Pelican Flats - LoopNet · JOE LAFLEUR JOHNNY PULLMAN Multifamily Investment Advisor Multifamily...

7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920

Pelican Flats

Property Highlights:

Current Gross Income $52,200

Proforma Gross Income $59,400

Walking Distance to Beach Access

JOE LAFLEUR JOHNNY PULLMANMultifamily Investment Advisor Multifamily Investment Advisor

407.504.1728 [email protected] [email protected]

100UNITS.COM617 EAST COLONIAL DRIVE, SUITE BORLANDO, FL 32803

Executive Summary

PELICAN FLATS 7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920




PROPERTY OVERVIEW

100Units.com presents Pelican Flats, which is a 6 unit multifamily complex, built in1958. The property is situated on .14 acres. There are six - 2 bedroom 1 bath units(645 sq ft). This building features concrete block construction with stucco exteriorwalls and a flat roof. The owner is responsible for water and sewer while the tenantpays electricity and cable. Each unit has a private balcony.

PROPERTY HIGHLIGHTS

• Current Gross Income $52,200

• Proforma Gross Income $59,400

• Walking Distance to Beach Access

• Monthly Income of $4,350

• Minutes to Port Canaveral

• 5 Minute Drive to Cocoa Beach Pier

• Concrete Block Construction

OFFERING SUMMARY

Sale Price: $487,000

Price / Unit: $81,167

Price / SF: $125.84

Number Of Units: 6

Cap Rate: 6.87%

NOI: $33,439

Lot Size: 0.14 Acres

Year Built: 1958

Building Size: 3870 SF

Property Photos





Table of Contents

CONFIDENTIALITY & DISCLAIMER




All materials and information received or derived from 100Units.com its directors, officers, agents, advisors, affiliates and/or any third partysources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance orlack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projectedfinancial performance of the property for any party’s intended use or any and all other matters.

Neither 100Units.com its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as toaccuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source,whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence todetermine these and other matters of significance to such party. 100Units.com will not investigate or verify any such matters or conduct duediligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspectionsand investigations including through appropriate third party independent professionals selected by such party. All financial data should beverified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. 100Units.com makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financialdata or assumptions. 100Units.com does not serve as a financial advisor to any party regarding any proposed transaction. All data andassumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance.Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established ator increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancyfactors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified publicaccountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition ofthe property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriateengineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by 100Units.com incompliance with all applicable fair housing and equal opportunity laws.

6FINANCIAL ANALYSIS

10PROPERT Y INFORMATION

12LOC ATION INFORMATION

16SALE COMPARABLES

21DEMOGRAPHICS

Pelican Flats7522 MAGNOLIA AVENUE, CAPE CANAVERAL, FL 32920

FINANCIAL ANALYSISUnit Mix S ummar y

Income & Expenses

Financial S ummar y




Unit Mix Summary


FINANCIAL ANALYSIS




UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MIN RENT MAX RENT

2 Bed 1 Bath 6 100.0 645 $725 $1.12 $700 $750

Totals / Averages 6 100% 3,870 $4,350 $1.12 $4,200 $4,500




INCOME SUMMARY CURRENT PER UNIT

Gross Income $52,200 $8,700

TOTAL SCHEDULED INCOME $54,000 $9,000

VACANCY $1,620 $270

GROSS INCOME $52,380 $8,730

EXPENSE SUMMARY CURRENT PER UNIT

Real Estate Taxes $3,941 $656

Insurance $5,400 $900

Utilities $5,400 $900

Repairs & Maintenance $2,700 $450

Lawn Care & Pest Control $1,500 $250

GROSS EXPENSES $18,941 $3,156

NET OPERATING INCOME $33,439 $5,573

OPERATING EXPENSE RATIO 36% 36%

Income & Expenses


FINANCIAL ANALYSIS




INVESTMENT OVERVIEW CURRENT

Price $487,000

Price per Unit $81,166

GRM 9.0

CAP Rate 6.9%

Cash-on-Cash Return (yr 1) 5.59 %

Total Return (yr 1) $19,306

Debt Coverage Ratio 1.33

OPERATING DATA CURRENT

Gross Scheduled Income $54,000

Other Income -

Total Scheduled Income $54,000

Vacancy Cost $1,620

Gross Income $52,380

Operating Expenses $18,941

Net Operating Income $33,439

Pre-Tax Cash Flow $8,360

FINANCING DATA CURRENT

Down Payment $149,500

Loan Amount $337,500

Interest Rate 4.25%

Amortization Period 20 yrs

Debt Service $25,079

Debt Service Monthly $2,089

Principal Reduction (yr 1) $10,946

Financial Summary


FINANCIAL ANALYSIS


PROPERTY INFORMATIONProper ty Details







Property Details


PROPERTY INFORMATION

PROPERTY NAME: Pelican Flats

PROPERTY ADDRESS: 7522 Magnolia AvenueCape Canaveral, FL 32920

APN: 24-37-23-CG-44-8

TYPE OF OWNERSHIP: Fee Simple

LOT SIZE: 0.14 AC

BUILDING SIZE: 3,870 SF

YEAR BUILT: 1958

NUMBER OF BUILDINGS: 1

NUMBER OF STORIES: 2

NUMBER OF UNITS: 6

FOUNDATION: Concrete Slab

CONSTRUCTION TYPE: Concrete Block

ROOF: Flat

HVAC: Window A/C and Heat Units

SEPARATE WATER METERS: True

SEPARATE ELECTRIC METERS True

LANDSCAPING: Mature

TOPOGRAPHY: Flat


LOCATION INFORMATIONRegional Map

Loc ation Maps

Retailer Map







Pelican Flats

Regional Map


LOCATION INFORMATION




Location Maps






Retailer Map




SALE COMPARABLESS ale Comps

S ale Comps S ummar y

S ale Comps Map




Sale Comps


SALE COMPARABLES

SUBJECT PROPERTY

7522 Magnolia Avenue | Cape Canaveral, FL 32920

$487,000Sale Price: 1958Year Built:

3,870 SFBuilding SF: $125.84Price PSF:

6No. Units: $81,167Price / Unit:

9.02GRM: 6.87%Cap:

$33,439NOI:

SOUTH ATLANTIC APARTMENTS400 S. Atlantic Ave | Cocoa Beach, FL 32931


5,376 SFBuilding SF: $120.91Price PSF

8No. Units $81,250Price / Unit

07/19/2017Closed:

1

1

BEACH HOUSE APARTMENTS524 S Atlantic Ave | Cocoa Beach, FL 32931




06/28/2017Closed:

2

2

Status: SOLD

DRIFTWOOD VILLAS888 South Atlantic Avenue | Cocoa Beach, FL 32931




07/06/2017Closed:

3

3

Status: SOLD




Sale Comps


SALE COMPARABLES

LINCOLN AVE APTS303 Lincoln Ave | Cape Canaveral, FL 32920

$450,000Sale Price: 3,320 SFBuilding SF:

$135.54Price PSF 4No. Units

$112,500Price / Unit 05/15/2017Closed:

4

4

JEFFERSON AVE TRIPLEX406-410 Jefferson Ave | Cape Canaveral , FL 32920

$300,000Sale Price: 2,976 SFBuilding SF:

$100.81Price PSF 3No. Units

$100,000Price / Unit 03/16/2017Closed:

5

5

FILLMORE PALMS APARTMENTS505 Fillmore Ave | Cape Canaveral, FL 32920

$1,500,000Sale Price: 1967Year Built:



11/01/2017Closed:

6

6

Status: SOLD







SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS

Pelican Flats7522 Magnolia AvenueCape Canaveral, FL 32920

$487,000 3,870 SF $125.84 $81,167 6

SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS CLOSE

1South Atlantic Apartments400 S. Atlantic AveCocoa Beach, FL 32931

$650,000 5,376 SF $120.91 $81,250 8 07/19/2017

2Beach House Apartments524 S Atlantic AveCocoa Beach, FL 32931

$855,000 6,741 SF $126.84 $85,500 10 06/28/2017

3Driftwood Villas888 South Atlantic AvenueCocoa Beach, FL 32931

$740,000 5,972 SF $123.91 $92,500 8 07/06/2017

4Lincoln Ave Apts303 Lincoln AveCape Canaveral, FL 32920

$450,000 3,320 SF $135.54 $112,500 4 05/15/2017

5Jefferson Ave Triplex406-410 Jefferson AveCape Canaveral , FL 32920

$300,000 2,976 SF $100.81 $100,000 3 03/16/2017

6Fillmore Palms Apartments505 Fillmore AveCape Canaveral, FL 32920

$1,500,000 11,904 SF $126.01 $100,000 15 11/01/2017

TOTALS/AVERAGES PRICE PRICE/SF PRICE/UNIT CAP # OF UNITS$749,167 $123.87 $93,645 - 8

Sale Comps Summary


SALE COMPARABLES




7522 Magnolia Avenue | Cape Canaveral, FL 32920SUBJECT PROPERTY

Sale Comps Map


SALE COMPARABLES

1 400 S. Atlantic AveCocoa Beach, FL 32931

SOUTH ATLANTIC APARTMENTS 2 524 S Atlantic AveCocoa Beach, FL 32931

BEACH HOUSE APARTMENTS 3 888 South Atlantic AvenueCocoa Beach, FL 32931

DRIFTWOOD VILLAS

4 303 Lincoln AveCape Canaveral, FL 32920

LINCOLN AVE APTS 5 406-410 Jefferson AveCape Canaveral , FL 32920

JEFFERSON AVE TRIPLEX 6 505 Fillmore AveCape Canaveral, FL 32920

FILLMORE PALMS APARTMENTS


DEMOGRAPHICSDemographics Repor t

Demographics Map







Demographics Report


DEMOGRAPHICS

* Demographic data derived from 2010 US Census

1 MILE 3 MILES 5 MILES

Total population - Hispanic 284 592 968% Hispanic 7.5% 5.7% 4.7%


Total population - White 3,518 9,758 19,454% White 93.0% 93.3% 93.9%

Total population - Black 66 162 286% Black 1.7% 1.5% 1.4%

Total population - Asian 31 138 246% Asian 0.8% 1.3% 1.2%

Total population - Hawaiian 0 0 0% Hawaiian 0.0% 0.0% 0.0%

Total population - Indian 37 55 110% Indian 1.0% 0.5% 0.5%

Total population - Other 49 102 119

% Other 1.3% 1.0% 0.6%


Total households 2,068 5,552 10,568

Total persons per hh 1.8 1.9 2.0

Average hh income $58,405 $64,580 $68,325

Average house value $211,723 $234,223 $261,503


Total population 3,782 10,458 20,719

Median age 49.9 49.1 51.0

Median age (male) 51.3 52.7 52.8

Median age (female) 52.3 49.7 51.4

Demographics Map


DEMOGRAPHICS




* Demographic data derived from 2010 US Census

POPULATION 1 MILE 3 MILES 5 MILESTOTAL POPULATION 3,782 10,458 20,719MEDIAN AGE 49.9 49.1 51.0MEDIAN AGE (MALE) 51.3 52.7 52.8MEDIAN AGE (FEMALE) 52.3 49.7 51.4

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILESTOTAL HOUSEHOLDS 2,068 5,552 10,568# OF PERSONS PER HH 1.8 1.9 2.0AVERAGE HH INCOME $58,405 $64,580 $68,325AVERAGE HOUSE VALUE $211,723 $234,223 $261,503

ETHNICITY 1 MILE 3 MILES 5 MILES% HISPANIC 7.5% 5.7% 4.7%

RACE 1 MILE 3 MILES 5 MILES% WHITE 93.0% 93.3% 93.9%% BLACK 1.7% 1.5% 1.4%% ASIAN 0.8% 1.3% 1.2%% HAWAIIAN 0.0% 0.0% 0.0%% INDIAN 1.0% 0.5% 0.5%% OTHER 1.3% 1.0% 0.6%

Pelican Flats - LoopNet · JOE LAFLEUR JOHNNY PULLMAN Multifamily Investment Advisor Multifamily...

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