price: $2,340,000 12 rented homes in boynton beach, fl 33435 · 2017. 10. 6. · 1601 forum place,...

12 Rented Homes in Boynton Beach, FL 33435

Price: $2,340,000

Exclusively Presented by:

Director | Multi-Housing Group

305 509 8336

[email protected]

NAI/Merin Hunter Codman, Inc. (“Broker”) has been

retained by owner (“Owner”) in West Palm Beach, Florida

(“Property”) as the exclusive broker for this opportunity.

This Offering Memorandum has been prepared by Broker

for use by the principal (“Principal”) to whom Broker has

provided this Offering Memorandum. The use of this

Offering Memorandum and the information provided herein

is subject to the terms, provisions and limitations of the

Confidentiality Agreement furnished by Broker and

executed by Principal prior to delivery of this Offering

Memorandum. Although the information contained herein

is based upon sources believed to be reasonably reliable,

Owner and Broker, on their own behalf, and on behalf of

their respective officers, employees, shareholders,

partners, directors, members and affiliates, disclaim any

responsibility or liability for inaccuracies, representations

and warranties (expressed or implied) contained in, or

omitted from, the Offering Memorandum or any other

written or oral communication or information transmitted or

made available to the recipient of this Offering

Memorandum. In amplification of and without limiting the

foregoing, summaries contained herein of any legal or

other documents are not intended to be comprehensive

statements of the terms of such documents but rather only

outlines of some of the principal provisions contained

therein, and no representations or warranties are made as

to the completeness and/or accuracy of the projections

contained herein. Prospective purchasers of the Property

should make their own investigations and conclusions

without reliance upon this Offering Memorandum, the

information contained herein or any other written or oral

communication or information transmitted or made

available. Additional information and an opportunity to

inspect the Property will be made available upon written

request by interested and qualified prospective

purchasers.

1601 Forum Place, Suite 200, West Palm Beach, FL 33401 561 471 8000 |

Owner expressly reserves the right, exercisable in

Owner’s sole and absolute discretion, to withdraw the

Property from being marketed for sale at any time and

for any reason. Owner and Broker each expressly

reserves the right, exercisable in their sole and absolute

discretion, to reject any and all expressions of interest or

offers regarding the Property and/or to terminate

discussions with any entity at any time with or without

notice. Broker is not authorized to make any

representations or agreements on behalf of Owner.

Owner shall not have any legal commitment or obligation

to any entity reviewing this Offering Memorandum or

making an offer to purchase the Property unless and

until a written agreement for the purchase and sale of

the Property has been fully executed, delivered and

approved by Owner and the other party thereto and any

conditions to Owner’s obligations hereunder have been

satisfied or waived. If you have no interest in the

Property at this time, return this Offering Memorandum

immediately to:

NAI/Merin Hunter Codman is pleased to present you the Single Family Home Portfolio in

Boynton Beach, Florida. The portfolio is comprised of 12 rented homes in Boynton

Beach, between Hypoluxo Road and Boynton Beach Boulevard, east of I-95 and west

of US-1.

This opportunity provides an astute investor with the unique ability to acquire a portfolio

with income producing properties that are 100% occupied with a very strong cash flow

from subsidized tenants.

The portfolio is located in one of the fastest growing and most stable rental

communities in Palm Beach County. The property is located within the Boynton Beach

submarket, which is experiencing sustained rent growth, record occupancy levels, and

positive net absorption. The Boynton Beach submarket along with Delray Beach have

the strongest market fundamentals with solid household formation growth and vacancy

rates well below four percent.

The Boynton Beach Portfolio is in a strategic location with the opportunity to add value

by increasing cash flow or reselling units to individual owner/users. Rental income at the

subject properties are below market and are State guaranteed. This offering is

aggressively priced in order to select the right buyer with the best terms and price.



12

$2,340,000

3196 N Seacrest Boulevard 08-43-45-09-13-013-0260 0.19 1,206

55 S Palm Drive 08-43-45-09-12-010-0130 0.13 1,047

410 Miner Road 08-43-45-16-01-018-0040 0.14 1,564

2731 NW 2nd Street 08-43-45-16-01-021-0190 0.19 1,476

410 NE 26th Avenue 08-43-45-15-07-004-0120 0.18 1,791

2301 NW 1st Street 08-43-45-16-01-022-0350 0.17 1,528

226 E Gateway Boulevard 08-43-45-15-07-025-0090 0.18 1,186

1851 NE 2nd Lane 08-43-45-16-01-032-0210 0.16 1,179

100 NE 17th Court 08-43-45-16-01-033-0140 0.23 1,676

1622 NE 4th Court 08-43-45-21-01-010-0051 0.17 1,127

1411 NW 3rd Street 08-43-45-16-01-042-0250 0.16 1,219

116 NW 6th Avenue 08-43-45-21-07-002-1020 0.24 1,236



100% fee simple interest in 12 homes located in Boynton Beach

Portfolio.

Interested parties are encouraged to contact our team to schedule a

property tour.

• Great value

• Guaranteed income

• Great unit mix of 3-5 bedroom houses

• Easy access to I-95, US-1 and A1A

• Rapidly growing neighborhood

• Close proximity to area schools,

hospitals and parks

• Minutes from Boynton Beach Mall and

Boynton Town Center



$2,340,000

12

Shingled

Central AC

Smoke Detectors

Ample

Water & Electric are individually metered

Tenant responsibility



Landlord responsibility

Landlord responsibility



3

2

1,206



2016 Rent: $1,425

2017 Rent: $1,575

3

2

1,047



2016 Rent: $1,450

2017 Rent: $1,550

4

2

1,564



2016 Rent: $1,550

2017 Rent: $1,850

4

2

1,476



2016 Rent: $1,600

2017 Rent: $1,900

5

2

1,791



2016 Rent: $1,730

2017 Rent: $2,100

4

2

1,528



2016 Rent: $1,875

2017 Rent: $1,875

4

2

1,186



2016 Rent: $1,300

2017 Rent: $1,550

4

2

1,179



2016 Rent: $1,800

2017 Rent: $1,890

4

2

1,676



2016 Rent: $1,800

2017 Rent: $1,890

3

2

1,127



2016 Rent: $1,470

2017 Rent: $1,600

3

2

1,219



2016 Rent: $1,450

2017 Rent: $1,600

4

2

1,236



2016 Rent: $1,900

2017 Rent: $1,900

• Units are rented at market rate

• Economic vacancy of 5%

• Real estate taxes are based on the current price

• 5% management fee

• $500/unit in reserves are non-cash expenditures for replacements

• Loan assumptions: 80% LTV, 10 year term, 30 ARM., 4.25% interest

• 5 year holding period – reversion in year 6





PROPERTY

ADDRESSTAX FOLIO # LOT SQ FT 2017 RENT 2016 RENT Unit Mix

3196 N Seacrest Blvd 08-43-45-09-13-013-0260 0.19 1,206 $1,575 $1,425 3BR/2BH

55 S Palm Drive 08-43-45-09-12-010-0130 0.13 1,047 $1,550 $1,450 3BR/2BH

410 Miner Road 08-43-45-16-01-018-0040 0.14 1,564 $1,850 $1,550 4BR/2BH

2731 NW 2nd Street 08-43-45-16-01-021-0190 0.19 1,476 $1,900 $1,600 4BR/2BH

410 NE 26th Avenue 08-43-45-15-07-004-0120 0.18 1,791 $2,100 $1,730 5BR/2BH

2301 NW 1st Street 08-43-45-16-01-022-0350 0.17 1,528 $1,875 $1,875 4BR/2BH

226 E Gateway Blvd 08-43-45-15-07-025-0090 0.18 1,186 $1,550 $1,300 4BR/2BH

1851 NE 2nd Lane 08-43-45-16-01-032-0210 0.16 1,179 $1,890 $1,800 4BR/2BH

100 NE 17th Court 08-43-45-16-01-033-0140 0.23 1,676 $1,890 $1,800 4BR/2BH

1622 NE 4th Court 08-43-45-21-01-010-0051 0.17 1,127 $1,600 $1,470 3BR/2BH

1411 NW 3rd Street 08-43-45-16-01-042-0250 0.16 1,219 $1,600 $1,450 3BR/2BH

116 NW 6th Avenue 08-43-45-21-07-002-1020 0.24 1,236 $1,900 $1,900 4BR/2BH

Total 2.14 16,235 $21,280 $19,350

Gross Rent $255,360 $232,200 100%

Expenses $114,912 $104,490 45%

NOI $140,448 $127,710 55%

Cap Rate 6.00% 6.25%

Total Value $2,340,800 $2,043,360

Value/Home $195,067 $170,280.00

Value/SQ FT $144 $126

Palm Beach County is the northernmost county of the South Florida

Tri-County area and, at more than 2,000 square miles, is the largest of

Florida’s 67 counties. Stretching from Jupiter in the north to Boca

Raton in the south, Palm Beach County is renowned for its beaches

and is also known as Florida’s “Gold Coast.” With its beautiful

landscapes, stunning ocean vistas, and flourishing foliage, Palm Beach

County has often been touted as the playground for the rich and

famous. However, diverse housing options appeal to a variety of

lifestyles.

Population growth is one of Palm Beach County’s fundamental

economic advantages. From 1980 to 1990, Palm Beach was the third

fastest growing county in the United States among metropolitan

statistical areas (MSAs) with a population growth of nearly 500,000

people, representing an impressive 49.7% increase. Although the

unusually rapid growth rate has slowed somewhat, the county still

registered a 31% growth rate from 1990 to 2000 and 14.6% from 2000

to 2010 to its current population of just over 1.3 million. South Florida’s

sub-tropical climate, high quality of life, cultural and outdoor activities,

solid transportation infrastructure, and multitude of job opportunities

are among the reasons for this staggering growth rate.

Palm Beach County’s quality of life has enticed many local and national

businesses to relocate offices or open branches in the area. Thirty-

seven municipalities and unincorporated areas offer the best

attractions, resorts, festivals, natural preserves, world-class shopping,

cultural venues and sporting activates. The area offers more than

2,000+ restaurants that visitors and residents alike enjoy. For

residents, Palm Beach County’s natural assets and year round

amenities contribute to a lifestyle that balances work, recreation and

relaxation in an exquisite tropical setting.

In the 1990s and into the 21st

Century, Palm Beach County has

enjoyed rapid economic growth. A

growing, affluent population,

sophisticated corporate culture, high

quality of life, favorable tax structure,

state-of-the-art transportation

network and a highly skilled

workforce are among the county’s

primary business attractions. Palm

Beach County’s diversified

manufacturing base ranges from

fast-growing software companies to

aerospace engineering firms.

According to Next Avenue, West

Palm Beach in the “no. 1 hot spot

for entrepreneurs” based on a study

by Harvard University economics

professor Edward L. Glaeser and

William R. Kerr, an associate

professor at Harvard Business

School. The article sites the influx of

educated retirees, mostly from the

Northeast, as one reason the area

has become a hub for self-

employment.

Palm Beach County’s skilled labor

force is well trained in many high-

growth technology areas, including

internet and telecommunications

services. More than 45% of the

county’s population is in the prime

employment age bracket of 18-54

years old. The region’s job growth is

expected to exceed statewide

averages over the next several years

thanks to the region’s vibrant

industries, such as tourism,

international trade, construction,

retail, and business services.


Boynton Beach, the third largest city in Palm Beach County, isnestled between the town of Lantana and the city of DelrayBeach. It’s bordered by Hypoluxo Road south to GulfstreamBoulevard, and Military Trail east to the Intracoastal.

Boynton Beach is easily accessible with 3 major exits on I-95, 1exit off of the Florida Turnpike, and the downtown/Marina districtis just 1/8 mile from I-95.

Visitors and residents enjoy a multitude of city sponsoredactivities in addition to a full calendar of free events includingoutdoor movie showings, a local musician concert series, annualholiday celebrations and more. The city’s Park and Recreationdepartment offers a variety of services including sports, art,music, and dance programs for children, teens and adults, aswell as afterschool and summer/holiday break camps.

The City of Boynton Beach is also addressing the biggestchallenges of this century: sustainability, energy and climatechange. The pursuit of sustainability has governed the directionof the City since 2008, when the City Commission involvedemployees, citizens and local businesses in creating policies andprograms to promote sustainability including a Green BuildingProgram and Climate Action Plan.

Port of Palm Beach

Palm Tran Transit System

Amtrak and Tri-Rail Train Station

Palm Beach County Park Airport

Palm Beach International Airport

Easy Access to Interstate 95

Easy Access to Florida Turnpike

Bethesda Hospital West

Bethesda Hospital East

JFK Medical Center

MD Now Urgent Care

Jacob’s Park

Barrier Free Park

Mangrove Park

Boynton Beach Mall

Boynton Harbor Marina

Boynton Beach Art District

Ocean Inlet Park

Boynton Beach Intracoastal

Palm Beach Yacht Center

Boynton Beach Mall

Boynton Town Center

Downtown Boynton Beach

Aberdeen Golf & Country Club

Westchester Country Club

Hunters Run Golf & Racquet Club

Schoolhouse Children’s Museum

Galaxy Elementary School

Poinciana Elementary School

Bright Horizons at Boynton Beach

Rolling Green Elementary School

Daystar Academy of Excellence

Boynton Beach Elementary School

Boynton Beach Community High School

La Petite Academy of Boynton Beach

Quantum Beach High School

Chancellor Charter School

SouthTech Preparatory



Boynton Beach Marina

Aberdeen

Jacob’s Park Bethesda Hospital West

Boynton Beach Intracoastal

Boynton Harbor Marina

The City is embarking on determining the space needs for a new City Hall and the potential use for the OldHigh School. The Treasure Coast Regional Planning Council helped to develop a concept for redevelopment.The Town Square project encompasses 18 City-owned acres and is key in the redevelopment of downtownBoynton Beach. Some ideas for the area included a new City Hall, a renovated Old High School with civic uses,making the Library accessible to pedestrians and using the current City Hall site for a new mixed-useddevelopment.


LeCesse Development Corp starts construction on new Class-A mixed-use apartment community in BoyntonBeach, FL. 500 Ocean will include 341 luxury multifamily rental units and approximately 20,000 square feet ofcommercial space, conveniently located on the corner of Federal Highway (U.S. Hwy. 1) and E. Ocean Avenue,just off the Intracoastal Waterway and the Atlantic Ocean.

Upgrades planned by the city would be tailored for each downtown district. The Cultural District would havecurbless streets to host festivals, and the Federal Highway district would have more lighting to help deter crimefrom residential housing projects.

The plan, which is expected to be finalized in August, calls for major street improvements. City officials say thatthe new plan will help people see what Boynton Beach has to offer.

According to the plan, city officials envision:

• an Industrial Craft district, west of I-95 to Industrial Avenue;

• a Boynton Beach Boulevard District along the city's main east/west thoroughfare;

• a Downtown District, which would be the center of the city's activity;

• a Cultural District to house the city's events;

• a Federal District along north and south Federal Highway

• and the Heart of Boynton District, bordered by Boynton Beach Boulevard, the C. Stanley Weaver Canal, I-95and Railroad Avenue.

The new plan may open the door for taller buildings downtown. Taller buildings would allow more people to liveand work in the city and help downtown's economy grow. According to the plan, some proposed districts, suchas the Downtown District, could see buildings of up to 150 feet.

Sources: Boynton Beach CRA, Sun-Sentinel (Attiya Anthony)

We start by listening more than we

talk, and then proceed to develop

the best plan of action for your

circumstances. Our advisory and

planning process provides a wider

scope of vision for your overall

strategy and presents valuable

options aligned with your goals. The

company is recognized for its

strategic advisory and investment

sales expertise, which is

complimented by our firm’s

expertise at proper price positioning

in the current market.

NAI Merin Hunter Codman has

more than 30 years experience in

the analysis and valuation of income

properties. Our Broker Opinion of

Value (BOV) contains detailed

subject property analysis,

comparable sales analysis, market

information and an estimate of

current market value. Similar to an

appraisal, the BOV helps our clients

understand their properties’

positioning in today’s market,

allowing them to make informed

decisions. Shouldn’t you know what your property is worth?

The key executives and sales team

at NAI Merin Hunter Codman have

in-depth knowledge of each market

and sub-market in which we deal,

allowing us to advise on strategic

purchases and sales in an

expedited manner.

Such market insight also gives us

maximum impact when determining

strategies for enhancing a

property’s value and maximizing

sales potential.

Principals of NAI Merin Hunter

Codman have been involved

in financing in excess of $2

billion of commercial property.

We have relationships with a

variety of multifamily lenders

including banks, agency

lenders, Wall Street conduit

lenders and specialty finance

companies that can offer our

clients a wide variety of

structures ranging from low

leverage non-recourse

financing to high leverage

structured finance deals.

NAI Merin Hunter Codman

offers comprehensive

property management

services for multifamily

owners who desire to

outsource such functions,

ensuring that day-to-day

operations are smooth and

seamless. NAI Merin Hunter

Codman’s experienced

professionals are prepared to

respond to the most unique

challenges with personalized

service, always protecting the

owner’s interests and never

losing sight of the crux of

property management – well

maintained properties and

fully collected rents.

The firm advises on a wide

variety of issues from

overseeing capital

improvements to strategic

lease-up programs designed

with the long-term objective of

creating maximum income to

attract buyers.


Purchase offers should be submitted in the form of a nonbinding Letter of Intent orcontract that includes the following:

Asset Pricing

Due Diligence Period

Closing Time Frames

Earnest Money Deposits

Description of Debt and Equity Structure

All Contingencies to Closing, Not Limited to Financing Contingencies

Documentation Demonstrating Buyer’s Capability to Close the Transaction

Purchase offer should be communicated to:

Director | Multi Housing Group

tel +1 561 471 8000

cell +1 305 509 8336

fax +1 561 640 7855

[email protected]

NAI/Merin Hunter Codman

1601 Forum Place Suite 200

West Palm Beach, FL 33401

+1 561 471 8000

www.mhcreal.com

price: $2,340,000 12 rented homes in boynton beach, fl 33435 · 2017. 10. 6. · 1601 forum place,...

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