florida panhandle portfolio€¦ · portfolio. 837 total units + 3 offices. milan rubenstein...

±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]

Amy [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


1 + 1 74

2 + 1 59

Pensacola: Unit Break Down

6

UNIT MIX INFORMATIONBOARDWALK


1 + 1 16

2 + 1 48

UNIT MIX INFORMATIONPARK PLACE


1 + 1 33

2 + 1 16

2 + 2 1

Milton (Monopoly): Unit Break Down

UNIT MIX INFORMATIONPARK AVENUE


1 + 1 12

UNIT MIX INFORMATIONPARK PLACE EAST


2 + 1 32

7

UNIT MIX INFORMATIONQUINN BAYOU


1 + 1 26

2 + 1 5

UNIT MIX INFORMATIONPINEYWOOD


2 + 1 24

2 + 2 32

Milton (Continued): Unit Break Down

UNIT MIX INFORMATIONSUGARWOOD


2 + 1 20

UNIT MIX INFORMATIONTHACKER I & II


2 + 1 17

UNIT MIX INFORMATIONBRAUHOUSE


2 + 1 16

8

UNIT MIX INFORMATIONQUINTA VILLA


2 + 1.5 30

3 + 1.5 2

UNIT MIX INFORMATIONINNETOWN


1 + 1 11

2 + 1 3

Crestview: Unit Break Down

UNIT MIX INFORMATIONRIDGEWOOD


2 + 2 32

UNIT MIX INFORMATIONAPLIN


1 + 1 20

2 + 1 40

3 + 2 20

9

UNIT MIX INFORMATIONCONSUL


1 + 1 51

2 + 1 8

2 + 2 19

Not Renovated* 15

UNIT MIX INFORMATIONOAK BREEZE


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




($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%


# of Units: 291 + 2 Offices



18

FINANCIAL SUMMARY: MILTON




($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%


# of Units: 298 + 1 Office



19

FINANCIAL SUMMARY: CRESTVIEW




($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%


# of Units: 159



20

FINANCIAL SUMMARY: FORT WALTON



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%


# of Units: 89



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]

florida panhandle portfolio€¦ · portfolio. 837 total units + 3 offices. milan rubenstein...

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