Available for Sale Single Family Home Portfolio Pinellas ... · Commercial Real Estate Brokers, Inc. Section 1: Executive Summary Offer Price: $1,314,000 John Burpee & Associates

Pinellas County

Single Family Portfolio

For More Information

Contact:

John Burpee

727 828 9498

[email protected]

John Burpee & Associates

Commercial Real Estate Brokers, Inc.

11683 87th Street N

Largo, FL 33773

727-828-9498

BurpeeCommercial.com

Available for Sale

Single Family Home Portfolio

Pinellas County, FL

Confidentiality Agreement and Disclaimer

This will serve as notice regarding the use of

certain material, data and information contained

herein (“Evaluation Material”) which we have

made available to you in connection with a possible

purchase of the property by you or your client. As

a prerequisite to your accepting and utilizing the

Evaluation Material, you hereby represent and

agree as follows:

The Evaluation Material furnished by us will be

used solely for evaluating a possible transaction

exclusively for your own account, as principal in

the transaction, and not as a broker or agent for

any other person. Therefore, you agree to keep all

Evaluation Material strictly confidential; provided

however, that any of such Evaluation Material may

be disclosed to your directors, officers or employees

as well as your counsel, accounting firms and

financial institution who need to know such

information of the purpose of assisting you with

your possible purchase of the Property. Such

directors, officers employees, lawyers, financial

institutions and accountants shall be informed by

you of the confidential nature of such information

and shall be directed by you to treat such

information with strict confidence.

Although we have endeavored to include in the

Evaluation Material, information which we believe

to be accurate and relevant for the purpose of

helping you in your evaluation of the Property for

possible purchase, you understand and

acknowledge that neither the Owner of the

Property nor John Burpee & Associates (“Agent”)

make any representation or warranty as to the

accuracy or completeness of the Evaluation

Material except as set forth in a definitive

agreement. You agree that neither the Owner nor

the Agent shall have any liability to you as a result

of your use of the Evaluation Material except as set

forth in a definitive agreement and it is understood

that you are expected to perform such due diligence

investigations and inspections of the Property as

you deem necessary or desirable and as permitted

by agreement with the Owner of the property.

You also represent that no broker or agent

represents you or will represent you in any possible

transactions involving the Property unless you

disclose it in writing to John Burpee & Associates

prior to the receipt of the Evaluation Material and

you fully agree to compensate your broker or agent.

Neither Agent nor the Owner is responsible for any

compensation to be paid to your broker or agent

whatsoever.

Table of

Contents

Section 1. Executive Summary

Section 2. 1021 Melrose Ave S

Section 3. 1111 40th Avenue S



Section 6. 4526 21st Avenue S

Section 7a. 1409 Pennsylvania Ave

Section 7b. 1409 ½ Pennsylvania Ave

Section 8. 1835 23rd Street

Section 9. 5528 29th Street N

Section 10. 2519 Queen Street S

Section 11. 4040 10th Ave S

Section 12. 1921 48th Street S



Section 1:

Executive Summary

Offer Price: $1,314,000

John Burpee & Associates is proud to present the St.

Petersburg Portfolio of 11 Single Family Homes.

The portfolio is an excellent opportunity for an investor to

gain immediate economies of scale in the St. Petersburg &

Pinellas county markets. All of the homes are currently

leased or in process of lease with all tenants being

background, criminal and credit checked. Current manager

is willing to stay in place or our firm will manage at current

rates per the Proforma attached.

There is tremendous upside in the ability to raise rents

through renovations and or the section 8 rental program in

the market. Many of the homes have had extensive

renovation and several have new roofs in the last 3 years.

Please call John Burpee at 727-828-9498 or email at

[email protected] for more details

mailto:[email protected]



Section 1:

Property Summary

1021 Melrose Avenue S, St. Petersburg FL 33705

1111 40th Street S., St Petersburg 33711

1121 11th Avenue S., St. Petersburg FL 33705

1225 20th Avenue S. , St. Petersburg FL 33705

4526 21st Avenue S., St Petersburg 33711

1409 Pennsylvania Ave., Clearwater 33755

1409 1/2 Pennsylvania Ave., Clearwater 33755

1835 23rd Street N., St Petersburg 33712

5528 29th Street N., St Petersburg 33714

2519 Queen Street S, St Petersburg 33712

4040 10th Avenue S., St Petersburg 33711

1921 48th Street S, St Petersburg 33711

Property Summary List

II. PROPERTY DETAILS



Section 3:

ProForma

Property Name: Pinellas Portfolio Year 1 Proforma

Total Units: 12 Single Family Homes

Suggested Market Price

Rental Income:

Gross Monthly Market Rents: $12,019.00 At Current Asking Rents

Annual Gross Market Rent $144,228.00

Loss to Lease & Concessions

Current Vacancy Loss $4,326.84 Based on 3% Vacancy Factor

Current Corrected Income $139,901.16

Other Income:

Late Fee's: $2,400.00 Average $100 dollar late fee 20%

Application Income: $1,200.00 Application Income

Non-Refundable Pet Fee's: $1,500.00 Non-Refundable Pet Fee

Misc Income:

Total Other Income: $5,100.00

Total Combined Income: $145,001.16

Operating Expenses:

3rd party Management assume 8% $11,600.09 3rd Party management Expense

Legal fee's: $750.00 Based on 1 Eviction per year

Property Insurance: $4,941.00

Based on Current Policy in

Place

Property Tax Current year: $14,206.00 *Taxes will Adjust to new Basis

Repairs & Maintenance: $7,200.00 $600 Pr Unit Industry Average

Water & Sewer: $4,650.00 Based on T-12 Actual

Misc Expenses: $1,200.00

Total Expenses: $44,547.09

Net Operating Income: $100,454.07

Sale Value of the Property at a 8% Cap $1,255,675.84




Section 4:

Rent Roll

Notes:

(1) Property Management fee for ALL properties including 8 Units at another owned property

is $2000 per month. This does not include the following Add-0n services:

Eviction Settlement ($350); Attendance at hearing ($250); Negotiating Settlements ($150);

Supervision Fee for Major Repairs (10%)

(2) Property Under Section 8 Rental (HAP)

(3) Property under improvement. Monthly Gross Rent, Property Taxes and Insurance are

estimates.




Section 2:

Property 1 Details

• Kitchen Cabinets

• Bathrooms, Paint

• Fence

• Interior work

• Doors, Windows

• Landscaping

• Plumbing

• Electrical

Address: 1021 Melrose Avenue S. St. Petersburg 33705

Bedrooms: 3 Year Built: 1948

Baths: 1 1/2 SF Heated/Total: 1,068 / 1,188

Stories: 1 Exterior: Frame/Siding

Roof: Shingle Interior: Drywall

Heating: Central Duct Cooling: Central

Monthly Taxes: $92.53 Monthly Insurance: $34.37

Monthly Gross Rent: 1,394 Monthly Net Rent: $1,267.10

Parcel ID: 25-31-16-85140-000-0240

Land Acres: 0.13 AC Land SF: 5,876 SF

Building

Land

Renovations

2019 Remodel: $21,417.54




Section 2:

Property 1 Location



Section 2:

Property 1 Photos

1021 Melrose Avenue S. St. Petersburg 33705




Section 3:

Property 2 Details

• Fence Repair

• Front Door Repair

• Installed 1.5 Ton, 14 Seer

Central A/C

• Air Handler/5 yr. Parts

Warranty

Address: 1111 40th Street S. St. Petersburg 33711


Baths: 1 SF Heated/Total 1,068 / 1,380

Stories: 1 Exterior: Concrete Block

Roof: Shingle Interior: Drywall/Plaster



Monthly Gross Rent: 814 Monthly Net Rent: $654.35

Parcel ID: 27-31-16-57762-000-0250


Building

Land

Renovations

Remodel: $4,512




Section 3:

Property 2 Location



Section 3:

Property 2 Photos

1111 40th Street S. St. Petersburg 33711




Section 4:

Property 3 Details

Address: 1121 11th Avenue S. St. Petersburg 33705


Baths: 1 SF Heated/Total: 882 / 942





Monthly Gross Rent: $800 Monthly Net Rent: $725.19

Parcel ID: 25-31-16-90936-000-0030


Building

Land

Renovations




Section 4:

Property 3 Details



Section 4:

Property 3 Photos




Section 5:

Property 4 Details



Baths: 1 SF Heated/Total 952 / 952






Parcel ID: 25-31-16-00000-430-0600


Building

Land

Renovations

• New Wood Fence

• Haul away Trash

Remodel: $1,783




Section 5:

Property 4 Details



Section 5:

Property 4 Photos

1225 20th Avenue S. St. Petersburg 33705




Section 6:

Property 5 Details

Address: 4526 21st Avenue S. St. Petersburg 33711







Monthly Gross Rent: $1,087 Monthly Net Rent: $925.09

Parcel ID: 27-31-16-80385-005-0040


Building

Land

Renovations




Section 2:

Property 1 Details



Section 6:

Property 5 Photos

4526 21st Avenue S. St. Petersburg 33711




Section 7a:

Property 6 Details

• Bathroom: Paint walls

• Caulked needed areas

• Replaced Damaged Skirting

• Replaced interior walls

Address: 1409 Pennsylvania Avenue, Clearwater 33705


Baths: 1 SF Heated/Total: 912 / 1,032

Stories: 1 Exterior: Frame/Custom

Wood



Utilities: $145.61


Monthly Gross Rent: $1,305 Monthly Net Rent: $1,026.03

Parcel ID: 10-29-15-51948-002-0130


Building

Land

Renovations

Remodel: $3,588


Included in 1409 Pennsylvania Avenue



Section 7b:

Property 6 Details

Address: BLD 2- 1409 Pennsylvania Avenue 1/2, Clearwater 33705


Baths: 1 SF Heated/Total: 912 / 1,032

Stories: 1 Exterior: Frame/Custom

Wood

Roof: Metal Corrugated Interior: Drywall/Plaster


Utilities: $217.30


Monthly Gross: Rent: $700 Monthly Net Rent: $402.69

Parcel ID: 10-29-15-51948-002-0130


Building

Land

Renovations




Section 7:

Property 6 Details



Section 7a

Property 6 Photos

1409 Pennsylvania Avenue, Clearwater 33705




Section 8:

Property 7 Details

• Electrical - Replace and upgrade panel changing

from a fuse box to a circuit breaker box

Address: 1835 23rd Street S. St. Petersburg 33712


Baths: 1 SF Heated/Total: 788 / 968


Roof: Metal Shingle Interior: Drywall/Plaster




Parcel ID: 26-31-16-28278-000-0090


Building

Land

Renovations

Remodel: $1,760




Section 8:

Property 7 Details



Section 8:

Property 7 Photos

1835 23rd Street S. St. Petersburg 33712




Section 9:

Property 8 Details

Address: 5528 29th Street N., St. Petersburg 33714



Stories: 1 Exterior: Frame/Alum/Vinyl

Roof: Shingle Interior: Drywall




Parcel ID: 35-30-16-76464-006-0120


Building

Land

Renovations




Section 9:

Property 8 Details



Section 9:

Property 8 Photos

5528 29th Street N., St. Petersburg 33714




Section 10:

Property 9 Details

Address: 2519 Queen Street S. St. Petersburg 33712




Roof: Roll Composition Interior: Drywall/Plaster


Monthly Taxes: $167.31 Insurance: $41.92

Monthly Gross Rent: $1,137 Monthly Net Rent: $927.77

Parcel ID: 36-31-16-49068-000-0180


Building

Land

Renovations

Remodel: $9888.52

• Electrical - Replace and upgrade

panel changing from a fuse box to

a circuit breaker box

• Roof - Reseal seams, Roll roof with rubberized asphalt, (1383 sqft) Materials: Rubberized asphalt- $200 , Sealer- $300

• 2019 Bathroom Remodel

• LEFT AND RIGHT HAND SIDE WOODEN DECKS REPAIRS: -deck mold and mildew removal -deck railing balusters posts missing, Replace -deck boards some damaged, lack of subsequent care, replace as needed -deck nails n screws popped up, replace and make solid again -deck sealing




Section 10:

Property 9 Details



Section 10:

Property 9 Photos

2519 Queen Street S. St. Petersburg 33712




Section 11:

Property 10 Details








Monthly Gross

Rent:

$1,300 Monthly Net Rent: $1,059.17

Parcel ID: 27-31-16-26478-000-0160


Building

Land

Renovations

Remodel: $15,646.26

See following Page




Section 11:

Property 10 Details

Renovations

Remodel: $15,646.26

Exterior Work - • Pressure wash, removing mildew and mold (excluding equipment rental) ($275) • Fascia boards repair where needed ($225) • Window screens repair or replace where needed ($100) • Landscape clean-up/ cut grass ($70) • Replace missing roof shingles ($300) • Install gutter at front of home ($150) • Fumigate ($50)

Interior Work ‐ • Major clean‐up ($125) • Prep‐walls, caulk gaps to paint (includes ceilings, moldings, interior doors) (2 tone) ($2,200) • Repair door/ shave door close ($45) • Closet doors reset (3) ($105) • Install single interior door knobs ($75) • Replace main entrance door weather striping ($55) • Repair front door frame ($75) • Install new window blinds ($125) • Replace electrical outlets and switches ($225) • Paint A/C grills or replace as needed ($125) • Install laminate flooring in bedrooms (3) (includes removal of carpet, re‐installation of

baseboards) ($1,500) • Fumigate ($50)

Bathroom ‐ • Repair tile at entrance area ($175) • Replace vanity (includes removal of existing) ($200) • Refinish tub ($325) • Install new shower fixture ($280)

Kitchen ‐ • Repair and repaint kitchen cabinets ($550)

Transport ‐ • Haul trash (includes dump fee) • Acquisition of materials




Section 11:

Property 10 Details



Section 11:

Property 10 Photos





Section 12:

Property 11 Details



Baths: 1 SF Heated/Total: 1,124 / 1,124

Stories: 1 Exterior: Frame/Stucco




Monthly Gross Rent: $1,300 Monthly Net Rent: $1,109.70

Parcel ID: 28-31-16-02052-000-0390


Building

Land

Renovations

Remodel: $20,700

• Mold ‐ • Removed interior

walls that contained mold

• Install new drywall and apply

Texture

• Kitchen ‐ Entire remodel

including new floor

• Bathroom ‐ Entire remodel

including new floor

• Interior & Exterior Paint

• Replaced Windows & Ceiling Fans

• Plumbing & Electrical




Section 12:

Property 11 Details



Section 12:

Property 11 Details




Section 5:

Overall Map of Portfolio

Property Address

A 1021 Melrose Avenue S

B 1111 40th Street S.

C 1121 11th Avenue S.

D 1225 20th Avenue S.

E 4526 21st Avenue S.

F 1409 Pennsylvania Ave.

G 1409 1/2 Pennsylvania Ave.

H 1835 23rd Street N.

I 5528 29th Street N.

J 2519 Queen Street S

K 4040 10th Avenue S.

L 1921 48th Street S

Documents

Available for Sale Single Family Home Portfolio Pinellas ... · Commercial Real Estate Brokers, Inc. Section 1: Executive Summary Offer Price: $1,314,000 John Burpee & Associates