MULTIFAMILY PROPERTY FOR SALE · 2019. 7. 1. · Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884 grimaldicommercialrealty.com MULTIFAMILY

CONFIDENTIAL OFFERING MEMORANDUM • JULY 01, 2019

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

220 Tulane Ave, Clearwater, FL 33765

TULANE AVE 4 UNIT MULTIFAMILY

Kari L. Grimaldi/ [email protected]

MULTIFAMIL

Y PROPERTY F

OR SALE

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


MULTIFAMILY PROPERTY FOR SALE

2

presented by:

PROPERTY INFORMATION 3

LOCATION INFORMATION 8

FINANCIAL ANALYSIS 13

ADVISOR BIOS 19

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

TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL 33765

TABLE OF CONTENTS


PROPERTY INFORMATION


SECTION 1 • PROPERTY INFORMATION

4

OFFERING SUMMARY

Sale Price: $525,000

Number Of Units: 4

Cap Rate: 5.78%

NOI: $30,356

Lot Size: 0.42 Acres

Year Built: 1983

Building Size: 4,420 SF

Zoning: Residential Medium

Price / SF: $118.78

PROPERTY OVERVIEW

Upside Potential to Increase Rents and Returns! Gorgeous

Clearwater Multifamily 4 unit condo minutes from Clearwater's

sugar-sand beaches, restaurants, entertainment and shopping!

Updated 4 units with granite counter tops, upgraded kitchens

and baths, and upgraded floor coverings. Spacious 2 bedroom/

1bathroom condos are all on ground floor. Onsite Laundry

Facility. All units occupied with tenants. Gross Annual Income:

$42,706. Annual Expenses: $12,350. Net Operating Income:

$30,356.

New Pictures to follow.


EXECUTIVE SUMMARY




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PROPERTY DESCRIPTION

Upside Potential to Increase Rents and Returns!

Gorgeous Clearwater Multifamily 4 unit condo minutes

from Clearwater's sugar-sand beaches, restaurants,

entertainment and shopping! Updated 4 units with

granite counter tops, upgraded kitchens and baths, and

upgraded floor coverings. Spacious 2 bedroom/

1bathroom condos are all on ground floor. Onsite

Laundry Facility. All units occupied with tenants. Gross

Annual Income: $42,706. Annual Expenses:

$12,350. Net Operating Income: $30,356.

New Pictures to follow.

LOCATION DESCRIPTION

Centrally located off Drew St in a quiet cul de sac

SITE DESCRIPTION

Beautiful building with plenty of parking per unit.

Centrally located off Drew St in a quiet cul de sac. Drew

to right on Tulane Ave on the west side

INTERIOR DESCRIPTIONDrywall


PROPERTY DESCRIPTION




6

SALE HIGHLIGHTS

• Upside Potential to Increase Rents and

Returns

• Updated 4 units

• Granite Counter tops

• Upgraded kitchens and baths

• Upgraded Floor coverings

• All units occupied


COMPLETE HIGHLIGHTS




7


ADDITIONAL PHOTOS


LOCATION INFORMATION


SECTION 2 • LOCATION INFORMATION

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REGIONAL MAP




10


LOCATION MAPS




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220 Tulane Ave


AERIAL MAPS




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RETAILER MAP


FINANCIAL ANALYSIS


SECTION 3 • FINANCIAL ANALYSIS

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INVESTMENT OVERVIEW

Price $525,000

Price per Unit $131,250

GRM -

CAP Rate 5.8%

Cash-on-Cash Return (yr 1) 5.78 %

Total Return (yr 1) $30,356

Debt Coverage Ratio -

OPERATING DATA

Gross Scheduled Income -

Other Income -

Total Scheduled Income $3,895

Vacancy Cost -

Gross Income $42,706

Operating Expenses $12,350

Net Operating Income $30,356

Pre-Tax Cash Flow $30,356

FINANCING DATA

Down Payment $525,000

Loan Amount -

Debt Service -

Debt Service Monthly -

Principal Reduction (yr 1) -


FINANCIAL SUMMARY




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INCOME SUMMARY

Other Income $0Rental Income $3,895

Gross Income $3,895

EXPENSE SUMMARY

Utilities (Water/Sewer) $0Laundry Room Electric $0Repairs and Maintenance $3,432Management $0Property Tax $6,722Insurance $2,196

Gross Expenses $12,350

Net Operating Income $30,356


INCOME & EXPENSES




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UNITNUMBER

UNITBED

UNITBATH

UNITSIZE (SF)

LEASESTART

LEASEEND

CURRENTRENT STATUS LENGTH

1 2 1 915 9/1/18 8/31/19 $950 Leased annual

2 2 1 915 2/1/19 1/31/20 $975 Leased annual

3 2 1 915 3/1/19 2/29/20 $995 Leased annual

4 2 1 915 9/1/18 8/31/19 $975 Leased annual

Totals/Averages 3,660 $3,895

Actual Gross Potential Rent* $46,740

Projected Gross Potential Rent** $0

*Actual Gross Potential Rent is based on current rents.**Projected Gross Potential Rent is based on market rents.


RENT ROLL


Monthly Rent Gross 12

Months

Maintenance Taxes Insurance Total Expenses Net 12 Months

Tulane 1 950 11400 2234

Tulane 2 975 9000 164

Tulane 3 995 11140 500

Tulane 4 975 11166 534

Tulane Total 3,895 42706 3432 6722 2196 12350 30356



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POPULATION 1 MILE 3 MILES 5 MILES

Total population 13,117 116,541 235,609

Median age 38.6 43.7 46.1

Median age (Male) 38.1 42.8 44.7

Median age (Female) 39.0 44.0 47.0

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 4,491 48,566 104,285

# of persons per HH 2.9 2.4 2.3

Average HH income $53,594 $52,740 $55,407

Average house value $209,876 $198,024 $203,468

* Demographic data derived from 2010 US Census


DEMOGRAPHICS MAP & REPORT


ADVISOR BIOS


SECTION 4 • ADVISOR BIOS

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PROFESSIONAL BIOGRAPHY

Frank Grimaldi, Sr. is the Founder and CEO of Grimaldi Commercial Realty Corp.and a pillar of the Tampa Bay Community. He started Grimaldi CommercialRealty Corp. in 1975. With over 40 years as a commercial Broker, he hasexperience in every aspect of commercial real estate including specializing in:

• Creative Seller Financing• Sales & Leasing• Asset Management• Multi Million Dollar Transactions• Land & Community Development• Value Analysis• Economic/Urban Development• Retail• Office• Industrial• Multi-family

Being in the Tampa Bay market market for over 40 years, Frank has a vastnetwork of contacts allowing him access to clients purchasing a variety range ofcommercial property types and price points. His experience has allowed him tosuccessfully weather numerous turbulent economies and community changes.Frank takes a hands-on approach to all projects. His philosophy has kept thecompany successfully growing and has empowered him to be one of the mosttrusted names in the Tampa Bay Commercial Real Estate market.

FRANK GRIMALDI, SR.

Founder/CEO


FOUNDER/CEO BIO



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

MULTIFAMILY PROPERTY FOR SALE · 2019. 7. 1. · Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884 grimaldicommercialrealty.com MULTIFAMILY