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325 HARDING STHOLLYWOOD BEACH

OFFER MEMORANDUM$1,990,000

13-P

lex H

olly

wood B

each

PeterDackoMedia Realty & Advisors

954-923-2325

954-328-8248

[email protected]

mailto:[email protected]

CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Offering Memorandum isproprietary and strictly confidential. It is intended to be reviewedonly by the party receiving it from Media Realty & Advisors, Inc.(Media Realty)and should not be made available to any other personor entity without the written consent of Media Realty. This MarketingBrochure has been prepared to provide summary, unverifiedinformation to prospective purchasers, and to establish only apreliminary level of interest in the subject property. The informationcontained herein is not a substitute for a thorough due diligenceinvestigation. Media Realty has not made any investigation, andmakes no warranty or representation, with respect to the income orexpenses for the subject property, the future projected financialperformance of the property, the size and square footage of theproperty and improvements, the presence or absence ofcontaminating substances, PCB's or asbestos, the compliance withState and Federal regulations, the physical condition of theimprovements thereon, or the financial condition or business prospectsof any tenant, or any tenant’s plans or intentions to continue itsoccupancy of the subject property. The information contained in thisMarketing Brochure has been obtained from sources we believe to bereliable; however, Media Realty has not verified, and will not verify,any of the information contained herein, nor has Media Realtyconducted any investigation regarding these matters and makes nowarranty or representation whatsoever regarding the accuracy orcompleteness of the information provided. All potential buyers musttake appropriate measures to verify all of the information set forthherein.

2

TABLE OF CONTENTS

ForwardHollywood Beach

Section 1 Subject Property

Section 2 Rent Comparables

Section 3Sale Comparables

Section 4Financials

3

HOLLYWOOD BEACH REDEVELOPMENT

This analysis has been prepared solely for informational purposes to assist the owner(s) in determining whether to proceed with the sale of the property.

No representation as to the accuracy or appropriateness of the information is made. Although we believe the information to be reliable, we will not be

liable for misstatements of facts, errors, omissions, or prior sale of the property. Owners must verify the information when determining their best choice of

action.

BEACH IMPROVEMENTS PARKING GARAGE AND COMMUNITY CENTER

The two story community center

adjacent to the garage will house

public restroom facilities at grade

level and a small paddleball pro-

shop. The second floor of the

community center will have a

continuous balcony facing east and

south. It will have a 1,735 S.F.

multipurpose community center

room/banquet hall with support

services such as a kitchen, office

and restrooms.

The architectural style of this

project is Nautical Deco. Extensive

landscaping will be utilized on both

Connecticut and Garfield Streets as

a buffer zone for the garage, and

there will be a shaded pedestrian

walkway along these streets as

well. Finish paving and landscape

materials will be congruous with

those utilized in the adjacent

Charnow Park renovation project.

The paddleball courts will remain in

their present location, and receive

new fencing and access gates.




action.

BEACH IMPROVEMENTS CHARNOW PARK RENOVATION

The park will be completely renovated

and improved providing many new

amenities. This urban pocket park

along the beach will provide the

backdrop for an extensive array of

activities.

A large entertainment plaza with an interactive water fountain, surrounded by tiered shaded seating

4 Picnic Pavilions and a large entertainment pavilion (open on all sides)

Two new play areas will include state-of-the-art playground equipment for both very young toddlers and older children

Extensive native landscaping and hardscape material coordinated with the Broadwalk Renovation project and Garfield Street Parking Garage and Community Center will unify this entire site




action.

BEACH IMPROVEMENTS; THE BROADWALK

Beach CRA funds projected at

$14,150,400 will provide a complete

makeover of the oceanfront

Broadwalk.

Improvements include:

▪Multicolored concrete decorative

pavers in the pedestrian area

▪Tabby concrete bike path

▪Crushed shell jogging path

18" high decorative wall with LED

lighting

▪Historically significant Tri-globe and

Acorn lighting fixtures with decorative

concrete pads

▪Palm Tree clusters

▪Re-location of showers and the

addition of ADA accessible shower

▪New public restrooms

Beach CRA funds projected at

$7,200,000 will provide

improvements to street ends along

the Hollywood Beach Broadwalk.

Project details below:

* 40 Blocks, Thomas to Jefferson

Street

* Create gateways, landscaped plazas

and vista points

* Incoporate water features, sculptures

and / or central focal points

* Pave sidewalks and streets with

decorative pavers




action.

UNDERGROUND UTILITIES & SEWER UPGRADES

Beach CRA funds estimated at

$22,526,400 will be used for the

conversion of underground utilities.

Project details are below:

* 52 blocks, Thomas to Magnolia

Street

* FPL, Bellsouth and Comcast lines

* Underground service* from right-of-

way to private property

* Estimated project completion date is

June 2010

Beach CRA funds in the amount of

$15,600,000 are being used to replace

water and sewer lines along surf road

and the east-west streets.

This is the first of a multiphase capital

improvements project implemented by

the City of Hollywood's Design and

Construction Management

Department.




action.

SUBJECT PROPERTY Section 1

9

325 HARDING ST

Well-maintained Hollywood Beach Gem consisting of 13

with 2 separate folios. The interior units have been

updated with newer kitchen cabinets, tile back splash and

appliances See Photo Addendum. The subject property

rents during the season and is sealed up off season. There

is a 2nd story manager’s unit consisting of the kitchen

living room and large bedroom. The other 12 units are

studios with a full kitchen. Between the 2 buildings is an

inviting courtyard which extends the living area. There are

8 parking spaces. The income and expenses are based on

a pro forma utilizing current rent survey for short term

vacation rentals on Hollywood beach.

10

BCPA

11This analysis has been prepared solely for informational purposes to assist the owner(s) in determining whether to proceed with

the sale of the property. No representation as to the accuracy or appropriateness of the information is made. Although we believe

the information to be reliable, we will not be liable for misstatements of facts, errors, omissions, or prior sale of the property.

Owners must verify the information when determining their best choice of action.

BCPA





SKETCH





ZONING & DEVELOPMENT REGULATIONS

325 Harding Street

Hollywood Beach

14

AERIAL VIEWBEACH RESORT RESIDENTIAL DISTRICT





Zoning BRT-25-R

DEVELOPMENT REGULATIONS BTR-25

16

Beach Community Redevelopment Districts.

a. Beach Resort Residential District – BRT-25-R. All properties within BRT-25-R shall

meet all applicable codes and regulations as well as Specific Site Requirements,

General Site Requirements, Landscape Standards and District Design Standards. See

Appendix 1, for illustration of height and setback requirements. 1. Uses:

a. Main permitted uses:

• Residential;

• Hotels and motels; and

• Bed & Breakfast.

b. Special exception:

• Places of public assembly, including places of worship, meeting halls

and fraternal lodges; and

• Schools, public or private, including adult educational facilities.

2. Maximum density:

a. Residential: 25 units per acre

b. Hotel/motel: 50 rooms per acre

3. Building height:

a. North of Tyler Street - 50 feet

b. South of Harrison Street - 65 feet

4. Building setbacks:

a. Building base setbacks:

Cross

Streets**

20 feet

10 feet for lots less than or equal to 120 feet wide

and 80 feet deep and not to include thru lots

Ancillary

Retail

5 feet for lots less than or equal to 120 feet wide and

80 feet deep and not to include thru lots

State Road

A1A 10 feet

Surf Road

10 feet

5 feet for lots less than or equal to 120 feet wide and

80 feet deep and not to include thru lots

Interior

5 feet

For lots less than or equal to 40 feet wide and 80 feet

deep (single lots), only one side setback is required


17

**Cross Street setbacks may be a minimum of ten feet for up to 40% of the site

frontage.

b. Building tower setbacks***

Cross

Streets

25 feet

10 feet for lots less than or equal

to 120 feet wide and 80 feet

deep and not to include thru lots

State

Road

A1A

20 feet




Surf

Road

15 feet




Off-street parking standards:

a. Notwithstanding the provisions of Article 7 of the Zoning and Land

Development Regulations, the following parking standards shall apply:

Residential Minimum 1

space/unit

Maximum 1.5

spaces/unit

Hotel/Motel Minimum 1

space/room

Maximum 1

space/room

The following minimums shall apply for lots

less than or equal to 40 feet by 80 feet: 0-4

rooms: 0 spaces/room


18

District

(Multiple Family

MF)

Maximum

Density, units

per acre*

Single Family Duplex Town house Apt. Bldg. Hotel Commercial

(5) BRT-25

(Beach Resort

MF)

25 for Apt. Bldg.

50 for Hotel,

except if

Comprehensive

Plan land Use

designation is

Commercial **

Yes Yes Yes Yes Yes

Special Exception for eating

and drinking uses if east of

AIA, otherwise they are a

Permitted Use; pawn, thrift,

consignment shops, psychic

help uses, tattoo shops and

office are prohibited; all other

commercial uses are permitted.

Minimum Unit Size (Sq. Ft.)

District

Mi

n.

Lo

t

Ar

ea

(sq

.

ft.)

*

Min. Lot

Width* (ft.)

Max. Height

(ft.)

Land- scape,

open space**

Single Family

(SF)

Duplex

(Dup)Townhouse. Apt. Hotel

(5)BRT-2560

0060

North of Tyler

to Sherman

Street - 50

feet.

South of

Harrison St. -

65 ft. and

North of

Balboa Street

- 150 ft.

40% 1000 500 800500 Min

750 Avg

15% of units

300-335; 85%

of units 335+

PHOTO ADDENDUM 325 Harding St

Hollywood Beach

19

PHOTO ADDENDUM

PHOTO ADDENDUMUNIT 2ND FLOOR

RENT SURVEY Section 2

RENT SURVEY HOLLYWOOD BEACHVACATION RENTALS

28

Day Week

T

Coral House

2300 N Surf Rd One Bedroom In Season

954-922-9411 Off Season $114

[email protected]

Manta Ray Inn One Bedroom In Season $169-$189 $1025-$1100

1715 S. Surf Road Off Season $230-$250 $1400-$1500

954-921-9666

www.mantarayinn.com Two Bedroom In Season $345 $1,995

Off Season $275 $1,622

DeSoto Oceanview Inn Efficiency $169

315 DeSoto Street Studio $149

(954) 923-7210 One Bedroom $189

www.thedesoto.com

Sheldon Hotel One Bedroom In Season $150-$239

1000 N SURF ROAD Off Season $124-$214

844-277-2391

Sea Downs Efficency In Season $150-$165 $975-$1071

2900 N Surf Rd Off Season $99-$115 $581-$693

954-923-4968

www.seadowns.com One Bedroom In Season $165-$175 $1092-$1190

Off Season $116-$126 $700-$815

Two Bedroom In Season $1554-$1645

Off Season $1043-$1085

Atlantic Sands One Bedroom In Season $210 $1,065

310-318 Hayes Street Off Season $115 $775

954-921-4123

www.atlanticsandsfl.com

RENT SURVEY HOLLYWOOD BEACHVACATION RENTALS

29

Hollywood Beach Seagull Efficency In Season $162

333 Oklahoma ST Off Season $95

305-538-6631

The St. Maurice Beach Inn Standard In Season $150

310 Michigan St. Off Season $80

954-925-0527

stmauriceinn.com/ Efficency In Season $180

Off Season $100

One Bedroom In Season $300

Off Season $219

Silver Spray Motel Standard In Season $189

2115 N Ocean Dr Off Season $89

954-922-3157

Studio In Season $229

Off Season $120

Hollywood Beach Swan Standard In Season $177

1915 N Ocean Dr Off Season $139

954-923-8020

Suite In Season $338

Off Season $197

Hollywood Beach Sea Turtle Standard In Season $280

315 Roosevelt Off Season $87

786-439-9967

www.seaturtleresort.com

Sun Beach Inn Standard In Season $338

309 Oklahoma ST Off Season $94

30

Address Room Type In Season Out of

Season

2710 N OCEAN DR Efficencies $500

Dream Inn Hotel Rooms $700

320 NEBRASKA ST One Bedroom $877 $1,245

Hollywood by the Sea

310-318 HAYES St Eff $1,050 $395

Atlantic Sands

322 NEVADA ST Eff 850-1000 650-800

Nevada Street Apartments One Bedroom 1000-1400 800-100

810 South Surf Road Eff $1,162 $952

Marine Villas One Bedroom $1,365 $1,162

315-319 McKinley Street Eff $775 $490

Dolphin Motel Large Eff $875 $560

One Bedrom $1,000 $700

342 Buchanan Street Eff $720 $490

Angle Fish Inn Large Eff $800 $560

One Bedrom $900 $700

Large One Bedroom $1,050 $800

315 Desoto Street Eff $1,393 $903

The Desoto Oceanspray Inn Large Eff $1,603 $1,043

One Bedrom $1,883 $1,183

Weekly

RENT SURVEY STUDIO & 1 BEDROOM APT SEASONALLY

RENT SURVEY HOLLYWOOD BEACHANNUAL RENTALS

31

Address CITY List Price Sale Price CDMOVE

IN$

Days on

MarketBed Bath

Year

BuiltPETS POOL

324 Indiana St HOLLYWD $1,400 1400 12 0 1 1931 Y N

101 N OCEAN DRIVE # 509HOLLYWD $1,350 $1,350 11/23/2015 224 0 1 1925 N Y

3220 N Surf Road # 3 HOLLYWD $1,000 $1,000 4/20/2016 3050 0 1 1954 N N

2118 N Ocean Dr # 1 HOLLYWD $1,250 $1,250 6/7/2016 0 1 1963 N N

$1,250 $1,200

324 INDIANA ST HOLLYWD $1,700 700 1049 1 1 1931 Y N

326 WILSON ST # 104 HOLLYWD $2,000 1 1 N N

1900 N OCEAN DR # 7 HOLLYWD $1,300 $1,300 12/1/2015 3900 54 1 1 1947 N N

2501 OCEAN DR HOLLYWD $2,300 $2,300 263 1 1 N Y

3220 N SURF RD # 2 HOLLYWD $1,600 $1,600 4/15/2016 4850 1 2 1954 N N

$1,515 $1,429

1418 N OCEAN # 3 HOLLYWD $2,200 $2,200 7000 75 3 2 Y N

1418 N Ocean Dr # 2 HOLLYWD $2,500 $2,500 7/12/2016 6000 3 2 1940 Y N

$1,643 $1,613

COMPARABLE SALES Section 3

DIRECT SALES COMPARISON

33

A comparable sale is property that is similar to the subject property in most respects. It is

located in a nearby location. It has recently sold for a fair market value. The selection of

comparable sales is in most appraisals is the single most determining factor in establishing

the value. The responsibility is to fully research the local real estate market and determine

which comparable sales represent the best value characteristics of the subject property.

The market or direct sales comparison approach to an estimate of value is a process of

comparing market data, that is, prices paid for similar properties, prices asked by owners,

and offers made by prospective buyers or the tenants willing to buy or lease. Typically a

comparison grid is used and adjustments are made to each comparable sales used for

major differences between the comparable and the subject property for such items as

location, construction quality and significant amentias, etc. In the market approach, the

attempts are made to both gauge and reflect the anticipated reaction by a typical

purchaser to the subject property.

This analysis has been prepared solely for informational purposes to assist the owner(s) in determining whether to proceed with




COMPARABLE GRID CHART 2017HOLLYWOOD BEACHPRIMARY EMPHASIS

24

AddressOriginal List

PriceCurrent Price Sale Price Closing Date

Days

on

Market

#Units Unit Breakdown & Rent AnalysisAdjusted

Area SF

Lot

Size

Year

Built

Price per

SqFT

Price per

Unit GRM CAP

325 Harding St $2,675,000 13 11 (0/1); (2/1) ; (1/1) 3994 6606 1956 $669.75 $205,769 9.6 6.0%

326 Fillmore St $1,439,000 $1,439,000 294 6 2 (1/2) ;4 (0/1) 2389 3191 1955 $602.34 $239,833 11.99 3.9%

309 Oklahoma St $2,000,000 $2,000,000 9 8 (0/1); (1/1) 4048 6618 1952 $494.07 $222,222 5.88 8.0%

311 Nebraska St $2,995,000 $2,525,000 182 10 7 0/1); 3 (1/1) 4064 7052 1941 $621.31 $252,500 9.02 5.2%

315 Roosevelt St $2,950,000 $2,750,000 154 8 8 (1/1) 3665 6305 1957 $750.34 $343,750

320 Cleveland St $3,750,000 $2,900,000 9 7 (0/1) 2 Twnhses 6439 10032 1953 $450.38 $322,222

317 POLK ST $3,170,000 $2,990,000 6 (2/1) 3 (1/1) 2(0/1) 3339 6380 1940 $895.48 $498,333 9.97 4.7%

324 Van Buren St Unit#20 $4,490,000 $3,500,000 445 20 16 (0/1) 2 (2/1) 2 (2/2) 7184 12746 1954 $487.19 $175,000 12.73 3.7%

1907 N SURF RD Legal 9 Units $5,900,000 $3,695,000 13 13 (0/1) $1500/Wk Direct H20 3892 6647 1960 $949.38 $284,231 8.21 5.7%

2115 N Ocean Dr $3,700,000 $3,700,000 51 21 18 (0/1) 3 (1/2) 7081 11896 1970 $522.53 $176,190 9.47 4.9%

1500 N Ocean Dr Condo $4,500,000 $4,500,000 17 14 (0/1) 3 (1/1) 4574 $983.82 $264,706

1915 N Ocean Dr $17,500,000 $15,000,000 171 54 54 (0/1) 22165 22165 1953 $676.74 $277,778

311 Nebraska Street $2,250,000 $2,090,000 11/18/2015 10 3 (1/1) 7 (0/1) 4064 6500 1980 $514.27 $209,000 7.00 7.2%

315 Arthur St $3,850,000 5/3/2016 15 14 (1/1) (0/1) 7383 9816 1953 $521.47 $256,667

322 Nevada St $3,650,000 $3,500,000 3/8/2016 15 9 (1/1) 6 (0/1) 8054 10019 1957 $434.57 $233,333 15.91 3.2%

328 Minnesota St $1,200,000 $1,200,000 $1,085,000 7/12/2017 49 8 8 (1/1) $379/Wk 2279 3459 1989 $476.09 $135,625

315 Buchanan St $1,499,999 $1,499,999 $1,230,000 5/3/2017 41 5 (1/2) 3 (1/1) (0/1) 2486 3190 1968 $494.77 $246,000

332 Georgia St # 1-4 $810,000 3/31/2017 4 1768 3137 1954 $458.14 $202,500

315 Grant St $958,800 8/4/2016 2 1462 3310 1940 $655.81 $479,400

328 Polk St $820,000 3/1/2017 2 1658 4786 1956 $494.57 $410,000

$604.38 $275,226

$515.88 $294,705

COMPARABLE GRID CHART 2015-2016HOLLYWOOD BEACH LEAST EMPHASIS

24

Address CITY H2O List Price Sale Price CDDays on

MarketNo Units Adj SF

Year

BuiltUnit Breakdown Zoning $/Unit $/SF

325 Harding St HOLLYWD N $2,675,000 13 3994 1956 11 (0/1); (2/1); (1/1) BRT-25 $205,769 669.7546

2200 N OCEAN DR H2O HOLLYWD Y 1,850,000 7 7 3118 1962 COM $264,286 $593.33

2710 N Ocean Dr HOLLYWD N 2,500,000 12 3555 1965 7 Studio, 5 Hotel rms BRT-25 $208,333 $703.23

317 POLK ST HOLLYWD N 3,500,000 411 6 3339 1940 (2/1) $1450; 3(1/1) $1250; 2 Studio $950 BRT-25 $583,333 $1,048.22

1907 N SURF RD HOLLYWD Y 3,950,000 169 13 3892 1960 13 Studios $1500 COM $303,846 $1,014.90

315 Grant St HOLLYWD N 1,100,000 Pending 354 2 1624 1970 2 (2/1) Ronavated $550,000 $677.34

332 Walnut St HOLLYWD N 825,000 2 1400 1966 (1/1) $1200 (1/2) $1200 $412,500 $589.29

324 Van Buren St HOLLYWD Y 4,490,000 20 7184 1954 16 Studios; 2 (2/1); 2 (2/2) BRT-25 $224,500 $625.00

1315 N Ocean Dr HOLLYWD 650,000 4 1214 $162,500 $535.42

309 Oklahoma ST HOLLYWD N 2,500,000 6 4048 $416,667 $617.59

310 MCKINLEY ST H2O HOLLYWD Y 12,300,000 119 29 16670 1982 Redevelopment Neptune Timeshare 0 $424,138 $737.85

2300 N SURF RD H2O HOLLYWD Y 15,900,000 22 21 7348 1970 COM $757,143 $2,163.85

322 NEVADA ST HOLLYWD N 3,650,000 3,500,000 3/7/2016 706 15 8054 1971 9 (1/1); 6 (Studios) 0 $233,333 $434.57

320 Misouri ST HOLLYWD N 879,000 800,000 5/16/2016 369 3 2297 1978 3 (1/1) $266,667 $348.28

315 ARTHUR ST HOLLYWD N 4,150,000 3,850,000 5/2/2016 64 15 7383 1960 14 (1/1); 1 Studio MOTEL $256,667 $521.47

330 COOLIDGE ST HOLLYWD N 795,000 9/16/2015 4 2110 1951 (2/1) $2400(1/1)$1900 2 Eff$1100 $198,750 $376.78

319 NEW YORK ST HOLLYWD N 1,115,000 10/20/2015 2 2525 1960 SRF (3/2) SFR (1/1) $557,500 $441.58

1418 N OCEAN DR HOLLYWD Y 1,300,000 7/30/2015 2 2173 1962 $650,000 $598.25

346 BUCHANAN ST HOLLYWD N 1,300,000 8/26/2015 3 1504 1940 $433,333 $864.36

Listed $355,010 $714.22

Sold $370,893 $512.18

COMPARABLE GRID CHART 2015HOLLYWOOD BEACHSECONDARY EMPHASIS

24

Address CITY List Price Sale Price CDDays on

Market#U Breakdown & Rent Survey H2O Adj SF

Lot

SizePrice/Unit Price/SF GRM

Cap

Rate

Year

Built

325 Harding St 2675000 13 n 3994 6606 $205,769 $669.75 9.60 6.1% 1956

326 Fillmore St HOLLYWD 1,439,000 7 6 2 Eff 4 (1/1) $1850 N 2,389 3191 $239,833 $602.34 11.9 4.7% 1955

2200 N OCEAN DR HOLLYWD 1,750,000 411 2 Commercial Y 3118 5561 $875,000 $561.26 10.7 5.3% 1962

317 POLK ST HOLLYWD 3,200,000 6 (2/1) $1450 3 (1/1) $1250 (0/1) $950 N 3339 6400 $533,333 $958.37 1940

320 Cleveland St HOLLYWD 3,750,000 9 7 (0/1); (2/2) (4/2) 2 Twnhse N 6439 10332 $416,667 $582.39 1953

324 Van Buren St # 20HOLLYWD 3,800,000 169 20 16 (0/1) 2 (1/1); 2 (2/1) Y 7100 12746 $190,000 $535.21 13.8 4.1% 1954

1907 N SURF RD 3,950,000 13 13 (0/1) $1500/WK Y 3892 6400 $303,846 $1,014.90 8.8 6.4% 1960

350 WALNUT ST HOLLYWD 849,000 845,000 3/27/2015 172 5 3 (1/1) $1200; 2 (0/1) $950 Superior N 2427 6291 $169,000 $348.17 14.1 4.0% 1954

319 TYLER ST 1,300,000 1,250,000 10/24/2014 83 4 N 2875 12800 $312,500 $434.78 1945

333 WALNUT ST 1,800,000 1,600,000 5/25/2015 146 6 6 (1/1) Superior N 3257 9,437 $266,667 $491.25 1956

335 WALNUT ST 1,850,000 8/25/2015 N 5021 9,584 $368.45 1954

335 DE SOTO 1,250,000 5/15/2015 20 N 3657 6,534 $62,500 $341.81 1969

415 S OCEAN DR 3,200,000 3,000,000 5/4/2015 19 N 9461 18,270 $157,895 $317.09 6.2% 1952

311 NEBRASKA ST 2,250,000 2,100,000 11/13/2015 103 10 3 (1/1) $4000/M; 7 (0/1) N 4064 6400 $210,000 $516.73 7.0 8.0% 1980

322 NEVADA ST HOLLYWD 3,650,000 3,500,000 3/7/2016 795 15 9 (1/1); 6 (0/1) N 8054 9927 $233,333 $434.57 15.9 3.5% 1971

315 ARTHUR ST HOLLYWD 4,150,000 3,850,000 5/2/2016 209 15 570 N 7383 9816 $256,667 $521.47 1960

915 N OCEAN DR 9,400,000 9,000,000 4/9/2015 270 52 10 (1/1) $1500/W, 18 (0/1) N 15000 32000 $173,077 $600.00 15.0 3.7% 1960

Listed $316,753 $570.30 11.3 5.1%

254 Sold $204,626 $437.43 13.0 5.1%

Act

ive

Clo

sed

Sal

es

INCOME & EXPENSES Section 4

UNDERSTANDING CAP RATES

Example: A property has a NOI of $100,000 and a Cap Rate of 10%. Thus a value of $1,000,000

As the Cap increases to 11% the price decreases to $909,000

Conversely as the Cap Rate decreases to 9% the overall value has increased to $1,100,000

Sub-Market: For each $1,000 of NOI, our market responds with between $11,000 to $12,000 of value

=Value

Net Operating Income (NOI)Capitalization Rate

$100,000

10%= $1,000,000

$100,000

11%= $909,091

$100,000

9%= $1,111,111

Buyer: Cap Rate goes up

Seller: Cap Rate goes down

INCOME AND EXPENSE

1

Price:

25.00% $497,500 Terms:

13

$153,077

7.2

8.80%

$84.33

1956

6,606.0

3,994

$498.25

$336,800

$58,840

$277,960

102,789

175,171$

100,653

74,518$ *

11,573

86,091$ *

Taxes: 38,191$

UNIT BDRMS/ Weekly Monthly Total Seasonal Weekly Monthly Total Off 12,000

NUM BATHS Rent Rent/Unit Income Rent/Unit Income Season Income 4,500

3 0/1 Large 1,200 $3,420 $13,680 $1,680 $53,760 6,000

8 0/1 Small 1,000 $7,600 $30,400 $3,840 $122,880 Landscaping 1,800

1 2/1 1,500 $1,425 $5,700 $800 $25,600 200

1 1/1 1,100 $1,045 $4,180 $680 $21,760 Labor 13,600

$53,960 $224,000 Management 13,898

NOTE Occupancy is estimated at 6,000

95% for 16 Weeks In Season Cable & WiFi 6,600

70% for 32 Week Off Season

$13,490 $7,000

$13,490 102,789$

In Season Off Season Per Net Sq.Ft.: $25.74

Scheduled Gross Income per Season: $53,960 $224,000 Per Unit: $7,906.87

Water & Trash

Total Expenses:

Electric

Maintenance:

Monthly Scheduled Gross Income:

Total Scheduled Rent:

$7,000

$700

$600

$1,000

17.30%

Net Operating Income:

Less Loan Payments:

14.98%

$850

Licenses

Annualized Expenses

Pre Tax Cash Flow:

Total Return Before Taxes:

Plus Principal Reduction:

IN SEASON 16 Weeks 95% Occupancy

Scheduled Income

Insurance:

Off Season 32 Weeks 80% Occupancy

Summary Proposed Financing

interest

yr. amortization

4.50%Down Payment:

Price per Unit

Current GRM:

SQ FTApproximate Lot Size:

Less Vacancy Rate Reserve:

Annualized Operating Data

$1,492,500

25

$1,990,000

$8,387.73

Number of Units:

Monthly Payment:

Purchase Money Mortgage

Current CAP:

Annual Rent per Square Foot:

Approximate Age:

Approximate Net RSF:

Cost per Net RSF:

Gross Operating Income:

Less Expenses:

Current Rents

Scheduled Gross Income:

17.47%

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