OFFERING MEMORANDUM
12510 Memorial Highway
2 Units l Tampa, Florida
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CONFIDENTIALITY
01 EXECUTIVE SUMMARY
02 PROPERTY OVERVIEW
03 LOCATION OVERVIEW
04 FINANCIAL OVERVIEW
05 SALE COMPARABLES
06 RENT COMPARABLES
TABLE OF CONTENTS
For More Information Please Contact Direct:
Ronnie Breseman (727) 688-4658 [email protected]
$14,550 Gross Monthly Potential Income
SUNNY VIEW
SUMMARY
EXECUTIVE
12510 Memorial Highway
INVESTMENT HIGHLIGHTS
Rare 10 Bedroom 7.5 Bath Vacation Rental Estate
on 1.3 Acres
High Demand For Large Group Transient
Accommodations With Very Limited Supply
Successfully Tapped To Multiple Niches From
Corporate Housing to Family Reunions To Leisure
Tourism To Events
Qualified For Residential 30-Year Term Financing
Completely Rehabbed, Fully Furnished and
Decorated
LOCATION HIGHLIGHTS
Centrally Located in the Heart of Tampa Bay Area
Numerous Attractions and Demand Drivers Within
15-40 Minutes Drive, Including Employment Hubs,
Hospitals, Universities, Airports, Convention
Center, Cruise Terminal, MacDill Air Force Base,
Stadiums, Beaches, Parks and Golf Courses
RECOMMENDED
BUSINESS PLAN
Rent Out 2 Bedroom 1 Bath Apartment
Add a pool
Increase Rate to Market Average
EXECUTIVE SUMMARY
12510 Memorial Highway
FINANCING ASSUMPTIONS 1st Loan
Loan Amount $750,000
Loan Type New
Loan information is subject to change. Contact your M arcus and M illichap Capital Corporation representative.
EXPENSES Current Fiscal Year 1 Fiscal Year 2
Real Estate Taxes $6,405 $14,505 $14,789
Insurance $5,000 $5,000 $5,000
Utilities $1,560 $1,560 $1,560
Contract Services $1,700 $3,500 $3,500
Repairs & Maintenance $3,600 $3,600 $3,600
General & Administrative $800 $800 $800
Marketing & Advertising $8,352 $8,352 $8,352
Management Fee 0.0% $14,400 6.8% $14,418 6.1% $14,477
Other Expenses $7,800 $7,800 $7,800
Reserves & Replacements $3,500 $3,500 $3,500
Total Expenses $53,117 $63,035 $63,379
Expenses/Unit $26,559 $31,517 $31,689
Expenses/SF $8.49 $10.08 $10.13
INCOME Current Fiscal Year 1 Fiscal Year 2
Gross Scheduled Rent $198,912 $237,336 $237,336
Less: Vacancy/Deductions (GPR) 16.1% $32,000 10.0% $23,734 0.0% $0
Total Effective Rental Income $166,912 $213,602 $237,336
Other Income $0 $0 $0
Effective Gross Income $166,912 $213,602 $237,336
Less: Expenses 31.8% $53,117 29.5% $63,035 26.7% $63,379
Net Operating Income $113,795 $150,568 $173,957
Cash Flow $113,795 $150,568 $173,957
Debt Service $49,142 $49,142 $49,142
Net Cash Flow After Debt Service 25.9% $64,653 40.6% $101,425 49.9% $124,815
Principal Reduction $10,769 $10,769 $11,337
Total Return 30.2% $75,422 44.9% $112,194 54.5% $136,152
SUMMARY
Price $1,000,000
Dow n Payment 25% $250,000
Price Per Unit $500,000
Price Per SqFt $159.87
RETURNS Current Fiscal Year 1 Fiscal Year 2
CAP Rate 11.38% 15.06% 17.40%
GRM 5.03 4.21 4.21
Cash-on-Cash 25.86% 40.57% 49.93%
Debt Coverage Ratio 2.32 3.06 3.54
IRR Year IRR Unlevered IRR Levered
5 29.34% 65.63%
7 25.17% 55.27%
10 21.68% 48.48%
EXECUTIVE SUMMARY
For More Information Please Contact Direct:
Ronnie Breseman (727) 688-4658 [email protected]
Marcus & Millichap ACT ID *ACTID*
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SUNNY VIEW
OVERVIEW
PROPERTY
For More Information Please Contact Direct:
Ronnie Breseman (727) 688-4658 [email protected]
HEATED SQUARE FEET
5,455
YEAR BUILT
1968
BEDROOMS
10
ACRES
1.33
BUILDINGS
1<<1>
STORIES
2
UNITS
2
11.38%
Current
CAP RATES
15.06%
FY1
17.40%
FY2
UNIT MIX
2x1
PROPERTY OVERVIEW
12510 Memorial Highway
PROPERTY
Street Address: 12510 Memoria l Highway
City: Tampa
State: FL
Zip Code: 33635
Zoning: PD
Parcel Number: U-20-28-17-ZZZ-000000-34510.1
Number of Units: 2
Number of Buildings: 1
Number of Stories: 2
Year Built: 1968
Lot Size (Acres): 1.33
Density (Units per Acre): 1.50
Square Footage: 5,455
Average Unit Size: 2,728
Landscaping: Mature
Topography: Relatively Flat
CONSTRUCTION
Foundation: Slab on Grade
Framing: Concrete Block
Exterior: Brick
Parking Type: Asphalt
Roof: Metal
PROPERTY OVERVIEW
For More Information Please Contact Direct:
Ronnie Breseman (727) 688-4658 [email protected]
12510 Memorial Highway
INVESTMENT HIGHLIGHTS
Rare 10 Bedroom 7.5 Bath Vacation Rental Estate on 1.3 Acres
High Demand For Large Group Transient Accommodations With Very Limited
Supply
Successfully Tapped To Multiple Niches From Corporate Housing to Family
Reunions To Leisure Tourism To Events
Qualified For Residential 30-Year Term Financing
Completely Rehabbed, Fully Furnished and Decorated
LOCATION HIGHLIGHTS
Centrally Located in the Heart of Tampa Bay Area
Numerous Attractions and Demand Drivers Within 15-40 Minutes Drive, Including
Employment Hubs, Hospitals, Universities, Airports, Convention Center, Cruise
Terminal, MacDill Air Force Base, Stadiums, Beaches, Parks and Golf Courses
RECOMMENDED BUSINESS PLAN
Rent Out 2 Bedroom 1 Bath Apartment
Add a pool
Increase Rate to Market Average
AMENITIES
On & Off Street Parking
On Site Laundry
Patio / Deck
Large Front And Back Yard
HIGHLIGHTS & BUSINESS PLAN
12510 Memorial HighwayINVESTMENT DESCRIPTION
The subject property is a unique 10 bedroom 7.5 bathroom vacation rental estate on 1.3
acres in the heart of Tampa Bay. Property has been completely renovated, fully furnished and
decorated.
The property consists of two rentable areas. The main floor consists of 8 bedrooms, 6.5
bathrooms, state of the art kitchen, living room, dining room, office, and a patio. The second
floor 2 bedroom 1 bath apartment could be used as an owner suite or an additional space for
a larger group of guests. The outdoor space prime for amenities, including pool, sundeck,
outdoor kitchen and tropical garden.
There are numerous attractions and demand drivers within 15-40 minutes’ drive, including
employment hubs, hospitals, universities, airports, convention center, cruise terminal, MacDill
Air Force Base, stadiums, beaches, parks and golf courses.
Current management successfully tapped into multiple niches from corporate housing to
family reunions to leisure tourism to private parties and events. High occupancy rate
suggests for strong demand for large group transient accommodations and limited
competition in the area.
A new owner may choose to manage the property themselves or to keep the current
management team and make it a passive investment with 11.38% in-place cap rate. With
some strategic improvements to the outdoor space a new owner may expect 17.40% cap
rate within 12-18 months. Assuming the purchase is financed with current available rates and
terms, an investor can expect a cash-on-cash return of 25.86% on current income with the
ability to increase it to 40.57% within the first year of operations.
INVESTMENT DESCRIPTION
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12510 Memorial
Highway
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12510 Memorial
Highway
12510 Memorial
Highway
12510 Memorial Highway
23
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For More Information Please Contact Direct:
Ronnie Breseman (727) 688-4658 [email protected]
Thank You For Viewing Pete & Ron's Fun House www.tampavacationhouse.com
SUNNY VIEW
OVERVIEW
LOCATION
Tampa Bay Overview / Market Outlook
Tampa Bay refers both to a larger metropolitan area and to the bay that extends inland from the Gulf
of Mexico. The Tampa-St. Petersburg metro contains 2.9 million residents and spans four counties
along the west coast of central Florida: Hillsborough, Pasco, Hernando, and Pinellas. Tampa, the
county seat of Hillsborough County, is the most populous city with more than 365,400 people and is
situated northeast of the bay. St. Petersburg follows with nearly 255,000 residents and is located on
the peninsula near the mouth of the bay. The metro boasts a mild climate and a beautiful waterfront
that attract many residents and visitors. It has professional football, hockey and baseball teams. The
area has more than 200 golf courses and abundant water-related activities, with Tampa Bay and the
Gulf Coast nearby. There are more than 11,000 acres of parkland and 100 trail acres within a 60-
mile radius. Numerous state parks, historic sites, museums, theaters, and retail centers also dot the
landscape. The world-famous Busch Gardens theme park draws visitors to the region and the
University of South Florida, located in Tampa, is the third-largest university in the state. Robust job
growth is attracting new people to the metro, many of whom are living in higher-density
redevelopment projects near city cores. Local ports contribute to a major presence in the shipping,
distribution and logistics industry. The CSX Intermodal facility in nearby Polk County provides quick
access to markets throughout the nation. Bioscience and other high-tech industries are expanding.
Local Fortune 500 companies include WellCare Health Plans, Tech Data, and Jabil Circuit.
MARKET OVERVIEW
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MAJOR EMPLOYERS & HUBS
Tampa is home to the Westshore Business District, the largest suburban office market in Florida
with over 14 million square feet of office space. This 10 square mile area is bounded by Kennedy
Boulevard to the south, Himes Avenue to the east, Hillsborough Avenue to the north and Old
Tampa Bay, including Rocky Point to the west. The Westshore Business District is home to more
than 4,000 businesses and over 96,000 local employees. In addition to its office space, the
Westshore Business District houses six million square feet of retail, 38 hotels, and over 250
restaurants. Major employers include but are not limited to; Amscot Financial, Bloomin’ Brands
Headquarters (Outback Steakhouse, Carrabba’s, Bonefish Grill and more), Humana, Price
Waterhouse Coopers, Amerigroup, IBM, State Farm Insurance, T. Rowe Price and Time Warner. In
January 2014, pharmaceutical giant Bristol-Myers-Squibb opened its 70,000-square foot North
American Capability Center just off of Eisenhower Boulevard which consolidated jobs in information
technology, marketing, and finance. Additionally, The Laser Spine Institute moved into its new
176,000-square foot national headquarters and ambulatory surgery center at Avion Park in 2015.
Highwoods Properties developed the state of the art facility at a cost of $56 million and the Laser
Spine Institute expects to create 100 jobs and increase their patient capacity by 25 percent. Most
recently, New York-based Bromley Companies announced plans for a 1.8 million-square-foot
project which will be known as Midtown Tampa. The potential half-billion dollar project will be
located in the southeastern section of the Westshore Business District and will help to link
downtown to the booming area.
EMPLOYER
Westshore Business District
Downtown Tampa CBD
Publix Supermarkets
Hillsborough County Schools
University of South Florida
MacDill Air Force Base
Wal-Mart Retail/Distribution & Stores
Tampa International Airport
Tampa General Hospital
VA Hospital
JP Morgan Chase & Co
Lakeland Regional Medical Center
EMPLOYEES
96,000
60,000
33,035
25,776
16,693
14,500
7,909
7,500
6,700
5,500
4,668
4,600
Westshore Business District
EMPLOYERS & HUBS
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The University of Tampa, located on 105-acres along the
Hillsborough River adjacent to downtown, has enjoyed 19
consecutive years of growth and a record Fall 2015
enrollment of just over 8,000 students. The university
employs a faculty of over 500, offers more than 200
degrees and its business program is also accredited by the
Association to Advance Collegiate Schools of Business
(AACSB). According to Forbes.com, more than 50 percent
of University of Tampa’s enrollment is from out of state,
representing all 50 states and 140 countries. University of
Tampa’s athletic program has won 15 NCAA - Division II
National Championships including seven in baseball, three
in men’s soccer, two in golf, two in women’s volleyball and
one in women’s soccer and since 2000, Spartan teams
have won 56 Sunshine State Conference Titles.
University of Tampa
Founded in 1968 as a part of the 28-member Florida
College System, Hillsborough Community College (or
HCC) is a two-year community college that enrolls nearly
47,000 students across its six campuses in Tampa and
ranks 20th nationally in a total number of associate
degrees produced annually. The institution offers its
students 29 Associates of Arts Degree Tracks, 39
Associated of Sciences Degree Programs and 88
Certificate & Post Secondary Adult Vocational Programs
which are supported by more than 2,000 faculty and staff
members. Among community colleges statewide, HCC
ranks 5th in size in terms of full- time equivalent enrollment
and on a national level, 15th in the number of nursing
degrees awarded and 10th in the number of associate
degrees in all disciplines.
Hillsborough Community College
The University of South Florida’s main campus is home to
over 47,000 students, 16,000 employees, and more than
220-degree programs. The University of South Florida is
the nation’s ninth largest public university and is also
ranked as one of the country’s top 50 research institutions
commanding over $380 million worth of grants and raised
funds on research annually. The school has associations
with the Byrd Alzheimer’s Institute, Moffitt Cancer Center
and a Malaria research initiative that was recently awarded
a grant from the Bill and Melinda Gates Foundation.
Additionally, the University’s business and accounting
programs are accredited by the Association to Advance
Collegiate Schools of Business (AACSB), a certification for
which less than five percent of business schools in the
world qualify.
University of South Florida
EDUCATION
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Memorial Hospital of Tampa has provided comprehensive
healthcare services for south Tampa residents and the
surrounding community for over 40 years. Recent
renovations and the addition of state-of-the-art technology
has kept the hospital modernized to provide high-quality
medical care, including emergency medicine, diagnostic
procedures, surgery, outpatient therapies and acute care
for hospitalized patients. Memorial Hospital has recently
expanded with a $14 million renovation to include a new
lobby and concierge service center, 47 private patient
rooms, 18,500 square feet of new surgical space, and two
new operating rooms, bringing the total to nine operating
rooms upon completion. All 187 patient rooms will be
renovated to enhance healing and encourage family
participation in the recovery process.
Memorial Hospital
St. Joseph’s Hospital is a 470-bed hospital established in
1934 and located in central Tampa off of Martin Luther
King Blvd. The hospital is known for its advanced medical
technology and has more than 70 specialties ranging from
internal medicine to cardiology, neurology, surgery and
women’s health. Specialized pediatric services are also
offered by St. Joseph’s Hospital full-service medical center,
including the 24-hour Steinbrenner Emergency/Trauma
Center for Children. Additionally, St. Joseph's Cancer
Institute is the largest hospital in the Tampa Bay area
accredited by the American College of Surgeons. At the
Cancer Institute, Tampa Bay residents are offered the best
in specialized cancer care with board-certified cancer
specialists, advanced technology and cutting-edge cancer
research.
St. Joseph's Hospital
This 1,018-bed, 6,700 employee teaching hospital is the
Tampa Bay area’s largest and is home to the USF Health
Morsani College of Medicine and is one of only four burn
centers in Florida. Known for its specialty centers in
Orthopedics, Trauma, Obesity, Neurology, Parathyroid
Surgery, Head and Neck Surgery, Burns, Cardiac Surgery,
Transplantation, Vascular Surgery, Women's Health and
OB/GYN, Pediatrics, Neonatal Intensive Care, and In-vitro
Fertilization, Tampa General was ranked in the Top 50
Best Hospitals in the United States and the top hospital in
Florida by U.S. News and World Report in 2012. Having
performed more than 6,000 adult solid organ transplants,
Tampa General Hospital is home to one of the leading
organ transplant centers in the country and handles over
40,000 patient admissions annually.
Tampa General Hospital
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The Hyde Park Village is a retail/residential mixed-use
property comprised of six city blocks in the heart of the
Hyde Park Historic District—one of Tampa Bay’s most
desirable residential areas. Developed in the 1980s, this
landmark retail destination has been a cherished regional
hub. Home to a unique mixture of local, regional, and
national retailers. Hyde Park Village is an outdoor lifestyle
center offering a variety of high-end shopping, dining, and
entertainment essentials to the Tampa Bay community.
With an upscale cinema, full-service salon, 24/7 cupcake
ATM, beautiful fountain, brick walkways, and majestic oak
trees, Hyde Park Village provides an exceptional venue to
enjoy an excellent shopping and dining experience.
Hyde Park Village
Tampa houses world-renowned attractions that include
Busch Gardens Tampa Bay and Adventure Island Water
Park. Busch Gardens is a 335-acre African-themed animal
theme park featuring 8 roller coasters and 2 water rides in
addition to its animal attractions. Centrally located in the
region, Busch Gardens hosts over 4.3 million guests
annually, making it one of the top-25 most visited theme
parks in the world. Alongside Busch Gardens is sister
waterpark Adventure Island, a 30-acre water park featuring
a variety of water rides, dining, and other attractions.
Busch Gardens and its neighboring water park, Adventure
Island host a number of festivals and events throughout
the year and combine to employ more than 3,000 workers.
Busch Gardens & Adventure Island
Known for its first-rate shopping and nightlife, Tampa is
home to two of the premier shopping malls and plazas:
International Plaza and Westshore Plaza. International
Plaza, a two-story regional shopping center that features
200 specialty stores and 15 restaurants. The center is
anchored by tenants such as Neiman Marcus, Nordstrom
and Dillard’s and includes premier dining options like The
Capital Grille, Ocean Prime and The Cheesecake Factory.
Westshore Plaza is a two-story, one million square foot
retail center that is home to over 115 stores and services,
with anchor tenants such as Sears, J.C. Penney, Macy’s,
Old Navy and an AMC movie theatre. Also, just south of
Interstate 275, Westshore Plaza is home to fine dining
options that include P.F. Chang’s China Bistro and
Seasons 52, among others.
International Plaza & Westshore Mall
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Saint Petersburg/Clearwater International Airport ("PIE")
serves as the gateway airport for all of Pinellas County.
With an average of 515 airplane operations per day, this
airport provides roughly $400 million in economic benefit
per year to the Tampa Bay Area. Located nine miles north
of downtown St. Petersburg and seven miles southeast of
Clearwater, PIE covers more than 1,900 acres, has two
primary runways and with its tenants, employs more than
3,000 people. In addition to its scheduled passenger
flights totaling approximately one million annually, Saint
Petersburg/Clearwater International Airport also handles
more than 42,000 tons of cargo annually and is the home
of Coast Guard Air Station Clearwater, the largest and
busiest U.S. Coast Guard Air Station in the United States.
St. Pete/Clearwater International Airport
The Lee Roy Selmon Expressway is a 14-mile all-
electronic, limited access toll road that connects the South
Tampa neighborhood near MacDill Air Force Base with
Downtown Tampa and the nearby community of Brandon.
The expressway was renamed Lee Roy Selmon Crosstown
Expressway in 1999, in honor of former Tampa Bay
Buccaneers hall-of-fame football player Lee Roy Selmon.
Referred to as the "Crosstown" by the majority of the
population, the expressway features the world's first
reversible, all-electronic, elevated express lane project and
in 2017, plans were unveiled for the Selmon Extension, a
1.6-mile toll lane, located in the median of Gandy
Boulevard, which will allow regional travelers to use Gandy
Boulevard for local destinations or use the Selmon
Extension for a direct connection for both eastbound and
westbound routes.
Lee Roy Selmon Expressway
The Tampa International Airport (“TPA”) accommodates
nearly 17 million passengers annually, as well as over 175
million pounds of cargo. To keep the airport running, the
aviation authority and the airports tenants combine to
employ over 7,500 people. TPA is a state of the art airport
that consistently receives exemplary customer satisfaction
and has been named one of the best airports in the world
by multiple publications. In 2013, plans were unveiled for a
three-phase plan which would allow the airport to
accommodate up to 35 million passengers each year.
Phase I, which includes a 2.6 million-square-foot Rental
Car Center, a 1.4-mile automated people mover and an
expansion of the Main Terminal, was completed in early
2018. Phase II, which will include a curbside expansion
and a 17-acre commercial development is scheduled to
begin in 2019.
Tampa International Airport
TRANSPORTATION HUBS
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Tampa's Best Kept Secret Investment
Fully Automated Business
SUNNY VIEW
OVERVIEW
FINANCIAL
For More Information Please Contact Direct:
Ronnie Breseman (727) 688-4658 [email protected]
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12510 Memorial Highway
Unit Type
Rentable
Per SF
Total Monthly
Potential Monthly Per SF
Total Monthly
Potential Monthly Per SF
Total Monthly
Potential
2Bdr/1Bath (Renovated) $2.75 $2,200 $2,200 $2.75 $2,200
6Bdr/6.5Bath Private Yard (Renovated)1 5,455 5,455 $14,376 $2.64 $14,376 $14,376 $2.64 $14,376 $19,778 $3.63 $19,778
Totals / Wtd. Averages 2 3,128 6,255 $8,288 $2.65 $16,576 $8,288 $2.65 $16,576 $9,889 $3.16 $19,778
AVERAGE EFFECTIVE RENT CURRENT ASKING RENT PRO FORMA RENT
100%
2x1
OC C UPA NC Y RE NTA L UP S ID EUNIT MIX
RENT ROLL
Income $/Year $/Unit % $/Year $/Unit % $/Year $/Unit %
Market Rents 198,912 99,456 100.00% 237,336 118,668 100.00% 237,336 118,668 100.00%
Loss-to-Lease (-) 0.00% 0 0 0.00% 0.00% 0 0 0.00% 0.00% 0 0 0.00%
Gross Potential Rents $198,912 $99,456 100.00% $237,336 $118,668 100.00% $237,336 $118,668 100.00%
Non-Revenue Units (-) 16.09% -32,000 -16,000 -16.09% 0.00% 0 0 0.00% 0.00% 0 $0 0.00%
Total Economic Loss -32,000 -16,000 -16.09% -23,734 -11,867 -10.00% 0 $0 0.00%
Net Rental Income $166,912 $83,456 83.91% $213,602 $106,801 90.00% $237,336 $118,668 100.00%
Other Income
Total Other Income 0 0 0.00% 0 0 0.00% 0 0 0.00%
Effective Gross Income $166,912 $83,456 83.91% $213,602 $106,801 90.00% $237,336 $118,668 100.00%
Expenses $/Year $/Unit % $/Year $/Unit % $/Year $/Unit %
Real Estate Taxes
Real Estate Taxes 6,134 3,067 3.08% 6,318 3,159 2.66% 6,444 3,222 2.72%
Adjustment for Sale 0.00% 7,916 3,958 3.34% 8,074 4,037 3.40%
Non-Ad Valorem 271 136 0.14% 271 136 0.11% 271 136 0.11%
Total Real Estate Taxes 6,405 3,203 3.22% 14,505 7,252 6.11% 14,789 7,395 6.23%
Insurance
Property Insurance 5,000 2,500 2.51% 5,000 2,500 2.11% 5,000 2,500 2.11%
Total Insurance 5,000 2,500 2.51% 5,000 2,500 2.11% 5,000 2,500 2.11%
Utilities
Electric 4,800 2,400 2.41% 4,800 2,400 2.02% 4,800 2,400 2.02%
Water / Sewer 1,800 900 0.90% 1,800 900 0.76% 1,800 900 0.76%Cable 1,560 780 0.78% 1,560 780 0.66% 1,560 780 0.66%
Total Utilities 8,160 4,080 4.10% 8,160 4,080 3.44% 8,160 4,080 3.44%
Contract Services
Landscape Maintenance 1,200 600 0.60% 1,200 600 0.51% 1,200 600 0.51%
Pool Contract 0 0 0.00% 1,800 900 0.76% 1,800 900 0.76%
Pest Control Contract 500 250 0.25% 500 250 0.21% 500 250 0.21%
Total Contract Services 1,700 850 0.85% 3,500 1,750 1.47% 3,500 1,750 1.47%
Repairs & Maintenance 3,600 1,800 1.81% 3,600 1,800 1.52% 3,600 1,800 1.52%
General & Administrative 800 400 0.40% 800 400 0.34% 800 400 0.34%
Marketing & Advertising 8,352 4,176 4.20% 8,352 4,176 3.52% 8,352 4,176 3.52%
Management Fee 0.00% 14,400 7,200 7.24% 6.75% 14,418 7,209 6.08% 6.10% 14,477 7,239 6.10%
Supplies 1,200 600 0.60% 1,200 600 0.51% 1,200 600 0.51%
Reserves & Replacements 3,500 1,750 1.76% 3,500 1,750 1.47% 3,500 1,750 1.47%
Total Operating Expenses $53,117 $26,559 26.70% $63,035 $31,517 26.56% $63,379 $31,689 26.70%
Net Operating Income $113,795 $56,898 57.21% $150,568 $75,284 63.44% $173,957 $86,979 73.30%
Cash Flow Before Debt Service $113,795 $56,898 57.21% $150,568 $75,284 63.44% $173,957 $86,979 73.30%
Current Fiscal Year 1 Fiscal Year 2
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12510 Memorial Highway
Income Current FY 1 FY 2 FY 3 FY 4 FY 5 FY 6 FY 7 FY 8 FY 9 FY 10
Gross Potential Rent 198,912 237,336 237,336 242,083 246,924 251,863 256,900 262,038 267,279 272,624 278,077
Loss / Gain to Lease 0 0 0 (2,421) (2,469) (2,519) (2,569) (2,620) (2,673) (2,726) (2,781)
Gross Scheduled Rent 198,912 237,336 237,336 239,662 244,455 249,344 254,331 259,418 264,606 269,898 275,296
Physical Vacancy 0 (23,734) 0 0 0 0 0 0 0 0 0
Economic Vacancy
Non-Revenue Units (32,000) 0 0 0 0 0 0 0 0 0 0
Bad Debt 0 0 0 (2,397) (2,445) (2,493) (2,543) (2,594) (2,646) (2,699) (2,753)
Total Vacancy (32,000) (23,734) 0 (2,397) (2,445) (2,493) (2,543) (2,594) (2,646) (2,699) (2,753)
Effective Rental Income 166,912 213,602 237,336 237,265 242,011 246,851 251,788 256,824 261,960 267,199 272,543
Other Income
Effective Gross Income 166,912 213,602 237,336 237,265 242,011 246,851 251,788 256,824 261,960 267,199 272,543
Expenses
Operating Expenses (15,652) (17,452) (17,452) (17,627) (17,803) (17,981) (18,161) (18,342) (18,526) (18,711) (18,898)
Real Estate Taxes (6,405) (14,505) (14,789) (14,937) (15,087) (15,237) (15,390) (15,544) (15,699) (15,856) (16,015)
Insurance (5,000) (5,000) (5,000) (5,050) (5,101) (5,152) (5,203) (5,255) (5,308) (5,361) (5,414)
Utilities (8,160) (8,160) (8,160) (8,242) (8,324) (8,407) (8,491) (8,576) (8,662) (8,749) (8,836)
Management Fee (14,400) (14,418) (14,477) (14,473) (14,763) (15,058) (15,359) (15,666) (15,980) (16,299) (16,625)
Total Expenses (49,617) (59,535) (59,879) (60,329) (61,077) (61,835) (62,604) (63,383) (64,174) (64,976) (65,788)
Operating Reserves (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500)
Net Operating Income 113,795 150,568 173,957 173,437 177,434 181,516 185,684 189,940 194,286 198,724 203,255
Purchase Price / Net Residual Value
Purchase Price/Net Residual Value (1,000,000) 2,171,288
Cash Flow Before Debt Financing 150,568 173,957 173,437 177,434 181,516 185,684 189,940 194,286 198,724 2,374,543
Debt Financing
Loan Amount 750,000 0 0 0 0 0 0 0 0 0 0
Loan Origination Fees (22,500) 0 0 0 0 0 0 0 0 0 0
Closing Costs (130,277)
Debt Service - Interest (38,373) (37,805) (37,207) (36,578) (35,916) (35,218) (34,484) (33,711) (32,897) (32,040)
Debt Service - Principal (10,769) (11,337) (11,935) (12,564) (13,227) (13,924) (14,659) (15,432) (16,245) (17,102)
Cash Flow After Debt Financing (272,500) 101,426 124,815 124,295 128,292 132,374 136,542 140,798 145,144 149,582 2,195,123
Debt Coverage Ratio 3.61 3.69 3.78 3.87 3.95 4.04 4.14
Investor Return
IRR-Unleveraged 0.00% 33.18% 29.34% 26.87% 25.17% 23.92% 22.98% 21.68%
IRR-Leveraged 37.22% 75.81% 65.63% 59.39% 55.27% 52.42% 50.38% 48.48%
Capitalization Rate 15.06% 17.40% 17.34% 17.74% 18.15% 18.57% 18.99% 19.43% 19.87% 20.33%
10-YEAR CASH FLOW MODEL
Thank You For Viewing Pete & Ron's Fun House www.tampavacationhouse.com
12510 Memorial Highway
Income Fiscal Year 1 FY 2 FY 3 FY 4 FY 5 FY 6 FY 7 FY 8 FY 9 FY 10
Gross Potential Rent 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Loss / Gain to Lease(1) 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Economic Vacancy (1)
Bad Debt 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Total Vacancy 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Total Other Income 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Expenses Fiscal Year 1 FY 2 FY 3 FY 4 FY 5 FY 6 FY 7 FY 8 FY 9 FY 10
Operating Expenses 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Real Estate Taxes 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Insurance 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Utilities 1.00% 1.00% 1.00%
Management Fee (2) 6.1%
(1) Displayed as a % of Gross Potential Rent
(2) Management Fees Calculated by % of EGR
10-YEAR CASHFLOW MODEL
For More Information Please Contact Direct:
Ronnie Breseman (727) 688-4658 [email protected]
Marcus & Millichap ACT ID *ACTID*
SUNNY VIEW
COMPARABLES
SALE
For More Information Please Contact Direct:
Ronnie Breseman (727) 688-4658 [email protected]
Thank You For Viewing Pete & Ron's Fun House www.tampavacationhouse.com
12510 Memorial Highway
38SALE COMPARABLES MAP
# Address Sold Date Sq ft Price/sq ft
1 12530 Twin Branch Acres Rd, Tampa $1,730,000 4/23/2017 7370 $234
2 18519 Council Crest Dr, Odessa $2,800,000 9/13/2017 7985 $350
3 18007 Crawley Rd, Odessa $1,120,000 1/5/2017 6623 $169
4 19114 Magnolia farms Ln, Odessa $1,400,000 2/27/2019 5309 $262
5 17915 Patterson Rd, Odessa $950,000 2/27/2019 7135 $133
6 11467 Trotting Down Dr, Odessa $1,400,000 1/22/2019 7305 $191
7 1207 Parrilla De Avila, tampa $2,700,000 12/17/2018 8153 $331
8 5824 Rose Ln, Tampa $600,000 8/24/2018 4130 $145
9 17322 Ballmont Park Dr, Odessa $1,900,000 8/16/2018 6189 $306
10 10714 Lake Alice Cv, Odessa $2,000,000 5/4/2018 5380 $370
11 17822 Crystal Preserve Dr, Lutz $720,000 12/14/2017 4240 $169
12 18760 Hillstone Dr, Odessa $1,180,000 12/8/2017 5450 $215
12510 Memorial Highway
39 PRICE PER UNIT & PRICE PER SF
Avg $240
Thank You For Viewing Pete & Ron's Fun House www.tampavacationhouse.com
For more information about the property or to set up a time to complete a walk through Please contact us direct:
Ronnie Breseman (813) [email protected]
Thank You For Viewing Pete & Ron's Fun House www.tampavacationhouse.com