SPRINGWOOD & LE CLUB VILLAS OFFERING MEMORANDUM 4355 84th Ave N, Pinellas Park, FL 33781
PRESENTED BY | Kevin Kelleher • 813.839.7300 x0318 • [email protected] SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
CONFIDENTIALITY AGREEMENT
EXCLUSIVELY LISTED BY: This is a confidential Offering Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest into the acquisition of the Subject Property. Kevin Kelleher Senior Director This Offering 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, [email protected] to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and 813.839.7300 x0318 information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner or Franklin Street Real Estate Services, LLC. Therefore, all projections, assumptions, and other information provided and made herein are Darron Kattan subject to 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 Managing Director respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering [email protected] Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Offering Memorandum or use of its contents; and you 813.839.7300 x0315 are to rely solely on your own investigations and inspections of the Property in evaluating a possible purchase of the real property.
Zach Ames 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 Senior Director entity at any time with or without notice which may arise as a result of review of this Offering Memorandum. The Owner shall have no legal commitment or obligation to any [email protected] entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully 813.839.7300 x0373 executed, delivered, and approved by the Owner and any obligations therein have been satisfied or waived.
Avery Jordan By receipt of the Offering Memorandum, you agree that this Offering Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest Senior Associate confidence and that you will not disclose this Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or the Franklin [email protected] Street Real Estate Services, LLC. Furthermore, you agree not to use this Offering Memorandum or any of its contents in a manner detrimental to the interest of the Owner or 813.839.7300 x0293 Franklin Street Real Estate Services, LLC.
Mark Savarese In this Offering Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor Associate necessarily accurate descriptions of the full agreements referenced. Interested parties are so advised and expected to review all such summaries and other documents of [email protected] whatever nature independently and not to rely on the contents of this Offering Memorandum in any manner. 813.839.7300 x0279 ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR FRANKLIN STREET REAL ESTATE SERVICES, LLC AGENT FOR MORE DETAILS.
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TABLE OF CONTENTS
IN THIS OFFERING MEMORANDUM
PROPERTY INFORMATION RENT COMPARABLES Executive Summary 4 Rent Comps Map 38 Property Details Rent Comps Property Description Rent Comps Summary Additional Photos Rent Comps Chart Amenity Photos
FRANKLIN STREET LOCATION OVERVIEW About Us 46 Location Overview 10 Client Services Regional Map Back Page Local Map Development Map Aerial Map - Le Club Villas Aerial Map - Springwood St. Petersburg Area Overview St. Pete Pier Redevelopment Tropicana Field Redevelopment St. Pete Innovation Center Demographics Map & Report
FINANCIAL ANALYSIS Unit Mix 24 Income & Expenses Pricing & Financial Analysis Preliminary Debt Quotes
SALE COMPARABLES Sale Comps Map 29 Sale Comps Sale Comps Summary Sale Comps Chart Sale Comps Summary Sale Comps Chart PROPERTYPROPERTY INFORMATION INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET 3 Executive Summary 4 Property Details RENT COMPARABLES Property Description Rent Comps Map 38 Additional Photos Rent Comps Amenity Photos Rent Comps Summary Rent Comps Chart LOCATION OVERVIEW Location Overview 10 FRANKLIN STREET Regional Map About Us 46 Local Map Client Services Development Map Back Page Aerial Map - Le Club Villas Aerial Map - Springwood St. Petersburg Area Overview St. Pete Pier Redevelopment Tropicana Field Redevelopment St. Pete Innovation Center Demographics Map & Report
FINANCIAL ANALYSIS Unit Mix 24 Income & Expenses Pricing & Financial Analysis Preliminary Debt Quotes
SALE COMPARABLES Sale Comps Map 29 Sale Comps
Sale Comps Summary Sale Comps Chart PROPERTY INFORMATION Executive Summary 4 Property Details RENT COMPARABLES Property Description Rent Comps Map 38 Additional Photos Rent Comps Amenity Photos Rent Comps Summary Rent Comps Chart LOCATION OVERVIEW Location Overview 10 FRANKLIN STREET Regional Map About Us 46 Local Map Client Services Development Map Back Page Aerial Map - Le Club Villas Aerial Map - Springwood St. Petersburg Area Overview St. Pete Pier Redevelopment Tropicana Field Redevelopment St. Pete Innovation Center Demographics Map & Report
FINANCIAL ANALYSIS Unit Mix 24 Income & Expenses Pricing & Financial Analysis Preliminary Debt Quotes
SALE COMPARABLES Sale Comps Map 29 Sale Comps
Sale Comps Summary Sale Comps Chart PROPERTY INFORMATION Executive Summary 4 Property Details RENT COMPARABLES Property Description Rent Comps Map 38 Additional Photos Rent Comps Amenity Photos Rent Comps Summary Rent Comps Chart LOCATION OVERVIEW Location Overview 10 FRANKLIN STREET Regional Map About Us 46 Local Map Client Services Development Map Back Page Aerial Map - Le Club Villas Aerial Map - Springwood St. Petersburg Area Overview St. Pete Pier Redevelopment Tropicana Field Redevelopment St. Pete Innovation Center Demographics Map & Report
FINANCIAL ANALYSIS Unit Mix 24 Income & Expenses Pricing & Financial Analysis Preliminary Debt Quotes
SALE COMPARABLES Sale Comps Map 29 Sale Comps
Sale Comps Summary Sale Comps Chart PROPERTY INFORMATION Executive Summary 4 Property Details RENT COMPARABLES Property Description Rent Comps Map 38 Additional Photos Rent Comps Amenity Photos Rent Comps Summary Rent Comps Chart LOCATION OVERVIEW Location Overview 10 FRANKLIN STREET Regional Map About Us 46 Local Map Client Services Development Map Back Page Aerial Map - Le Club Villas Aerial Map - Springwood St. Petersburg Area Overview St. Pete Pier Redevelopment Tropicana Field Redevelopment St. Pete Innovation Center Demographics Map & Report
FINANCIAL ANALYSIS Unit Mix 24 Income & Expenses Pricing & Financial Analysis Preliminary Debt Quotes
SALE COMPARABLES Sale Comps Map 29 Sale Comps
Sale Comps Summary Sale Comps Chart PROPERTY INFORMATION Executive Summary 4 Property Details RENT COMPARABLES Property Description Rent Comps Map 38 Additional Photos Rent Comps Amenity Photos Rent Comps Summary Rent Comps Chart LOCATION OVERVIEW Location Overview 10 FRANKLIN STREET Regional Map About Us 46 Local Map Client Services Development Map Back Page Aerial Map - Le Club Villas Aerial Map - Springwood St. Petersburg Area Overview St. Pete Pier Redevelopment Tropicana Field Redevelopment St. Pete Innovation Center Demographics Map & Report
FINANCIAL ANALYSIS Unit Mix 24 Income & Expenses Pricing & Financial Analysis Preliminary Debt Quotes
SALE COMPARABLES Sale Comps Map 29 Sale Comps PROPERTY INFORMATION SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
EXECUTIVE SUMMARY
OFFERING SUMMARY PROPERTY HIGHLIGHTS • Strategic Value-Add Opportunity with Select Interior and Exterior Renovations Allowing $100 - $150 in Rent Upside Sale Price: $12,750,000 • All 1980's Built Single-Story Villa Style Units With Central Heat & Air Price / SF: $140.26 • 75% of Units Have Upgraded Vinyl Plank Flooring Throughout Price / Unit: $89,161 • Extra Land Available to Construct Additional Units, Clubhouse, or Amenity Space Number Of Units: 143 • Full-Size Washer & Dryer Connections at Springwood With the Ability to Extract Additional Income by Providing the Machines
Lot Size: 11.28 Acres • Centralized Location Providing Easy Access to Many Economic Drivers Including Downtown St. Petersburg and Several of its World Famous Beaches
Building Size (SF): 90,900 • Located in Pinellas County, the Most Dense County in Florida and in the Highly Desirable City of St. Petersburg, FL
Market: Tampa/St. Petersburg
Submarket: Pinellas Park
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PROPERTY DETAILS SALE PRICE: $12,750,000
LE CLUB VILLAS SPRINGWOOD
Address: 4355 84th Ave N, Pinellas Park, FL 33781 Address: 5228 Springwood Blvd, Pinellas Park, FL 33782 Units: 92 Units: 51 Year Built: 1984 Year Built: 1985 Stories: 1 Stories: 1 Foundation: Slab on Grade Foundation: Slab on Grade Framing: Wood Frame Framing: Wood Frame Roof: Pitched Composition Shingle Roof: Pitched Composition Shingle HVAC: Central HVAC: Central Parking: Surface Parking: Surface Lot Size: 7.15 Lot Size: 4.13 Living SF: 55,481 Living SF: 35,700 Gross SF: 60,793 Gross SF: 36,720 6 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
PROPERTY DESCRIPTION
PROPERTY OVERVIEW Springwood & Le Club Villas is a 2 property, 143 unit, multifamily value-add investment opportunity located in Pinellas Park, FL, in Pinellas County. All 143 units are 1980’s-built, single-story, villa-style units with central heat and air and pitched composition shingle roofs. Springwood offers 35,700 SF of living space and its 51 total units are comprised of 100% one bed/one bath units with a 700 SF floor plan. Le Club Villas offers 55,481 SF of living space and its 92 total units are comprised of 100% one bed/one bath units with a 600 SF floor plan.
Both properties offer several amenities. All 7 buildings at Springwood feature full-size washer and dryer connections in each unit. Le Club Villas offers on-site laundry facilities with vending machines, a crystal-clear swimming pool and additional land to build upon. Both properties feature relaxing, well-kept ponds. 75% of all 143 units have been upgraded with a wood-look vinyl plank flooring throughout. Both properties reside in Pinellas Park, the most dense county in Florida. The centralized location provides easy access to many economic drivers, including downtown St. Petersburg (8.3 Mi) and several of Florida’s world-famous white-sand beaches, including St. Pete Beach (10.1 Mi). Both properties are located near major redevelopment projects including the St. Pete Pier Redevelopment (8.5 Mi), the Tropicana Field Redevelopment (7.3 Mi) and the St. Pete Innovation Center Development (8 Mi). "Runaway Bay Apartments" (192 units) and "The Allure at Gateway" (274 units) are 2 class A apartment complexes located within a mile from both Springwood & Le Club Villas.
Several value-add opportunities exist that would allow for the ability to increase rents for both properties. Full-size washer and dryer machines could be added to each unit at Springwood to increase value. The additional land at Le Club Villas could be utilized to build additional units, a clubhouse, a fitness center or additional value-add amenities. 25% of the total units could be renovated to include a wood-look, vinyl flooring throughout to match the previously renovated units.
Springwood & Le Club Villas offers an investor the opportunity to acquire a stable, high occupancy asset in the dense and popular location of Pinellas Park, FL. Having the ability to add-value and increase rents coupled with overall market fundamentals continuing to improve, an investor could expect an increase in net operating income in the short-term and capital appreciation in the long-term.
7 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
ADDITIONAL PHOTOS
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AMENITY PHOTOS
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LOCATION OVERVIEW
PINELLAS PARK, FL Springwood & Le Club Villas are conveniently located within short distance of dining, retail and office space. Tenants have the luxury of being surrounded bypopular national retailers such as; Publix, Walmart, Regal Cinemas, Northside Hospital, Target, The Home Depot, Starbucks, Chipotle and many more. Springwood & Le Club Villas are located within close proximity to major roadways such as, Interstate 275, US 19 and the Gandy Bridge which connects the property to world famous St. Pete beaches (10.1 Mi), Downtown St. Petersburg (8.3 Mi), Westshore Business District (14 Mi) and Downtown Tampa (17.9 Mi).
St. Petersburg is at the heart of a booming metropolitan area consisting of Pinellas, Hillsborough and Pasco counties – often referred to as the St. Petersburg-Tampa-Clearwater MSA. The St. Petersburg region has approximately 2.7 million residents making it the 12th largest market in the United States and the 3rd largest market in the Southeast. The area’s expected population growth rate over the next ten years is 15.3 percent, making it a prime location for businesses seeking an easily accessible customer base and labor force. St. Petersburg is one of the easiest and most cost effective regions in the U.S. to conduct business, according to a recent study by KPMG. It is home to a diverse and resilient industry base, which flourishes in the city’s sunny business climate. St. Petersburg has become one of the brightest spots in the Southeast, not only as a headquarters for new businesses, but as a home for a growing, talented workforce. The city also has a superb transportation, telecommunication, and utility infrastructure all designed to support business growth and workforce commutes. All of these factors - in addition to favorable tax codes and an opportune real estate market - continue to make the city a favorable economic environment for doing business.
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TALLAHASSEE JACKSONVILLE REGIONAL MAP
ORLANDO
TAMPA LE CLUB VILLAS & SPRINGWOOD ST. PETERSBURG
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LOCAL MAP SUNSHINE SKYWAY FIELD 430-FT TALL BRIDGE ST. PETE BEACH 42,000 Seating Capacity
ST. PETE PIER DOWNTOWN ST. PETERSBURG
LE CLUB VILLAS
PINELLAS PARK SPRINGWOOD VILLAS HIGH SCHOOL
HOME SHOPPING NETWORK CORPORATE CAMPUS
1,900 Acres & 2,055,000+ Passengers in 2018
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DEVELOPMENT MAP SPRINGWOOD VILLAS
NOW LEASING RUNAWAY BAY APARTMENTS 192-Unit Class A Development
UNDER CONSTRUCTION THE ALLURE AT GATEWAY 274-Unit Class A Development
LE CLUB VILLAS
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AERIAL MAP
U.S. 19 AADT: 65,000
LE CLUB VILLAS
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AERIAL MAP
U.S. 19 AADT: 65,000
SPRINGWOOD
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ST. PETERSBURG AREA OVERVIEW ST PETERSBURG | TOP PRIVATE EMPLOYERS
ST PETERSBURG - WHERE WORK MEETS PLAY COMPANY INDUSTRY EMPLOYEES St. Petersburg is at the heart of a booming metropolitan area consisting of Pinellas, Hillsborough and Pasco counties – Raymond James Financial Securities Brokerage 3,500 often referred to as the St. Petersburg-Tampa-Clearwater MSA. The St. Petersburg region has approximately 2.7 Home Shopping Network (HSN) Television Broadcasting 2,800 million residents making it the 12th largest market in the United States and the 3rd largest market in the Southeast. The BrightHouse Networks Telecommunications 2,000 area’s expected population growth rate over the next ten years is 15.3 percent, making it a prime location for Fidelity Information Services Data Processing 1,800 businesses seeking an easily accessible customer base and labor force. Jabil Circuit, Inc. Electronic Component Manufacturing 1,600 Ceridian Benefits Services Employee Benefits 1,000 St. Petersburg is one of the easiest and cost effective regions in the U.S. to conduct business, according to a recent Progress Energy Florida, Inc. Public Utilities 1,000 study by KPMG. It is home to a diverse and resilient industry base, which flourishes in the city’s sunny business Transamerica Life Insurance Insurance Brokerage 900 climate. St. Petersburg has become one of the brightest spots in the Southeast, not only as a headquarters for new Franklin Templeton Investments Financial Services 900 businesses, but as a home for a growing, talented workforce. The city also has a superb transportation, PSCU Financial Services Financial Services 850 telecommunication, and utility infrastructure all designed to support business growth and workforce commutes. All of Mortgage Investors Real Estate 700 these factors - in addition to favorable tax codes and an opportune real estate market - continue to make the city a Times Publishing Newspaper Publishers 620 favorable economic environment for doing business. Catalent Pharma Solutions Pharmaceutical Services 500 America II Corp Advertising Services 500 Catalina Marketing Corporation Marketing Consulting 500 Allstate Insurance Company Insurance 500 Medquist Transcriptions Document Preparation Services 500
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ST. PETERSBURG AREA OVERVIEW
EDUCATION The Pinellas County School System is the 7th largest district in Florida and 22nd largest in the nation. More than 148,000 students are en- rolled at 140 public schools, 72 private schools and 5 vocational/technical schools. Universities include St Petersburg College, Eckerd College, University of South Florida St Petersburg, Pinellas Technical Education Center, and Stetson University College of Law.
USF St Petersburg – This is the St Petersburg campus of the University of South Florida, situated on Bayboro Harbor on the shores of Tampa Bay in close proximity to world class cultural offerings. Over 600 students attend classes at this campus.
St Petersburg College has ten locations throughout PInellas County offering over 100 academic programs to its 57,000+ currently enrolled students through traditional classroom and online degree and certificate programs.
Eckerd College, situated along a spectacular one-mile long stretch of waterfront in South Pinellas County, offers undergraduate and graduate degrees in 40 majors to its 2,300+ students. UNIVERSITY OF SOUTH FLORIDA - ST PETERSBURG
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ST. PETERSBURG AREA OVERVIEW
The city’s superb transportation, telecommunication and utility infrastructure allows business to be conduct- ed efficiently and quickly. In fact, nearly half of all U.S. freight destinations are within a day’s drive of St. Petersburg. Additionally, the city is within minutes of three international airports, two deepwater ports (that together handle almost half of all seaborne commerce in the state), rail lines, an extensive network of easily accessible roadways and has its own Free Trade Zone.
AIRPORTS • Tampa International Airport (TIA) is consistently ranked No. 1 or No. 2 by frequent travelers around the world for its easy-in, easy-out design. The number one commodity shipped by air out of Florida is industrial/commercial machinery and computers, followed by smaller electrical/electronic machinery and supplies. The third most popular export group includes optical instruments and lenses, medical and dental equipment, and photographic equipment. ST PETERSBURG/CLEARWATER INTERNATIONAL AIRPORT • St Petersburg - Clearwater International Airport (PIE) serviced over 2,055,269 passengers using its commercial airlines in 2017.
• Albert Whitted Airport is on the waterfront in downtown St. Petersburg. It caters to corporate aircraft, helicopters, and private pilots.
DEEP WATER PORTS • The Port of Tampa is the largest port in the Southeast and the 10th largest in the nation by total tonnage handled. The port accom- modates bulk cargo, general cargo (including containers), ship repair and building, and maritime recreation (including international cruise facilities).
• The Port of Manatee is the closest of the three Tampa Bay deepwater ports to the Gulf of Mexico. It is one of the state’s busiest, ranking fifth among Florida’s 14 seaports in total annual cargo tonnage. PORT MANATEE • The Port of St. Petersburg possesses unique attributes that dictate a special approach to maximize port utilization and revenue-gen- eration capabilities. The Port of St. Petersburg is a “non-operating” or landlord port. The city manages and provides the facilities for private entities to carry out shipping activities. A major tenant is the U.S. Coast Guard.
HIGHWAYS The major highway in St. Petersburg is I-275 which connects the area with Manatee and Sarasota to the South and Tampa to the northeast. It extends to I-75 to the north and I-4 to Orlando and Florida’s East Coast. I-275 provides quick, easy access to Tampa International Airport and St. Petersburg/ Clearwater International Airports from the downtown and the City’s business parks. Plans to connect St. Petersburg to several other major Florida cities using mass transit rail are being developed. It’s also important to note that Interstate 175, 275 and 375 (feeders into downtown) were built with the future in mind and have an abundance of capacity to serve future developments, as do many arterials in St. Petersburg. Transportation improvements over the next five years of more than $1.1 billion are projected for St. Petersburg and its region.
Source: The City of St Petersburg PORT OF TAMPA
19 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA ST. PETE PIER REDEVELOPMENT
The St. Pete Pier is a landmark pleasure pier extending into Tampa Bay from downtown St. Petersburg. The “Inverted Pyramid” Pier, which contained parks, vendors, picnic areas, and an observation deck was shutdown in 2013 due to the maintenance costs to upkeep the structure’s unique design. New de- signs for the Pier were created and demolition of the “Inverted Pyramid” began on August 15th, 2015.
The new 3,065 foot-long Pier will provide dozens of interactive experiences for both tourists & the local community. The new fully-walkable Pier will include: A fishing deck & bait shop, a water-front restaurant, a cafe, a breezy rooftop bar, a recreation area & event plaza, a discovery center & classroom, a nature boardwalk featuring native Florida plants & trees, a playground and splash pad for kids, 25 courtesy boat docks, a modern art showcase of local artists, a shaded pavillion, a complimentary tram service, a tree- lined overlook with breathtaking views of Tampa Bay, a brand new white-sandy beach area with kayak & paddleboard boat launches, several relaxing picnic areas, and a bustling, solar-powered marketplace that will provide a dedicated space for pop-up market activities, with an emphasis on local vendors. As of August 2019, construction continues on the Pier Head Building, Discovery Center, & the Pavillion.
20 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA TROPICANA FIELD REDEVELOPMENT
Tropicana Field is one of St. Petersburg’s most popular landmarks. The domed sports stadium is the only non-retractable domed stadium in Major League Baseball, making it the only year-round indoor venue in MLB. The 86-acre development has been the home to the Tampa Bay Rays MLB team since 1998. City offi- cials have recently released plans to redevelop the stadium and its 86-acre footprint. New developments will turn the area into a destination that integrates art, culture, work, lifestyle, and entertainment, while connecting to the beautiful waterfront of St. Peterburg.
The plan includes a new ballpark for the Tampa Bay Rays and a mixed-use ancillary development to replace acres of asphalt parking lots. New skyrise office buildings will be developed around the stadium to create a corporate headquarters and a luxury hotel will provide a much-needed conference space for the new business district. The “Ray’s Way Entertainment Destination” will host a stage for concerts and a new Tech & Research Campus will be built on the west side of the site. New apartment buildings & a residential area will make up the south side of the development, which will overlook new parks and green spaces. The enhanced Booker Creek will wind through the destination and an expansion of Campbell Park & the Pinellas Trail will connect the site to the St. Peterburg waterfront. City officials plan to break ground by the end of 2019 or early 2020.
21 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA ST. PETE INNOVATION CENTER
The city of St. Petersburg will be constructing a brand-new two-story, split-level, 45,000 square foot Business Incubator on the southwest corner of 11th Avenue South and 4th Street North. The costs of the new $9,000,000 facility will be split by the Federal Government ($4.5 Million) and Pinellas County ($4.5 Million). The goal of the Innovation Center will be to create more technology jobs and to foster advanced manufacturing ventures, with the ultimate goal of making the economy of Pinellas county more resilient and diversified. “By further diversifying the economy and creating an environment for technology jobs, we can actively encourage smarter growth and higher wages for our citizens,” states Mike Meidel, director of Pinellas County Economic Development.
Some Facility Features Will Include:
• A Prototype Lab with 3D Printers • A Coffee Shop • A Podcast Studio • Spaces for Collaboration • Spaces for Education • Space for Corporate Innovation Partners
Proposed Design
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DEMOGRAPHICS MAP & REPORT
POPULATION 1 MILE 3 MILES 5 MILES Total population 10,018 87,218 252,464 Median age 44.0 43.5 42.5 Median age (Male) 44.5 42.3 41.2 Median age (Female) 43.6 44.7 43.8
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES Total households 4,266 37,789 107,356 # of persons per HH 2.3 2.3 2.4 Average HH income $48,251 $49,587 $52,982 Average house value $150,605 $164,100 $178,181
* Demographic data derived from 2010 US Census
23 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET FINANCIAL ANALYSIS SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
UNIT MIX
Units Unit Type Sq Feet Current Rent Rent/Sq Foot Pro Forma Rent PF Rent/Sq Foot Pro Forma Rent Increase 92 1Bdr 1Bath - LeClub Villas 600 $780 $1.30 $895 $1.49 14.74% 51 1Bdr 1Bath - Springwood 700 $810 $1.16 $950 $1.36 17.28%
Total: 143 Weighted Averages: 636 $791 $1.24 $915 $1.44 15.67%
Current Monthly Pro Forma Monthly Gross Potential Rent Gross Potential Rent $113,070 1Bdr 1Bath - $130,790 Springwood, 35.66% 1Bdr 1Bath - LeClub Current Annual Villas, 64.34% Pro Forma Annual Gross Potential Rent Gross Potential Rent $1,356,840 $1,569,480
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INCOME & EXPENSES
T6 Inc Annualized (Mar '19 - Aug '19) & T12 Exp (Sep '18 - Pro Forma Aug '19) % Per Unit Total % Per Unit Total Income Gross Potential Rent (GPR) $9,488 $1,356,840 $10,975 $1,569,480 Utility Income 6.43% $610 $87,220 5.56% $610 $87,220 Tenant Charges 1.42% $134 $19,204 1.22% $134 $19,204 Laundry Income 0.14% $13 $1,910 0.12% $13 $1,910 Admin Fees 0.54% $52 $7,390 0.47% $52 $7,390 Pet Fees 0.30% $29 $4,095 0.26% $29 $4,095 Total Other Income 8.83% $838 $119,819 7.63% $838 $119,819 Gross Potential Income (GPI) $10,326 $1,476,659 $11,813 $1,689,299 Economic Loss Vacancy/Loss to Lease/Bad Debt (-) (1) 2.96% $281 $40,118 5.00% $549 $78,474 Total Economic Loss -2.96% -$281 -$40,118 -5.00% -$549 -$78,474 Effective Gross Income (EGI) $10,046 $1,436,541 $11,265 $1,610,825 Expenses Taxes (2) 10.63% $1,068 $152,679 13.57% $1,528 $218,532 Insurance 4.37% $439 $62,841 3.90% $439 $62,841 Utilities 9.53% $957 $136,846 8.50% $957 $136,846 Repairs & Maintenance 1.82% $183 $26,161 3.55% $400 $57,200 Contract Services 1.82% $183 $26,103 1.62% $183 $26,103 Management 3.87% $389 $55,599 4.00% $451 $64,433 Salaries & Wages 8.02% $805 $115,172 7.15% $805 $115,172 General & Administrative 1.52% $152 $21,799 1.35% $152 $21,799 Marketing & Leasing 0.07% $7 $1,053 0.22% $25 $3,575 Reserves & Replacements* 2.49% $250 $35,750 2.22% $250 $35,750 Total Expenses 44.13% $4,434 $634,003 46.08% $5,191 $742,251
Net Operating Income (NOI) $5,612 $802,538 $6,074 $868,574 (2) Vacancy/Loss to Lease/Bad Debt Calculated from T6 EGI (Mar '19 - Aug '19) 2018 Taxable Value $6,841,258 (2) Pro Forma Taxes are based on 80% of List Price x 2018 Millage Rate and 4% Discount for Early Payment 2018 Millage Rate 22.3174 *Inserted at Broker's Discretion Pro Forma Taxable Value $10,200,000
26 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
PRICING & FINANCIAL ANALYSIS
List Price Price $12,750,000 Price Per Unit $89,161 Price Per Sq Foot $140.26
T6 Inc Annualized (Mar '19 - Aug '19) & T12 Exp Pro Forma (Sep '18 - Aug '19)
Net Operating Income $802,538 $868,574
Value Indicators
Cap Rate 6.29% 6.81% Gross Rent Multiplier 8.63 7.55
27 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
PRELIMINARY DEBT QUOTES Financing Overview: Franklin Street Capital Advisors (FSCA) provides tailored capital market information and we have a strong commitment to the clients we serve. Our professionals work in partnership with our clients to develop, opti- mize, and implement a plan that enables them to achieve more, retain more, and profit more through our real estate expertise and extensive local and national network of bank, debt fund, life company, conduit, agency, and equity providers. Current rates and terms are based on market conditions as of October 9, 2019 and are subject to review of borrower’s credit and personal balance sheet. For additional details or questions, please contact a FSCA professional listed below. Le Club & Springwood Pinellas Park, FL
Ben Miller Casey Siggins Director, Debt & Equity Origination Director, Debt & Equity Origination O: 813-559-2005 O: 813-397-1638 [email protected] [email protected] 28 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SALE COMPARABLES SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
SALE COMPS MAP
SUBJECT PROPERTY 4355 84th Ave N | Pinellas Park, FL 33781
1 OCEANAIRE 2045 E Bay Dr Largo, FL 33771
2 SERENITY CREEK APARTMENTS 4201 49th St N St Petersburg, FL 33709
3 49TH STREET APARTMENTS 8400 49th St N Pinellas Park, FL 33781
4 CLEARWATER OAKS 1121 Druid Rd Clearwater, FL 33756
5 GENESIS 530 Fairwood Ave Clearwater, FL 33759
6 OASIS AT BAYSIDE APARTMENTS 7049 Ulmerton Rd Largo, FL 33771
7 OAK RIDGE APARTMENTS 13333 Ridge Rd Largo, FL 33778
30 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
SALE COMPS MAP
SUBJECT PROPERTY 4355 84th Ave N | Pinellas Park, FL 33781
8 CENTRAL PARK AT EAST BAY 301 Seacrest Dr Largo, FL 33771
31 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
SALE COMPS
SUBJECT PROPERTY 4355 84th Ave N | Pinellas Park, FL 33781 Sale Price: $12,750,000 Building SF: 90,900 SF Price PSF: $140.26 No. Units: 143 Price / Unit: $89,161 Occupancy: 98.0%
1 OCEANAIRE 2045 E Bay Dr | Largo, FL 33771
Sale Price: $25,750,000 Lot Size: 9.03 AC Year Built: 1972 1 Building SF: 315,885 SF Price PSF: $81.52 No. Units: 245 Price / Unit: $105,102 Sale Date: 08/01/2019
2 SERENITY CREEK APARTMENTS 4201 49th St N | St Petersburg, FL 33709
Sale Price: $11,500,000 Lot Size: 3.16 AC Year Built: 1983 2 Building SF: 74,250 SF Price PSF: $154.88 No. Units: 90 Price / Unit: $127,777 Occupancy: 98%
32 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
SALE COMPS
3 49TH STREET APARTMENTS 8400 49th St N | Pinellas Park, FL 33781
Sale Price: $31,000,000 Lot Size: 17.93 AC Year Built: 1984 3 Building SF: 267,649 SF Price PSF: $115.82 No. Units: 285 Price / Unit: $108,771 Sale Date: 02/08/2019
4 CLEARWATER OAKS 1121 Druid Rd | Clearwater, FL 33756
Sale Price: $16,575,000 Lot Size: 11.43 AC Year Built: 1949 4 Building SF: 157,115 SF Price PSF: $105.50 No. Units: 200 Price / Unit: $82,875 Sale Date: 02/15/2019
5 GENESIS 530 Fairwood Ave | Clearwater, FL 33759
Sale Price: $35,000,000 Lot Size: 22.1 AC Year Built: 1972 5 Building SF: 406,520 SF Price PSF: $86.10 No. Units: 372 Price / Unit: $94,086 Sale Date: 10/23/2018
33 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
SALE COMPS
6 OASIS AT BAYSIDE APARTMENTS 7049 Ulmerton Rd | Largo, FL 33771
Sale Price: $32,500,000 Lot Size: 10.69 AC Year Built: 1973 6 Building SF: 280,129 SF Price PSF: $116.02 No. Units: 304 Price / Unit: $106,907 Sale Date: 10/19/2018
7 OAK RIDGE APARTMENTS 13333 Ridge Rd | Largo, FL 33778
Sale Price: $15,940,000 Lot Size: 10.84 AC Building SF: 126,394 SF 7 Price PSF: $126.11 No. Units: 137 Price / Unit: $116,350 Sale Date: 08/20/2019
8 CENTRAL PARK AT EAST BAY 301 Seacrest Dr | Largo, FL 33771
Sale Price: $13,400,000 Lot Size: 7.47 AC Year Built: 1973 8 Building SF: 110,854 SF Price PSF: $120.88 No. Units: 111 Price / Unit: $120,720 Sale Date: 06/26/2019
34 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
SALE COMPS SUMMARY
LOCATION PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS
Springwood & Le Club Villas 4355 84th Ave N $12,750,000 90,900 SF $140.26 $89,161 143 Pinellas Park, FL 33781
LOCATION PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS SALE DATE
Oceanaire 1 2045 E Bay Dr $25,750,000 315,885 SF $81.52 $105,102 245 08/01/2019 Largo, FL 33771
Serenity Creek Apartments 2 4201 49th St N $11,500,000 74,250 SF $154.88 $127,777 90 On Market St Petersburg, FL 33709
49th Street Apartments 3 8400 49th St N $31,000,000 267,649 SF $115.82 $108,771 285 02/08/2019 Pinellas Park, FL 33781
Clearwater Oaks 4 1121 Druid Rd $16,575,000 157,115 SF $105.50 $82,875 200 02/15/2019 Clearwater, FL 33756
Genesis 530 Fairwood Ave $35,000,000 406,520 SF $86.10 $94,086 372 10/23/2018 5 Clearwater, FL 33759
35 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
SALE COMPS SUMMARY
LOCATION PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS
Oasis at Bayside Apartments 6 7049 Ulmerton Rd $32,500,000 280,129 SF $116.02 $106,907 304 10/19/2018 Largo, FL 33771
Oak Ridge Apartments 7 13333 Ridge Rd $15,940,000 126,394 SF $126.11 $116,350 137 08/20/2019 Largo, FL 33778
Central Park at East Bay 8 301 Seacrest Dr $13,400,000 110,854 SF $120.88 $120,720 111 06/26/2019 Largo, FL 33771
PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS SALE DATE Totals/Averages $22,708,125 217,350 SF $113.35 $107,823.97 218
36 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
SALE COMPS CHART
37 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET RENT COMPARABLES SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
RENT COMPS MAP
SUBJECT PROPERTY 4355 84th Ave N | Pinellas Park, FL 33781
1 49TH STREET APARTMENTS 8400 49th St N Pinellas Park, FL 33781
2 RUNAWAY BAY APARTMENTS 4701 88th Ave N Pinellas Park, FL 33782
3 PINELLAS PINES APARTMENTS 8501 52nd St N Pinellas Park, FL 33781
4 MARISOL VISTA APARTMENT HOMES 1280 102nd Ave N Pinellas Park, FL 33716
5 ARIUM BAYOU POINT 8500 Belcher Rd Pinellas Park, FL 33781
6 AVESTA NORTHRIDGE 6522 54th Ave N St Petersburg, FL 33709
39 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
RENT COMPS
1 2 SUBJECT PROPERTY 49TH STREET APARTMENTS RUNAWAY BAY APARTMENTS 4355 84th Ave N | Pinellas Park, FL 33781 8400 49th St N | Pinellas Park, FL 33781 4701 88th Ave N | Pinellas Park, FL 33782
Bldg Size: 90,900 SF Lot Size: 11.28 AC Space Size: 199,154 SF Bldg Size: 267,649 SF Space Size: 170,128 SF Bldg Size: 189,272 SF No. Units: 143 Avg. Rent/SF: $1.24 Year Built: 1984 Lot Size: 17.93 AC Year Built: 1985 Lot Size: 13.79 AC Avg. Size: 635 SF Avg. Rent: $790 No. Units: 285 Avg. Rent/SF: $1.52 No. Units: 192 Avg. Rent/SF: $1.29 Occupancy: 98.0% Avg. Size: 698 SF Avg. Rent: $1,061 Avg. Size: 886 SF Avg. Rent: $1,145 Occupancy: 95% Occupancy: 95%
UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF UNIT TYPE # UNITS % OF SIZE SF MIN MAX RENT/SF UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF
1 Bdr 1 Bath - LeClub Villas 92 64.3 600 $780 $1.30 1 Bdr 1 Bath 110 38.6 606 $879 $999 $1.55 1 Bdr 1 Bath 64 33.3 718 $1,010 $1.41 1 Bdr 1 Bath - Springwood 51 35.7 700 $810 $1.16 2 Bdr 1 Bath 96 33.7 707 $949 $1,189 $1.51 2 Bdr 1 Bath 24 12.5 876 $1,095 $1.25 Liquid error: no implicit conversion from nil to integer TOTAL/AVG 143 100% 635 $790 $1.24 2 Bdr 2 Bath 79 27.7 818 $1,149 $1,299 $1.50 2 Bdr 2 Bath 24 12.5 988 $1,245 $1.26
Liquid error: no implicit conversion from nil to integer Liquid error: no implicit conversion from nil to integer TOTAL/AVG 285 100% 698 $977 $1,146 $1.52 2 Bdr 1.5 Bath 80 41.7 993 $1,240 $1.25 Liquid error: no implicit conversion from nil to integer
Laundry: Machines in Units TOTAL/AVG 192 100% 886 $1,145 $1.29 Utilities: Trash Included in Rent Laundry: Machines in Units Amenities: Pool, Playground, Business Center, BBQ Area Utilities: All Utilities Paid by Tenant Actual Rental Rate Varies Based on Renovation Level Amenities: Pool with Sundeck, Fitness Center, Tennis Court, Dog Park, BBQ Area
40 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
RENT COMPS
3 4 5 PINELLAS PINES APARTMENTS MARISOL VISTA APARTMENT HOMES ARIUM BAYOU POINT 8501 52nd St N | Pinellas Park, FL 33781 1280 102nd Ave N | Pinellas Park, FL 33716 8500 Belcher Rd | Pinellas Park, FL 33781
Space Size: 43,200 SF Bldg Size: 47,285 SF Space Size: 514,240 SF Bldg Size: 497,048 SF Space Size: 174,900 SF Bldg Size: 203,692 SF Year Built: 1983 Lot Size: 4.75 AC Year Built: 1974 Lot Size: 24.68 AC Year Built: 1988 Lot Size: 16.74 AC No. Units: 68 Avg. Rent/SF: $1.49 No. Units: 528 Avg. Rent/SF: $1.19 No. Units: 212 Avg. Rent/SF: $1.47 Avg. Size: 635 SF Avg. Rent: $947 Avg. Size: 973 SF Avg. Rent: $1,157 Avg. Size: 825 SF Avg. Rent: $1,208 Occupancy: 97% Occupancy: 97% Occupancy: 96%
SIZE RENT/ UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF UNIT TYPE # UNITS % OF RENT MIN MAX SF SF 1 Bdr 1 Bath 192 36.4 820 $984 $1.20 1 Bdr 1 Bath 62 29.2 650 $1,070 $1.65 1 Bdr 1 54 79.4 576 $916 $878 $955 $1.59 Bath 1 Bdr 1 Bath 25 4.7 1,020 $1,187 $1.16 1 Bdr 1 Bath 62 29.2 700 $1,115 $1.59 2 Bdr 1 2 Bdr 1 Bath 247 46.8 1,020 $1,245 $1.22 2 Bdr 2 Bath 72 34 1,000 $1,280 $1.28 14 20.6 864 $1,070 - - $1.24 Bath 2 Bdr 2 Bath 64 12.1 1,240 $1,327 $1.07 3 Bdr 2 Bath 16 7.5 1,200 $1,790 $1.49 Liquid error: no implicit conversion from nil to integer Liquid error: no implicit conversion from nil to integer Liquid error: no implicit conversion from nil to integer
Liquid error: no implicit conversion from nil to integer Liquid error: no implicit conversion from nil to integer TOTAL/AVG 68 100% 635 $947 $697 $758 $1.49 TOTAL/AVG 528 100% 973 $1,157 $1.19 TOTAL/AVG 212 100% 825 $1,208 $1.47
Laundry: Connections in Units Laundry: Three On-Site Facilities Laundry: Machines in Units Utilities: All Utilities Paid by Tenant Utilities: All Utilities Paid by Tenant Utilities: All Utilities Paid by Tenant Amenities: Pet Friendly Amenities: Fitness Center, Pools with Sundeck, Picnic Areas, Amenities: Patio/Balcony, Gated Entrance, Dog Park Actual 1 Bdr Rent Varies Based on Renovation Level; All 2 Bdr Bark Park Units Have Standard Renovation Level
41 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
RENT COMPS
6 AVESTA NORTHRIDGE 6522 54th Ave N | St Petersburg, FL 33709
Space Size: 172,440 SF Bldg Size: 168,490 SF Year Built: 1983 Lot Size: 3.48 AC No. Units: 203 Avg. Rent/SF: $1.38 Avg. Size: 849 SF Avg. Rent: $1,175 Occupancy: 96%
SIZE RENT/ UNIT TYPE # UNITS % OF MIN MAX SF SF
1 Bdr 1 Bath 1 0.5 468 $984 - $2.10 1 Bdr 1 Bath 66 32.5 706 $905 $1,367 $1.61 2 Bdr 1 Bath 42 20.7 882 $1,049 $1,330 $1.35 2 Bdr 1.5 22 10.8 890 $1,055 $1,185 $1.26 Bath 2 Bdr 2 Bath 64 31.5 945 $1,053 $1,345 $1.27 3 Bdr 2 Bath 8 3.9 1,034 $1,355 $1,435 $1.35
Liquid error: no implicit conversion from nil to integer Liquid error: no implicit conversion from nil to integer TOTAL/AVG 203 100% 849 $1,015 $1,328 $1.38
Laundry: On-Site Facility Utilities: All Utilities Paid by Tenant Amenities: Pool, Playground Actual Rental Rate Varies Based on Renovation Level
42 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
RENT COMPS SUMMARY
LOCATION RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY %
Springwood & Le Club Villas 4355 84th Ave N $1.24 $790.70 90,900 SF 143 98.0% Pinellas Park, FL 33781
LOCATION RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY %
49th Street Apartments 1 8400 49th St N $1.52 $1,061 267,649 SF 285 95% Pinellas Park, FL 33781
Runaway Bay Apartments 2 4701 88th Ave N $1.29 $1,145 189,272 SF 192 95% Pinellas Park, FL 33782
Pinellas Pines Apartments 3 8501 52nd St N $1.49 $947 47,285 SF 68 97% Pinellas Park, FL 33781
Marisol Vista Apartment Homes 4 1280 102nd Ave N $1.19 $1,157 497,048 SF 528 97% Pinellas Park, FL 33716
ARIUM Bayou Point 8500 Belcher Rd $1.47 $1,208 203,692 SF 212 96% 5 Pinellas Park, FL 33781
43 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
RENT COMPS SUMMARY
LOCATION RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY %
Avesta Northridge 6 6522 54th Ave N $1.38 $1,175 168,490 SF 203 96% St Petersburg, FL 33709
RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY % Totals/Averages $1.39 $1,116.08 228,906 SF 248 96%
44 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
RENT COMPS CHART
45 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
ABOUT US
OUR MISSION STATEMENT Franklin Street and our family of full-service companies are committed to CAPITAL INVESTMENT INSURANCE providing supreme advisory services through the collaboration of each member ADVISORS SALES SERVICES of our team of Real Estate professionals. We deliver precise and accurate information to our clients by embracing technology and the development and recruitment of top-level employees. Nationwide, we are helping clients make the most successful decisions in real estate, capital, management and insurance from our southeast based offices. TAILORED LANDLORD TO O R TENANT REPRESENTATION CLIENT NEEDS REPRESENTATION ACHIEVING RESULTS THROUGH COLLABORATION Founded in 2006 during one of the toughest real estate climates, Franklin Street has evolved to become one of the fastest-growing full-service commercial real estate firms in the southeast. Our family of real estate companies – which include Capital Advisors, PROPERTY PROJECT Investment Sales, Insurance Services, Landlord and Tenant Representation, MANAGEMENT MANAGEMENT Property Management and Project Management – is focused on delivering value-added solutions to the evolving demands of our clients.
47 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SPRINGWOOD & LE CLUB VILLAS | PINELLAS PARK | FLORIDA
CLIENT SERVICES
CAPITAL ADVISORS INVESTMENT SALES INSURANCE SERVICES
Our team of experts specializes in From the process of buying to selling Franklin Street Insurance Services ACHIEVING helping clients secure capital for their property, our investment sales team offers commercial property and commercial real estate investments— offers customized solutions based on casualty insurance programs tailored RESULTS THROUGH via debt and equity placement. We each client’s unique needs—ensuring to fit the needs of our clients and COLLABORATION work closely with our clients to develop, optimal results that increase property protect their businesses in the case of optimize and implement a plan that value and deliver maximum benefits to an unfortunate event or situation. enables them to achieve more, retain the client. more and profit more.
LANDLORD REPRESENTATION TENANT REPRESENTATION PROPERTY MANAGEMENT PROJECT MANAGEMENT
Leasing a commercial real estate Experienced in working with both Business sites require ongoing Our project management team is ready property requires expertise, research tenants and landlords nationwide, we maintenance. We offer integrated to manage every aspect of a commercial and planning. Our team creates and understand the industry and will work property and facilities management real estate project, whether it requires implements a unique strategy to find alongside our clients during every step for both investors and occupiers of an exterior facelift, interior remodel or prospective tenants that provide the of the deal process, ensuring that they mixed-use, office, industrial, retail and a tenant build-out. We have expertise best, long-term use of the asset. secure the ideal space and best lease multifamily product types—maximizing to deliver results, while ensuring that terms for their business needs. property value and ensuring a safe and projects are completed on time and reliable environment for its users. within budget.
48 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES FRANKLIN STREET SOUTH FLORIDA
Greg Matus Hernando Perez Joe Rubin Dan Dratch Oscar Banegas SVP, Investment Sales Director Director Senior Associate Senior Associate 954.671.1821 786.245.0499 954.660.9815 954.312.1677 305.776.7210 [email protected] [email protected] [email protected] [email protected] [email protected]
AJ Stanford Michael Dolgos Brett Witten Travis Jones Ryan Wold Senior Associate Senior Associate Senior Associate Associate Associate 954.660.9813 954.640.1100 X 0523 954.660.9800 954.312.1676 732.320.7822 [email protected] [email protected] [email protected] [email protected] [email protected]
NORTH FLORIDA / CENTRAL / WEST QUESTIONS? Contact Your Agent Today! Darron Kattan Robert Goldfinger Kevin Kelleher Managing Director Managing Director Senior Director 813.658.3355 813.658.3353 813.658.3358 [email protected] [email protected] [email protected]
Zachary Ames Avery Jordan Mark Savarese Senior Director Senior Associate Associate 813.288.6676 813.577.3826 813.577.3837 [email protected] [email protected] [email protected] CAPITAL INVESTMENT INSURANCE ADVISORS SALES SERVICES
GEORGIA
LANDLORD TAILORED TENANT Jake Reid Chad Defoor Dan Phelan TO OUR REPRESENTATION CLIENT NEEDS REPRESENTATION Senior Director Senior Director Senior Director 404.832.1255 404.649.6279 404.832.8895 [email protected] [email protected] [email protected]
Royce Baptist Alex Croy PROPERTY PROJECT FACILITIES Senior Associate Associate MANAGEMENT MANAGEMENT MANAGEMENT 404.478.2379 404.649.6270 [email protected] [email protected]
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