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±800 SF to ±10,000 SF Space forLeaseFLORIDA PANHANDLEMULTIFAMILY PORTFOLIOOFFERING MEMORANDUM
Pensacola291 Units
+ 2 Offices
Milton298 Units + 1 Office
Crestview158 Units + 1 House
Fort Walton89 Units
FLORIDA PANHANDLE PORTFOLIO
837 Total Units + 3 Offices
Milan [email protected]
Jack [email protected]
2
CONTENTS
PROPERTY OVERVIEW
UNIT BREAKDOWNS
PROPERTY PHOTOS
AERIAL MAP
FINANCIAL SUMMARIES
DEMOGRAPHICS
3-4
5-9
10-14
15
16-20
21
3
Property & Location Summary
The Florida Panhandle is the northwestern part of Florida, a strip of land roughly 200 miles long and 50 to 100 miles wide. It is known for its quaint beach towns and interesting attractions, many of which are family friendly. The Florida Panhandle has hung onto its Southern culture better than probably any other region in Florida, so expect traditional Southern hospitality.
This investment consists of a portfolio totaling 836 units, 1 house and 3 offices/clubhouses that can be converted into rentable units in the future. All located in the Florida Panhandle, including the cities of Pensacola, Milton, Crestview and Fort Walton Beach. The areas average occupancy is over 95%, a direct result of a thriving community.
The beaches facing the Gulf of Mexico are renowned for their white sand and emerald waves. The regions warm climate and desirable setting isn't the only reason people choose to live here. The military has a strong presence that propels the economy while residents also find employment in healthcare, manufacturing and, of course, tourism sectors. Pensacola is home to naval pilots training and the National Aviation Museum. Pensacola also hosts the Blue Angels Naval aerobatics team, the United States Navy Flight Demonstration Squadron. The squadron is based at the Naval Air Station in Pensacola and have put on shows for over 400 million people from around the world.
Current ownership has strong multifamily experience across the US and acquired the portfolio in February and March of 2018. The owners have invested approximately $9,000/unit into the properties for both deferred maintenance and interior upgrades, totaling over $7.5mm in capital expenditures.
PROPERTY ADDRESS UNITS TOTAL SF AVG UNIT BLDGS ACREAGE
PENSACOLABEAUCLERC 200 E.
Burgess Road
158 + 1 172,610 1,092 18 9.51
ESSEX POINTE 4501 E. Johnson Ave
133 + 1 105,700 795 48 10.07
MILTONMONOPOLY 6548-6598
NW Park Ave
158 + 1 115,762 733 25 8.5
PINEYWOOD 5907-5955 PineywoodPlace
56 55,728 995 14 4.95
QUINN BAYOU 6855-6877 Quinn Street
31 16,752 540 2 1.61
SUGARWOOD 4956-4996 Lambert Lane
20 17,460 873 5 2.01
THACKER 1 & 2 6407 N. HW 87 & 6126 Pine Blossom Rd
17 12,472 734 6 1.84
BRAUHOUSE 5866-5896 Dogwood Dr
16 14,080 880 2 0.35
CRESTVIEWINNTOWN 795 Wilson
St North14 + 1 7,732 552 6 1.31
QUINTAVILLA 125 W 1st
Ave32 29,400 919 4 1.64
RIDGEWOOD 336-398 Hospital Dr
32 26,240 820 8 1.65
APLIN 511 Southern Ct
80 62,120 777 8 5.26
FORT WALTONCONSUL 119-121
Monahan Dr78 57,361 735 10 2.26
OAK BREEZE 229 Florida Blanca Pl
11 2,948 268 6 0.65
5
UNIT MIX INFORMATIONBEAUCLERC
DESCRIPTION NO. UNITS
1 + 1 40
2 + 1 60
2 + 2 24
3 + 2 32
3 + 2 L 2
UNIT MIX INFORMATIONESSEX POINTE
DESCRIPTION NO. UNITS
1 + 1 74
2 + 1 59
Pensacola: Unit Break Down
6
UNIT MIX INFORMATIONBOARDWALK
DESCRIPTION NO. UNITS
1 + 1 16
2 + 1 48
UNIT MIX INFORMATIONPARK PLACE
DESCRIPTION NO. UNITS
1 + 1 33
2 + 1 16
2 + 2 1
Milton (Monopoly): Unit Break Down
UNIT MIX INFORMATIONPARK AVENUE
DESCRIPTION NO. UNITS
1 + 1 12
UNIT MIX INFORMATIONPARK PLACE EAST
DESCRIPTION NO. UNITS
2 + 1 32
7
UNIT MIX INFORMATIONQUINN BAYOU
DESCRIPTION NO. UNITS
1 + 1 26
2 + 1 5
UNIT MIX INFORMATIONPINEYWOOD
DESCRIPTION NO. UNITS
2 + 1 24
2 + 2 32
Milton (Continued): Unit Break Down
UNIT MIX INFORMATIONSUGARWOOD
DESCRIPTION NO. UNITS
2 + 1 20
UNIT MIX INFORMATIONTHACKER I & II
DESCRIPTION NO. UNITS
2 + 1 17
UNIT MIX INFORMATIONBRAUHOUSE
DESCRIPTION NO. UNITS
2 + 1 16
8
UNIT MIX INFORMATIONQUINTA VILLA
DESCRIPTION NO. UNITS
2 + 1.5 30
3 + 1.5 2
UNIT MIX INFORMATIONINNETOWN
DESCRIPTION NO. UNITS
1 + 1 11
2 + 1 3
Crestview: Unit Break Down
UNIT MIX INFORMATIONRIDGEWOOD
DESCRIPTION NO. UNITS
2 + 2 32
UNIT MIX INFORMATIONAPLIN
DESCRIPTION NO. UNITS
1 + 1 20
2 + 1 40
3 + 2 20
9
UNIT MIX INFORMATIONCONSUL
DESCRIPTION NO. UNITS
1 + 1 51
2 + 1 8
2 + 2 19
Not Renovated* 15
UNIT MIX INFORMATIONOAK BREEZE
DESCRIPTION NO. UNITS
Studio 11
**Consul has 15 units that will be delivered not renovated. If renovated, they will rent around $995 each and provide an extra $14,925 per month.
Fort Walton Beach: Unit Break Down
10
PROPERTYPHOTOS: PENSACOLA
11
PROPERTYPHOTOS: MILTON
12
PROPERTYPHOTOS: CRESTVIEW
13
PROPERTYPHOTOS: FORT WALTON
14
PROPERTYPHOTOS: TYPICAL FINISHES
15AERIAL MAP
Beauclerc
EssexPointe
Sugarwood
Pineywood Quinn Bayou
Thacker II
MONOPOLY• Boardwalk• Park Avenue• Park Place• Park Place East
Oak Breeze
Consul
Innetown
Quintavilla
Thacker I
MILTONPENSACOLA CRESTVIEW FORT WALTON
Brauhouse
Aplin
Ridgewood
16
FINANCIAL SUMMARY: ENTIRE PORTFOLIO
ANNUALIZED OPERATING FINANCIALS WITH PROPOSED FINANCING*
PRO FORMA FINANCIALS *
Scheduled Gross Income $6,914,040 $7,613,760 Less Vacancy Reserve ($207,421) 3%** ($228,413) 3%**Gross Operating Income $6,706,619 $7,385,347 Less Expenses
($1,657,459) 24%** ($1,657,459) 22%**Net Operation Income $5,049,160 $5,727,888 Less Loan Payments ($2,791,118) ($2,791,118)Cash Flow
$2,258,042 14.9%*** $2,936,770 19.4%***Plus Principal Reduction $704,040 $704,040 Total Return Before Taxes $2,962,082 19.6% *** $3,640,811 24.1%**** As Stabilized**As a Percentage of Scheduled Gross Income***As a Percentage of Down Payment
GRM: 8.7
CAP: 8.3%
Asking Price: $60,495,000
# of Units: 836 + 1 House
Price / Unit: $72,276/unit
DISCLAIMER: This is preliminary financial information is for discussion purposes only and should not be relied upon for any other use. Certain information set forth contains forward-looking information, including future oriented financial information and financial outlook. These statements are not guarantees of future performance and undue reliance should not be placed on them. Under no circumstances shall the producer of this data have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from or relating to any error (neglect or otherwise) or other circumstances involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, communicating or delivering any information contained here.
17
FINANCIAL SUMMARY: PENSACOLA
ANNUALIZED OPERATING FINANCIALS WITH PROPOSED FINANCING*
PRO FORMA FINANCIALS *
Scheduled Gross Income $2,628,216 $2,799,900 Less Vacancy Reserve ($78,846) 3%** ($83,997) 3%**Gross Operating Income $2,549,370 $2,715,903 Less Expenses
($690,693) 26%** ($690,693) 25%**Net Operation Income $1,858,677 $2,025,210 Less Loan Payments ($1,054,438) ($1,054,438)Cash Flow
$804,239 14.1%*** $970,773 17.0%***Plus Principal Reduction $265,975 $265,975 Total Return Before Taxes $1,070,214 18.7% *** $1,236,747 21.6%**** As Stabilized**As a Percentage of Scheduled Gross Income***As a Percentage of Down Payment
GRM: 8.7
CAP: 8.1%
Asking Price: $22,854,000
# of Units: 291 + 2 Offices
Price / Unit: $78,536/unit
DISCLAIMER: This is preliminary financial information is for discussion purposes only and should not be relied upon for any other use. Certain information set forth contains forward-looking information, including future oriented financial information and financial outlook. These statements are not guarantees of future performance and undue reliance should not be placed on them. Under no circumstances shall the producer of this data have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from or relating to any error (neglect or otherwise) or other circumstances involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, communicating or delivering any information contained here.
18
FINANCIAL SUMMARY: MILTON
ANNUALIZED OPERATING FINANCIALS WITH PROPOSED FINANCING*
PRO FORMA FINANCIALS *
Scheduled Gross Income $2,264,654 $2,380,500 Less Vacancy Reserve ($67,940) 3%** ($71,415) 3%**Gross Operating Income $2,196,714 $2,309,085 Less Expenses
($529,226) 23%** ($529,226) 22%**Net Operation Income $1,667,488 $1,779,859 Less Loan Payments ($951,873) ($951,873)Cash Flow
$715,615 13.9%*** $827,986 16.1%***Plus Principal Reduction $240,103 $240,103 Total Return Before Taxes $955,719 18.5% *** $1,068,090 20.7%**** As Stabilized **As a Percentage of Scheduled Gross Income***As a Percentage of Down Payment
GRM: 9.1
CAP: 8.1%
Asking Price: $20,631,000
# of Units: 298 + 1 Office
Price / Unit: $69,232/unit
DISCLAIMER: This is preliminary financial information is for discussion purposes only and should not be relied upon for any other use. Certain information set forth contains forward-looking information, including future oriented financial information and financial outlook. These statements are not guarantees of future performance and undue reliance should not be placed on them. Under no circumstances shall the producer of this data have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from or relating to any error (neglect or otherwise) or other circumstances involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, communicating or delivering any information contained here.
19
FINANCIAL SUMMARY: CRESTVIEW
ANNUALIZED OPERATING FINANCIALS WITH PROPOSED FINANCING*
PRO FORMA FINANCIALS *
Scheduled Gross Income $1,446,751 $1,523,940 Less Vacancy Reserve ($43,403) 3%** ($45,718) 3%**Gross Operating Income $1,403,348 $1,478,222 Less Expenses
($299,632) 21%** ($299,632) 20%**Net Operation Income $1,103,717 $1,178,590 Less Loan Payments ($498,982) ($498,982)Cash Flow
$604,734 22.4%*** $679,608 25.1%***Plus Principal Reduction $125,865 $125,865 Total Return Before Taxes $730,599 27.0% *** $805,473 29.8%**** As Stabilized **As a Percentage of Scheduled Gross Income***As a Percentage of Down Payment
GRM: 7.5
CAP: 10.2%
Asking Price: $10,815,000
# of Units: 159
Price / Unit: $68,019/unit
DISCLAIMER: This is preliminary financial information is for discussion purposes only and should not be relied upon for any other use. Certain information set forth contains forward-looking information, including future oriented financial information and financial outlook. These statements are not guarantees of future performance and undue reliance should not be placed on them. Under no circumstances shall the producer of this data have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from or relating to any error (neglect or otherwise) or other circumstances involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, communicating or delivering any information contained here.
20
FINANCIAL SUMMARY: FORT WALTON
ANNUALIZED OPERATING FINANCIALS WITH PROPOSED FINANCING*
PRO FORMA FINANCIALS *
Scheduled Gross Income $767,874 $1,011,660 Less Vacancy Reserve ($23,036) 3%** ($30,350) 3%**Gross Operating Income $744,838 $981,310 Less Expenses
($137,908) 18%** ($137,908) 14%**Net Operation Income $606,930 $843,402 Less Loan Payments ($285,825) ($285,825)Cash Flow
$321,105 20.7%*** $557,577 36.0%***Plus Principal Reduction $72,097 $72,097 Total Return Before Taxes $393,202 25.4% *** $629,675 40.7%**** As Stabilized **As a Percentage of Scheduled Gross Income***As a Percentage of Down Payment
GRM: 8.1
CAP: 9.8%
Asking Price: $6,195,00
# of Units: 89
Price / Unit: $69,607/unit
DISCLAIMER: This is preliminary financial information is for discussion purposes only and should not be relied upon for any other use. Certain information set forth contains forward-looking information, including future oriented financial information and financial outlook. These statements are not guarantees of future performance and undue reliance should not be placed on them. Under no circumstances shall the producer of this data have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from or relating to any error (neglect or otherwise) or other circumstances involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, communicating or delivering any information contained here.
21
DEMOGRAPHICS
DEMOGRAPHIC NUMBER
TOTAL POPULATION 1,309,154
MEDIAN HOUSEHOLD NCOME $46,074
MEDIAN AGE 41
HOUSEHOLDS 493,402
AVERAGE PEOPLE PER HOUSEHOLD 2
NON-FAMILY HOUSEHOLDS 181,833
FAMILY HOUSEHOLDS 311,569
WHITE COLLAR EMPLOYMENT 469,297
BLUE COLLAR EMPLOYMENT 99,965
SELF EMPLOYEES 54,668
PRIVATE COMPANIES 347,970
GOVERNMENTAL WORKERS 123,917
NOT FOR PROFIT COMPANIES 42,707
COMMUNITY OVERVIEW: FLORIDA PANHANDLE
WINDY CITY RE105 W Madison St
Chicago, IL312-867-8744
±800 SF to ±10,000SFSpace for Lease
1234 Address Street, City,State
# # # . # # # . # # # #
FLORIDA PANHANDLEPORTFOLIO
OFFERING MEMORANDUM
PRESENTED BY:Windy City RE
Milan RubensteinAmy Rubenstein
Jack Korol
Milan RubensteinPartnerWindy City [email protected]
Amy RubensteinPartnerWindy City [email protected]
Jack KorolPartnerWindy City [email protected]