate it cannot be guaranteed.
Demographic Analysis
TAXES The State of Texas has no state income tax and allows for local tax incentives and exemptions from state sales tax. Local taxing discounts include a $15,000 homestead exemption, a 20 percent exemption on Laguna Madre Water District and City of South Padre Island taxes. Cameron County offers a $12,000 exemption to taxpayers over the ages of 65. Ad valorem taxes are assessed and collected by the Point Isabel ISD Tax Office. The City of South Padre Island levies a 2 percent sales tax and a 7 percent hotel-motel occupancy tax. Con-tact the Cameron County Appraisal District (956-399-9322) or the websitewww.cameroncad.org.
South Padre Island Total Revenue Earned
Year 2005 2006 2007 2008 2009 2010
Property Tax 4,016,920 4,255,282 5,166,612 5,294,904 6,244,873 $6,152,850
Sales Tax 2,031,668 2,209,441 2,401,168 2,497,841 2,552,357 2,394,470
Hotel/Motel 4,777,696 5,322,385 5,355,993 4,408,809 4,691,737 5,283,701
Mixed Drink 206,974 207,117 204,316 195,171 216,613 224,166
Total Revenue 11,033,258 11,994,195 13,128,089 12,396,725 13,705,580 14,055,187
Causeway Count
7,925,169 8,008,000 8,136,813 7,760,441 8,211,184 7,829,591
Taxing Entities
2011 Rates
Point Isabel Independent School District 1.081634
Cameron County .364291
City of South Padre Island .245610
South Texas ISD .049200
Texas Southmost College .162423
Laguna Madre Water District .08020
Total 1.983978
*Cents per $100
26
1600 Padre Boulevard
South Padre Island, TX
Although this information is believed to be accurate it cannot be guaranteed.
Demographic Analysis
POPULATION The resident population of South Padre Island in the 2000 Census was 2,422. Estimated number of inhabit-ants in 2008 is 5,900. Due to the large number of visitors, the resident population is only a small percentage of the total number of people who are in the City of South Padre Island at any given time. In the Resort Mar-ket Analysis produced by THK Associates in 2005, the annual visitation for South Padre Island was just over 5.1 million visits which equals an average daily population of approximately 14,000. South Padre Island’s population has a high median age of 51.77 as compared to 27 for Cameron County. The Rio Grande Valley area has been one of the fastest growing areas in the nation, with a 54 percent increase in population since 1980.
POPULATION South Padre Island is a year-round vacation destination located at practically the same latitude as Miami, Florida. The Island enjoys a sub-tropical environment with mild, dry winters and warm, breezy summers
Population Trends
1990 2000 2010
South Padre Island 1,667 2,422 2,816
Port Isabel 4,467 4,865 5,006
Cameron County 260,120 335,227 406,220
Rio GrandeValley 701,888 978,371 1,264,091
Climatic Profile
Winter Average Temp. 65 degrees
Summer Average Temp. 82 degrees
Average Daily Temp. 74 degrees
Average Sunshine Days 253 days
Average Growing Season 336 days
Average Annual Rainfall 27.6 inches
27
