NORTHRIDGE APARTMENTS OFFERING MEMORANDUM 6522 54Th Ave N, Saint Petersburg, FL 33709
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NORTHRIDGE APARTMENTS OFFERING MEMORANDUM 6522 54th Ave N, Saint Petersburg, FL 33709 PRESENTED BY | Kevin Kelleher • 813.839.7300 x0318 • [email protected] NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA CONFIDENTIALITY AGREEMENT EXCLUSIVELY LISTED BY: Darron Kattan Managing Director This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest [email protected] into the acquisition of the Subject Property. 813.839.7300 x315 This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate Kevin Kelleher a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on Senior Director assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner or Franklin [email protected] Street Real Estate Services, LLC. Therefore, all projections, assumptions, and other information provided and made herein are subject to 813.839.7300 x318 material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or Franklin Street Real Estate Services, LLC. , nor any of their respective directors, officers, affiliates or representatives are making any representation or Zach Ames warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or Senior Director obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your own investigations [email protected] and inspections of the Property in evaluating a possible purchase of the real property. 813.839.7300 x373 The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner Avery Jordan shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and Senior Associate until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any obligations [email protected] therein have been satisfied or waived. 813.839.7300 x293 By receipt of the Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written Mark Savarese authorization of the Owner or the Franklin Street Real Estate Services, LLC. Furthermore, you agree not to use this Memorandum or any of its Associate contents in a manner detrimental to the interest of the Owner or Franklin Street Real Estate Services, LLC. [email protected] 813.839.7300 x279 In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are so advised and expected to review all such summaries and other documents of whatever nature independently and not to rely on the contents of this Memorandum in any manner. Ethan Ariav Associate ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR FRANKLIN STREET REAL ESTATE SERVICES, LLC AGENT FOR MORE [email protected] DETAILS. 813.839.7300 x353 2 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA TABLE OF CONTENTS IN THIS OFFERING MEMORANDUM PROPERTY INFORMATION RENT COMPARABLES Interior Photos 4 Rent Comps Map 34 Interior Photos Cont. Rent Comps Executive Summary Rent Comps Summary Property Details Rent Comps Chart Property Description Amenity Photos FRANKLIN STREET About Us 43 LOCATION OVERVIEW Client Services Regional Map 11 Back Page Local Map Parcel Map Surrounding Retailer Map St. Petersburg Overview Demographics Map & Report FINANCIAL ANALYSIS Unit Mix 20 Income & Expenses Pricing & Financial Analysis Preliminary Financing Quote Existing Debt Analysis SALE COMPARABLES Sale Comps Map 26 Sale Comps Sale Comps Summary Sale Comps Chart PROPERTYPROPERTY INFORMATION INFORMALOCATION OVERTIONVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPRENTARABLES COMPFRANKLINARABLES STREET 3 Interior Photos 4 Rent Comps Map 34 Interior Photos Cont. Rent Comps Executive Summary Rent Comps Summary Property Details Rent Comps Chart Property Description Amenity Photos FRANKLIN STREET About Us 43 LOCATION OVERVIEW Client Services Regional Map 11 Back Page Local Map Parcel Map Surrounding Retailer Map St. Petersburg Overview Demographics Map & Report FINANCIAL ANALYSIS Unit Mix 20 Income & Expenses Pricing & Financial Analysis Preliminary Financing Quote Existing Debt Analysis SALE COMPARABLES Sale Comps Map 26 Sale Comps Sale Comps Summary Sale Comps Chart PROPERTY INFORMATION RENT COMPARABLES Interior Photos 4 Rent Comps Map 34 Interior Photos Cont. Rent Comps Executive Summary Rent Comps Summary Property Details Rent Comps Chart Property Description Amenity Photos FRANKLIN STREET About Us 43 LOCATION OVERVIEW Client Services Regional Map 11 Back Page Local Map Parcel Map Surrounding Retailer Map St. Petersburg Overview Demographics Map & Report FINANCIAL ANALYSIS Unit Mix 20 Income & Expenses Pricing & Financial Analysis Preliminary Financing Quote Existing Debt Analysis SALE COMPARABLES Sale Comps Map 26 Sale Comps Sale Comps Summary Sale Comps Chart PROPERTY INFORMATION RENT COMPARABLES Interior Photos 4 Rent Comps Map 34 Interior Photos Cont. Rent Comps Executive Summary Rent Comps Summary Property Details Rent Comps Chart Property Description Amenity Photos FRANKLIN STREET About Us 43 LOCATION OVERVIEW Client Services Regional Map 11 Back Page Local Map Parcel Map Surrounding Retailer Map St. Petersburg Overview Demographics Map & Report FINANCIAL ANALYSIS Unit Mix 20 Income & Expenses Pricing & Financial Analysis Preliminary Financing Quote Existing Debt Analysis SALE COMPARABLES Sale Comps Map 26 Sale Comps Sale Comps Summary Sale Comps Chart PROPERTY INFORMATION RENT COMPARABLES Interior Photos 4 Rent Comps Map 34 Interior Photos Cont. Rent Comps Executive Summary Rent Comps Summary Property Details Rent Comps Chart Property Description Amenity Photos FRANKLIN STREET About Us 43 LOCATION OVERVIEW Client Services Regional Map 11 Back Page Local Map Parcel Map Surrounding Retailer Map St. Petersburg Overview Demographics Map & Report FINANCIAL ANALYSIS Unit Mix 20 Income & Expenses Pricing & Financial Analysis Preliminary Financing Quote Existing Debt Analysis SALE COMPARABLES Sale Comps Map 26 Sale Comps Sale Comps Summary Sale Comps Chart PROPERTY INFORMATION RENT COMPARABLES Interior Photos 4 Rent Comps Map 34 Interior Photos Cont. Rent Comps Executive Summary Rent Comps Summary Property Details Rent Comps Chart Property Description Amenity Photos FRANKLIN STREET About Us 43 LOCATION OVERVIEW Client Services Regional Map 11 Back Page Local Map Parcel Map Surrounding Retailer Map St. Petersburg Overview Demographics Map & Report FINANCIAL ANALYSIS Unit Mix 20 Income & Expenses Pricing & Financial Analysis Preliminary Financing Quote Existing Debt Analysis SALE COMPARABLES Sale Comps Map 26 Sale Comps Sale Comps Summary Sale Comps Chart PROPERTY INFORMATION NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA INTERIOR PHOTOS 5 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA INTERIOR PHOTOS CONT. 6 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE APARTMENTS | SAINT PETERSBURG | FLORIDA EXECUTIVE SUMMARY OFFERING SUMMARY PROPERTY HIGHLIGHTS • Proven Value Add Potential With Continued Light Interior and Exterior Renovations Subject to Market Pricing • 65% of the Units Have Been Renovated Achieving $75-$100 Additional in Rent Premiums Number Of Units: 203 • Located in Pinellas County, the Most Dense County in Florida and in the Highly Desirable City of St. Petersburg, FL • Favorable Unit Mix Consisting of 67% Two-Bedroom and Three-Bedroom Units Lot Size: 7.29 Acres • Centralized Location Providing Easy Access to Many Economic Drivers Including Downtown St. Petersburg and the World Famous Beaches Year Built: 1970 & 1983 • Recent Capital Improvement Includes Roofs, Resurfaced Parking Lot and Interior Upgrades Building Size (SF): 212,638 DEMOGRAPHICS Zoning: RM 1 MILE 3 MILES 5 MILES Total Households 5,785 46,351 113,492 Market: Tampa/St. Petersburg Total Population 14,019 109,250 261,428 Submarket: Kenneth City Average HH Income $45,489 $52,276 $54,512 7 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET NORTHRIDGE