the riverside resort for sale! seller ......grimaldi commercial realty corp • 115 w bearss ave •...

CONFIDENTIAL OFFERING MEMORANDUM • APRIL 27, 2020

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

3233 E Yukon St, Tampa, FL 33604

THE RIVERSIDE RESORT FOR SALE! SELLER FINANCING AVAILABLE!

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


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


MULTIFAMILY PROPERTY FOR SALE

2

presented by:

PROPERTY INFORMATION 3

FINANCIAL ANALYSIS 7

LOCATION INFORMATION 12

ADVISOR BIOS 17

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: $875,000

CAP RATE (2020): 8.5%

Cash-On-cash Return (2020): 11.4%

Cap Rate (2024): 11%

Cash-On-Cash Return (2024): 16%+

Year Built: 1986

Building Size: 3,000 SF M.O.L

Renovated: 2020

Zoning: RS-60

Market: TAMPA

PROPERTY OVERVIEWTHE RIVERSIDE RESORT IS 5,300 (M.O.L) SQUARE FEET OF PARADISE WITH OVER7 PRIVATE BEDROOMS, CONSISTING OF 8 TOTAL BEDS AND 4.5 BATHROOMS!THIS FOUR-STORY, CONCRETE BLOCK MANSION SITS ON THE WIDEST SECTIONOF THE HILLSBOROUGH RIVER IN TAMPA, FL! THE RESORT HAS BEEN UPDATEDWITH ONLY THE FINEST FINISHES AND UPGRADES THROUGHOUT AND IS INFANTASTIC CONDITION. THE PROPERTY CURRENTLY HAS A BRAND NEW 5-YEAR(NNN) LEASE IN-PLACE WITH RENTAL INCREASES EACH YEAR. THE LEASE,WHICH COMMENCED IN EARLY 2020 WILL PAY THE OWNER $7,000 PER MONTHINITIALLY AND ONLY INCREASE OVERTIME!

CURRENTLY, THE PROPERTY BOASTS AN IN-PLACE CAP RATE OF OVER 8.5%AND A CASH-ON-CASH RETURN OF OVER 11.4%. THIS ONLY GETS BETTER ASTHE SELLER IS OFFERING GENEROUS SELLER FINANCING TERMS ON THISAMAZING PROPERTY! USING THESE TERMS A BUYER CAN EASILY OBTAIN A CAPRATE OF OVER 9% AND A CASH-ON-CASH RETURN OF OVER 13% BY 2022! THETENANT HAS INVESTED OVER $150,000 OF THEIR OWN PERSONAL FUNDSRENOVATING AND UPGRADING THIS AMAZING RIVERFRONT RESORT!

THIS ONE-OF-A-KIND OPPORTUNITY IS PERFECT FOR AN INVESTOR LOOKINGFOR CONSISTENT MONTHLY INCOME IN BEAUTIFUL TAMPA, FL. WITH ALONG-TERM LEASE IN-PLACE, WHICH WILL PAY THE OWNER A MINIMUM OF$84,000 ANNUALLY, A BUYER CAN COLLECT MONTHLY RENT FOR THE NEXT5-YEARS WITHOUT LIFTING A FINGER! THE CURRENT TENANT IS RESPONSIBLEFOR ALL REPAIRS AND MAINTENANCE AT THE PROPERTY AS WELL AS ANYOTHER EXPENSES INCURRED AT THE RESORT, EXCEPT FOR PROPERTY TAXESAND PROPERTY INSURANCE, THROUGHOUT THE ENTIRE TERM OF THE LEASE!



EXECUTIVE SUMMARY




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SELLER FINANCING APPROXIMATE TERMS:

DOWN PAYMENT: $400,000-$450,000!

FIXED INTEREST RATE: 4.0%

INTEREST ONLY PAYMENTS, OR

AN AMORTIZATION OF 30-YEARS

BALLOON LENGTH: 5- YEARS

MONTHLY DEBT SERVICE AS LOW AS: $2,148

THE BEST PART OF THIS SALE IS THAT THE SELLER ISWILLING TO PROVIDE SELLER FINANCING ATAMAZING TERMS. CURRENTLY, THE SELLER ISOFFERING THE FOLLOWING SELLER FINANCINGTERMS: $400,00-$450,000 DOWN PAYMENT, 4.0%FIXED INTEREST RATE AMORTIZED OVER 30-YEARS,OR INTEREST ONLY WITH A 5-YEAR BALLOON.THESE TERMS ALONG WITH THE RENTALINCREASES AVAILABLE TO THE BUYER WILL EASILYPRODUCE A CASH-ON-CASH RETURN OFAPPROXIMATELY 13% BY THE END OF 2022!

THESE TERMS ARE FAR BETTER THAN ANYTHING ABANK CAN CURRENTLY OFFER AS A PROPERTY LIKETHIS WOULD REQUIRE CLOSE TO APPROXIMATELY30% DOWN AND WOULD ONLY OFFER ANAMORTIZATION OF APPROXIMATELY 20-25 YEARS,AT BEST, WITH NO INTEREST-ONLY OPTIONAVAILABLE!

THE BUYER'S MONTHLY SAVINGS FROM USING THEINTEREST-ONLY OPTION ARE IMMENSE. THESETERMS ARE FAR SUPERIOR THAN ANYCONVENTIONAL FINANCING AVAILABLE IN TODAY'SMARKET!



SELLER FINANCING AVAILABLE!




6

PROPERTY DESCRIPTIONSTARTING IN 2020 THE CURRENT TENANT WILL PAY THE NEWOWNER $7,000 PER MONTH AND THIS WILL INCREASE TO$7,500 PER MONTH STARTING IN 2021. EACH YEAR THE RENTALRATE WILL INCREASE BY $500, WHICH IS ALREADY BUILT INTOTHE CURRENT LEASE, GIVING THE BUYER MASSIVE UPSIDE TOINCREASE THEIR NOI OVER TIME. THIS AMAZING INVESTMENTOPPORTUNITY CURRENTLY BOASTS A CAP RATE OF OVER 8.5%AND A CASH-ON-CASH RETURN OF OVER 11.4%. WITH THEINCREASES ALREADY BUILT INTO THE BRAND NEW LEASE, ABUYER CAN EASILY OBTAIN A CAP RATE OF OVER 9% AND ACASH-ON-CASH RETURN OF OVER 13% BEFORE THE END OF2022!

THIS BREATHTAKING 4-STORY RIVERFRONT RESORT IS LOCATEDON THE WIDEST SECTION OF THE HILLSBOROUGH RIVER, INTAMPA, FL! THE PROPERTY CONSISTS OF ALL THE FINESTFINISHES AND UPGRADES THROUGHOUT EACH OF THE FOURLEVELS!

THE 1ST LEVEL CONSISTS OF 2 LARGE BEDROOMS AS WELL AS AFULLY UPDATED LIVING AREA FOR GUESTS TO RELAX ANDENJOY THE ONE-OF-A-KIND VIEW!

THE 2ND-LEVEL OF THE RESORT CONSISTS OF A BRAND-NEWFULL KITCHEN, FORMAL DINING AREA, FAMILY & LIVING ROOMWITH BRAND NEW FURNITURE IN EVERY ROOM, AS WELL AS ABRAND NEW SCREED-IN PORCH!

THE 3RD-LEVEL FEATURES FOUR IMMACULATE BEDROOMS,AND AN OPEN-AIR DECK OVERLOOKING THE HILLSBOROUGHRIVER!

THE FORTH-LEVEL IS THE PENTHOUSE MASTER SUITE WITHANOTHER INCREDIBLE 3-SIDED OPEN-AIR DECK! DIRECTLYUNDER THE MASTER SUITE IS A 2 CAR GARAGE AND AWORKSHOP AREA THAT CAN BE USED FOR STORAGE ORENTERTAINING GUESTS!

ALL FIXTURES AND ITEMS WITHIN THE PROPERTY WILL BETRANSFERRED TO THE BUYER AT CLOSING. THE PROPERTY ALSOCOMES WITH A CUSTOM DESIGNED CONTAINER POOL WITH AWATER SLIDE AND A 28-FOOT PIRATE SHIP FOR GUESTS TO USEON THE WATER ALL FREE OF CHARGE!

THIS 4-LEVEL RESORT IS COMPLETELY REHABED AND HAS ALLOF THE FINEST FINISHES, SUCH AS ALLL NEW BATHROOMS, ACUSTOM WOOD KITCHEN, UPDATED HVAC SYSTEMS,FLOORING, INTERIOR PAINT, PRIVATE PIRATE SHIP (BOAT),CUSTOM POOL WITH GLASS WINDOW, AND MANY OTHERUPGRADES! THE OWNER INVESTED OVER $40,000 IN NEWFURNITURE INSIDE THE HOUSE AS WELL! ALL UPGRADESINCLUDING THE NEW FURNITURE AND FIXTURES WILL CONVEYTO THE BUYER AT CLOSING. THE OWNER PUT OVER $150,000INTO THE PROPERTY, MAKING THIS ONE OF PREMIERWATERFRONT RESORTS IN THE TAMPA BAY AREA!



PROPERTY DESCRIPTION


FINANCIAL ANALYSIS


SECTION 2 • FINANCIAL ANALYSIS

8



RENT ROLL*




9



INCOME STATEMENT*




10

SALE HIGHLIGHTS• FOUR-STORY RIVERFRONT RESORT LOCATED

DIRECTLY ON THE HILLSBOROUGH RIVER!

• NEW 5-YEAR LEASE IN-PLACE, WITH RENTAL

INCREASES OF $500 PER YEAR BUILT IN!

• AMAZING SELLER FINANCING TERMS ARE

AVAILABLE!

• $400,000-$450,000 DOWN!

• 4.0% FIXED IR!

• INTEREST ONLY PAYMENTS!

• 5-YEAR BALLOON!

• IN-PLACE CAP RATE OF OVER 8.5%!

• IN-PLACE CASH-ON-CASH RETURN OF OVER

11.4%!

• MASSIVE UPSIDE FOR THE BUYER AS THEY

CAN OBTAIN A CASH-ON-CASH RETURN OF

OVER 13% BY 2022!

• THE RESORT HAS BEEN FULLY UPGRADED AS

THE OWNER HAS SPENT OVER $150,000!

• ALL FURNITURE AND FIXTURES WILL

TRANSFER OVER TO THE BUYER AT CLOSING!



COMPLETE HIGHLIGHTS




11



ADDITIONAL PHOTOS


LOCATION INFORMATION


SECTION 3 • LOCATION INFORMATION

13

Tampa, FL



REGIONAL MAP




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LOCATION MAPS




15



AERIAL MAPS




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POPULATION 1 MILE 3 MILES 5 MILES

Total Population 6,769 43,353 125,164

Average age 36.3 36.4 38.6

Average age (Male) 36.2 35.7 38.0

Average age (Female) 36.5 36.9 39.1

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 2,684 16,801 49,675

# of persons per HH 2.5 2.6 2.5

Average HH income $105,895 $90,895 $79,193

Average house value $399,541 $349,522 $291,748

* Demographic data derived from 2010 US Census



DEMOGRAPHICS MAP & REPORT


ADVISOR BIOS


SECTION 4 • ADVISOR BIOS

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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

19

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, Kari 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


the riverside resort for sale! seller ......grimaldi commercial realty corp • 115 w bearss ave •...

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