bristol park office building · bristol park office center benefits from a superior location,...

COSTEL VANATORU, Lic. Real Estate BrokerVanwald&Associates LLC • 407-403-5775 • [email protected]

BRISTOL PARK OFFICE BUILDING4703 NW 53rd Ave, Gainesville, Florida

Confidential Offering Memorandum

100% Leased: No Near eNd of Term Leases

Boundary lines are approximate.

100% LEASED


PROPER T Y SN APSHO T

PROPER T Y OVERV I EW

LOC AT ION OVERV I EW

PROPER T Y PHO T OS

TEN ANT L INE -UP

OPERAT ING INFORMAT ION & INVES TMENT DETA I L S

CONTACT INFORMAT ION

TABLE OF CONTENTS

F O R M O R E I N F O R M A T I O N , C O N T A C T :

COSTEL VANATORULic. Real Estate [email protected]

VanWald & Associates LLC • 6000 Metrowest BLVD, STE 101, Orlando, FL 32835

& A S S O C I A T E S

DisclaimerThis Offering Memorandum is provided by Vanwald and Associates, solely for your consideration of the opportunity to purchase the commercial property described herein. This Offering Memorandum may be used only as stated herein and shall not be used for any other purpose, or in any other manner, without prior written authorization and consent of Vanwald and Associates.

This Offering Memorandum does not constitute or pertain to an offer of a security or an offer of any investment contract. It contains descriptive materials, financial information and other data compiled by Vanwald and Associates for the convenience of parties who may be interested in the subject property.

The information contained is not all inclusive and is not represented to include all information that may be material to an evaluation of the acquisition opportunity presented. Vanwald and Associates has not independently verified any of the information contained herein and makes no representations or warranties of any kind concerning the accuracy or completeness thereof. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available.

An interested party must conduct its own independent investigation and verification of any information the party deems material to consideration of the opportunity, or otherwise appropriate, without reliance upon Vanwald and Associates. Legal Disclosure: One of the sellers holds an active real estate broker’s license in the State of Florida.

16 A Walking Tour

University of Florida


VanWald & Associates is pleased to present the opportunity to acquire 4703 NW 53rd Ave at Bristol Park Office Center.

The offering consists of a very attractive one (1) single-story multi-tenant office buildings totaling 8,756 square feet. The building is 100% leased and located in a very attractive and well kept office park, with close proximity to shopping and other key areas of Gainesville.

The property is divided into 8 (eight) individual office suites currently leased by strong tenants, with no near end of term leases, and used as professional business offices.

PROPERT Y SNAPSHOT

PROPERTY SNAPSHOT

Property Bristol Place Office Center

Address 4703 NW 53rd Ave

City, State Gainesville, FL 32653

County Alachua County

Type Office

Year Built 2001

Occupancy 100%

Square feet 8,756 total

Lease Type Modified

Buildings 1

Suites 8

Floors One

Class A

Parking Ample Parking Available

Investment Price $1,092,900

NOI $81,964

Cap Rate 7.50%

Price/SF $124.81

HigHligHts√ 100% LEASED√ UNDER MARKET RENT√ GREAT VALUE ADD OPPORTUNITY√ DESIRABLE LOCATION√ VERY ATTRACTIVE CAP RATE√ AMPLE PARKING√ STRONG TENANT LINE-UP

BRISTOL PARK A 100% LEASED OFFICE BUILDING IN GAINESVILLE, FLORIDA


PROPERT Y OVERVIEW

Boundary lines are approximate.

SITE DATAProperty Bristol Park Office Center

Address 4703 53rd Ave

State Gainesville, Fl 32653

County Alachua PID 06053-090-051

Area 17,859 SF

Zoning PD

Use 01700-Office 1 Story

BUILDING DATABuilding Use Professional Office

Type Free Standing

Occupancy 100%

Tenancy Multiple

Total SF 8,756 +/-

Leasable SF 8,032 +/-

Buildings 1

Suites 8

Floors One

Year Built 2001

Building Class A

Exterior Construction Brick

Interior Construction Drywall

Roof Cover Architectural Shingles

AC Central

Heating Forced Air/Electric

Parking Ample Parking in Business Park


SUPERIOR LOCATION

Bristol Park Office Center benefits from a superior location, directly adjacent to a very busy Publix Anchored Shopping Center at the corner of NW 53rd St and NW53rd St, and lots of roof tops. The property is situated in a Class A Office Business Park with individual featuring excellent access to I-75, about 20 minutes to the Gainesville International Airport, and The University of Florida.

The site benefits from ample parking and great placement. The Office Park is very well appointed, with matured oak trees and well manicured landscaping.

The aforementioned location, construction quality, and tenant line-up provide an investor a unique opportunity to add this Class A Quality Asset to their portfolio.

BRISTOL PARKOFFICE CENTER

NW 53rd St

NW

43rd St

BRISTOL PARKOFFICE CENTER

LOCATION OVERVIEW


Front-Right View

Rear View

PROPERT Y PHOTOS


East Corner View

West Wing View

PROPERT Y PHOTOS


Aerial View

West Wing View

PROPERT Y PHOTOS


East Wing View

Aerial View of Site

PROPERT Y PHOTOS


TENANT LINE-UP

SUITE A-1

Tenant Ramona Chance Law

Use Law Office

Website www.chancelaw.com

Tenant Description Ramona Chance has practiced law in Gainesville, Florida since receiving her JD in 1982 and LLM in 1983 from the University of Florida College of Law. Over the years she has narrowed her law practice to areas involving real estate.NEW 5 YEAR TERM: LEASE ENDS: Jan 30, 2022

SUITE A-2

Tenant

LCS, Integrative Counseling and Consulting

Use Professional Office

Website www.counselinggainesville.org

Tenant Description LCS is a private counseling practice in Gainesville, Florida that offers an integrative and personal ap-proach to counseling and the therapeutic relationship. We are dedicated to providing a wide range of therapeutic and counseling services to children, adolescents, adults, couples, families and the commu-nity.

NEW 5 YEAR TERM: LEASE ENDS: Dec 31, 2021

SUITE A-3

Tenant

LCS, Integrative Counseling and Consulting

Use Professional Office

Website www.counselinggainesville.org

Tenant Description LCS is a private counseling practice in Gainesville, Florida that offers an integrative and personal ap-proach to counseling and the therapeutic relationship. We are dedicated to providing a wide range of therapeutic and counseling services to children, adolescents, adults, couples, families and the commu-nity.NEW 5 YEAR TERM: LEASE ENDS: Dec 31, 2021

SUITE A-4Tenant

NumotionUse Professional OfficeWebsite www.numotion.comTenant Description Numotion is the nation’s leading provider of Complex Rehab Technology.

NEW 3 YEAR TERM: LEASE ENDS: Feb 29, 2020


SUITE B-1Tenant Ocean Harbor Casualty Ins.

Use Professional OfficeWebsite http://www.oceanharbor-ins.comTenant Description Ocean Harbor Casualty Insurance Company, founded in 1986, is a home and auto insurer focused on

business in the Northeast, Southeast, Mid Atlantic and Gulf states.LEASE ENDS: July 31, 2018

SUITE B-2Tenant Solutions Counseling CenterUse Professional OfficeTenant Description Clinical Social Work/Therapist, ACSW, LCSW

NEW 3 YEAR TERM: LEASE ENDS: July 30, 2020

SUITE B-3Tenant Golden Rule Management

Use OfficeWebsite www.goldenrulerealestate.comTenant Description Golden Rule Real Estate & Property Management is built on our strong desire to bring the customer

service experience back to realty. We’re passionate about nurturing genuine relationships and deeply committed to treating all of our clients like family.

LEASE ENDS: April 30, 2018

SUITE B-4Tenant

Nelson Securities, Inc

Use Professional OfficeWebsite www.nelson-securities.comTenant Description Nelson Securities, Inc. is a full-service Broker Dealer and Registered Investment Advisor headquartered

in the Pacific Northwest offering a vast array of investment services to both individuals and institutions on a national basis.Founded in 1983 by Robert O. Nelson, Nelson Securities prides itself in its ability to help investors iden-tify and achieve their investment goals.

NEW 5 YEAR TERM: LEASE ENDS: June 30, 2022

TENANT LINE-UP


a PropertyName j PurchasePriceb Location k LessMortgages 75.00% <<------Enter%Financedc TypeofProperty l EqualsInitialInvestmentd SizeofProperty 8,756 (sf/Units) CapRate

Price/SF 124.82$

e PurposeofAnalysis

Evaluatedatf Land Balance PeriodicPayment Pmts/YR. Interest Amort.Period LoanTerm

g Improvements m 1st 819,675.00$ 4,326.55$ 12 4.00% 25Years TBD

h PersonalProperty n 2nd

i Totalo EstimatedDepreciation* 22,418.46$ Yearlyfor39years(g/39)p EstimatedIncomeSavings* 7,846.46$ 35%taxbracket

ALLFIGURESAREANNUAL

NetIncome 81,963.80$ Notes Less:AnnualDebtService** 51,918.60$

1 GROSSRENTALINCOME 108,138.84$ Plus:PrincipalReduction** 19,486.23$ YearOne2 Plus:EstimatedTaxSavings* 7,846.46$3 RealEstateTaxes 14,251.64$ 2016Taxes TOTALRETURNONINVESTMENT 57,377.89$ 4 PropertyInsurance 2,871.76$ ROI 21.00%5 AssociationDues 3,333.20$6 LawnService 2,640.00$7 PestControl 1,560.00$8 TermiteBond(7/17-7/18) 485.00$ 2017 2018 2019 2020 20219 Repairs&Maint. 1,033.44$ GrossIncome 108,138.84$ 111,383.01$ 114,724.50$ 118,166.23$ 121,711.22$

10 TOTALOPERATINGEXPENSES 26,175.04$ Less:OperatingExpenses 26,175.04$ 26,567.67$ 26,966.18$ 27,370.67$ 27,781.23$11 NETOPERATINGINCOME 81,963.80$ NetOperatingIncome 81,963.80$ 84,815.34$ 87,758.31$ 90,795.56$ 93,929.98$12 Less:AnnualDebtService** 51,918.60$ CapRate 7.5% 7.8% 8.0% 8.3% 8.6%13 NETINCOMEafterDebtSrv. 30,045.20$ Less:DebtService 51,918.60$ 51,918.60$ 51,918.60$ 51,918.60$ 51,918.60$14 CashonCashReturn 11.00% NetIncomeafterdebtservice 30,045.20$ 32,896.74$ 35,839.71$ 38,876.96$ 42,011.38$15 Less:Depreciation(Savings)* 22,418.46$ CashonCashReturn 11.00% 12.04% 13.12% 14.23% 15.38%

TaxableIncome* 7,626.74$ Less:Depreciation(Savings)* 22,418.46$ 22,418.46$ 22,418.46$ 22,418.46$ 22,418.46$TaxableIncome* 7,626.74$ 10,478.28$ 13,421.25$ 16,458.50$ 19,592.92$

NetIncome 81,963.80$ 84,815.34$ 87,758.31$ 90,795.56$ 93,929.98$Less:AnnualDebtService 51,918.60$ 51,918.60$ 51,918.60$ 51,918.60$ 51,918.60$Plus:PrincipalReduction 19,486.23$ 20,280.13$ 21,106.37$ 21,966.28$ 22,861.22$Plus:EstimatedTaxSavings 7,846.46$ 7,846.46$ 7,846.46$ 7,846.46$ 7,846.46$ PropertyCashFlow 57,377.89$ 61,023.33$ 64,792.55$ 68,689.70$ 72,719.07$RateofReturn 21.00% 22.33% 23.71% 25.14% 26.62%

*

**

***

Informationcontainedinthismaterialisnotguaranteedandshouldbeindependentlyverified.

-$

PROPERTYNETINCOMEANALYSIS

BristolPark 1,092,900.00$4703NW53rdAVE,Gainesville,FL32806 819,675.00$Office/Investment 273,225.00$

7.50%

218,580.00$

874,320.00$

1,092,900.00$

(actualamountmaybedifferentforeachindividual)

NETINCOMEANALYSIS ROI <<---Takesintoaccounttaxsavingsfromdepreciation,netincome,aswellasprincipalreduction(equity).

OPERATINGEXPENSES

DepreciationandTaxand/orincomeSavings:Depreciationwasestimatedbydvidingtheestimatedvalueofimprovements(80%ofpurchaseprice)by39years.Thisisanestimateonlyandshouldnotbeinterpretedastaxadviceoraguarantee.Forincometaxorcapitalgainstaxpurposes,realestatepropertyownersareurgedtogetprofessionaltaxadvicefromareliablelicensedsource.AnnualDebtService,MonthlyLoanPayments,InterestPayments,PricipalReductionsandanyotherloanrelatedamountsareforillustrationpurposesonly,andwerecalculatedandobtainedusingKarl'smortgagecalculatorathttps://www.drcalculator.com/mortgage/.

Proformaprojectionwascalculatedusinga3%yearlyincreaseinrentalrates,anda1.5%yearlyincreaseinexpenses.

FIVEYEARNETINCOMEPROFORMA***

TOTALRETURNONINVESTMENT,FIVEYEARS***

NET INCOME ANALYSIS


FLORIDAUniversity of

A Walking Tour

University of Florida 3

Welcome to the home of The Gator Nation –

the University of Florida – one of the nation’s

top public research universities. UF’s campus

is a blend of traditional Gothic and striking

contemporary architecture, making it a

university recognized for its beauty, as well

as its academic excellence. We hope you

enjoy your self-guided walking tour that will

acquaint you with our campus buildings and

general history. Walking at a steady pace, this

tour should take about one hour. The tour

begins at the University’s Welcome Center

in the J. Wayne Reitz Union. The tour route is

accessible to individuals using wheelchairs by

following the sidewalks. The large numbers on

the following pages coincide with your tour

route, shown on the map on the back cover.

Welcome To The University of Florida

Did you know?UF is home to approximately 36,000 undergraduate students. Combined with graduate and professional students, the UF campus is 50,000 strong.

WELCOME TO UF

28 A Walking Tour

1 5gaines v i l le : Home of tHe Univers i t y of flor ida


Gainesville is the county seat and largest city in Alachua County, Florida, and the principal city of the Gainesville, Florida Metropolitan Statistical Area (MSA). The population of Gainesville in the 2013 US Census was 127,488, a 2.4% growth from 2010. Gainesville is the largest city in the region of North Central Florida. In addition, it is also a component of the Gainesville-Lake City Combined Statistical Area, which had a 2013 population of 337,925.

Gainesville is home to the University of Florida, the nation’s eighth largest university campus by enrollment, as well as to Santa Fe College. The Gainesville MSA was ranked as the #1 place to live in North America in the 2007 edition of Cities Ranked and Rated.

Also in 2007, Gainesville was ranked as one of the “best places to live and play” in the United States by National Geographic Adventure.

market area

GaiNesviLLe: 2Nd fasTesT-GrowiNG CiTy iN The NaTioN

Gainesville has been highlighted as the second fastest growing city in the United States in a study conducted by NerdWallet.com. Among the cities highlighted, Gainesville finished first in growth in median income and second in growth in employment rate. The study focused on three factors to determine the growth score of each city:

Population: Population growth in the work-ing-age population (16+) between 2007 and 2011

Employment: Growth in the percentage of employed residents 16+ between 2007 and 2011 Income: Growth in median income for workers between 2007 and 2011

The following is an excerpt from their report focusing on Gainesville:

A growing startup hub (Gainesville is home to music startup Grooveshark), Gainesville has plenty of resources for entrepreneurs. The Gainesville Technology Enterprise Center provides tools and training for early-stage startups. High schoolers can benefit from this entre-preneurial environment as well by participating in the University of Florida’s outreach and youth program, such as the Young Entrepre-neurs for Leadership and Sustainability Summer Program.

by Gainesville Chamber of Commerce

Demographics 1-mi. 3-mi. 5-mi.2015 Total Population 6,868 76,465 160,6622015 Households 3,052 30,689 64,655

Housing 1-mi. 3-mi. 5-mi.2015 Housing Units 3,116 29,229 64,4072015 Occupied Housing Units 3,008 27,129 59,2182015 Owner Occupied Housing Units 2,339 13,201 25,249

2015 Renter Occupied Housing Units 669 13,928 33,969

2015 Household Income: Median $61,392 $41,602 $36,303

2015 Household Income: Average $93,598 $64,349 $58,168

2015 Per Capita Income $41,666 $27,846 $25,036From www.Loopnet.com


► Accommodate approximately 30,000 potential jobs over 50 years in eastern Alachua County, where the employment need is the greatest.

► Attract advanced manufacturing and agricultural related jobs, many of which require only a high school diploma or some specific training, to help overcome jobs competition that residents face with college students.

► Assist to increase the tax base, and allow for the services and recreation opportunities close by that support a vibrant community.

► Enable Alachua County, the University of Florida and Santa Fe College and the region to compete in the state, national and global economies.

Envision Alachua will accomplish this by:Providing land that is zoned and ready to meet the expansion needs of local companies. Alachua County has limited land suitable for advanced manufacturing and modern industrial uses that is well-served by transporta-tion, a factor that limits the County’s ability to attract new industry. A 2007 report by the Council for Economic Outreach documents this. Many locally grown businesses end up leaving the County when they want to expand, taking jobs and local talent with them.Creating the types of employment-oriented development that employers want. Increasingly, employers are seeking to locate in a high quality community that allows people to live close to where they work. They also want to be close to strong educational institutions like the University of Florida and Santa Fe College that are creating a well-trained work force for a variety of jobs at all skill levels.

Economic Progress InitiativeWeyerhaeuser is committed to realizing the community vision developed through Envision Alachua. The vision articulates the type of community and high quality environment that can attract these desired employers and provide space for local, established businesses to expand and prosper. Envision Alachua features the “Eco-nomic Progress Corridor,” which stretches from East Gainesville to Hawthorne, and is well-served by existing highways and rail lines linking the county’s economic assets.

Economic progress is not just about the number of jobs being created, but the quality of the employers and the types of jobs they bring. The Economic Progress Initiative seeks to build on the data and community input generated through Envision Alachua by conducting targeted research to determine how best to identify and attract these companies. To attract a significant employer, our community needs to have an attractive location and the resources available to support it.

Weyerhaeuser, partnering with the Gainesville Area Chamber of Commerce, the Council of Economic Outreach, Innovation Gainesville, the University of Florida and Santa Fe College, worked to create a regional marketing plan for economic development. With the economic development initiative, Weyerhaeuser funded the baseline analysis of the greater Alachua County area, a higher education asset report of UF, and is currently producing a regional marketing plan with the necessary tools. As part of the higher education asset report, over 150 interviews comprised the data research and relationship mapping including administration, deans and re-searchers at UF and SFC, businesses, government officials and community members interested in bettering the economy. No other university in the United States has ever had such a comprehensive asset mapping under-taking. To answer an immediate need, Weyerhaeuser produced a marketing piece for UF’s Institute of Food and Agricultural Sciences (IFAS) for its use in recruiting companies to locate in the greater Gainesville area. Overall, the community partnership, led by Weyerhaeuser and the Gainesville Area Chamber of Commerce, will support this effort as it executes the forthcoming plans.

market area

www.envisionalachua.com

Envision Alachua is a community-led initiative started by Plum Creek to bring prosperity to all of Greater Gainesville. Since 2011, more than 2,000 community members have collaborated to balance competing community needs and develop a plan to achieve both economic and conservation goals.

► Increasing Regional Competitiveness Alachua County can build a reputation as an ideal environment for business and compete with nearby cities ramping up their economic progress initiatives. Lands in East Alachua County provide the space and infrastructure that large-scale businesses are looking for when selecting a new location. Envision Alachua positions Greater Gainesville as a competitive hub for industry — establishing the region as a major player in local, state and national economies.

► Realizing Our PotentialTo fully participate in the 21st century economy, elected officials and business community leaders are recognizing the need for Alachua Coun-ty to play a proactive role in the region. Our community has economic growth potential waiting to be realized in East Alachua County — and Envision Alachua is a once-in-a-lifetime chance to extend economic growth to our entire region.

eNvisioN aLaChua wiLL:


CONTACT INFORMATION

Disclosure: One of the sellers holds an active real estate broker license in the State of Florida.

F O R M O R E I N F O R M A T I O N , C O N T A C T :

VanWald & Associates LLC • 6000 Metrowest BLVD, STE 101, Orlando, FL 32835& A S S O C I A T E S

COSTEL VANATORULic. Real Estate [email protected]

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