single-family portfolio for sale 14% cash-on-cash …...confidential offering memorandum • january...

CONFIDENTIAL OFFERING MEMORANDUM • JANUARY 10, 2019

Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL 33613 • 813.882.0884grimaldicommercialrealty.com

SINGLE FAMILY HOME PORTFOLIO (SELLER FINANCING AVAILABLE)!, SAINT PETERSBURG, FL 33760

SINGLE-FAMILY HOME PORTFOLIO FOR SALE IN ST. PETERSBURG AND CLEARWATER FL! SELLER FINANCING!

David Rosenthal Kari L. Grimaldi/ Broker813.882.0884 [email protected] [email protected]

SINGLE-FAMILY PORTFOLIO FOR SALE 14% CASH-ON-CASH RETURN!

https://www.grimaldicommercialrealty.com/index.php


SINGLE-FAMILY PORTFOLIO FOR SALE PROPERTY FOR SALE

2

presented by:

PROPERTY INFORMATION 3

FINANCIAL ANALYSIS 8

LOCATION INFORMATION 15

ADVISOR BIOS 24

AssociateO: 813.882.0884C: 813.245.7333E: [email protected]

David Rosenthal

President/ BrokerO: 813.882.0884C: 813.376.3386E: [email protected]

Kari L. Grimaldi/ Broker

The information contained in the following offering memorandum is proprietary and strictlyconfidential. It is intended to be reviewed only by the party receiving it from GrimaldiCommercial Realty and it should not be made available to any other person or entity withoutthe written consent of Grimaldi Commercial Realty.

By taking possession of and reviewing the information contained herein the recipient agrees tohold and treat all such information in the strictest confidence.

The recipient further agrees that recipient will not photocopy or duplicate any part of theoffering memorandum. If you have no interest in the subject property, please promptly returnthis offering memorandum to Grimaldi Commercial Realty.

This offering memorandum has been prepared to provide summary, unverified financial andphysical information to prospective purchasers, and to establish only a preliminary level ofinterest in the subject property.

The information contained herein is not a substitute for a thorough due diligenceinvestigation.

Grimaldi Commercial Realty has not made any investigation, and makes no warranty orrepresentation with respect to the income or expenses for the subject property, the futureprojected financial performance of the property, the size and square footage of the propertyand improvements, the presence of absence of contaminating substances, PCBs or asbestos,the compliance with local, state and federal regulations, the physical condition of theimprovements thereon, or financial condition or business prospects of any tenant, or anytenant’s plans or intentions to continue its occupancy of the subject property.

The information contained in this offering memorandum has been obtained from sources webelieve reliable; however, Grimaldi Commercial Realty has not verified, and will not verify, anyof the information contained herein, nor has Grimaldi Commercial Realty conducted anyinvestigation regarding these matters and makes no warranty or representation whatsoeverregarding the accuracy or completeness of the information provided.

All potential buyers must take appropriate measures to verify all of the information set forthherein.

Prospective buyers shall be responsible for their costs and expenses of investigating thesubject property.

CONTENTS CONFIDENTIALITY & DISCLAIMER



TABLE OF CONTENTS


PROPERTY INFORMATION


SECTION 1 • PROPERTY INFORMATION

4

OFFERING SUMMARY

Sale Price: $950,000

Number Of Units: 6

Cash-on-Cash Return 14.34%

Cap Rate 8.4%

Year Built: 1950

Building Size: 12,934 SF

Renovated: 2018

Zoning: MF

PROPERTY OVERVIEWTHE ST. PETERSBURG PORTFOLIO CONSISTS OF 6 GORGEOUS SINGLE-FAMILY HOMES, LOCATED IN AMAZING LOCATIONS ACROSS ST.PETERSBURG AND CLEARWATER, FL. THESE IMMACULATE HOMES AREALL RECENTLY REDONE AND IN FANTASTIC CONDITION. EACH HOME ISOVER 980 S/F WITH AT LEAST 3- BEDROOMS! THIS PORTFOLIO IS 100%OCCUPIED ON YEARLY LEASES AT BELOW MARKET RENTAL RATES,MAKING THIS A FANTASTIC INVESTMENT OPPORTUNITY.

THE ST. PETERSBURG PORTFOLIO IS AN AMAZING OPPORTUNITY FOR ANINVESTOR TO ACQUIRE 6 INCREDIBLE SINGLE-FAMILY HOMES INAMAZING LOCATIONS. WHILE EACH UNIT IS CURRENTLY OCCUPIED, THERENTAL RATES AT EACH PROPERTY ARE BELOW THE AVERAGE MARKETRATE IN THE AREA. THIS GIVES THE BUYER THE ABILITY TO ACQUIRE THISPORTFOLIO WITH FANTASTIC LOCKED-IN INCOME, THAT WILL ONLY RISEAS THE RENTAL RATES ARE INCREASED. UPON PURCHASING THISAMAZING PORTFOLIO, A BUYER CAN OBTAIN A CAP RATE OF OVER 8.3%AND A CASH-ON-CASH RETURN OF OVER 14%. WITH THE ABILITY TOINCREASE THE EXTREMELY LOW RENTAL RATES INSTANTLY, THEPORTFOLIO CAN SURPASS A 10% CAP RATE AND A CASH-ON-CASHRETURN OF OVER 17% IN 2020.



EXECUTIVE SUMMARY




5

PROPERTY OVERVIEW

MOST OF THE CURRENT IN-PLACE LEASES WILL BECOMING UP FOR RENEWAL IN THE NEXT 3-6 MONTHS.THIS WILL ALLOW THE BUYER TO RAISE THE RENTALRATES INSTANTLY AND INCREASE THEIR RETURNS INTHE PROCESS. THE CONDITION OF EACH HOME ALONECARRIES A TON OF VALUE AS THE BUYER WILL NOTHAVE TO SPEND MONEY REHABBING THESE HOMES.THIS IS A MAJOR PLUS AS IT WILL LOWER THE BUYER'SOVERALL EXPENSES IMMEDIATELY. THE SELLER HASDONE A FANTASTIC JOB IN UPDATING ANDRENOVATING THESE HOMES! THIS WILL ALSO MAKE ITVERY EASY FOR A BUYER TO SELF-MANAGE THESEUNITS FROM ANYWHERE AND NOT SPEND EXTRAMONEY ON A MANAGEMENT COMPANY!

EVEN BETTER, IS THE FACT THAT THE SELLER ISINTERESTED IN DOING SELLER-FINANCING ON THISPROPERTY. CURRENTLY, THE SELLER IS ASKING FORTHE FOLLOWING APPROXIMATE TERMS:40% DOWN(TO COVER CURRENT DEBT), 24-MONTH BALLOON,4.75% INTEREST-ONLY PAYMENTS AMORTIZED OVER30 YEARS. IT'S IMPOSSIBLE TO FIND TERMS THIS GOODANYWHERE ELSE. WITH THE ABILITY TO OBTAININTEREST-ONLY PAYMENTS, THE MONTHLY DEBTSERVICE WILL BE UNDER ANY RATE A BANK CANPROVIDE. THIS GIVES THE BUYER AN AMAZING 15% +CASH-ON-CASH RETURN IMMEDIATELY. WHEN THERENTAL RATES ARE RAISED TO THE MARKET AVERAGE,THE CASH ON CASH RETURN WILL SKYROCKET EVENHIGHER! EACH SINGLE-FAMILY HOME HAS BEENUPDATED IN THE PAST 2 YEARS. FOR A FULL LIST OFALL RENOVATIONS DONE TO EACH INDIVIDUALPROPERTY, PLEASE SEE PAGE 11 OF THIS OFFERINGMEMORANDUM!



SELLER FINANCING DETAILS!




6

LOCATION OVERVIEW

THIS INCREDIBLE SINGLE-FAMILY HOME PORTFOLIO IS LOCATED IN MULTIPLE LOCATIONS ACROSSBEAUTIFUL ST. PETERSBURG AND CLEARWATER, FL. CLOSE IN PROXIMITY TO WORLD FAMOUSCLEARWATER BEACH, THESE PROPERTIES ARE IN IDEAL LOCATIONS! THE HOMES ARE LOCATED ATTHE FOLLOWING ADDRESSES:

1. 6453 Wayne St N, Saint Petersburg, FL 33702

2. 1148 Howard St, Clearwater, FL 33756

3. 4642 19th Ave S, Saint Petersburg, FL 33711

4. 5763 Crestmont St, Clearwater, FL 33760

5. 8537 Cameo Dr, New Port Richey, FL 34654

6. 3433 Richboro Dr, Holiday, FL 34691

PER THE RECENT COMPS IN THE AREAS, (P.19), IF THESE HOMES WERE LISTED INDIVIDUALLY, THEYWOULD SELL FOR OVER $1,150,000 COMBINED, EVEN FACTORING IN THE INCOME. THIS IS ANAMAZING OPPORTUNITY FOR AN INVESTOR TO ACQUIRE 6 BEAUTIFUL UNDERVALUEDSINGLE-FAMILY HOMES WITH MASSIVE UPSIDE.



PROPERTY DESCRIPTION




7

SALE HIGHLIGHTS

• 6 GORGEOUS, INCOME PRODUCING, SINGLE-FAMILY

HOMES FOR SALE!

• SELLER FINANCING AVAILABLE!

• SELLER FINANCING APPROXIMATE TERMS: 40%

Down, 4.75% IR FIXED, INTEREST ONLY PAYMENTS,

24-MONTH BALLOON.

• CASH-ON-CASH RETURN OF OVER 14%!

• ABILITY TO INCREASE CASH-ON-CASH RETURN TO

OVER 17% BY 2020.

• 100% OCCUPIED!

• MASSIVE SINGLE-FAMILY HOMES WITH AN AVERAGE

OF OVER 3.5 BEDROOMS PER HOME!

• LOW RENTAL RATES IN-PLACE, GIVING THE BUYER

THE ABILITY TO INCREASE THEIR RATE OF RETURN

INSTANTLY!

• PERFECT MIX OF SHORT-TERM AND LONG-TERMLEASES IN-PLACE!

• HOMES BEING SOLD AT A DISCOUNT AS A

PORTFOLIO!

• ALL HOMES HAVE BEEN RECENTLY RENOVATED AND

ARE IN EXCELLENT CONDITION!

• GREAT TENANTS IN-PLACE MAKING THIS PROPERTY

EXTREMELY EASY TO MANAGE!



COMPLETE HIGHLIGHTS


FINANCIAL ANALYSIS


SECTION 2 • FINANCIAL ANALYSIS

9



RENT ROLL




10



INCOME STATEMENT




11



PROPERTY UPDATES AND RENOVATIONS




12



INTERIOR PHOTOS




13



INTERIOR PHOTOS




14



INTERIOR PHOTOS


LOCATION INFORMATION


SECTION 3 • LOCATION INFORMATION

16

SINGLE-FAMILY HOME PORTFOLIOFOR SALE IN ST. PETERSBURG AND

CLEARWATER FL! SELLERFINANCING!



REGIONAL MAP




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LOCATION MAPS




18



AERIAL MAPS




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Subject PropertySINGLE FAMILY HOME PORTFOLIO (SELLER FINANCING AVAILABLE)! | SAINT PETERSBURG, FL 33760

$950,000Sale Price: 1950Year Built:

12,934 SFBuilding SF: $73.45Price PSF:

6No. Units: $158,333Price / Unit:

THE ST. PETERSBURG PORTFOLIO CONSISTS OF 6 GORGEOUS SINGLE- FAMILY HOMES, LOCATED IN AMAZING LOCATIONS ACROSS ST. PETERSBURG AND CLEARWATER FL. THESE IMMACULATE HOMESARE ALL RECENTLY REDONE, AND IN FANTASTIC CONDITION. EACH HOME IS OVER 980 S/F WITH AT LEAST 3 BEDROOMS! THIS PORTFOLIO IS 100% OCCUPIED ON YARLY LEASES AT BELOW MARKETRENTAL RATES, MAKING THIS A FANTASTIC INVESTMENT OPPORTUNITY.

THE ST. PETERSBURG PORTFOLIO IS AN AMAZING OPPORTUNITY FOR AN INVESTOR TO ACQUIRE 6 INCREDIBLE SINGLE-FAMILY HOMES IN AMAZING LOCATIONS. WHILE EACH UNIT IS CURRENTLYOCCUPIED, THE RENTAL RATES AT EACH PROPERTY IS BELOW THE AVERAGE MARKET RATE IN THE AREA. THIS GIVES THE BUYER THE ABILITY TO ACQUIRE THIS PORTFOLIO WITH FANTASTIC LOCKED ININCOME, THAT WILL ONLY RISE AS THE RENTAL RATES ARE INCREASED. UPON PURCHASING THIS AMAZING PORTFOLIO, A BUYER CAN OBTAIN A CAP RATE OF OVER 8.3% AND A CASH-ON-CASH RETURNOF OVER 14% IN 2019. WITH THE ABILITY TO INCREASE THE EXTREMELY LOW RENTAL RATES INSTANTLY, THE PORTFOLIO CAN ECLIPSE A 9% CAP RATE AND A CASH-ON-CASH RETURN OF OVER 17% IN2020.

Additionally, MOST OF THE CURRENT IN-PLACE LEASES WILL BE COMING UP FOR RENEWAL IN THE NEXT 3-6 MONTHS. THIS WILL ALLOW THE BUYER TO RAISE THE RENTAL RATES INSTANTLY ANDINCREASE THEIR RETURNS IN THE PROCESS. THE CONDITION OF EACH HOME ALONE CARRIES A TON OF VALUE AS THE BUYER WILL HAVE LIMITED TO NO COST FOR RENOVATIONS ON THE PROPERTY. THESELLER HAS DONE A FANTASTIC JOB IN UPDATING AND RENOVATING THESE HOMES! THIS WILL MAKE IT VERY EASY FOR A BUYER TO MANAGE THESE UNITS FROM ANYWHERE AND OFFERS THE BUYER THEABILITY TO SELF MANGE THIS ASSET, DECREASING EXPENSES AND INTURN INCREASING THEIR RETURN!

EVEN BETTER, IS THE FACT THAT THE SELLER IS INTERESTED IN DOING SELLER FINANCING ON THIS PROPERTY. CURRENTLY, THE SELLER IS ASKING FOR (APPROX) THE FOLLOWING TERMS: $40% DOWN (TOCOVER CURRENT DEBT), 24 MONTH BALLOON, 4.75% INTEREST ONLY PAYMENTS, AMORTIZED OVER 30 YEARS. ITS IMPOSSIBLE TO FIND TERMS THIS GOOD ANYWHERE ELSE. WITH THE ABILITY FORINTEREST ONLY PAYMENTS THE MONTHLY DEBT SERVICE WILL BE UNDER ANY RATE A BANK CAN PROVIDE. THIS GIVES THE BUYER AN AMAZING CASH-ON-CASH RETURN IMMEDIATELY. WHEN THE RENTALRATES ARE RAISED TO THE MARKET AVERAGE, THE CASH ON CASH RETURN WILL SKYROCKET!

EACH SINGLE-FAMILY HOME HAS BEEN UPDATED IN THE PAST 2 YEARS. FOR A FULL LIST OF ALL RENOVATIONS AT THE PROPERTY PLEASE SEE PAGE 11 OF THIS OFFERING MEMORANDUM!

This property was sold on October 12, 2018, and is located directly next to one of the units in this portfolio. This property was sold with a tenant in place at 6.7% cap rate.

1

6453 Wayne St. N Comp (Property is directly next door to subject property)

6454 Wayne St. N | St. PETERSBURG , FL 33702

$168,000Sale Price: 5,563 AcresLot Size:

1981Year Built: 1,054 SFBuilding SF:

$159.39Price PSF: 1No. Units:

$168,000Price / Unit: 6.70%CAP:

10/18/2018Closed: 100%Occupancy:

$11,256NOI:

1

This property was recently sold and is very close in proximity to the subject property. It was sold at a 5.5% cap rate with a tenant in-place.

2

1658 BETTY LN. CLEARWATER

1658 S. Betty Ln. | Clearwater , FL 33756

$265,000Sale Price: 0.24 AcresLot Size:



$265,000Price / Unit: 5.50%CAP:


$14,575NOI:

2

Recently Sold for $270,000 near the subject property. 4/bedroom- 2/bathroom single family home.

3

1631 Hardwood Dr, Clearwater, FL 33756

1631 Hardwood Dr, | Clearwater, FL 33756

$270,000Sale Price: 9,775 SFLot Size:



$270,000Price / Unit: 6.00%CAP:


$16,200NOI:

3



SALE COMPS




20

Crestmont Comp, This comp is smaller than the subject property and has 1 less bathroom then the subject property. THE PROPERTY SOLD AT A 7% CAP WITH A TENANT IN-PLACE.

4

5763 Crestmont St, Clearwater, FL 33760 COMP

2002 62nd St N | Clearwater, FL 33760




$247,500Price / Unit: 7.00%CAP:


$17,325NOI:

4

This property is similar to subject property, but is smaller and has 1 less bedroom than subject property. This is a 3 bedroom/ 3 bathroom single family home.

5

8537 Cameo Dr, New Port Richey, FL 34654 Comp

9310 Osceola Dr | New Port Richey, FL 34654

$250,000Sale Price: 1.02 AcresLot Size:



$250,000Price / Unit: 7.90%CAP:


$19,750NOI:

5

This is a 3 bedroom 2 bathroom single family home, smaller than the subject property but in a similar location and in similar condition.

6

3433 Richboro Dr, Holiday, FL 34691 Comp

3402 Allandale Dr, | Holiday, FL 34691




$150,000Price / Unit: 6.00%CAP:


$9,000NOI:

6



SALE COMPS




21

1

2

3

4

5

6

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

SINGLE-FAMILY HOMEPORTFOLIO FOR SALE IN ST.PETERSBURG ANDCLEARWATER FL! SELLERFINANCING!SINGLE FAMILY HOMEPORTFOLIO (SELLERFINANCING AVAILABLE)!SAINT PETERSBURG, FL33760

$950,00012,934SF

$73.45 $158,333 - - 6

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

6453 Wayne St. N Comp(Property is directly nextdoor to subject property)6454 Wayne St. NSt. PETERSBURG , FL 33702

$168,000 1,054 SF $159.39 $168,000 6.7% - 110/18/2018

1658 BETTY LN.CLEARWATER1658 S. Betty Ln.Clearwater , FL 33756

$265,000 1,650 SF $160.61 $265,000 5.5% - 110/19/2018

1631 Hardwood Dr,Clearwater, FL 337561631 Hardwood Dr,Clearwater, FL 33756

$270,000 1,764 SF $153.06 $270,000 6.0% - 107/18/2018

5763 Crestmont St,Clearwater, FL 33760 COMP2002 62nd St NClearwater, FL 33760

$247,500 1,491 SF $166.00 $247,500 7.0% - 110/13/2018

8537 Cameo Dr, New PortRichey, FL 34654 Comp9310 Osceola DrNew Port Richey, FL 34654

$250,000 1,803 SF $138.66 $250,000 7.9% - 110/01/2018



SALE COMPS SUMMARY




22

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

3433 Richboro Dr, Holiday,FL 34691 Comp3402 Allandale Dr,Holiday, FL 34691

$150,000 1,464 SF $102.46 $150,000 6.0% - 110/01/2018

PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

Totals/Averages $225,083 1,538 SF $146.35 $225,083 6.52% - 1



SALE COMPS SUMMARY




23

SINGLE FAMILY HOME PORTFOLIO (SELLER FINANCING AVAILABLE)! | SAINT PETERSBURG, FL 33760SUBJECT PROPERTY

1

6454 Wayne St. NSt. PETERSBURG , FL 33702

6453 WAYNE ST. N COMP (PROPERTY ISDIRECTLY NEXT DOOR TO SUBJECTPROPERTY)

21658 S. Betty Ln.Clearwater , FL 33756

1658 BETTY LN. CLEARWATER

3

1631 Hardwood Dr,Clearwater, FL 33756

1631 HARDWOOD DR, CLEARWATER, FL33756

4

2002 62nd St NClearwater, FL 33760

5763 CRESTMONT ST, CLEARWATER, FL 33760COMP

5

9310 Osceola DrNew Port Richey, FL 34654

8537 CAMEO DR, NEW PORT RICHEY, FL34654 COMP

6

3402 Allandale Dr,Holiday, FL 34691

3433 RICHBORO DR, HOLIDAY, FL 34691COMP



SALE COMPS MAP


ADVISOR BIOS


SECTION 4 • ADVISOR BIOS

25

115 W Bearss AveTampa, FL 33613T 813.882.0884C [email protected]

PROFESSIONAL BACKGROUND

David began his career at Ernst & Young, David serving as a Big FourAccountant, focusing on client services and analyzing Financial Statements.Before joining Grimaldi Commercial Realty, David worked with many local RealEstate Investment Trusts, learning the financial side of the Real Estate market.

Experience in the following:Retail Sales & LeasesFinancial PlanningReal Estate Investment TrustsDividend Reinvestment Plans & Dividend Payout RatiosSeller and Investor FinancingContract negotiations and due diligenceInvestment & Financial AnalysisProperty Valuation>

EDUCATION

David graduated from Tulane University in New Orleans, Louisiana, where hereceived a Bachelor's in Finance and a Masters in Accounting.A Tampa native since 1991, David attended Tampa Preparatory High School inDowntown Tampa where he played Soccer, Basketball, and ran Cross Country.When he is not working, David enjoys watching sports, working out and playinggolf.

MEMBERSHIPS & AFFILIATIONS

David is an outgoing individual whose drive and passion are evident in hispersistence to provide outstanding service. His business is built on: Dedication,Communication, Determination, & Trust while embodying the ability to caterand adapt to all of his client's Real Estate needs.

DAVID ROSENTHAL

Associate



ADVISOR BIO & CONTACT 1



SECTION 4 • ADVISOR BIOS

26

115 W Bearss AveTampa, FL 33613T 813.882.0884C [email protected] #BK3076744

PROFESSIONAL BACKGROUND

Kari Grimaldi is a Managing Broker/President of Grimaldi Commercial Realty Corp. andcommercial real estate expert. Kari has quickly climbed the ranks of who’s who inTampa Bay Area Commercial Real Estate to become a Top Producer. Learning & joiningthe family business at an early age, Kari understands the importance of networkingand building relationships, and has accumulated 20+ years of experience and in-depthknowledge to execute and navigate commercial real estate transactions for Sellers,Buyers, and Landlords/Tenants from inception to closing. Kari has an extensive resumewith some of the highlights listed below:

Areas of Expertise:Office and Build to Suit Sales & LeasingMedical Office Sales & LeasingResale & Leasing of Office ParksRetail Sales & LeasingIndustrial Sales & LeasingMulti family InvestmentsSingle NNN National InvestmentsLand & Commercial DevelopmentForeign Investors & Investment SpecialistSeller Finance and Creative Financing1031 & Reverse ExchangesShort Sales & Distressed/Bank-owned assets

As a commercial real estate owner and investor herself, she knows first hand how toguide others through the process, and negotiate and close transactions successfully.Kari has a vast portfolio of closed transactions in all sectors of the commercial market,and is a multi-million dollar sales producer.

EDUCATION

A Florida native, Kari earned her Bachelors at University of Florida in Management andPsychology, and a Masters at University of South Florida. A consummate professional,Kari is continually educating herself on the latest economic and market trends withcontinuing education, seminars and networking.

MEMBERSHIPS & AFFILIATIONS

Member of NAR, FAR, and FGCAR- Association of RealtorsREIC Member- Real Estate Investment CouncilCCIM Candidate- Certified Commercial Investment MemberICSC Member- International Council of Shopping Centers

KARI L. GRIMALDI/ BROKER

President/ Broker



ADVISOR BIO & CONTACT 2


single-family portfolio for sale 14% cash-on-cash …...confidential offering memorandum • january...

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