OFFERED FOR SALE MILLIKEN’S REEF RESTAURANT

700 BLUEWATER DR. CAPE CANAVERAL, BREVARD COUNTY

FLORIDA 32920

PURCHASE OFFERED AT $3,000,000 (w/16 Year Ground Lease) LEASE OPTION AT $30,000 per Month + $400,000 for FF&E for 16 Years

Exclusively Offered By: Kent Cooper CCIM

Capstone Commercial Phone: 321-784-4222

Cell: 321-720-0429

Website: www.capstonebrevard.com

SUMMARY OF FACTS

Location and Address : 700 Bluewater Dr. Port Canaveral, Fl. 32920

Property Rights : Leased Fee Value

Owner of Record : Canaveral Port Authority

Leased to Milliken Enterprises, Inc. 700 Bluewater Dr..

Port Canaveral, Fl. 32920

Site Size: The subject of this presentation consists

of a parcel of land with a total area of approximately 1.45 acres (63,162 SF),

located on the north side Bluewater Dr. along Port Canaveral, Brevard County,

Florida.

Improvements: The site is improved with one and two story poured concrete with a metal beam

construction with hardyboard covering. The improvement is an operating

restaurant. The commercial building is located on the waterfront of Port

Canaveral and contains approximately

11,271 SF.

Zoning Mixed-use district: waterfront location for tourism, retail, restaurant, entertainment

and port-related uses.

Utilities: Water, Sewer, Electric & Telephone

Parking: Ample Parking

NEIGHBORHOOD MAP

Port Canaveral Neighborhood Description

The Canaveral Port Authority is an independent governmental agency created by the Florida Legislature and is not governed by Brevard County or a local municipality. The

Canaveral Harbor Port District was created by House Bill 1136, Chapter 28922, from the Laws of Florida, Special Acts of 1953, establishing a Port district in the central and north

areas of Brevard County, Florida, and designated the area as the Canaveral Port District. The Port is located on the coastal barrier island along the East Coast of Central Florida and

abuts the Atlantic Ocean on the east, the City of Cape Canaveral on the south, the Banana River on the west, and Cape Canaveral Air Force Station on the north. It is composed of

two sections – the Harbor and the Barge Canal. The Canaveral Harbor is a man-made,

deepwater Port located on the barrier island north of the City of Cape Canaveral. The Port also controls the land on Merritt Island known as the Barge Canal, which includes the man-

made canal connecting the Indian and Banana Rivers and State Road 528 also known as the Beachline.

The Port’s authority to develop this Master Plan is provided for in the Port’s Charter and

by Florida Statute, which requires each deepwater Port in Florida to have a master plan. In addition, state law requires each deepwater Port that has spoil disposal responsibility

to provide for or identify disposal sites for dredged materials in the future land use to ensure proper long-term management of dredged materials. Funding under the Florida

Seaport Transportation and Economic Development Program requires that projects eligible for consideration must be consistent with a Port’s master plan. The current Statute

requirements are different than those that were in place when the Port’s 1986 Comprehensive Plan was developed. This Master Plan replaces the Port’s 1986

Comprehensive Plan. In addition to the statutory changes since 1986, the Port has

undergone significant changes. The cruise industry business has increased significantly making the Port one of the busiest cruise ports in the Western Hemisphere. The Port has

implemented an Inlet Management Plan that includes lengthening and sand tightening both jetties and constructing a sand by-pass system. Water quality has been enhanced

through a regional storm water management system and a voluntary water quality monitoring program in the Harbor, the Barge canal, and along the beach. The Port has

played a major role in addressing the regional transportation needs. In addition to the maritime transportation facilities of the Port, SR 528, also known as the Beachline, is

constructed on property made available by the Port. The Port also constructed a flyover on SR 401 to improve traffic flow among cruise terminal, Port, and Canaveral Air Force

Station traffic. The Port has conducted regular traffic analysis to ensure the free flow of traffic within the Port. As a result of these studies, the Port has widened a portion of

George King Boulevard and has plans to widen the remainder of the road in the future.

ZONING

Cove Phase II (Sub-Area C) The overall planning and design objective is to leverage this mixed-use district's unique waterfront location for tourism, retail, restaurant,

entertainment and port-related uses.

The Canaveral Cove Phase II Area should become a mixed-use district in which a wide range of compatible uses are deliberately composed to unlock the advantages of an

interesting and unique waterfront place for port-related uses, tourism, recreation, and entertainment. In order to achieve the benefits of a mixed-use area, the following specific

objectives must be accomplished:

• Support for compatible, high-quality mixed use – The Port should consistently support improvements, changes or new development that provide high-quality uses and

distinguish the area as a high-quality destination. The mix of uses should expand the

number of choices of activities for visitors, and extend their stay at the Port.

• Coordinated development planning and design – To achieve a critical mass of uses, the Port should ensure that future proposals are well coordinated with adjacent land and with

the evolving character of the entire district, so that each increment of development provides a high level of quality that promotes subsequent investment that will expand the

success of the district as a whole.

• Excellent pedestrian environment – This area should feature an excellent pedestrian environment that encourages walking between uses, along the waterfront edge and within

open space. High quality streetscape and landscape improvements will be needed. In addition, land planning and development must provide a density of development and

proximity among uses that promotes pedestrian activity. Inactive or uninteresting gaps along paths or sidewalks such as large parking areas are major barriers to pedestrian

activity.

• Concentration of uses near the water’s edge – The water’s edge and the activities along it should be a major focus of the mixed-use district. The Port should promote development

that creates a dense mix of uses along and near this edge, connected by pedestrian links

including a wide public “boardwalk” along the bulkhead, except where safety issues require temporary or permanent barriers.

• Shared parking strategies – To create an adequate density of development, the Port

should support shared parking strategies. The objective is to limit the amount of parking near the water’s edge or in locations that will detract from the pedestrian experience

within the district. This approach will also minimize unnecessary and inefficient use of the land for excess parking. The Port may achieve this objective through use of many

strategies, including on-street parking, provision for meeting parking requirements off-site, provision of shared parking lots, or other means.

• Water-dependent uses – Water-dependent uses are critically important within this area,

with a particular focus on tourism and recreation-related boating and fishing uses. The Port should actively promote the preservation and enhancement of these use categories.

In addition, certain marine industrial uses such as commercial fishing may be compatible

and even desirable within this area of the Port. Such uses should be reviewed on a case-by-case basis, so that compatibility, safety and security issues are consistently resolved

prior to any change or new development.

• Preservation of land for water-dependent uses – Consistent with the emphasis on water dependent uses, the Port should preserve the landside area adjacent to the bulkhead to

provide for loading, off-loading and servicing requirements, and provide reasonable setbacks for larger scale or permanent development that would substantially restrict the

Port’s future ability to accommodate changing bulkhead needs.

• New street patterns – New street patterns should be created that will provide the access into the interior of the Canaveral Cove Phase II Area and simultaneously provide highly

developable leaseholds in a traditional “street and block” configuration.

• Public open space – The Port should promote the creation of high-quality public open

space amenities that can serve as destinations for visitors and create visual connections between interior parcels and the waterfront. This open space should be programmed to

support special events, interpretive elements and other features that will generate interest and excitement.

• Visual quality – The Port should consistently require new development and renovations

that upgrade the appearance of the area. There should be a clear emphasis on high-quality landscaping and signage, similar to the Port’s ongoing program of improvements in other

areas. The architecture should be consistent with the traditions of coastal Florida and portside development, rather than borrowed images from other places.

The following list of uses includes those elements that are considered central to the best

long term viability of the Phase II Area:

• Charter fishing and head boat services • Marina-related sales and services

• Fishing and boating-related sales and services • Berthing of small vessels, including commercial fishing vessels

• Retail seafood establishments

• Restaurants • Hotels

• Other tourist accommodations such as time-share condominiums • Destination retail

• Entertainment uses including excursion boats and performance venues • Public open space and boardwalks

• Other water-dependent services • Office space related to port functions

• Public transit stations or stops

PROPERTY TAX DATA

The subject property is identified for tax purposes by the Brevard County Property Appraiser as tax parcel number 27-37-10-00-00503.0-0000.00, Tax Account number

2441891. This subject property is a 1.45 acre (63,162 SF) parcel.

The current assessment and real estate taxes are as follows:

2009 ASSESSMENT AND PROPERTY TAX INFORMATION

PARCEL NUMBER ASSESSED VALUE

2016 TAXES AD VALOREM

NON AD VALOREM ASSESSMENT

TOTAL R/E TAXES

24-37-10-00-00503.0-

0000.00

$1,265,000

$16,144.56

$3,678.44

$19,823.00

According to the Brevard County Tax Collector’s office, the 2016 real estate taxes are now due.

UTILITIES AND SERVICES

Electricity: Florida Power and Light Corp. Sewer: Canaveral Port Authority

Water: City of Cocoa

FLOOD ZONE

The subject site appears to be located in flood zone “X”. Flood zone “X” denotes areas

determined to be outside 500-year flood and are a minimal flood hazard.

This data was obtained from the Federal Emergency Management Agency’s National Flood Insurance Program map number 12009C0311 E, effective April 3, 1989. These maps were

prepared pursuant to the national flood insurance program and are considered to be reasonably reliable.

Subject

PLAT MAP

BUILDING SKETCH

AERIAL LOOKING NORTH

AERIAL LOOKING SOUTH

SUBJECT PHOTOS

SITE DESCRIPTION

We were not provided with a survey of the subject property. Site dimensions have been

provided by the property owner and review of the Brevard County Property Appraiser. We assume the legal description is correct and accurately describes the subject property.

Subject Location: The subject is located at 700 Bluewater Dr., Cape Canaveral,

Brevard County, FL, 32920

Total Site Size: The subject of this analysis consists of a 1.45 acre (63,162 SF)

water front parcel of land with one main building improvement,

plus outdoor decking, a tiki bar, band stage and dancing area.

The subject is located in an area known as the Cove. The

subject is located on the bulkhead of the Cove and looks out

across the main turn basin at Port Canaveral. The buildings

and their improvements are owned by the Leaseholder, while

the land and bulk heads are owned by the Leased Fee Owner

(Canaveral Port Authority)

Frontage: The site provides approximately 330 feet of frontage along the

south side opposite the middle turning basin, and extends from

planning area 2 with an average debt of 275 feet.

Overall Land Leased: Approximately 63,162 square feet (1.45 acres)

Visibility: Good. The site is located along the Port Canaveral water front

in an area known as the Cove, and is considered a corner

parcel where Bluewater Dr., Glenn Cheek Blvd. and Dave

Nisbet Dr. intersect.

Shape: The subject has a mostly irregular shape. Please refer to the

Plat Map, and Aerial Map.

Access: The subject has good access from Bluewater Dr., Dave Nisbet

Dr. and Glenn Cheek Dr., with ample parking to the south and

across the street.

Topography: The site is level, has good drainage, and improved with a

main building, one outside tiki bar, a sound stage and assorted storage buildings.

Drainage: The subject does not currently have on-site retention.

Redevelopment of the site would not require on-site retention,

according to the Port Authority.

Site Utility:

Site utility is average to good. The site has an irregular shape

conducive for development, has adequate frontage, on a

lighted street and port frontage. Additionally the site has

access to utilities to the site, and is assumed to not have any

biological hazard or ecological obstacles for development. The

site is currently improved with one main building improvement

and other site improvements such as tiki bar, outside decking,

band stand, parking, lighting, landscaping, and several safety

devices.

Site Comments: The existing site appears to be sufficient to support commercial

development, according to its highest and best use as

estimated herein.

IMPROVEMENTS

The subject property was built new in 2008. The subject began occupancy in October

2008 as Milliken’s Reef Restaurant. The subject is a free standing commercial building

constructed of poured concrete with a metal beam frame. The exterior is painted hardy-

board. The subject has an enamel steel metal standing seam roof. The seating capacity;

per the fire marshal, is 283 inside seating, with outside seating of 291 for a total seating

capacity of 574.

The main entrance to the subject is located on the southeast corner of the improvement.

The entrance is through twin 140 MPH wind proof, glass doors. The subject has thermal

pain impact windows that surround the improvement on the north, east and west sides.

All of the windows and doors are improved with 140 MPH wind proof double pain glass

doors and windows. The remainder of the improvement has a painted hardy board

covering over poured concrete walls.

The main portion of the improvement contains approximately 8,772 SF with a maximum

vaulted ceiling height of approximately 22 feet. The flooring is mostly carpet, while the

main high traffic areas are painted concrete. The roof is a standing seam metal roof.

The center section of the main improvement has a vaulted ceiling to approximately 22

feet with large beams connecting to each corner of the main improvement. Lap board

was installed under the roof to cut down on noise. The ceiling has several ceiling fans and

accent lighting fixtures which also include track lighting. The entire building is sprinkled

for fire suppression. The ceiling also shows the duct system for the HVAC units.

The improvement has several entrances along the north side of the building that leads out

to a deck along the water front. There are also entrances located along the east side of

the building that also leads to outside decking and has several tables and chairs for

customer seating.

The main dining area is wheel chair accessible from the front door and also has a ramp

that leads to the northeast corner of the improvement. The northeast corner of the

improvement has a sunken floor that encompass the interior bar, piano and band area

along the west side of the main improvement. The outside decks along the east side of

the main improvement also are wheel chair accessible. The main dining area encompasses

an area greater than 6,000 SF. Most tables seat four and a couple sections are reserved

for larger seating capacities.

There is a bar area located on the interior northwest corner of the main improvement,

that measures approximately 18’ X 21’, or approximately 378 SF. The bar looks out over

the main turn basin where the cruise ships are docked. There is also a piano area that

can accommodate a small band. There is a main waitress station located close the central

area of the east side of the main improvement, next to the restrooms.

There is an outside bar, located along the east side of the main improvement that has a

separate entrance from the front of the improvement; that also provides for a walkthrough

to the back decking and entertainment area. This bar has approximately 820 SF under

roof and is open to the outside, with no HVAC. The bar area is attached to the main

improvement. The bar area contains approximately 40 feet of high seating along the front

of the bar, with smaller tables and chairs located along the eastern boundary of the

covered bar area.

The restrooms are located on the east side of the main improvement between the main

improvement and the outside bar. There is a men’s restroom that contains two urinals

and one handicapped stall; while the women’s restroom contains one handicapped stall

and two additional stalls. Both restrooms contain sinks with mirrors, hand washing soap,

hand dryer and hand towels and waste disposal. Both restrooms are lighted with accent

lighting fixtures, on a tile floor and painted walls.

There is a small office located on a second floor, with a stairway located on the southwest

corner of the improvement; that is considered executive offices. The executive offices

contain approximately 770 SF and include two offices, a waiting area, and a small break

area.

The main kitchen area is located along the interior of the south side to the southwest side

of the improvement and contains approximately 1,454 SF. The main cooking area has

windows located along the north side of the kitchen that allows customers to peer into the

main cooking area from the main dining room. The kitchen has all new appliances in

2008; and looks to be in good condition. The appliances include coolers, fryers, flat stove,

grill, regular stove, salamander, and prep shelves. The dish washing area is contained in

its own room located along the west side of the building improvement. There are both dry

and cooled storage areas located along the back portion of the kitchen area. There are a

couple of small office areas that contain control rooms for various portions of the building

improvements. There is an outside storage area located on the southwest corner of the

main improvement for dry storage, and an AC controlled cooler that is free standing that

is also located on the southwest.

There is an outside deck along the north side of the main improvement that is

approximately 90’ X 20’ or approximately 1,800 SF that contains a walkway, railing along

the bulkhead, tables and chairs.

There is also outside seating located along the east side of the main building improvement

that contains approximately 30’ X 50’, or approximately 1,500 SF. This area contains

tables and chairs for outside dining, with a mixture of high and low seating at tables.

Located on the northeast corner of the subject is a free standing tiki bar that measures

approximately 32’ X 22’ or approximately 704 SF under roof. The tiki bar includes a

rectangular bar around a center serving area, where drinks are served from. The tiki bar

is of wood construction with a thatch roof covering. The surrounding bar is constructed

of wood and has several bar-high chairs for customer seating. The tiki bar is open to the

outside; however, during winter months, plastic see through curtains have been installed

to cut down on cold winds.

Located on the southeast corner of the subject is an additional triangular tiki hut that is

utilized for live bands. The tiki hut contains approximately 213 SF. The tiki hut is of wood

frame construction with a thatch roof covering on a slightly raised stage.

In the center of the east side of the subject parcel is a large open area that is utilized as

a permeable surface for rain, however, it is also utilized for dancing and other activities,

depending on the theme. This area has approximately 3,542 SF of open area with a sand

covering. There are some adult sized; Adirondack chairs along portions of the sanded

open area. There is a small portion of the sanded area that contains a small dance area;

on a hardened surface.

In conclusion, all building improvements were completed in the 2008 to 2009 time period.

All equipment, furniture, fixtures, and equipment was purchased new in the 2008 to 2009

time period. All equipment, furniture, fixtures, and building improvements appeared to

be in good condition. We did not inspect the roof; however, we did not see any signs of

leakage, nor did we notice any signs of deferred maintenance throughout the

improvement.

The subject is a free standing commercial building constructed of poured concrete with a

rigid metal beam frame, covered with painted hardy board. The subject has an enamel

steel metal standing seam roof. The improvement contains approximately 8,772 SF, while

outside seating capacity has an additional 4,200 SF. The seating capacity; per the fire

marshal, is 283 inside seating, with outside seating of 291 for a total seating capacity of

574. The interior finish is considered upper scale for a similar high end restaurant.

Parking is adequate with additional cross parking available. The subject is located on a

corner parcel that has visibility from Bluewater Dr., Dave Nisbet Dr., and Glenn Cheek Dr.

Additionally, the subject faces to the north and looks across the Central Turning Basin at

Port Canaveral, where the cruise ships are docked, while the main entrance is to the south.

SUBJECT LEASE TERMS

The original Lease was owned by Canaveral Seafoods, Inc. Canaveral Seafood, Inc.

entered into the original agreement with the Canaveral Port Authority, with an effective

date of July 1, 1984 to June 30, 2014. The original base rent was $1,021.41 per month

and expired in thirty years. The base rent could have been increased or decreased for

each succeeding three (3) year term. The adjustment factors are determined by the CPI

Index.

The First Amendment to Thirty Year Lease; entered into by Lessor: Canaveral Port

Authority and the Lessee: R. T. Edwards, Inc., which was assigned by Canaveral Seafood,

Inc., commenced on March 1, 1984, with a base rent of $2,042 per month, plus applicable

taxes. The base rent could be increased or decreased for each succeeding three (3) year

term. The adjustment factors are determined by the CPI Index.

The Second Amendment to Thirty Year Lease; entered into by Lessor: Canaveral Port

Authority and the Lessee: Outrigger of Brevard, Inc., Assigned by Canaveral Seafood,

Inc., commenced on May 1, 1997 with a base rent of $2,206 per month, plus $22

additional per month for utility hookups installed by the port, plus applicable taxes. The

base rent can be increased or decreased for each succeeding three (3) year term. The

adjustment factors are determined by the CPI Index.

The Third Amendment to Thirty Year Lease; entered into by the Lessor: Canaveral Port

Authority and the Lessee: Milliken Enterprises, Inc., Assigned by Canaveral Seafood, Inc.,

commenced on January 1, 2004 and extended the lease to December 31, 2033, with a

base rent of $2,526 per month. The base rent shall be adjusted for each five year period,

based on an appraisal of the subject property.

Milliken’s Reef Inc. paid the Port Canaveral Authority $81,280 for the land lease including

7% state sales tax for 2016.

The following is the legal description and survey:

SURVEY

FINANCIAL HISTORY SUMMARY

2013 2014 2015 2016

Income 4,361,794$ 100% 4,671,073$ 100% 4,601,000$ 100% 4,024,900$ 100%

Cost of Goods Sold 1,502,000$ 34% 1,755,279$ 38% 1,618,020$ 35% 1,496,964$ 37%

Gross Profit 2,859,794$ 66% 2,915,794$ 62% 2,982,980$ 65% 2,527,936$ 63%

Expenses 2,824,786$ 65% 2,827,405$ 61% 2,725,163$ 59% 2,514,972$ 62%

Net Income 78,255$ 2% 89,251$ 2% 257,816$ 6% 14,039$ 0%

Add Backs

Depreciation 142,271$ 3% 93,268$ 2% 101,916$ 2% 79,176$ 2%

Owner's Draw 144,856$ 3% 137,524$ 3% 136,117$ 3% 138,217$ 3%

Net Income to Owner 365,382$ 8% 320,043$ 7% 495,849$ 11% 231,432$ 6%

2013 2014 2015 2016

Income 4,361,794$ 100.0% 4,671,073$ 100.0% 4,601,000$ 100.0% 4,024,900$ 100.0%

Cost of Goods Sold

Liquor mixer 15,272$ 0.4% 14,767$ 0.3% 9,335$ 0.2% 18,473$ 0.5%

Retail 6,668$ 0.2% 5,775$ 0.1% 3,982$ 0.1% 4,216$ 0.1%

Beer 223,963$ 5.1% 217,091$ 4.6% 205,367$ 4.5% 186,053$ 4.6%

Beverage 32,472$ 0.7% 33,089$ 0.7% 35,410$ 0.8% 29,282$ 0.7%

Food 906,413$ 20.8% 1,006,027$ 21.5% 971,659$ 21.1% 896,307$ 22.3%

Liquor 249,345$ 5.7% 280,275$ 6.0% 239,700$ 5.2% 240,468$ 6.0%

Wine 67,745$ 1.6% 70,272$ 1.5% 52,728$ 1.1% 63,112$ 1.6%

Comps/Promos 122$ 0.0% 127,983$ 2.7% 99,839$ 2.2% 59,053$ 1.5%

Total COGS 1,502,000$ 34.4% 1,755,279$ 37.6% 1,618,020$ 35.2% 1,496,964$ 37.2%

Gross Profit 2,859,794$ 65.6% 2,915,794$ 62.4% 2,982,980$ 64.8% 2,527,936$ 62.8%

Expenses

Casual Labor 325$ 0.0% 15,974$ 0.3% 29,703$ 0.6% 27,347$ 0.7%

Promotions 0.0% 0.0% 18,529$ 0.4% 22,839$ 0.6%

Band 1,600$ 0.0% -$ 0.0% 0.0% 0.0%

Refund 405$ 0.0% 108$ 0.0% 0.0% 434$ 0.0%

Quickbooks Serv -$ 0.0% 0.0% 0.0% 0.0%

Land Lease 60,891$ 1.4% 71,963$ 1.5% 66,740$ 1.5% 81,280$ 2.0%

Reconciliation 56$ 0.0% (26)$ 0.0% (2)$ 0.0% 1$ 0.0%

Miscellanious 505$ 0.0% 0.0% 0.0% 0.0%

Employee Training 750$ 0.0% 300$ 0.0% 814$ 0.0% 0.0%

Menus 473$ 0.0% 0.0% 0.0% 4,668$ 0.1%

Donations 1,331$ 0.0% 3,500$ 0.1% 12,424$ 0.3% 7,771$ 0.2%

Postage 265$ 0.0% 736$ 0.0% 938$ 0.0% 273$ 0.0%

Janitorial 3,550$ 0.1% 8,712$ 0.2% 23,555$ 0.5% 8,846$ 0.2%

Advertising

Radio 729$ 0.0% 23,000$ 0.5% 2,800$ 0.1% 0.0%

Aerial 10,575$ 0.2% 9,443$ 0.2% 6,624$ 0.1% 2,655$ 0.1%

Media 32,298$ 0.7% 35,195$ 0.8% 24,499$ 0.5% 4,772$ 0.1%

Supplies 5,021$ 0.1% 6,739$ 0.1% 7,286$ 0.2% 5,300$ 0.1%

Other 15,023$ 0.3% 6,000$ 0.1% 0.0% 0.0%

Total Advertising 63,646$ 1.5% 80,377$ 1.7% 41,209$ 0.9% 12,727$ 0.3%

Security 11,925$ 0.3% 771$ 0.0% 906$ 0.0% 2,398$ 0.1%

Auto Expense 10,000$ 0.2% 7,927$ 0.2% 0.0% 0.0%

Bank Charges 2,195$ 0.1% 1,250$ 0.0% 3,585$ 0.1% 8,044$ 0.2%

Campaign Contribution -$ 0.0% -$ 0.0% 0.0% 0.0%

Cash Short & Over (6,252)$ 0.0% -$ 0.0% (105)$ 0.0% (780)$ 0.0%

Credit Cards 86,070$ 2.0% 96,025$ 2.1% 71,272$ 1.5% 73,000$ 1.8%

Depreciation 142,271$ 3.3% 93,268$ 2.0% 101,916$ 2.2% 79,176$ 2.0%

Dues & Subscriptions 0.0% 2,072$ 0.0% 18,747$ 0.4% 17,018$ 0.4%

Bands Entertainment 260,994$ 6.0% 221,336$ 4.7% 195,637$ 4.3% 169,029$ 4.2%

Equipment Rental 10,190$ 0.2% 4,910$ 0.1% 9,309$ 0.2% 8,033$ 0.2%

Insurance Expense 76,046$ 1.7% 79,826$ 1.7% 74,025$ 1.6% 76,679$ 1.9%

Licenses & Permits 2,193$ 0.1% 30,343$ 0.6% 2,390$ 0.1% 3,289$ 0.1%

Office Supplies 0.0% 71$ 0.0% 252$ 0.0% 0.0%

Payroll Expense 1,454,662$ 33.4% 1,557,332$ 33.3% 1,555,528$ 33.8% 1,436,543$ 35.7%

Professional Fees 4,500$ 0.1% 6,050$ 0.1% 3,175$ 0.1% 19,960$ 0.5%

Rent Expense 655$ 0.0% -$ 0.0% 0.0% 0.0%

Repairs & Maitenance

Labor 25,794$ 0.6% 8,723$ 0.2% 0.0% 11,545$ 0.3%

Pest Control 3,155$ 0.1% 2,310$ 0.0% 3,980$ 0.1% 2,825$ 0.1%

Supplies 12,639$ 0.3% 36,702$ 0.8% 36,576$ 0.8% 31,754$ 0.8%

Landscape 2,457$ 0.1% 7,576$ 0.2% 5,895$ 0.1% 8,055$ 0.2%

Building 23,521$ 0.5% 31,329$ 0.7% 27,898$ 0.6% 18,300$ 0.5%

Computer 5,344$ 0.1% 8,256$ 0.2% 9,182$ 0.2% 3,498$ 0.1%

Equipment 45,887$ 1.1% 24,704$ 0.5% 31,724$ 0.7% 39,210$ 1.0%

Repairs Other 25,223$ 0.6% 0.0% 0.0% 0.0%

Total Repairs & Maitenance 144,020$ 3.3% 119,600$ 2.6% 115,255$ 2.5% 115,187$ 2.9%

Security System 394$ 0.0% 537$ 0.0% 707$ 0.0% 354$ 0.0%

Storage 17,014$ 13,743$ 4,823$

Commodities

Bar 20,978$ 0.5% 22,302$ 0.5% 13,594$ 0.3% 18,967$ 0.5%

Kitchen 138,328$ 3.2% 148,209$ 3.2% 118,718$ 2.6% 115,575$ 2.9%

Office 5,504$ 0.1% 10,155$ 0.2% 10,620$ 0.2% 7,770$ 0.2%

Other 1,553$ 0.0% 0.0% 0.0% 0.0%

Total Commodities 166,363$ 3.8% 180,666$ 3.9% 142,932$ 3.1% 142,312$ 3.5%

Taxes

Property 29,544$ 0.7% 25,769$ 0.6% 23,394$ 0.5% 23,280$ 0.6%

Sales 99,543$ 2.3% 22,509$ 0.5% 0.0% 0.0%

Taxes Other 9,988$ 0.2% 0.0% 0.0% 0.0%

Total Taxes 139,075$ 3.2% 48,278$ 1.0% 23,394$ 0.5% 23,280$ 0.6%

Tips -$ 0.0% 0.0% 0.0% -$ 0.0%

Uniforms 3,493$ 0.1% 5,188$ 0.1% 5,780$ 0.1% 814$ 0.0%

Utilities

Waste 9,894$ 0.2% 8,588$ 0.2% 8,232$ 0.2% 6,734$ 0.2%

Cable 11,927$ 0.3% 10,041$ 0.2% 12,845$ 0.3% 12,781$ 0.3%

Electric 88,204$ 2.0% 75,039$ 1.6% 90,152$ 2.0% 58,554$ 1.5%

Gas 23,882$ 0.5% 22,808$ 0.5% 22,028$ 0.5% 35,175$ 0.9%

Telephone 13,720$ 0.3% 23,513$ 0.5% 17,894$ 0.4% 21,122$ 0.5%

Water 34,568$ 0.8% 33,308$ 0.7% 41,654$ 0.9% 34,814$ 0.9%

Internet -$ 0.0% -$ 0.0% -$ 0.0% 447$ 0.0%

Total Utilities 182,195$ 173,297$ 192,805$ 169,627$

Total Expenses 2,824,786$ 64.8% 2,827,405$ 60.5% 2,725,163$ 59.2% 2,514,972$ 62.5%

Net Ordinary Income 35,004$ 0.8% 88,390$ 1.9% 257,816$ 5.6% 12,534$ 0.3%

Other Income Proceeds 43,251$ 1.0% 861$ 0.0% -$ 0.0% 1,505$ 0.0%

Net Income 78,255$ 1.8% 89,251$ 1.9% 257,816$ 5.6% 14,039$ 0.3%

Add Backs

Depreciation 142,271$ 3.3% 93,268$ 2.0% 101,916$ 2.2% 79,176$ 2.0%

Lloyd Withdrawls 144,856$ 3.3% 137,524$ 2.9% 136,117$ 3.0% 138,217$ 3.4%

Net Income to Owner 365,382$ 8.4% 320,043$ 6.9% 495,849$ 10.8% 231,432$ 5.8%

AREA HIGHLIGHTS

Destination Location

Growing Market

Where Land Meets Sea & Space

New Facilities Welcome New Cruise Ships

$2 Billion Net Economic Impact from Port Canaveral

$345 Million in Local Spending from Port Canaveral

Port Canaveral is the World’s 2nd Busiest Cruise Port

4.3 Million Passenger Movements in 2016

Expected 7% Passenger Movement Increase in 2017

Homeport Ships:

Carnival Magic Carnival Victory

Majesty of the Seas Oasis of the Seas

Norwegian Epic

INVESTMENT HIGHLIGHTS

Operating since 2008

Long Term Stabilized Gross Revenues

Stabilized Employees and Management in Place

16+ Years Remaining on Ground Lease

Multiple Events Planned Year Round

Construction is Less than 10 years Old

Inside Bar, Outside Tiki Bar, Inside Seating, Large Outdoor Seating

Offered for sale at $3 Million

Co-Brokerage Offered at 2%