forsale - loopnet · site e. sandal ln. palm beach shores resort & vacation villas dolcevita...

SITES. Ocean Ave.

Sandal Ln.

Palm Beach Shores Resort & Vacation Villas

Dolcevita Condos

Mayan Towers Condos

Sand Dune Shores Resort

FORSALE

F L O R I D A

Rare Opportunity to Acquire a 3-Unit Multi-family Property,

Situated Steps from the Beach on Prestigious Singer Island

101

Sand

al L

n. |

Palm

Bea

ch S

hore

s, F

L 33

404

$800,000

Katie RawnsleyF L O R I D A

Hi,

I’m very excited to present this rare opportunity to acquire multifamily property just steps from the beach on Singer Island. At a price point below $1Million, this three-unit estate offers individual investors with the ability to participate in the thriving multifamily market of Palm Beach County, while capturing the income stream and credit diversity of a multi-unit property.

Located at the intersection of South Ocean Avenue and Sandal Lane, there are many factors that make this property so valuable. The most notable attribute is the property’s proximity to the beach - situated in the center of Singer Island’s most prestigious condominium buildings and shops. Investors will appreciate the property’s efficient footprint. Leasing and maintence is a breeze and upon stabilization, requires nominal management responsibilities. This is the perfect opportunity for first-time or passive investors to acquire apartment units without large expense ratios or unmanageable operating costs.

The property will be delivered vacant. This presents a buyer with the ability to maximize market rent through cosmetic interior and exterior renovations, estimated to be approximately $25,000-$35,000 per unit. All market rents represented in this Offering Memorandum have been indexed against market averages assuming a moderate level of interior renovation to appeal to a more discerning annual tenant.

The property is not governed by any property owners’ association. Other than the municipal codes of Palm Beach Shores, an owner can utilize the property for almost any residential-related purpose. This lack of restriction presents investors with an ultra-profitable vacation rental opportunity. Typical AirBNB and Booking.com rates in the immediate proximity generate revenues estimated at 4-5 times free market annual rents. Given this property’s proximity to the beach and central location in one of Palm Beach’s most prestegious islands, 101 Sandal Lane is perfectly positioned to profit from a short-term vacation rental model. It’s also worth noting that the 10-unit apartment complex directly across the street is available for purchase. This combined 13-unit portfolio allows investors to realize economies of scale, and therefore, increasing overall profitability.

Thank you again for taking the time to consider 101 Sandal Lane. Please do not hesitate to contact me or any KW Commercial broker with questions or ideas related to the property. We are more than happy to facilitate any requests and answer any questions that you may have.

Sincerely,

Katie Rawnsley

Katie Rawnsley [email protected] (c/t)561.427.6100 (o)

F L O R I D A

4 Property Details

5 Property Photos

7 Financial Analysis

8 Property Aerial

9 Sales Comparables

11 Rental Comparables

13 Market Overview

15 Demographics

16 Our Team

Click on item to get more info

Location, Location, LocationThis Palm Beach Shores triplex located on Singer Island, is steps away from the Atlantic, offers a unique opportunity for owner use with additional income generation from other units.

Property UpgradesImprovements include newly paved parking lot (2016), roof replacement (2005), windows and sliding glass doors (2014), and accordion shutters on windows.

Close ProximityClose proximity to Palm Beach Shores, Sailfish Marina, Ritz Carlton, Marriott, Palm Beach Inlet, restaurants and shopping on the Island.

Area GrowthOver 30 high-rise condo buildings with over 4,300 units and an average value of $300,000 per unit in a 2 mile radius of property

Sale NotesProperty will be delivered vacant. Additional development density is permitted per local zoning ordinance. Incredibly strong rental market. No restrictions on vacation rentals or lease duration.

±2,822 SFTotal Building Size

2x2 with DenUnit 1 (Owner’s Unit)

1x1Unit 2 (Apartment)

0x1Unit 3 (Efficiency)

$800,000Sale Price

±8,899 SFLot Size

Property Details

Property Photos

Financial Analysis

RevenueMonthly Annually

2-Bedroom Rental Revenue $2,950 $35,400

1-Bedroom Rental Revenue $2,400 $28,800

Studio Rental Revenue $1,400 $16,800

Laundry/Misc Revenue $75 $900

(Vacancy Loss) 5.00% ($4,050)

Total Revenues $6,825 $77,850

ExpensesProperty Taxes $720 $8,625

Property & Casualty Insurance $204 $2,450

Utilities $522 $6,260

Lawn/Grounds Maintenance $120 $1,440

Pool Service $90 $1,080

Other $167 $2,000

Total Expenses $1,822 $21,865

Net Income $5,003 $55,985

S. Ocean Ave.

SITE

Page8 Property Aerial

10-Units

Available for Purchase

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Page9 Sales Comparables

SALES COMPARABLES

Sales Comparables

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01

Subject

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04

Subject Comp. 1 Comp. 2 Comp. 3 Comp. 4

Address 101 Sandal Ln. 100 Sandal Ln. 101 Tacoma Ln. 101 Linda Ln. 115 Linda Ln.

Sale Date TBD TBD 8/31/17 1/16/18 5/1/17

Sale Price $1,800,000 $1,650,000 $870,000 $715,000

Price/SF $294/SF $268/SF $235/SF $128/SF

Price/Units $180,000 $137,500 $124,285.71 $178,750

CAP Rate 5.70% 5.07% 5.15% 5.81%

# of Units 3 10 12 7 4

Building Size ±2,822 SF ±6,126 SF ±6,160 SF ±3,707 SF ±5,567 SF

Year Built 1950 1956 1951 1960

SITE

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Page11 Rental Comparables

RENTAL COMPARABLES

02

01

Subject

03

04

Subject Comp. 1 Comp. 2 Comp. 3 Comp. 4

Address 101 Sandal Ln.

100 Sandal Ln.

100 Cascade Ln.

100 Claremont Ln.

101 Blossom Ln.

Utilities Landlord Landlord Landlord Landlord Landlord

Rent $1,400 $1,025 $1,500 $2,600

Rent/SF $2.43/SF $2.28/SF $1.88/SF $3.85/SF

Unit Type 1x1 Studio 2x1 1x1

Unit Size ± SF ±575 SF ±450 SF ±800 SF ±675 SF

Year Built 1950 1957 1964 1948

Rental Comparables

Market Overview

[South Florida] Among the Best for Work-Life Balance-Robert Half, 2018

[Palm Beach County] Ranked in the Top 100 Leading Locations

-Area Development, 2017

[Palm Beach County] Ranked Among the Best Counties for Millenials in Florida

-Niche, 2017

Keiser University, Palm Beach Atlantic University, Lynn University Ranked as the Best Regional Universities in the South

-US News & World Report, 2018

Florida Atlantic University Ranked in Best National Universities

-US News & World Report, 2018

Palm Beach International Airport Ranked Among the Top 10 World’s Best Airports

-Travel+Leisure, 2017

200Hotels in

Palm Beach County

17,000Hotel rooms in

Palm Beach County

1M SFMeeting space in

Palm Beach County

60 MilesNorth of Miami

150 MilesSoutheast of Orlando

Market Overview

Palm Beach County OverviewPalm Beach County, commonly referred to as the South Florida Gold Coast, is the third most populous county in the state of Florida. This County is a unique combination of suburban communities and bustling metropolitan districts that provide a vast array of business opportunities. One of those communities is Palm Beach Shores. Located on the southern tip of Singer Island, it is bounded by the Atlantic Ocean and Riviera Beach making it World renowned for its coastal and beach areas.

Agriculture output for Palm Beach County ranks highest in the state, nearly doubling the next largest county. This area leads the Nation in the production of sugarcane, sweet corn, and sweet bell peppers and leads the State in the production of rice, leafy greens and vegetables. The agriculture industry in Palm Beach County consists of roughly 1,400 farms with over $1 billion in sales of crops and a $10 billion economic impact.

Palm Beach County boasts an efficient, integrated transportation system from numerous airports, highways and roads, rail system to an expanding port. Palm Beach International Airport (PBI) is the primary airport for West Palm Beach, Boca Raton, Palm Beach and the surrounding areas. Palm Beach County is served by several major highways -- Interstate 95, Florida’s Turnpike, U.S. Highway One, Military Trail, Beeline Highway and State Road 7. This County is primarily served by CSX Transportation’s 1,650 Florida route miles -- which connects with a total of 19,000 CSX miles covering 20 states, the District of Columbia, and Canada -- and the Florida East Coast Railway Company’s 442 Florida route miles. The Port of Palm Beach is the fourth-busiest container port of Florida’s 15 deepwater ports, and is one of the top 20 busiest container ports in the United States. These state-of-the-art transpiration hubs have inspired over 350 companies and enterprises to relocate and expand in Palm Beach County within the past fifteen years.

2,400Employed due to the Port

$12MState/Federal Taxes

$260MBusiness Revenue

Supplies 60%Of consumed goods

to the Bahamas

Bahamas CelebrationCruise ship based at the

Port of Palm Beach500,000

Annual cruise ship passengers

6MVisitors through Palm Beach

International Airport (PBIA)

200Daily flights in & out of PBIA

City County MSA

Demographic Source: Applied Geographic Solutions 04/2018, TIGER Geography page 1 of 3©2018, Sites USA, Chandler, Arizona, 480-491-1112

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FULL PROFILE2000-2010 Census, 2018 Estimates with 2023 ProjectionsCalculated using In/Out MSA

Lat/Lon: 26.7809/-80.0340RF1

101 Sandal Ln Palm BeachShores Palm Beach

Miami-FortLauderdale-

WestPalm BeachWest Palm Beach, FL 33404

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2018 Estimated Population 1,277 1,481,971 6,201,1192023 Projected Population 1,387 1,592,833 6,555,7272010 Census Population 1,142 1,320,134 5,564,6352000 Census Population 1,252 1,131,178 5,007,572Projected Annual Growth 2018 to 2023 1.7% 1.5% 1.1%Historical Annual Growth 2000 to 2018 0.1% 1.7% 1.3%

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S 2018 Estimated Households 756 600,068 2,301,5812023 Projected Households 800 628,872 2,408,9752010 Census Households 683 544,227 2,097,6262000 Census Households 704 474,171 1,905,391Projected Annual Growth 2018 to 2023 1.2% 1.0% 0.9%Historical Annual Growth 2000 to 2018 0.4% 1.5% 1.2%

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2018 Est. Population Under 10 Years 3.5% 10.4% 11.3%2018 Est. Population 10 to 19 Years 3.7% 11.0% 11.4%2018 Est. Population 20 to 29 Years 7.5% 11.7% 12.9%2018 Est. Population 30 to 44 Years 11.4% 17.3% 19.6%2018 Est. Population 45 to 59 Years 20.7% 19.8% 20.8%2018 Est. Population 60 to 74 Years 31.2% 17.7% 15.5%2018 Est. Population 75 Years or Over 22.0% 12.0% 8.5%2018 Est. Median Age 60.6 43.6 40.0

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2018 Est. Male Population 51.4% 48.3% 48.5%2018 Est. Female Population 48.6% 51.7% 51.5%

2018 Est. Never Married 31.0% 30.7% 34.8%2018 Est. Now Married 38.5% 42.6% 38.8%2018 Est. Separated or Divorced 21.3% 19.0% 20.0%2018 Est. Widowed 9.2% 7.7% 6.3%

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2018 Est. HH Income $200,000 or More 9.7% 9.3% 7.4%2018 Est. HH Income $150,000 to $199,999 8.6% 6.2% 5.3%2018 Est. HH Income $100,000 to $149,999 12.4% 13.2% 12.1%2018 Est. HH Income $75,000 to $99,999 14.7% 11.8% 11.3%2018 Est. HH Income $50,000 to $74,999 17.7% 17.2% 17.1%2018 Est. HH Income $35,000 to $49,999 8.9% 13.1% 13.6%2018 Est. HH Income $25,000 to $34,999 8.7% 9.7% 10.1%2018 Est. HH Income $15,000 to $24,999 9.5% 9.8% 10.7%2018 Est. HH Income Under $15,000 9.8% 9.6% 12.4%2018 Est. Average Household Income $91,282 $92,766 $80,9492018 Est. Median Household Income $67,278 $60,150 $54,2322018 Est. Per Capita Income $54,040 $37,677 $30,153

2018 Est. Total Businesses 82 72,210 303,5622018 Est. Total Employees 737 662,944 2,739,971


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2018 Est. White 91.4% 70.4% 68.5%2018 Est. Black 4.9% 19.5% 22.2%2018 Est. Asian or Pacific Islander 1.4% 3.1% 2.9%2018 Est. American Indian or Alaska Native 0.5% 0.4% 0.3%2018 Est. Other Races 1.8% 6.6% 6.2%

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NIC 2018 Est. Hispanic Population 82 318,979 2,726,976

2018 Est. Hispanic Population 6.4% 21.5% 44.0%2023 Proj. Hispanic Population 8.1% 23.3% 44.8%2010 Hispanic Population 2.5% 19.0% 41.6%

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2018 Est. Adult Population (25 Years or Over) 1,154 1,082,189 4,423,6552018 Est. Elementary (Grade Level 0 to 8) 3.7% 5.9% 7.7%2018 Est. Some High School (Grade Level 9 to 11) 2.3% 6.2% 7.5%2018 Est. High School Graduate 20.3% 24.8% 26.9%2018 Est. Some College 20.2% 19.6% 18.0%2018 Est. Associate Degree Only 12.4% 9.0% 9.4%2018 Est. Bachelor Degree Only 25.6% 21.5% 19.2%2018 Est. Graduate Degree 15.6% 13.1% 11.3%

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ING 2018 Est. Total Housing Units 1,087 687,882 2,546,355

2018 Est. Owner-Occupied 34.6% 61.2% 56.0%2018 Est. Renter-Occupied 35.0% 26.0% 34.4%2018 Est. Vacant Housing 30.5% 12.8% 9.6%

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R 2010 Homes Built 2005 or later 0.9% 1.3% 1.2%2010 Homes Built 2000 to 2004 5.1% 18.6% 14.1%2010 Homes Built 1990 to 1999 8.6% 20.7% 17.7%2010 Homes Built 1980 to 1989 15.4% 29.9% 21.3%2010 Homes Built 1970 to 1979 25.9% 20.5% 22.9%2010 Homes Built 1960 to 1969 20.6% 8.7% 13.4%2010 Homes Built 1950 to 1959 25.6% 5.7% 11.7%2010 Homes Built Before 1949 4.4% 2.8% 5.5%

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2010 Home Value $1,000,000 or More 2.1% 2.0% 2.1%2010 Home Value $500,000 to $999,999 20.1% 13.3% 12.2%2010 Home Value $400,000 to $499,999 16.9% 10.3% 9.2%2010 Home Value $300,000 to $399,999 16.7% 18.6% 18.1%2010 Home Value $200,000 to $299,999 15.9% 23.6% 25.2%2010 Home Value $150,000 to $199,999 7.0% 11.9% 14.2%2010 Home Value $100,000 to $149,999 11.2% 10.9% 10.9%2010 Home Value $50,000 to $99,999 3.4% 9.8% 8.5%2010 Home Value $25,000 to $49,999 1.3% 3.3% 2.4%2010 Home Value Under $25,000 - 1.9% 1.9%2010 Median Home Value $359,374 $269,723 $260,6962010 Median Rent $1,141 $1,143 $1,112


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2018 Est. Labor Population Age 16 Years or Over 1,206 1,230,133 5,081,3052018 Est. Civilian Employed 54.5% 56.9% 59.7%2018 Est. Civilian Unemployed 1.7% 2.5% 2.6%2018 Est. in Armed Forces - - 0.1%2018 Est. not in Labor Force 43.9% 40.6% 37.7%2018 Labor Force Males 51.4% 47.8% 47.9%2018 Labor Force Females 48.6% 52.2% 52.1%

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2010 Occupation: Population Age 16 Years or Over 657 699,490 3,034,3072010 Mgmt, Business, & Financial Operations 22.5% 15.4% 15.2%2010 Professional, Related 20.4% 20.2% 18.5%2010 Service 15.4% 23.0% 21.5%2010 Sales, Office 28.5% 25.0% 26.3%2010 Farming, Fishing, Forestry - 0.4% 0.3%2010 Construction, Extraction, Maintenance 6.8% 8.8% 8.7%2010 Production, Transport, Material Moving 6.4% 7.3% 9.5%2010 White Collar Workers 71.4% 60.5% 60.0%2010 Blue Collar Workers 28.6% 39.5% 40.0%

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2010 Drive to Work Alone 78.8% 78.0% 77.8%2010 Drive to Work in Carpool 5.0% 9.7% 9.2%2010 Travel to Work by Public Transportation 2.6% 1.9% 3.9%2010 Drive to Work on Motorcycle - 0.2% 0.2%2010 Walk or Bicycle to Work 3.6% 2.1% 2.2%2010 Other Means 1.0% 1.1% 1.0%2010 Work at Home 9.0% 7.0% 5.6%

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ME 2010 Travel to Work in 14 Minutes or Less 38.1% 23.5% 16.8%

2010 Travel to Work in 15 to 29 Minutes 43.6% 39.4% 35.4%2010 Travel to Work in 30 to 59 Minutes 19.5% 30.6% 37.1%2010 Travel to Work in 60 Minutes or More 5.0% 6.6% 10.7%2010 Average Travel Time to Work 17.7 22.2 27.4

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2018 Est. Total Household Expenditure $50.1 M $39.6 B $138 B

2018 Est. Apparel $1.74 M $1.39 B $4.84 B

2018 Est. Contributions, Gifts $3.72 M $2.93 B $9.80 B

2018 Est. Education, Reading $2.08 M $1.64 B $5.60 B

2018 Est. Entertainment $2.81 M $2.23 B $7.74 B

2018 Est. Food, Beverages, Tobacco $7.48 M $5.94 B $20.9 B

2018 Est. Furnishings, Equipment $1.75 M $1.38 B $4.75 B

2018 Est. Health Care, Insurance $4.37 M $3.42 B $11.9 B

2018 Est. Household Operations, Shelter, Utilities $15.5 M $12.3 B $42.7 B

2018 Est. Miscellaneous Expenses $734 K $575 M $2.01 B

2018 Est. Personal Care $648 K $511 M $1.78 B

2018 Est. Transportation $9.23 M $7.34 B $25.7 B


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2018 Est. Apparel $1.74 M $1.39 B $4.84 B












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Population

Households

Household Income

Businesses/Employees

Consumer Expenditures

Housing (Own/Rent)

Labor Force

Page15 Demographics

We Work For You

Page16 Our Team

Katie [email protected]

561.222.3268 (c/t)

Brad Kuskin, [email protected]

561.232.7899 (c/t)

F L O R I D A

F L O R I D A

The information contained in this Offering Memorandum is confidential, furnished solely for review by a prospective purchaser of 101 Sandal Lane, located in Palm Beach Shores Florida (“the Property”) and is not to be used for any other purpose or made available to any other person without the expressed written consent of Keller Williams Realty, KW Commercial, KW CRECO, or any affiliate, thereof or of the Property Owner. The material is based in part upon information supplied by Owner, and in part upon information obtained by Keller Williams from sources, it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all-inclusive but rather only an outline of some terms and information contained therein. No warranty or representation, expressed or implied, is made by Owner, Keller Williams, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or any other written or oral communication transmitted to a prospective purchaser in the course of its evaluation of the Property. No legal liability is assumed or to be applied in connection with the information or such other communications. Without limiting the generalization of the preceding, the report shall not be deemed a representation of the state of affairs of the Property or constitute an indication that there has been no change in the business or relationship of the Property since the date of preparation of the information. Prospective purchasers should make their projections and conclusions without reliance upon the materials contained herein and conduct their independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site.

This Offering Memorandum was prepared by Keller Williams and has been reviewed by Owner. It contains select information about the Property and does not purport to be all-inclusive or to provide all of the information which a prospective purchaser may desire. An opportunity to inspect the Property will be made available to qualified prospective purchasers. In this Offering Memorandum, certain documents and other materials are described in summary form. The summaries do not purport to be complete, nor necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to review all documents independently.

This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Keller Williams or the Owner. Each prospective purchaser is to rely on its investigation, evaluation, and judgment as to the advisability of purchasing the Property described herein Keller Williams and the Owner expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property or to terminate discussions with any party at any time with or without notice.

Owner shall have no legal commitment or obligation to any interested party reviewing this Offering Memorandum unless a written agreement for the purchase of the Property has been fully executed and delivered by the Owner and such party and any conditions to Owner’s obligations thereunder have been satisfied or waived and then only to the extent expressly provided for therein, Keller Williams is not authorized to make any representations or agreements on behalf of Owner. This Offering Memorandum is the property of Keller Williams and may be used only by parties approved by Keller Williams and Owner. The Property is privately offered, and by accepting delivery of this Offering Memorandum, the party in possession hereof agrees that this Offering Memorandum and its contents are a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Keller Williams and Owner.

The terms and conditions set forth above apply to this Offering Memorandum in its entirety.

Thank you for your consideration.

Keller Williams Commercial Real Estate 4455 Military Trail Jupiter, FL 3348 (561) 427-6100

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