FOR SALE - LoopNet...PORT ST LUCIE, FL 34952 FOR SALE 7925 NW 12th Street, Suite 301 Miami, FL 33126...

PRESENTED BY:

Alex Pappas | Principal

M: 754.215.5775 | O: 305.235.1500 x1002

[email protected]

7925 NW 12th Street, Suite 301, Miami, FL 33126 | 305-235-1500 | lee-associates.com

57.9 AC RESIDENTIAL & MULTIFAMILY DEVELOPMENT OPPORTUNITY

810 KITTERMAN ROADPORT ST LUCIE, FL 34952

FOR SALE

7925 NW 12th Street, Suite 301 Miami, FL 33126 305.235.1500 leesouthflorida.com 2

PROPERTY INFORMATION 3

LOCATION INFORMATION 8

RENT COMPARABLES 15

DEMOGRAPHICS 18

CONTACT US 22

All materials and information received or derived from Lee & Associates South Florida its directors, officers, agents,advisors, affiliates and/or any third party sources are provided without representation or warranty as tocompleteness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicablegovernmental requirements, developability or suitability, financial performance of the property, projected financialperformance of the property for any party’s intended use or any and all other matters.

Neither Lee & Associates South Florida its directors, officers, agents, advisors, or affiliates makes any representation orwarranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived,or received. Materials and information from any source, whether written or verbal, that may be furnished for revieware not a substitute for a party’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. Lee & Associates South Florida will not investigate or verify any such matters or conductdue diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and toconduct their own inspections and investigations including through appropriate third party independentprofessionals selected by such party. All financial data should be verified by the party including by obtaining andreading applicable documents and reports and consulting appropriate independent professionals. Lee & AssociatesSouth Florida makes no warranties and/or representations regarding the veracity, completeness, or relevance of anyfinancial data or assumptions. Lee & Associates South Florida does not serve as a financial advisor to any partyregarding any proposed transaction. All data and assumptions regarding financial performance, including that usedfor financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/orprojected rents that may be provided to a party do not necessarily mean that rents can be established at orincreased to that level. Parties must evaluate any applicable contractual and governmental limitations as well asmarket conditions,vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the partywith a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officeror attorney. Questions regarding the condition of the property and whether the property complies with applicablegovernmental requirements should be discussed by the party with appropriate engineers, architects, contractors,other consultants and governmental agencies. All properties and services are marketed by Lee & Associates SouthFlorida in compliance with all applicable fair housing and equal opportunity laws.

TABLE OF CONTENTS810 Kitterman Road, Port St Lucie, FL 34952

PROPERTY INFORMATION


OFFERING SUMMARY

Sale Price: Subject To Offer

Lot Size: 57.9 Acres

APN: 3415-5010-025-0105, 0002

Zoning: RS4

Future Land Use (FLU): RU

Proposed Density on 37.9 Acres: RU - 5 du/ca (114 Single Family Homes)

Proposed Density on 20 Acres: RM - 9 du/ac (256 units)

PROPERTY DESCRIPTION

The 57.9 acre parcel is currently zoned RS4 with a Future Land Use(FLU) RU.Developer opportunity to construct 114 single family homes on 37.9 acres (3 du/AC) and 256 market rate apartments on 20 acres. Discussions with the county havenoted that a PUD re-zoning could take place. 20 acres off the Eastern portion ofthe property could be designated RM yielding 9 du/ac and the remaining portionzoned RU at 5 du/ac.

PROPERTY HIGHLIGHTS

• 57.9 Acres

• Build 114 Single Family Homes on 37.9 Acres

• Develop 256 Apartment Units on 20 Acres

• Zoned RS4 with a Future Land Use (FLU) RU

PROPERTY SUMMARY810 Kitterman Road, Port St Lucie, FL 34952


ST LUCIE PLANNING AND ZONING (772-462-2518)

• PCN: 3415-5010-025-0105, 002

• Current Zoning: RS4

• FLU: RU

• PROPOSED: RU- 5 du/ac on 37.9 acres & RM - 9du/ac on 20 acres

In order to increase property valuation a Comprehensive Land Use PlanAmendment consisting of a Planned Unit Development (PUD) Scheme. A 6 to 9month process.

The development application would include both uses, single family andmultifamily development projects.

Single Family Development : The western 37.9 acre portion of the propertyProposed Zoning- RU @ 5 du/ac• 114 home sites• 3 homes per acre would fit - the remaining density would be transferred to MF

Multifamily Development: Eastern 20 acre portion (650 ft east from eastern propertyline by 1350 ft South)Proposed Zoning- RM @ 9 du/ac• 256 Luxury Market Rate Apartments• 2-story Building scheme

Environmental Issues• Native Trees greater than 12” in diameter• Mitigate to 1,000” up to 50% can be removed• Programs in place to mitigate trees

Green Space/ Water Retention - PUD requirements• 30% of the property is required to be green space of which 50% can be WaterRetention across the entire site.

PROPERTY DESCRIPTION810 Kitterman Road, Port St Lucie, FL 34952


SURVEY810 Kitterman Road, Port St Lucie, FL 34952


UTILITY EXTENSION810 Kitterman Road, Port St Lucie, FL 34952

LOCATION INFORMATION


REGIONAL MAP810 Kitterman Road, Port St Lucie, FL 34952


The 58 acre parcel is located off of Oleander Rd and Kitterman Rd, just 1 block west ofUS-1 Retail Corridor. The property is conveniently located just 15 minutes south ofDowntown Fort Pierce.

LOCATION OVERVIEW

CITY INFORMATION

City: Port St Lucie

Market: South Florida

Submarket: Port St Lucie

Cross Streets: Oleander Rd & Kitterman Rd at US-1

Side of Street: North

Nearest Highway: US-1

Nearest Airport: Treasure Coast International Airport

LOCATION MAPS810 Kitterman Road, Port St Lucie, FL 34952


NEARBY RESIDENTIAL NEW CONSTRUCTION810 Kitterman Road, Port St Lucie, FL 34952


RETAILER MAP810 Kitterman Road, Port St Lucie, FL 34952


ZONING MAP810 Kitterman Road, Port St Lucie, FL 34952


FUTURE LAND USE810 Kitterman Road, Port St Lucie, FL 34952

RENT COMPARABLES


1

6600 Woods Island CirPort St. Lucie, FL 34952

KITTERMAN WOODS

2

7700 Pine Lakes BlvdPort St. Lucie, FL 34952

ARIUM PINE LAKES

3

380 Brazilian CirPort St. Lucie, FL 34952

ST. LUCIE OAKS

810 Kitterman Road | Port St Lucie, FL 34952SUBJECT PROPERTY

RENT COMPS MAP810 Kitterman Road, Port St Lucie, FL 34952


1

2007Year Built: 1 SFBldg Size:0 AcresLot Size: 396No. Units:93%Occupancy:

UNIT TYPE SIZE SF RENT RENT/SF

1/1 720 $1,195 $1.66

2/2 975 $1,315 $1.35

3/2 1,250 $1,465 $1.17

KITTERMAN WOODS6600 Woods Island CirPort St. Lucie, FL 34952

1

2



1/1 786 $1,195 $1.52

2/2 1,039 $1,350 $1.30

3/2 1,259 $1,465 $1.16

ARIUM PINE LAKES7700 Pine Lakes BlvdPort St. Lucie, FL 34952

2

3



1/1 946 $1,095 $1.16

2/2 1,300 $1,295 $1.00

ST. LUCIE OAKS380 Brazilian CirPort St. Lucie, FL 34952

3

RENT COMPS810 Kitterman Road, Port St Lucie, FL 34952

DEMOGRAPHICS

Drive time of 5 minutes KEY FACTS

7,776Population

57.7

Median Age

2.2Average

Household Size

56,1302018 Average

Household Income

BUSINESS

499Total

Businesses

3,326Total

Employees

$584,2092018 Total

Sales ($000)

HOUSING UNITS

100%

2023 Total Housing Units 4,2912018 Total Housing Units 4,1482010 Total Housing Units 4,015

DAYTIME POPULATION

8,721Total Daytime

Population

3,715Daytime Population:

Workers


Residents

EMPLOYMENT

61%White Collar

20%Blue Collar

19%Services

4.8%

UnemploymentRate


DEMOGRAPHICS OVERVIEW810 Kitterman Road, Port St Lucie, FL 34952


52,876Population

47.0

Median Age

2.4Average

Household Size

58,8042018 Average

Household Income

BUSINESS

2,203Total

Businesses

15,503Total

Employees

$2,940,5762018 Total

Sales ($000)

HOUSING UNITS

100%


DAYTIME POPULATION

46,628Total Daytime

Population


Workers


Residents

EMPLOYMENT

59%White Collar

22%Blue Collar

19%Services

4.2%

UnemploymentRate




143,030Population

44.3

Median Age

2.5Average

Household Size

63,1402018 Average

Household Income

BUSINESS

6,559Total

Businesses

53,368Total

Employees

$8,736,8732018 Total

Sales ($000)

HOUSING UNITS

100%


DAYTIME POPULATION

141,032Total Daytime

Population


Workers


Residents

EMPLOYMENT

58%White Collar

22%Blue Collar

19%Services

4.4%

UnemploymentRate



CONTACT US


ALEX PAPPAS

Principal

[email protected]: 305.235.1500 x1002 | Cell: 754.215.5775

PROFESSIONAL BACKGROUND

Alex Pappas serves as a Principal with Lee & Associates as a real estate veteran with over 25 years experience in the United States, Europe, The Middle East, Asia andAfrica. His experience across investment advisory & sales, capital markets, land use and zoning, as well as valuation provide clients a unique insight to execute theirinvestment goals. Alex specializes in land for Multifamily and Mixed Use development, as well as, the advisory and disposition of stabilized multifamily propertiesthroughout South Florida.

Alex represents institutional clients such as Alliance, Bainbridge, Camden, DR Horton, Fairfield Residential, Gables Residential, Jefferson Apartment Group, Lennar, OTO,The Related Group, Stiles Residential, Trammell Crow, Wood Partners and ZOM, to name a few.

Prior to joining Lee & Associates, Alex had served as an Investment Advisor with Florida Capital Realty representing developers in acquiring sites for condo, multi-family,hospitality and retail projects in the South Florida market, as well as identifying cash flowing assets for REITS, Investment Groups and Private Investors. Alex’s cross borderexperience included EMEA Portfolio Valuations Advisor in Copenhagen, Denmark with CBRE, focused on investment advisory and valuation of institutional portfolioassignments throughout EMEA with $5B AUM.

MEMBERSHIPS

ULI - Urban Land Institute

LEE & ASSOCIATES SOUTH FLORIDA7925 NW 12th Street, Suite 301

Miami, FL 33126305.235.1500

ALEX PAPPAS810 Kitterman Road, Port St Lucie, FL 34952


All materials and information received or derived from Lee & Associates South Florida its directors, officers, agents, advisors, affiliates and/or any third party sources areprovided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicablegovernmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’sintended use or any and all other matters.

Neither Lee & Associates South Florida its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may befurnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Lee &Associates South Florida will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigationsincluding through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtainingand reading applicable documents and reports and consulting appropriate independent professionals. Lee & Associates South Florida makes no warranties and/orrepresentations regarding the veracity, completeness, or relevance of any financial data or assumptions. Lee & Associates South Florida does not serve as a financialadvisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modelingpurposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily meanthat rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney.Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies withapplicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmentalagencies. All properties and services are marketed by Lee & Associates South Florida in compliance with all applicable fair housing and equal opportunity laws.

This is not intended to be an appraisal of the market value of the property, if an appraisal is desired, the services of a licensed or certified appraiser should be obtained.This report is not intended to meet the uniform standards of professional appraisal practice.

CONFIDENTIALITY & DISCLAIMER810 Kitterman Road, Port St Lucie, FL 34952

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FOR SALE - LoopNet...PORT ST LUCIE, FL 34952 FOR SALE 7925 NW 12th Street, Suite 301 Miami, FL 33126...

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