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Sea House Apartments

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648

601 S Ocean Drive, Hutchinson Island, FL

These 12 charming units, locating directly across A1A from the Atlantic Coast, offer residents the luxury of year-round seabreezes at an affordable price. Featuring a very marketable unit mix of 2 2 Bedroom Units, 3 1 Bedroom units, and 7 spacious Efficiencies, Sea House also presents flexibility and value as a long term investment. Hutchinson Island stretches along Florida’s Eastern Atlantic Coast from Vero Beach to Stuart. It is known for its beautiful beaches and parks, but is less densely populated than more southern Palm Beach and Singer Islands, making it ideal for people seeking a laid-back, luxurious Florida lifestyle at a more affordable price point. Sea House is also convenient to local commerce centers in Fort Pierce, Port St. Lucie, Stuart, and Vero Beach, making it strong on live/work/play fundamentals.

601 S Ocean Drive features robust CBS construction, ensuring low-maintenance durability and structural longevity. Interiors are updated with modern cabinets, tile flooring and recently done bathrooms, yet significant rental upside remains. Hutchinson Island also offers multiple public beach access points within walking distance of the property. Current tenants are on 6 month leases and remain on the property year round, so current cash flow is stable, while market rents remain competitive and are easy to attain. Certain owners/investors may seek to rent a portion or all of the property as a vacation rental, due to its highly desirable coastal location – a concept proven viable by many properties on the island.

South-Central Florida’s rental market has exploded over the preceding decade as people flock to the area for its relatively low cost of living and beautiful coastal lifestyle. Hutchinson Island in particular is home to a huge number of modern, luxury condo units and single-family homes. Apartments such as these hit a “sweet spot” in the market here, as they are relatively affordable and easy to maintain occupancy, while also being in one of the most desirable and beautiful locales in the United States.

Continued population growth in South and Central Florida over the last decade has been steady. The trend towards rental housing and away from homeownership brought on by the 2009 Single-family housing crisis has yielded real benefits for owners of quality residential rentals. In this market, multifamily investment properties emerged as stable, relatively recession-proof, and simple asset to manage. Sea House offers all of this and more, while also providing a unique waterfront living experience in addition to excellent return on investment!

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

“Economic and job growth in Florida are forecasted to continue to outperform the U.S. labor market and more Baby Boomers continue to reach the end of their working lives. This bodes well for continued population growth via the in-migration of retirees and job seekers to Florida. The population of Florida is also growing naturally, as birth rates exceed death rates. In addition to these sources of domestic population growth, international immigration will also feed into the state’s population growth.”

According to a widely-quoted, well-respected quarterly report last published in June 2017 by the University of Central Florida’s Institute for Economic Competitiveness:

With population growth comes increased demand for affordable, quality rental housing. Robust CBS construction ensures long-term reliability and relative ease of maintenance over the long term.

Sea House ApartmentsOverview


Asset Overview:o Current Cap Rate: 8.85%o Market Rents Cap Rate: 11.19%o Price: $1,200,000o Address: 601 S. Ocean Dr, Hutchinson

Island, FLo 12 Units – 3 1BRs, 2 2BRs, 7 Eff.o 100% Occupied!o Excellent value-add opportunity via

improved exterior maintenance and management.

o Beautiful waterfront location with multiple public beach access points close by.

o Excellent fundamentals. o Low maintenance CBS

constructiono Roof in good condition!o Desirable, central coastal

locationo Excellent long term growth

prospectso Bike-friendly, walkable area! Just a short

ride or drive from: o World famous South Florida

Beacheso Vibrant Downtown Fort Pierceo All local shopping and

commerce!o Fully occupied, stable, with below

market rents. All long term tenants.o Convenient to I-95, Port St. Lucie, Vero

Beach, Palm Beach County, and more!o Mix of window-unit and central air

conditioning units – cost effective and energy efficient.

o Well documented financials, easily finance-able!

o Excellent capitalization rate with massive near and long term rental rate upside.

o Tenants on 6 month leases with long term occupancy being the norm.

Sea House ApartmentsHighlights and Location Map

Sea House Apts

Atlantic Ocean

Jetty Park

Intracoastal Waterway

Downtown Ft. Pierce


Sea House ApartmentsAerial View

Sea House AptsAtlantic Ocean

Intracoastal Waterway


Sea House ApartmentsFinance

Offered at $1,200,000

Current Cash-on Cash Return: 20.99%

Current Cap Rate: 8.85%

Market Cap Rate: 12.07%

Market Cash-on Cash Return: 30.36%

Unit Number Current Rent Market Rent

SH-01 1,200.00$ 1 ,400.00$

SH-02 1,200.00$ 1 ,400.00$

SH-03 1,200.00$ 1 ,400.00$

SH-04 1,410.00$ 1 ,610.00$

SH-05 1,200.00$ 1 ,400.00$

SH-06 1,500.00$ 1 ,700.00$

SH-07 1,600.00$ 1 ,800.00$

SH-08 950.00$ 1 ,150.00$

SH-09 1,400.00$ 1 ,600.00$

SH-10 1,500.00$ 1 ,700.00$

SH-11 1,200.00$ 1 ,400.00$

SH-12 780.00$ 1 ,400.00$

Totals 15,140.00$ 17,960.00$

Revenues Current Pro Forma

Monthly Rents 15,140.00$ 17,960.00$

Monthly Laundry Income 182.00$ 182.00$

Monthly Total 15,322.00$ 18,142.00$

Annualized 183,864.00 217,704.00

Expenses

Taxes (2nd col. Estimate after sale) 12,273.03 18,000.00

Insurance 16,711.10 16,711.10

Utilities 31,804.00 31,804.00

R&M 7,727.00 7,727.00

Management (5%) 9,193.20 9,193.20

Total Exp 77,708.33 83,435.30

NOI 106,155.67 134,268.70

List Price 1,200,000.00$ 1,200,000.00$

Capitalization Rate 8.85% 11.19%

Leveraged Return

Down Payment 300,000.00$ 300,000.00$

Total Leverage 900,000.00$ 900,000.00$

Debt Service Expense (4.8%) 43,200.00$ 43,200.00$

NOI After Debt Svc 62,955.67$ 91,068.70$

Leveraged Return 20.99% 30.36%


Contact Listing Agents

For more information or to schedule a property tour please do not hesitate to contact

us at the numbers and/or email addresses below:

Martin Goldstein, Lic. Real Estate Broker

[email protected]

561-310-0935

Russell Goldstein

[email protected]

561-503-3648

sea house apartments - loopnet€¦ · properties emerged as stable, relatively recession-proof,...

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