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1861 Banks Road Margate, FL 33063 954-953-8245 ext. 101www.degroupfl.com
Broker-Manager
954-940-8312 [email protected]
Multi-Family Investment Offering Memorandum
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
FOR SALE
6816 & 422
1861 Banks Road Margate, FL 33063 www.degroupfl.com
Table of Contents
••
•••••
Rent Income Calculation
R Rent Comparables - MAP
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Broker-Manager
954-940-8312 Mobile [email protected]
FOR SALE
FINANCIAL SUMMARY
Income & Expenses
Executive Summary
Tour Information
Opportunity
Executive Summary
DE Group International Realty, LLC is pleased to present , an easy to manage, turn-key
asset which is comprised of (2) two-story buildings with (16) renovated units in Gainesville, Florida. This property provides an investor a rare opportunity to own an asset located in a rapidly expanding Gainesville market(population growth is twice the national average), with low vacancy and growing rents . is located in an area that is seeing a significant amount of development, redevelopment and new construction projects: It is located 1 minutes from Tower Road Development, 11 minutes from Celebration Pointe, and 12 minutes from Butler Plaza Developments.
Tour Dates
Please contact DE Group International Realty to set up a tour of the property. The owner and DE Group International Realty respectfully request that interested parties refrain from contacting any on-site personnel or residents. Tours must be scheduled in advance.
1861 Banks Road Margate, FL 33063 www.degroupfl.com
FOR SALE
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Broker-Manager
954-940-8312 Mobile [email protected]
Executive Summary
Opportunity
• Upside opportunity: Potential to increase rents up to $50 more per unit at the renovation time of the Lease Agreements with Section 8 and other federal programs.
• Occupancy: Growing occupancy, 100% occupied.
• Tax Credit: Opportunity to obtain a yearly Low-Income Housing Tax CreditExemption - 4% of acquisition price (approx. $61K) through the Florida State Housing Finance Commission.
• Well-positioned: Opportunity for residents to live in a nice renovated apartment without paying for the price of new construction apartments.
• Area development: Significant development occurring less than 1 mile from the property- Tower Road Development.
• Redevelopment of Community: Increase of asset and rent values in the near future. Due to Tower Road development, the City of Gainesville has begun to improve infrastructure of the area. This caused property owners to start renovation of the buildings in the community - see next page.
• New Rental Market: Opportunity to access a different rental market and further increase the rental income once the nearby development is ready.
1861 Banks Road Margate, FL 33063 www.degroupfl.com
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
FOR SALE
TOWER ROAD DEVELOPMENT
Broker-Manager
954-940-8312 [email protected]
FOR SALE
Executive Summary
Opportunity
REDEVELOPMENT OF COMMUNITY
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
1861 Banks Road Margate, FL 33063 www.degroupfl.com
• Due to Tower Road development, the City of Gainesville has begun to improveinfrastructure of the area:
City of Gainesville is extending SW 8th Avenue which will bring a direct accessto the community where are located.
Extension of SW 8th Avenue will be connected to SW 20th Avenue.
Post office is installing new mailboxes for the residents of the community.
• Because of the previous point, several owners of the buildings have started to renovatethem.
• The renovations that have been done to the buildings have led to an increase in the rentof the units in the community.
We were able to increase our monthly average rent per unit from $546 to$850 the 2/2 units and $750 the 1/1 units, from December 2016 to January 2020.
Nearby buildings started to rent their units 2/2 at $850 and 1/1 at $700.
• From 2019 and onward, the community where is located, hasbeen proving to bring a positive and significant impact to the area and its residents.
• All of the above is bringing the opportunity to access other rental markets and furtherincrease the rent of the units once the nearby development is ready.
Broker-Manager
954-940-8312 [email protected]
Property Overview
Property Summary
Unit Mix and Rent Schedule
Property Photos
A r a iew
Location Map
Property Overview
Property Summary
FOR SALE
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
FOR SALE
Note: It is the same for the two buildings.
6816 SW 4 PLand
422 SW 69th Street
Property Overview
Property Summary
is geared towards regular and Government-Assisted tenants. This Property is located in the west side of Gainesville, Florida. The property located 1 mile from the new major development planned for Tower Road, which includes 120,000 square feet of office, retail and restaurant space. Just to the north of this property is Newberry Road which turns into University Avenue and is a major thoroughfare to the University of Florida and Downtown Gainesville. Newberry Road is lined with multiple retail centers, including the Oaks Mall, which is 2.3 miles from . Directly south of the Property is Celebration Pointe development (one million square feet of retail, restaurants, office, lodging and residential space, bringing 6,000 local jobs into Gainesville economy). Across interstate 75 from Celebration Pointe is the Butler Town Center development (242,886 square feet of commercial space and 192,723 square feet of apartment and hotel space). Shands Hospital is located less than 15 minutes from the Property which employs 12,000 local residents.
At the beginning of 2017, an extensive renovation was initiated for . The renovation includes the following:
Interior Renovation: New appliances, washer and dryer in each unit, new blinds, new ceilingfans, light fixtures, odor extractors, new vanities and sinks, new toilets, laminated flooring, newcarpet in some cases, repaired and new kitchen cabinets in some cases, painting.Exterior Renovation: New A/C units in most of the units, exterior painting, new stair cases,new and repaired balconies, exterior pressure wash, landscaping.
As a result of the renovation, we were able to increase our monthly average rent per unit from $546 to $850, from December 2016 to January 2020.
FOR SALE
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Property Overview
Unit Mix and Rent Schedule
FOR SALE
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Property Overview
Property Photos 6816 SW 4 Place
FOR SALE
Property Overview
Property Photos 422 SW 69th Street
FOR SALE
Property Overview
Aerial View
FOR SALE
TOWER ROAD DEVELOPMENT
APARTMENTS
BUTLER
PLAZACELEBRAION
POINTE
UNIVERSITY OF FLORIDA
DOWNTOWNGAINESVILLE
Property Overview
Location Map
FOR SALE
APARTMENTS
TOWER ROAD DEVELOPMENT
CELEBRAION POINTE
BUTLER PLAZA
Financial Summary
Income & Expenses
(Actual & Proforma)
Rent Income Calculation
Financial Summary
Income & Expenses
FOR SALE
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Notes:Proforma Assumptions:
• All units brought up to current market rents.• • Property Taxes shows approval of Exemption which is under process for all units rented to Housing-Assisted Tenants.
FOR SALE
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Financial Summary
Rental Income Calculation
FOR SALE
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
FOR SALE