2 Units l Tampa , Florida 12510 Memorial Highway...There are numerous attractions and demand drivers within 15 - PLQXWHV GU LYH LQFOXGLQJ employment hubs, hospitals, universities,

OFFERING MEMORANDUM

12510 Memorial Highway

2 Units l Tampa, Florida

Thank You For Viewing Pete & Ron's Fun House www.tampavacationhouse.com

CONFIDENTIALITY

01 EXECUTIVE SUMMARY

02 PROPERTY OVERVIEW

03 LOCATION OVERVIEW

04 FINANCIAL OVERVIEW

05 SALE COMPARABLES

06 RENT COMPARABLES

TABLE OF CONTENTS

For More Information Please Contact Direct:

Ronnie Breseman (727) 688-4658 [email protected]

$14,550 Gross Monthly Potential Income

SUNNY VIEW

SUMMARY

EXECUTIVE


INVESTMENT HIGHLIGHTS

Rare 10 Bedroom 7.5 Bath Vacation Rental Estate

on 1.3 Acres

High Demand For Large Group Transient

Accommodations With Very Limited Supply

Successfully Tapped To Multiple Niches From

Corporate Housing to Family Reunions To Leisure

Tourism To Events

Qualified For Residential 30-Year Term Financing

Completely Rehabbed, Fully Furnished and

Decorated

LOCATION HIGHLIGHTS

Centrally Located in the Heart of Tampa Bay Area

Numerous Attractions and Demand Drivers Within

15-40 Minutes Drive, Including Employment Hubs,

Hospitals, Universities, Airports, Convention

Center, Cruise Terminal, MacDill Air Force Base,

Stadiums, Beaches, Parks and Golf Courses

RECOMMENDED

BUSINESS PLAN

Rent Out 2 Bedroom 1 Bath Apartment

Add a pool

Increase Rate to Market Average

EXECUTIVE SUMMARY


FINANCING ASSUMPTIONS 1st Loan

Loan Amount $750,000

Loan Type New

Loan information is subject to change. Contact your M arcus and M illichap Capital Corporation representative.

EXPENSES Current Fiscal Year 1 Fiscal Year 2

Real Estate Taxes $6,405 $14,505 $14,789

Insurance $5,000 $5,000 $5,000

Utilities $1,560 $1,560 $1,560

Contract Services $1,700 $3,500 $3,500

Repairs & Maintenance $3,600 $3,600 $3,600

General & Administrative $800 $800 $800

Marketing & Advertising $8,352 $8,352 $8,352

Management Fee 0.0% $14,400 6.8% $14,418 6.1% $14,477

Other Expenses $7,800 $7,800 $7,800

Reserves & Replacements $3,500 $3,500 $3,500

Total Expenses $53,117 $63,035 $63,379

Expenses/Unit $26,559 $31,517 $31,689

Expenses/SF $8.49 $10.08 $10.13

INCOME Current Fiscal Year 1 Fiscal Year 2

Gross Scheduled Rent $198,912 $237,336 $237,336

Less: Vacancy/Deductions (GPR) 16.1% $32,000 10.0% $23,734 0.0% $0

Total Effective Rental Income $166,912 $213,602 $237,336

Other Income $0 $0 $0

Effective Gross Income $166,912 $213,602 $237,336

Less: Expenses 31.8% $53,117 29.5% $63,035 26.7% $63,379

Net Operating Income $113,795 $150,568 $173,957

Cash Flow $113,795 $150,568 $173,957

Debt Service $49,142 $49,142 $49,142

Net Cash Flow After Debt Service 25.9% $64,653 40.6% $101,425 49.9% $124,815

Principal Reduction $10,769 $10,769 $11,337

Total Return 30.2% $75,422 44.9% $112,194 54.5% $136,152

SUMMARY

Price $1,000,000

Dow n Payment 25% $250,000

Price Per Unit $500,000

Price Per SqFt $159.87

RETURNS Current Fiscal Year 1 Fiscal Year 2

CAP Rate 11.38% 15.06% 17.40%

GRM 5.03 4.21 4.21

Cash-on-Cash 25.86% 40.57% 49.93%

Debt Coverage Ratio 2.32 3.06 3.54

IRR Year IRR Unlevered IRR Levered

5 29.34% 65.63%

7 25.17% 55.27%

10 21.68% 48.48%

EXECUTIVE SUMMARY



Marcus & Millichap ACT ID *ACTID*


SUNNY VIEW

OVERVIEW

PROPERTY



HEATED SQUARE FEET

5,455

YEAR BUILT

1968

BEDROOMS

10

ACRES

1.33

BUILDINGS

1<<1>

STORIES

2

UNITS

2

11.38%

Current

CAP RATES

15.06%

FY1

17.40%

FY2

UNIT MIX

2x1

PROPERTY OVERVIEW


PROPERTY

Street Address: 12510 Memoria l Highway

City: Tampa

State: FL

Zip Code: 33635

Zoning: PD

Parcel Number: U-20-28-17-ZZZ-000000-34510.1

Number of Units: 2

Number of Buildings: 1

Number of Stories: 2

Year Built: 1968

Lot Size (Acres): 1.33

Density (Units per Acre): 1.50

Square Footage: 5,455

Average Unit Size: 2,728

Landscaping: Mature

Topography: Relatively Flat

CONSTRUCTION

Foundation: Slab on Grade

Framing: Concrete Block

Exterior: Brick

Parking Type: Asphalt

Roof: Metal

PROPERTY OVERVIEW




INVESTMENT HIGHLIGHTS

Rare 10 Bedroom 7.5 Bath Vacation Rental Estate on 1.3 Acres

High Demand For Large Group Transient Accommodations With Very Limited

Supply

Successfully Tapped To Multiple Niches From Corporate Housing to Family

Reunions To Leisure Tourism To Events

Qualified For Residential 30-Year Term Financing

Completely Rehabbed, Fully Furnished and Decorated

LOCATION HIGHLIGHTS

Centrally Located in the Heart of Tampa Bay Area

Numerous Attractions and Demand Drivers Within 15-40 Minutes Drive, Including

Employment Hubs, Hospitals, Universities, Airports, Convention Center, Cruise

Terminal, MacDill Air Force Base, Stadiums, Beaches, Parks and Golf Courses

RECOMMENDED BUSINESS PLAN

Rent Out 2 Bedroom 1 Bath Apartment

Add a pool

Increase Rate to Market Average

AMENITIES

On & Off Street Parking

On Site Laundry

Patio / Deck

Large Front And Back Yard

HIGHLIGHTS & BUSINESS PLAN

12510 Memorial HighwayINVESTMENT DESCRIPTION

The subject property is a unique 10 bedroom 7.5 bathroom vacation rental estate on 1.3

acres in the heart of Tampa Bay. Property has been completely renovated, fully furnished and

decorated.

The property consists of two rentable areas. The main floor consists of 8 bedrooms, 6.5

bathrooms, state of the art kitchen, living room, dining room, office, and a patio. The second

floor 2 bedroom 1 bath apartment could be used as an owner suite or an additional space for

a larger group of guests. The outdoor space prime for amenities, including pool, sundeck,

outdoor kitchen and tropical garden.

There are numerous attractions and demand drivers within 15-40 minutes’ drive, including

employment hubs, hospitals, universities, airports, convention center, cruise terminal, MacDill

Air Force Base, stadiums, beaches, parks and golf courses.

Current management successfully tapped into multiple niches from corporate housing to

family reunions to leisure tourism to private parties and events. High occupancy rate

suggests for strong demand for large group transient accommodations and limited

competition in the area.

A new owner may choose to manage the property themselves or to keep the current

management team and make it a passive investment with 11.38% in-place cap rate. With

some strategic improvements to the outdoor space a new owner may expect 17.40% cap

rate within 12-18 months. Assuming the purchase is financed with current available rates and

terms, an investor can expect a cash-on-cash return of 25.86% on current income with the

ability to increase it to 40.57% within the first year of operations.

INVESTMENT DESCRIPTION


12510 Memorial

Highway


12510 Memorial

Highway

12510 Memorial

Highway


23





SUNNY VIEW

OVERVIEW

LOCATION

Tampa Bay Overview / Market Outlook

Tampa Bay refers both to a larger metropolitan area and to the bay that extends inland from the Gulf

of Mexico. The Tampa-St. Petersburg metro contains 2.9 million residents and spans four counties

along the west coast of central Florida: Hillsborough, Pasco, Hernando, and Pinellas. Tampa, the

county seat of Hillsborough County, is the most populous city with more than 365,400 people and is

situated northeast of the bay. St. Petersburg follows with nearly 255,000 residents and is located on

the peninsula near the mouth of the bay. The metro boasts a mild climate and a beautiful waterfront

that attract many residents and visitors. It has professional football, hockey and baseball teams. The

area has more than 200 golf courses and abundant water-related activities, with Tampa Bay and the

Gulf Coast nearby. There are more than 11,000 acres of parkland and 100 trail acres within a 60-

mile radius. Numerous state parks, historic sites, museums, theaters, and retail centers also dot the

landscape. The world-famous Busch Gardens theme park draws visitors to the region and the

University of South Florida, located in Tampa, is the third-largest university in the state. Robust job

growth is attracting new people to the metro, many of whom are living in higher-density

redevelopment projects near city cores. Local ports contribute to a major presence in the shipping,

distribution and logistics industry. The CSX Intermodal facility in nearby Polk County provides quick

access to markets throughout the nation. Bioscience and other high-tech industries are expanding.

Local Fortune 500 companies include WellCare Health Plans, Tech Data, and Jabil Circuit.

MARKET OVERVIEW


MAJOR EMPLOYERS & HUBS

Tampa is home to the Westshore Business District, the largest suburban office market in Florida

with over 14 million square feet of office space. This 10 square mile area is bounded by Kennedy

Boulevard to the south, Himes Avenue to the east, Hillsborough Avenue to the north and Old

Tampa Bay, including Rocky Point to the west. The Westshore Business District is home to more

than 4,000 businesses and over 96,000 local employees. In addition to its office space, the

Westshore Business District houses six million square feet of retail, 38 hotels, and over 250

restaurants. Major employers include but are not limited to; Amscot Financial, Bloomin’ Brands

Headquarters (Outback Steakhouse, Carrabba’s, Bonefish Grill and more), Humana, Price

Waterhouse Coopers, Amerigroup, IBM, State Farm Insurance, T. Rowe Price and Time Warner. In

January 2014, pharmaceutical giant Bristol-Myers-Squibb opened its 70,000-square foot North

American Capability Center just off of Eisenhower Boulevard which consolidated jobs in information

technology, marketing, and finance. Additionally, The Laser Spine Institute moved into its new

176,000-square foot national headquarters and ambulatory surgery center at Avion Park in 2015.

Highwoods Properties developed the state of the art facility at a cost of $56 million and the Laser

Spine Institute expects to create 100 jobs and increase their patient capacity by 25 percent. Most

recently, New York-based Bromley Companies announced plans for a 1.8 million-square-foot

project which will be known as Midtown Tampa. The potential half-billion dollar project will be

located in the southeastern section of the Westshore Business District and will help to link

downtown to the booming area.

EMPLOYER

Westshore Business District

Downtown Tampa CBD

Publix Supermarkets

Hillsborough County Schools

University of South Florida

MacDill Air Force Base

Wal-Mart Retail/Distribution & Stores

Tampa International Airport

Tampa General Hospital

VA Hospital

JP Morgan Chase & Co

Lakeland Regional Medical Center

EMPLOYEES

96,000

60,000

33,035

25,776

16,693

14,500

7,909

7,500

6,700

5,500

4,668

4,600

Westshore Business District

EMPLOYERS & HUBS


The University of Tampa, located on 105-acres along the

Hillsborough River adjacent to downtown, has enjoyed 19

consecutive years of growth and a record Fall 2015

enrollment of just over 8,000 students. The university

employs a faculty of over 500, offers more than 200

degrees and its business program is also accredited by the

Association to Advance Collegiate Schools of Business

(AACSB). According to Forbes.com, more than 50 percent

of University of Tampa’s enrollment is from out of state,

representing all 50 states and 140 countries. University of

Tampa’s athletic program has won 15 NCAA - Division II

National Championships including seven in baseball, three

in men’s soccer, two in golf, two in women’s volleyball and

one in women’s soccer and since 2000, Spartan teams

have won 56 Sunshine State Conference Titles.

University of Tampa

Founded in 1968 as a part of the 28-member Florida

College System, Hillsborough Community College (or

HCC) is a two-year community college that enrolls nearly

47,000 students across its six campuses in Tampa and

ranks 20th nationally in a total number of associate

degrees produced annually. The institution offers its

students 29 Associates of Arts Degree Tracks, 39

Associated of Sciences Degree Programs and 88

Certificate & Post Secondary Adult Vocational Programs

which are supported by more than 2,000 faculty and staff

members. Among community colleges statewide, HCC

ranks 5th in size in terms of full- time equivalent enrollment

and on a national level, 15th in the number of nursing

degrees awarded and 10th in the number of associate

degrees in all disciplines.

Hillsborough Community College

The University of South Florida’s main campus is home to

over 47,000 students, 16,000 employees, and more than

220-degree programs. The University of South Florida is

the nation’s ninth largest public university and is also

ranked as one of the country’s top 50 research institutions

commanding over $380 million worth of grants and raised

funds on research annually. The school has associations

with the Byrd Alzheimer’s Institute, Moffitt Cancer Center

and a Malaria research initiative that was recently awarded

a grant from the Bill and Melinda Gates Foundation.

Additionally, the University’s business and accounting

programs are accredited by the Association to Advance

Collegiate Schools of Business (AACSB), a certification for

which less than five percent of business schools in the

world qualify.

University of South Florida

EDUCATION


Memorial Hospital of Tampa has provided comprehensive

healthcare services for south Tampa residents and the

surrounding community for over 40 years. Recent

renovations and the addition of state-of-the-art technology

has kept the hospital modernized to provide high-quality

medical care, including emergency medicine, diagnostic

procedures, surgery, outpatient therapies and acute care

for hospitalized patients. Memorial Hospital has recently

expanded with a $14 million renovation to include a new

lobby and concierge service center, 47 private patient

rooms, 18,500 square feet of new surgical space, and two

new operating rooms, bringing the total to nine operating

rooms upon completion. All 187 patient rooms will be

renovated to enhance healing and encourage family

participation in the recovery process.

Memorial Hospital

St. Joseph’s Hospital is a 470-bed hospital established in

1934 and located in central Tampa off of Martin Luther

King Blvd. The hospital is known for its advanced medical

technology and has more than 70 specialties ranging from

internal medicine to cardiology, neurology, surgery and

women’s health. Specialized pediatric services are also

offered by St. Joseph’s Hospital full-service medical center,

including the 24-hour Steinbrenner Emergency/Trauma

Center for Children. Additionally, St. Joseph's Cancer

Institute is the largest hospital in the Tampa Bay area

accredited by the American College of Surgeons. At the

Cancer Institute, Tampa Bay residents are offered the best

in specialized cancer care with board-certified cancer

specialists, advanced technology and cutting-edge cancer

research.

St. Joseph's Hospital

This 1,018-bed, 6,700 employee teaching hospital is the

Tampa Bay area’s largest and is home to the USF Health

Morsani College of Medicine and is one of only four burn

centers in Florida. Known for its specialty centers in

Orthopedics, Trauma, Obesity, Neurology, Parathyroid

Surgery, Head and Neck Surgery, Burns, Cardiac Surgery,

Transplantation, Vascular Surgery, Women's Health and

OB/GYN, Pediatrics, Neonatal Intensive Care, and In-vitro

Fertilization, Tampa General was ranked in the Top 50

Best Hospitals in the United States and the top hospital in

Florida by U.S. News and World Report in 2012. Having

performed more than 6,000 adult solid organ transplants,

Tampa General Hospital is home to one of the leading

organ transplant centers in the country and handles over

40,000 patient admissions annually.

Tampa General Hospital

MEDICALThank You For Viewing Pete & Ron's Fun House www.tampavacationhouse.com

The Hyde Park Village is a retail/residential mixed-use

property comprised of six city blocks in the heart of the

Hyde Park Historic District—one of Tampa Bay’s most

desirable residential areas. Developed in the 1980s, this

landmark retail destination has been a cherished regional

hub. Home to a unique mixture of local, regional, and

national retailers. Hyde Park Village is an outdoor lifestyle

center offering a variety of high-end shopping, dining, and

entertainment essentials to the Tampa Bay community.

With an upscale cinema, full-service salon, 24/7 cupcake

ATM, beautiful fountain, brick walkways, and majestic oak

trees, Hyde Park Village provides an exceptional venue to

enjoy an excellent shopping and dining experience.

Hyde Park Village

Tampa houses world-renowned attractions that include

Busch Gardens Tampa Bay and Adventure Island Water

Park. Busch Gardens is a 335-acre African-themed animal

theme park featuring 8 roller coasters and 2 water rides in

addition to its animal attractions. Centrally located in the

region, Busch Gardens hosts over 4.3 million guests

annually, making it one of the top-25 most visited theme

parks in the world. Alongside Busch Gardens is sister

waterpark Adventure Island, a 30-acre water park featuring

a variety of water rides, dining, and other attractions.

Busch Gardens and its neighboring water park, Adventure

Island host a number of festivals and events throughout

the year and combine to employ more than 3,000 workers.

Busch Gardens & Adventure Island

Known for its first-rate shopping and nightlife, Tampa is

home to two of the premier shopping malls and plazas:

International Plaza and Westshore Plaza. International

Plaza, a two-story regional shopping center that features

200 specialty stores and 15 restaurants. The center is

anchored by tenants such as Neiman Marcus, Nordstrom

and Dillard’s and includes premier dining options like The

Capital Grille, Ocean Prime and The Cheesecake Factory.

Westshore Plaza is a two-story, one million square foot

retail center that is home to over 115 stores and services,

with anchor tenants such as Sears, J.C. Penney, Macy’s,

Old Navy and an AMC movie theatre. Also, just south of

Interstate 275, Westshore Plaza is home to fine dining

options that include P.F. Chang’s China Bistro and

Seasons 52, among others.

International Plaza & Westshore Mall

POINTS OF INTERESTThank You For Viewing Pete & Ron's Fun House www.tampavacationhouse.com

Saint Petersburg/Clearwater International Airport ("PIE")

serves as the gateway airport for all of Pinellas County.

With an average of 515 airplane operations per day, this

airport provides roughly $400 million in economic benefit

per year to the Tampa Bay Area. Located nine miles north

of downtown St. Petersburg and seven miles southeast of

Clearwater, PIE covers more than 1,900 acres, has two

primary runways and with its tenants, employs more than

3,000 people. In addition to its scheduled passenger

flights totaling approximately one million annually, Saint

Petersburg/Clearwater International Airport also handles

more than 42,000 tons of cargo annually and is the home

of Coast Guard Air Station Clearwater, the largest and

busiest U.S. Coast Guard Air Station in the United States.

St. Pete/Clearwater International Airport

The Lee Roy Selmon Expressway is a 14-mile all-

electronic, limited access toll road that connects the South

Tampa neighborhood near MacDill Air Force Base with

Downtown Tampa and the nearby community of Brandon.

The expressway was renamed Lee Roy Selmon Crosstown

Expressway in 1999, in honor of former Tampa Bay

Buccaneers hall-of-fame football player Lee Roy Selmon.

Referred to as the "Crosstown" by the majority of the

population, the expressway features the world's first

reversible, all-electronic, elevated express lane project and

in 2017, plans were unveiled for the Selmon Extension, a

1.6-mile toll lane, located in the median of Gandy

Boulevard, which will allow regional travelers to use Gandy

Boulevard for local destinations or use the Selmon

Extension for a direct connection for both eastbound and

westbound routes.

Lee Roy Selmon Expressway

The Tampa International Airport (“TPA”) accommodates

nearly 17 million passengers annually, as well as over 175

million pounds of cargo. To keep the airport running, the

aviation authority and the airports tenants combine to

employ over 7,500 people. TPA is a state of the art airport

that consistently receives exemplary customer satisfaction

and has been named one of the best airports in the world

by multiple publications. In 2013, plans were unveiled for a

three-phase plan which would allow the airport to

accommodate up to 35 million passengers each year.

Phase I, which includes a 2.6 million-square-foot Rental

Car Center, a 1.4-mile automated people mover and an

expansion of the Main Terminal, was completed in early

2018. Phase II, which will include a curbside expansion

and a 17-acre commercial development is scheduled to

begin in 2019.

Tampa International Airport

TRANSPORTATION HUBS


Tampa's Best Kept Secret Investment

Fully Automated Business

SUNNY VIEW

OVERVIEW

FINANCIAL





Unit Type

Rentable

Per SF

Total Monthly

Potential Monthly Per SF

Total Monthly

Potential Monthly Per SF

Total Monthly

Potential

2Bdr/1Bath (Renovated) $2.75 $2,200 $2,200 $2.75 $2,200

6Bdr/6.5Bath Private Yard (Renovated)1 5,455 5,455 $14,376 $2.64 $14,376 $14,376 $2.64 $14,376 $19,778 $3.63 $19,778

Totals / Wtd. Averages 2 3,128 6,255 $8,288 $2.65 $16,576 $8,288 $2.65 $16,576 $9,889 $3.16 $19,778

AVERAGE EFFECTIVE RENT CURRENT ASKING RENT PRO FORMA RENT

100%

2x1

OC C UPA NC Y RE NTA L UP S ID EUNIT MIX

RENT ROLL

Income $/Year $/Unit % $/Year $/Unit % $/Year $/Unit %

Market Rents 198,912 99,456 100.00% 237,336 118,668 100.00% 237,336 118,668 100.00%

Loss-to-Lease (-) 0.00% 0 0 0.00% 0.00% 0 0 0.00% 0.00% 0 0 0.00%

Gross Potential Rents $198,912 $99,456 100.00% $237,336 $118,668 100.00% $237,336 $118,668 100.00%

Non-Revenue Units (-) 16.09% -32,000 -16,000 -16.09% 0.00% 0 0 0.00% 0.00% 0 $0 0.00%

Total Economic Loss -32,000 -16,000 -16.09% -23,734 -11,867 -10.00% 0 $0 0.00%

Net Rental Income $166,912 $83,456 83.91% $213,602 $106,801 90.00% $237,336 $118,668 100.00%

Other Income

Total Other Income 0 0 0.00% 0 0 0.00% 0 0 0.00%

Effective Gross Income $166,912 $83,456 83.91% $213,602 $106,801 90.00% $237,336 $118,668 100.00%

Expenses $/Year $/Unit % $/Year $/Unit % $/Year $/Unit %

Real Estate Taxes

Real Estate Taxes 6,134 3,067 3.08% 6,318 3,159 2.66% 6,444 3,222 2.72%

Adjustment for Sale 0.00% 7,916 3,958 3.34% 8,074 4,037 3.40%

Non-Ad Valorem 271 136 0.14% 271 136 0.11% 271 136 0.11%

Total Real Estate Taxes 6,405 3,203 3.22% 14,505 7,252 6.11% 14,789 7,395 6.23%

Insurance

Property Insurance 5,000 2,500 2.51% 5,000 2,500 2.11% 5,000 2,500 2.11%

Total Insurance 5,000 2,500 2.51% 5,000 2,500 2.11% 5,000 2,500 2.11%

Utilities

Electric 4,800 2,400 2.41% 4,800 2,400 2.02% 4,800 2,400 2.02%

Water / Sewer 1,800 900 0.90% 1,800 900 0.76% 1,800 900 0.76%Cable 1,560 780 0.78% 1,560 780 0.66% 1,560 780 0.66%

Total Utilities 8,160 4,080 4.10% 8,160 4,080 3.44% 8,160 4,080 3.44%

Contract Services

Landscape Maintenance 1,200 600 0.60% 1,200 600 0.51% 1,200 600 0.51%

Pool Contract 0 0 0.00% 1,800 900 0.76% 1,800 900 0.76%

Pest Control Contract 500 250 0.25% 500 250 0.21% 500 250 0.21%

Total Contract Services 1,700 850 0.85% 3,500 1,750 1.47% 3,500 1,750 1.47%

Repairs & Maintenance 3,600 1,800 1.81% 3,600 1,800 1.52% 3,600 1,800 1.52%

General & Administrative 800 400 0.40% 800 400 0.34% 800 400 0.34%

Marketing & Advertising 8,352 4,176 4.20% 8,352 4,176 3.52% 8,352 4,176 3.52%

Management Fee 0.00% 14,400 7,200 7.24% 6.75% 14,418 7,209 6.08% 6.10% 14,477 7,239 6.10%

Supplies 1,200 600 0.60% 1,200 600 0.51% 1,200 600 0.51%

Reserves & Replacements 3,500 1,750 1.76% 3,500 1,750 1.47% 3,500 1,750 1.47%

Total Operating Expenses $53,117 $26,559 26.70% $63,035 $31,517 26.56% $63,379 $31,689 26.70%

Net Operating Income $113,795 $56,898 57.21% $150,568 $75,284 63.44% $173,957 $86,979 73.30%

Cash Flow Before Debt Service $113,795 $56,898 57.21% $150,568 $75,284 63.44% $173,957 $86,979 73.30%

Current Fiscal Year 1 Fiscal Year 2



Income Current FY 1 FY 2 FY 3 FY 4 FY 5 FY 6 FY 7 FY 8 FY 9 FY 10

Gross Potential Rent 198,912 237,336 237,336 242,083 246,924 251,863 256,900 262,038 267,279 272,624 278,077

Loss / Gain to Lease 0 0 0 (2,421) (2,469) (2,519) (2,569) (2,620) (2,673) (2,726) (2,781)

Gross Scheduled Rent 198,912 237,336 237,336 239,662 244,455 249,344 254,331 259,418 264,606 269,898 275,296

Physical Vacancy 0 (23,734) 0 0 0 0 0 0 0 0 0

Economic Vacancy

Non-Revenue Units (32,000) 0 0 0 0 0 0 0 0 0 0

Bad Debt 0 0 0 (2,397) (2,445) (2,493) (2,543) (2,594) (2,646) (2,699) (2,753)

Total Vacancy (32,000) (23,734) 0 (2,397) (2,445) (2,493) (2,543) (2,594) (2,646) (2,699) (2,753)

Effective Rental Income 166,912 213,602 237,336 237,265 242,011 246,851 251,788 256,824 261,960 267,199 272,543

Other Income

Effective Gross Income 166,912 213,602 237,336 237,265 242,011 246,851 251,788 256,824 261,960 267,199 272,543

Expenses

Operating Expenses (15,652) (17,452) (17,452) (17,627) (17,803) (17,981) (18,161) (18,342) (18,526) (18,711) (18,898)

Real Estate Taxes (6,405) (14,505) (14,789) (14,937) (15,087) (15,237) (15,390) (15,544) (15,699) (15,856) (16,015)

Insurance (5,000) (5,000) (5,000) (5,050) (5,101) (5,152) (5,203) (5,255) (5,308) (5,361) (5,414)

Utilities (8,160) (8,160) (8,160) (8,242) (8,324) (8,407) (8,491) (8,576) (8,662) (8,749) (8,836)

Management Fee (14,400) (14,418) (14,477) (14,473) (14,763) (15,058) (15,359) (15,666) (15,980) (16,299) (16,625)

Total Expenses (49,617) (59,535) (59,879) (60,329) (61,077) (61,835) (62,604) (63,383) (64,174) (64,976) (65,788)

Operating Reserves (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500)

Net Operating Income 113,795 150,568 173,957 173,437 177,434 181,516 185,684 189,940 194,286 198,724 203,255

Purchase Price / Net Residual Value

Purchase Price/Net Residual Value (1,000,000) 2,171,288

Cash Flow Before Debt Financing 150,568 173,957 173,437 177,434 181,516 185,684 189,940 194,286 198,724 2,374,543

Debt Financing

Loan Amount 750,000 0 0 0 0 0 0 0 0 0 0

Loan Origination Fees (22,500) 0 0 0 0 0 0 0 0 0 0

Closing Costs (130,277)

Debt Service - Interest (38,373) (37,805) (37,207) (36,578) (35,916) (35,218) (34,484) (33,711) (32,897) (32,040)

Debt Service - Principal (10,769) (11,337) (11,935) (12,564) (13,227) (13,924) (14,659) (15,432) (16,245) (17,102)

Cash Flow After Debt Financing (272,500) 101,426 124,815 124,295 128,292 132,374 136,542 140,798 145,144 149,582 2,195,123

Debt Coverage Ratio 3.61 3.69 3.78 3.87 3.95 4.04 4.14

Investor Return

IRR-Unleveraged 0.00% 33.18% 29.34% 26.87% 25.17% 23.92% 22.98% 21.68%

IRR-Leveraged 37.22% 75.81% 65.63% 59.39% 55.27% 52.42% 50.38% 48.48%

Capitalization Rate 15.06% 17.40% 17.34% 17.74% 18.15% 18.57% 18.99% 19.43% 19.87% 20.33%

10-YEAR CASH FLOW MODEL



Income Fiscal Year 1 FY 2 FY 3 FY 4 FY 5 FY 6 FY 7 FY 8 FY 9 FY 10

Gross Potential Rent 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

Loss / Gain to Lease(1) 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Economic Vacancy (1)

Bad Debt 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Total Vacancy 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Total Other Income 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Expenses Fiscal Year 1 FY 2 FY 3 FY 4 FY 5 FY 6 FY 7 FY 8 FY 9 FY 10

Operating Expenses 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Real Estate Taxes 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Insurance 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Utilities 1.00% 1.00% 1.00%

Management Fee (2) 6.1%

(1) Displayed as a % of Gross Potential Rent

(2) Management Fees Calculated by % of EGR

10-YEAR CASHFLOW MODEL



Marcus & Millichap ACT ID *ACTID*

SUNNY VIEW

COMPARABLES

SALE





38SALE COMPARABLES MAP

# Address Sold Date Sq ft Price/sq ft

1 12530 Twin Branch Acres Rd, Tampa $1,730,000 4/23/2017 7370 $234

2 18519 Council Crest Dr, Odessa $2,800,000 9/13/2017 7985 $350

3 18007 Crawley Rd, Odessa $1,120,000 1/5/2017 6623 $169

4 19114 Magnolia farms Ln, Odessa $1,400,000 2/27/2019 5309 $262

5 17915 Patterson Rd, Odessa $950,000 2/27/2019 7135 $133

6 11467 Trotting Down Dr, Odessa $1,400,000 1/22/2019 7305 $191

7 1207 Parrilla De Avila, tampa $2,700,000 12/17/2018 8153 $331

8 5824 Rose Ln, Tampa $600,000 8/24/2018 4130 $145

9 17322 Ballmont Park Dr, Odessa $1,900,000 8/16/2018 6189 $306

10 10714 Lake Alice Cv, Odessa $2,000,000 5/4/2018 5380 $370

11 17822 Crystal Preserve Dr, Lutz $720,000 12/14/2017 4240 $169

12 18760 Hillstone Dr, Odessa $1,180,000 12/8/2017 5450 $215


39 PRICE PER UNIT & PRICE PER SF

Avg $240


For more information about the property or to set up a time to complete a walk through Please contact us direct:

Ronnie Breseman (813) [email protected]


Documents

2 Units l Tampa , Florida 12510 Memorial Highway...There are numerous attractions and demand drivers within 15 - PLQXWHV GU LYH LQFOXGLQJ employment hubs, hospitals, universities,