524 SW St. Lucie Crescent, Stuart, FL 34994...Studio Average Rent: $700 Studio Market Rent: $1,000...

Offered at:

$4,735,000

The France Apartments524 SW St. Lucie Crescent, Stuart, FL 34994

Reid Armor Sales Associate+1 772 631 4248 [email protected]

Presented by

Boyd G. Bradfield, CCIM, SIORFounder 772 286 6292 [email protected]


100 SW Albany Avenue, 2nd Floor, Stuart, Florida 34994 | +1 772 286 6292 | naisouthcoast.com

Built in 1926, The France has overlooked Frazier Creek’s sparkling waters for over 88 years. In the 1920’s

manufacturer and inventor Adam W. France came to Stuart from Pennsylvania. After several business

ventures, Adam decided to do something new and exciting; to create something of beauty. France drew

up plans for a Mediterranean-Revival style apartment building across from what is now Shepard Park,

complete with dock and boathouses.

Instead of using standard cinder block construction, France had the walls of the double-winged structure

poured with concrete, making it a veritable fortress. France chose a standard hacienda layout which

allows river breezes to cross-ventilate, creating a natural air conditioning system. Each floor included a

central solarium where residents could relax and visit. Everything about the France reveals its designer’s

keen eye for detail, function, and beauty. Evidence suggests that the boathouse may have been used

during Prohibition for smuggling illegal liquor. The original boathouse was destroyed in 1949 by a

hurricane. Today there are 8 docks in the protected cove, a safe haven during storms.

The building has been upgraded and renovated over the years without spoiling the original vintage.

In 2005, The France caught the eye of developer and restaurateur Anette Salvatori who is the current

owner. Salvatori moved to Stuart from France in 1983 and recalls when there was virtually nothing in

the downtown area. When she heard that a prospective buyer had plans to tear the France down, she

felt compelled to save what she considers a hidden treasure. Salvatori restored the building to pristine

condition adding fountains, sitting areas, and lush landscaping amongst other amenities. For over 88

years this remnant of a different time has stood tall, proud, and true. An iconic part of Stuart’s rich

history, The France is truly a magnificent spectacle to behold.

The Story So Far...



Property DetailsPricing: $4,735,000

Units: 30 Total 24 1 Bedroom / 1 Bath (800 SF) 6 Studios (420 SF)

Lot Size: ± .82 Acres with 150 feet on SW Saint Lucie Crescent and 150 Feet on Frazier Creek

Building Size: ±28,880 with large open basement

Year Built: 1925 with over $1,000,000 in capital expenditures by current owner

Zoning: R-3 - City of Stuart (Multifamily/Office)

Property OverviewIt’s not every day that an opportunity to acquire an iconic multifamily asset with a rich history and great upside presents itself. This offering consists of one 30 unit building measuring 3 stories with 22,000 square feet of rent-able space. There are twelve 800 SF 1 BR 1 BA water view units, twelve 800 SF 1 BR 1 BA garden view units, and six 420 SF efficiency units. Each unit contains a kitchen with a refrigerator, stove, and sink. Other amenities include elegant and lush landscaping, open and spacious common areas, and an 8 slip dock with access to the Atlantic Ocean. Built in the 1920s, this Mediterranean designed building is of solid poured concrete and is a veritable fortress. The France is truly a spectacle to behold and is an elegant and timeless piece of Stuart history.

Overview



Financial AnalysisIncome & Expense Summary

Investment Overview

Price: $4,735,000

Price Per Unit: $157,833

Cap Rate: 5%

Income Summary

Rental Income: $364,420

Boat Slips: $43,200

Laundry & Parking: $12,900

Total Income: $420,520

Expense Summary

W-2 (Maintenance, Leasing, Cleaning): $60,163

Real Estate Taxes: $39,669

Insurance: $26,907

Repairs & Maintenance: $32,183

Utilities: $30,167

Plumbing: $4,000

Landscaping: $5,000

Cleaning: $6,000

Total Expenses: $204,089

Net Operating Income: $216,431



Rent RollAugust 2019 - July 2020

Apartment Floor Plan SF January February March April May June July August September October November December Total

2020 2020 2020 2020 2020 2020 2020 2019 2019 2019 2019 2019

101 1 br 1 ba 800 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,000 $1,000 $1,000 $1,000 $1,000 $9,700

102 1 br 1 ba 800 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,000 $1,000 $1,000 $1,000 $1,000 $9,700

103 1 br 1 ba 800 $950 $950 $445 $950 $950 $950 $950 $850 $850 $850 $850 $850 $7,845

104 1 br 1 ba 800 $1,150 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,100 $1,100 $1,100 $1,100 $1,100 $10,550

105 Studio 420 $700 $700 $700 $700 $700 $350 $700 $625 $700 $700 $700 $700 $5,875

106 1 br 1 ba 800 $1,100 $1,100 $1,100 $1,100 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,400

107 1 br 1 ba 800 $875 $875 $875 $875 $875 $875 $875 $775 $775 $775 $775 $775 $10,000

108 Studio 420 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400

109 1 br 1 ba 800 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,400 $1,200 $1,200 $1,200 $1,200 $1,200 $14,600

110 1 br 1 ba 800 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $14,400

201 1 br 1 ba 800 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,000 $1,000 $1,000 $1,000 $1,000 $12,700

202 1 br 1 ba 800 $875 $875 $875 $875 $875 $875 $875 $775 $775 $775 $775 $775 $10,000

203 1 br 1 ba 800 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,100 $1,200 $1,200 $1,200 $1,200 $14,300

204 1 br 1 ba 800 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $14,400

205 Studio 420 $700 $700 $700 $700 $700 $700 $700 $675 $700 $700 $700 $700 $8,375

206 1 br 1 ba 800 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $14,400

207 1 br 1 ba 800 $1,100 $650 $1,300 $1,300 $1,300 $1,300 $1,300 $1,000 $1,000 $1,000 $1,000 $1,000 $13,250

208 Studio 420 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400

209 1 br 1 ba 800 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,150 $1,150 $1,150 $1,150 $1,200 $14,200

210 1 br 1 ba 800 $900 $900 $900 $350 $650 $650 $650 $900 $900 $900 $900 $900 $9,500

301 1 br 1 ba 800 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,000 $1,000 $1,000 $1,000 $1,000 $12,700

302 1 br 1 ba 800 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,300 $1,200 $1,200 $1,200 $1,200 $1,200 $14,500

303 1 br 1 ba 800 $1,200 $500 $500 $1,200 $1,200 $1,400 $1,400 $1,200 $1,200 $1,200 $1,200 $1,200 $13,400

304 1 br 1 ba 800 $1,150 $1,150 $1,150 $1,150 $1,050 $1,400 $1,400 $1,200 $1,200 $1,200 $1,200 $1,200 $14,450

305 Studio 420 $700 $700 $700 $700 $700 $700 $700 $600 $600 $700 $700 $700 $8,200

306 1 br 1 ba 800 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $14,400

307 1 br 1 ba 800 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $14,400

308 Studio 420 $700 $700 $700 $700 $700 $700 $700 $625 $700 $700 $700 $700 $8,325

309 1 br 1 ba 800 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $14,400

310 1 br 1 ba 800 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,000 $1,000 $1,000 $1,000 $1,000 $12,700

Total $31,000 $29,900 $30,045 $30,700 $30,800 $31,000 $31,650 $29,575 $29,850 $29,950 $29,950 $30,000 $364,420

2055 S Kanner Hwy. Stuart, Florida 34994 +1 772 405 7778 naisouthcoast.com



• 100% occupied with a waiting list to rent

• Proudly kept in immaculate condition by the current owner

• Solid poured concrete construction with Mediterranean design

• 8 slip dock with electric and easy access to St Lucie River and Atlantic Ocean

• Elegant and lush landscaping

• Central laundry facility

• Managers basement/work shop

• 30+ parking spots

• Walking distance to downtown

Highlights

St. Lucie River




Value Add Opportunities

• Hotel & Restaurant license (see next page)

• Below market rents: 1 BD 1 BA Average Rent: $1,200 1 BD 1 BA Market Rent: $1,400 Studio Average Rent: $700 Studio Market Rent: $1,000

• Rooftop dining with water views

• Build-able .13 Acre lot across the street (see below)

• 22,000 SF basement (self storage, fitness center, private wine tastings, cigar shop, etc.)

St. Lucie River

ROOSEVELT BRIDGE

ROOSEVELT BRIDGE




Hotel & Restaurant Use

The proposed conversion from the buildings current use of 30 apartment units to a Hotel with kitchen and rooftop dining open to the public would require the following:

• A Future Land Use Map change (FLUM) from Multifamily Residential to Commercial to support a Hotel with supporting amenities.

• A Zoning change from R3-Multifamily/Office to a Commercial Planned Unit Development (CPUD) by an expedited timeline of 6-8 weeks before the Local Planning Agency and City Commission.

• The City staff has gone on record as saying they would be inclined to have no objection to an application for FLUM and re-zoning changes to allow for a Hotel with conditions for approval including limited rooftop dining, adequate noise and overlooking shielding to neighboring residential properties, approval of public works and compliance with building and fire safety codes.

• Boyd Bradfield and Reid Armor can assist with meetings with the City of Stuart regarding the approval process. There are many advantages of being in the city but at this time is the friendly staff and Commission which make the approval process fast and easy.

• Comprehensive Report from City of Stuart available.

Explore Southeast Florida Waterways:Florida has over 8,000 miles of shoreline if you count inlets, bays, and capes. The western Florida on the Gulf of Mexico has 770 miles of shoreline and the eastern Atlantic side has 580 miles; now add all the islands, freshwater lakes, the Everglades, and you can see how we boast having the most miles in the United States. And Florida has claimed its fame by calling itself The Fishing Capital of the World!

Exploring the Southeast of Florida it runs from Martin County in the north to Miami-Dade County in the south, all bordering the Atlantic Ocean. Southeast Florida offshore fishing starts very close to shore as the Gulf Stream runs the closest here than anywhere else in Florida. There are three distinct ridges running south to north offering natural reefs that support a large variety of marine life. Florida is known as The Shipwreck Capital of the World and Southeast Florida has a large majority of these wrecks including many treasure ships. The whole area is littered with shipwrecks offering both anglers and divers hundreds of sites to explore. Each of the 4 counties in this region is very active in deploying artificial reefs to increase habitat and to give anglers and divers more opportunities. For the inshore angler there are mangrove islands on the intercoastal waterways. For the surf and beach angler Martin County beaches span 21.5 miles, Palm Beach County has 47 miles, Broward County has 24 miles, and Miami-Dade County has 22 miles of beaches and 67 square miles of inland waterways. For the freshwater angler the Everglades and National Parks offers limitless fresh and brackish fishing.



Map of Waterways




Exterior Images




Common Areas (1 per floor)




Typical 1 bedroom, 1 bath, and kitchen



1 bedroom, 1 bath, with enclosed patio


Nestled Riverside in “America’s Happiest Seaside Town 2017” this iconic building is conveniently located just South of the Roosevelt Bridge right off Martin County’s main arterial, US Highway 1. Walking distance to the Historic Downtown Stuart with more than 50 world class and locally owned shops, restaurants, boutiques, antique shops, art galleries, parks, a riverside boardwalk, the courthouse, and Martin Memorial Hospital.

There are two major groups of activity in the “Old Downtown Stuart” neighborhood. One is the professional and medical services established in conjunction with Martin Memorial Hospital. The other is the professional and legal services established in conjunction with the Martin County Court House, the Stuart municipal building, and other support buildings.

Martin County is home to thousands of successful small and medium size companies, as well as many corporate, and regional headquartered operations in a broad spectrum of industries. Although the county has a variety of goods and service producers, the largest sectors are aerospace and engineering, agriculture and food processing, business and financial services, and medical and pharmaceutical producers.

Martin County’s base industries are agriculture and tourism. Over the past 30 years, other industries such as manufacturing have developed and now represent a major component of the economy. The high levels of household income are indicative of a higher professional market which is supported by the extraordinary levels of high tech “clean industry” formation in the county.

Regional OverviewMartin County



Stuart, Florida

Custom Map

Source: ©2020 Esri.

August 20, 2020

©2020 Esri Page 1 of 1

Custom Map


August 20, 2020




Area Schools

Elementary:• Bessey Creek Elementary

• Citrus Grove Elementary

• Crystal Lake Elementary

• Felix A. Williams Elementary

• Hobe Sound Elementary

• J.D. Parker Elementary

• Jensen Beach Elementary

• Palm City Elementary

• Pinewood Elementary

• Port Salerno Elementary

• SeaWind Elementary

• Warfield Elementary

Middle School:• Dr. David L. Anderson Middle

• Hidden Oaks Middle

• Indiantown Middle

• Murray Middle

• Stuart Middle

High School:• Jensen Beach High

• Martin County High

• South Fork High

• Spectrum Junior / Senior High

• Stuart Adult Community High School

Special Schools• Environmental Studies Center

• Pre-Kindergarten Programs

• Riverbend Academy

• Spectrum Junior Senior High

• Willoughby Learning Center (formerly Challenger School)



Parks & Beaches Stuart, Florida

Mary Brogan Park5050 SE Willoughby Avenue

Tropical Farms Park8446 SW Tropical Avenue

Halpatiokee Regional Park8303 SW Lost River Road

Hosford Park7474 Gaines Avenue

Anderson Middle7000 SE Atlantic Avenue

Lamar Howard Park2895 SE Fairmont Street

Phipps Park & Campground2175 SW Locks Road

Sandsprit Park3443 SE St. Lucie Boulevard

Stuart CausewaySE Ocean Boulevard

Martin County Parks and RecreationThe National Recreation and Parks Association reports that there are at least 12,000 publicly-funded state and local parks and recreation agencies in the United States. Of those, there are currently only 142, or just over one percent, that have achieved this prestigious national accreditation by CAPRA. Martin County Parks and Recreation is proud to be a part of this esteemed group.

P A R K S

Stuart Parks & BeachesThe Martin County Board of County Commissioners has developed a diverse Parks and Recreation department that includes a wide array of community and regional parks, natural areas, boat ramps, beach access parks, a community water park and competitive aquatic center, a 60-acre campground, a beach side café, a senior center, skate parks, historic buildings and a public golf course. The entire park system is comprised of 77 active and passive parks encompassing an area of 600-square miles (not including waterways), bordered on the east by the Atlantic Ocean, the west by Lake Okeechobee, the north by St. Lucie County and the south by Palm Beach County.

Bathtub Beach (seasonal)1585 SE MacArthur Boulevard

Beachwalk Pasley2801 NE Ocean Boulevard

Chastain Beach1213 SE MacArthur Boulevard

Fletcher Beach45 SE MacArthur Boulevard

Ross Witham Beach301 MacArthur Boulevard

Santa Lucea Beach55 NE MacArthur Boulevard

Stokes Beach2359 NE Ocean Boulevard

Stuart Beach889 NE Ocean Boulevard

Tiger Shores Beach1337 NE Ocean Boulevard

Virginia Forest Beach1591 NE Ocean Boulevard

B E A C H E S



Survey

Custom Map


August 20, 2020

©2020 Esri Page 1 of 1100 SW Albany Avenue, 2nd Floor, Stuart, Florida 34994 | +1 772 286 6292 | naisouthcoast.com


Retailer Map



2020 Demographics

Custom Map


August 21, 2020


Population

• 1 Mile 4,508

• 3 Mile: 45,846

• 5 Mile: 95,759

Average Household Income

• 1 Mile $97,727

• 3 Mile: $89,548

• 5 Mile: $95,862

Median Age

• 1 Mile 57.5

• 3 Mile: 53.4

• 5 Mile: 52.4

Old and Newcomers

Dominant Tapestry Segment

57.5Median

Age

4,508Total Population

$320,703Median Home Value

1,153Businesses

10,220Daytime Population

$64,827Median Household

Income

$48,221Per Capita Income

524 SW Saint Lucie Cres, Stuart, Florida, 34994

KEY FACTS

KEY SPENDING FACTS

2.0Avg Household

Size

0.2%2010-2020 Pop

Growth Rate

$4,000

$3,000

$2,000

$1,000

$0

FurnitureEntertainmentApparelTransportationTravel

$3,544.95

$2,736.42$2,278.69

$1,114.34$686.81

This infographic contains data provided by Esri,Esri and Bureau of Labor Statistics, Esri and Infogroup. The vintage of the data is 2020, 2025.

© 2020 Esri

Spending facts are average annual dollars per household

The Treasure Coast is located in the South Eastern United States along the Atlantic Seaboard of Florida. It is comprised of Martin, St. Lucie, and Indian River County. Together, Martin and St. Lucie County comprise the Port St. Lucie Florida Metropolitan Statistical Area. For the past decade it has consistently ranked as one of the fastest growing MSA’s in the United States. Leading a healthy Treasure Coast Economy are rapidly growing Health Care, R&D, Retirement, Education, Tourism, Manufacturing, Marine, Aviation, Aerospace, Agribusiness, Service, and Retail sectors.

Unemployment rates are down significantly as sales of new homes, median home prices, and building permits continue to hit record highs. For decades the Treasure Coast has enjoyed rapid economic expansion fueled by population driven growth in construction and real estate. South Florida has consistently ranked among the fastest growing in numerous measurements from economic output to job creation.

The Port St. Lucie MSA benefits from a central location between two of the states other leading markets, Orlando and Miami. It has immediate access to acres of shovel ready land, highways, railroad, waterway, and airports.



Treasure CoastMultifamily Report

Charming Retail/Office Building in Downtown Stuart33 SE Osceola Street, Stuart, FL 34994


The cities that make up Martin County are Jensen Beach/Rio, Stuart/Sewall’s Point, Hutchinson Island, Hobe Sound, Jupiter/ Tequesta, Palm City, Port Salerno and Indiantown. Martin County is a wonderful place to visit and live, with beaches, golf, fishing and boating. The County boasts arts amenities, quaint downtowns with shops, gourmet dining and galleries, museums, historic places, festivals and more. Martin County is for... The golf enthusiast... Martin County is home to over 35 world-class golf courses all within a 15-mile radius. The sun worshiper... The County offers its visitors and residents alike some of the finest beaches on the east coast. The discriminating arts shopper...More than 20 galleries participate in a monthly First Thursday gallery night. Many of these galleries are in the historic downtowns of Stuart, Jensen Beach, Port Salerno and Hobe Sound. The music lover...The historic Lyric Theatre offers a wide-array of first class talent nearly 300 days a year...This acoustically amazing theatre features concerts for all music lovers, from classical to rock and roll, and theatrical performances by local and national talent.

For the die-hard festivals-goer...There are plenty to choose from and during the best Florida weather you can find. The Port Salerno Seafood Festival, Bookmania, ArtsFest, Pineapple Festival or one of the many festivals throughout the year. The Treasure Coast Children’s Museum is a great place for the kids located at Indian Riverside Park which has a fabulous water play area, fishing, and a riverfront view. Often, there are also events in the park including concerts, orchid shows, and more. Indian Riverside Park also features the Maritime and Yachting Museum. Hutchinson Island houses the Elliott Museum which focuses on art, history and technology. Named after prolific inventor Sterling Elliott, the museum houses permanent including Model AA Trucks, early transportation, history of Stuart and surrounding regions and baseball memorabilia. For the more scientifically minded and curious kids, the Florida Oceanographic Coastal Center which offers a fun opportunity to learn more about our local ecosystem and even feed a stingray!

Regional OverviewMartin County


City Overview City of Stuart, Florida

Stuart, Florida is located on Florida’s East Coast, which borders the St. Lucie River and West of the Indian River. The climate is pleasant with mild winters and warm summers. The annual average temperature is 72 degrees. Annual rainfall averages 70.44 inches.

Stuart is famed for Sail fishing and all other types of sport fishing, you can enjoy Ocean fishing, river and bay fishing, fresh water fishing. The North and South forks of the St. Luc-ie River are tropical wonderlands for cruises. Stuart has quaint older neighborhoods in the downtown area. There is a mixture of town homes and condominiums. Stuart’s success-ful revitalization program has made the Downtown area a pleasant ambiance, lined with shops and restaurants.

The top major employers are, Martin Memorial Hospital, Vought Aircraft, Municipal Gov-ernment, and thousands of successful small businesses. The economy is driven by retail service, hospitality, construction and government sectors located throughout the city.

At the present time Stuart is a growing community, annexing new properties north and south of the city, currently 6.25 square miles. Revitalization is in progress in the Potsdam section of the downtown area as well as North of the new Roosevelt Bridge. The new Roosevelt Bridge was completed in 1996, and the Department of Transportation recently finished the Evans Crary Bridge, which leads to Stuart’s Public Beaches.

Presented By

NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR WITHDRAWAL WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR PRINCIPALS NO WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE CONDITION OF THE PROPERTY OR ANY HAZARDS CONTAINED THEREIN ARE ANY TO BE IMPLIED.


Offering Summary

Reid Armor Sales Associate+1 772 631 4248 [email protected]

Boyd G. Bradfield, CCIM, SIORFounder 772 286 6292 [email protected]

Offered at:

$4,735,000

Front Exterior ViewLush Landscaping and Water Feature

Lobby/EntranceGorgeous Dade County Pine Floors

Back Patio8 Large Boat Slips

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