HERITAGE AT TAMPA...Heritage at Tampa is a 110-unit property located in the Northeast portion of...

HERITAGE AT TAMPAOFFERING MEMORANDUM7011 San Ramon Place, Tampa, FL 33617

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest into the acquisition of the Subject Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner or Franklin Street Real Estate Services, LLC. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or Franklin Street Real Estate Services, LLC. , nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any obligations therein have been satisfied or waived.

By receipt of the Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or the Franklin Street Real Estate Services, LLC. Furthermore, you agree not to use this Memorandum or any of its contents in a manner detrimental to the interest of the Owner or Franklin Street Real Estate Services, LLC.

In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are so advised and expected to review all such summaries and other documents of whatever nature independently and not to rely on the contents of this Memorandum in any manner.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR FRANKLIN STREET REAL ESTATE SERVICES, LLC AGENT FOR MORE DETAILS.

EXCLUSIVELY LISTED BY:

Darron KattanManaging [email protected] x315

Kevin KelleherSenior [email protected] x318

Zach [email protected] x373

Avery [email protected] x293

Mark [email protected] x279

Ethan [email protected] x353

2 PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS RENT COMPARABLES FRANKLIN STREET

HERITAGE AT TAMPA | TAMPA | FLORIDA

CONFIDENTIALITY AGREEMENT

3PROPERTY INFORMATION LOCATION OVERVIEW FINANCIAL ANALYSIS RENT COMPARABLES FRANKLIN STREET

PROPERTY INFORMAT ION 4Addit ional Photos

Executive Summary

Property Detai ls

Value Add Investment Offer ing

Addit ional Photos & Suggested Renovations


Floor Plans

LOCAT ION OVERV IEW 13Regional Map

Local Map

Landmark & Retai ler Map

Parcel View

F INANCIAL ANALYS IS 27Unit Mix

Income & Expenses

Pricing & Financial Analysis

Prel iminary Insurance Quote

RENT COMPARABLES 32Rent Comps Map

Rent Comps

Rent Comps Summary

Rent Comps Chart


Executive Summary

Property Detai ls




Floor Plans


Local Map


Parcel View


Income & Expenses




Rent Comps

Rent Comps Summary

Rent Comps Chart


Executive Summary

Property Detai ls




Floor Plans


Local Map


Parcel View


Income & Expenses




Rent Comps

Rent Comps Summary

Rent Comps Chart


Executive Summary

Property Detai ls




Floor Plans


Local Map


Parcel View


Income & Expenses




Rent Comps

Rent Comps Summary

Rent Comps Chart


Executive Summary

Property Detai ls




Floor Plans


Local Map


Parcel View


Income & Expenses




Rent Comps

Rent Comps Summary

Rent Comps Chart

41FRANKL IN STREETAbout Us

Client Services

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Client Services

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Client Services

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IN THIS OFFERING MEMORANDUM


TABLE OF CONTENTS

PROPERTY INFORMATION



ADDITIONAL PHOTOS


OFFERING SUMMARY

List Price: $14,250,000

Price / SF: $102.89

Price / Unit: $129,545

Number Of Units: 110

Lot 1 Size: ~7.9 Acres

Lot 2 Size*: ~3.1 Acres

Year Built: 1969

Building Size (SF): 141,200

Market: Tampa

Submarket: North Tampa

* Lot 2 Size based on

2015 survey. Vacant land

measured to the edge of Hillsborough river

PROPERTY HIGHLIGHTS

• Immediate value-add opportunity through interior upgrades, already proven out at $100 premium

• Excellent submarket conditions with steady occupancy and organic rent growth

• Over three Acres of developable land on the Hillsborough River with zoning for 20 units/Acre

• Excellent frontage on a major north/south thoroughfare with daily 46,200 car count

• Excellent unit mix consisting of all 2 and 3 bedrooms with average unit size of 1,259 sf

• Close proximity to many employment centers including The University of South Florida, Downtown CBD, Netpark, BuschGardens, and the Seminole Hard Rock Hotel & Casino

DEMOGRAPHICS

1 MILE 3 MILES 5 MILES

Total Households 3,387 31,728 83,066

Total Population 8,455 82,278 223,835

Average HH Income $45,712 $45,404 $44,088


EXECUTIVE SUMMARY


LOCATION INFORMATION

Building Name Heritage at Tampa

Street Address 7011 San Ramon Place

City, State, Zip Tampa, FL 33617

County/Township Hillsborough

Market Tampa

Submarket North Tampa

BUILDING INFORMATION

Building Size

Number Of Units

Occupancy %

Number Of Floors

Year Built

Gross Leasable Area

Construction Status

Framing

Roof

Number Of Buildings

141,200 SF

110

95%

2

1969

138,490 SF

Existing

Concrete Block

Pitched, Shingles

16

PROPERTY DETAILS

Property Type Multifamily

Property Subtype Low-Rise/Garden

Lot Size 7.9 & 3.1 Acres

APN# A0385900100

Submarket North Tampa

PARKING & TRANSPORTATION

Parking Type Surface

Number Of Spaces 241

Parking Description 237 Regular Spaces, 4 Handicap Spaces

UTILITIES & AMENITIES

Central Heating & Cooling Yes

Amenities Leasing Center, Clubhouse, Fitness Center, Pool, Billiards

Laundry Description Laundry Facility, Connections in Select Floor Plans


PROPERTY DETAILS


PROPERTY DESCRIPTION

Heritage at Tampa is a 110-unit property located in the Northeast portion of Tampa. It is well connected to local employment centers thanks to major roadways including I-4, I-75, and I-275. The 1969 vintage property is solid block construction with a brick façade and consists of spacious 2 and 3-bedroom units averaging 1,259 square feet, the largest units in the submarket. Heritage at Tampa boasts an impressive set of amenities including a leasing center, clubhouse with billiards, fitness center, resort style swimming pool, and a common laundry facility. The current owners acquired the property in 2015 as a fractured condominium and have since

re-purchased all units and collapsed the HOA.

SUGGESTED VALUE ADD COMPONENTS

• No significant renovations were completed under current ownership providing a great canvas

for the new owners. Updated interiors, fencing and/or paving of the private patios, and the

addition of washer/dryers would significantly boost the potential NOI of the property.

• An unused leasing space at the front of the property could be brought back online to allow for

the repurposing of the current space at the back of the property. The new space would become

an additional tenant amenity and a potential new source of income. Other amenity upgrades

will allow the property to continue to differentiate itself from submarket competitors.

• The parcel also includes approximately 3.194 Acres of land on the Hillsborough River, which

is currently zoned for multifamily development and allows for up to 20 Units/Acre to be built.


VALUE ADD INVESTMENT OFFERING


Suggested Renovation: Modernize kitchen area with coffee bar Suggested Renovation: Transform area into media zone with TV

Suggested Renovation: Repaint clubhouse, Create computer center in back cornerSuggested Renovation: Update clubhouse with modern furniture


ADDITIONAL PHOTOS & SUGGESTED RENOVATIONS

INTERIOR VALUE ADD OPPORTUNITIESThe property is the perfect candidate for an interior renovation program. Upgraded units have the potential to generate $100+ rent premiums. Some suggestions for renovations include:

• Install vinyl sheet or plank flooring in wet and living areas• Install ceiling fans in living and bedrooms• Install washer & dryer in Unit• Update plumbing and lighting fixtures, and hardware

• Repaint interiors• Upgrade cabinetry to shaker style, install new pulls or knobs• Resurface countertops in kitchens and baths• Upgrade appliances package to black or stainless

BEFORE PHOTOS AFTER PHOTOS



ADDITIONAL PHOTOS & SUGGESTED RENOVATIONS

2 BED 1 BATH

Beds 2

Baths 1.0

Square Footage 1,000

Rent $975-$1,075

Deposit $300

2 BED 2 BATH

Beds 2

Baths 2.0


Rent $1,025-$1,035

Deposit $300



FLOOR PLANS

2 BED 2 BATH - LARGE

Beds 2

Baths 2.0


Rent $1,090-$1,175

Deposit $300

3 BED 2 BATH

Beds 3

Baths 2.0


Rent $1,250-$1,410

Deposit $300



FLOOR PLANS

LOCATION OVERVIEW

WATER STREET TAMPA - $3 BILLION PROJECT

53- ACRE DEVELOPMENT• Cultural amenities

• 2 new hotels

• Multiple office buildings

• USF’s Morsani College of Medicine and Health Heart Institute

• 13 Acres of parks and public spaces

• 3,500 new residences

• Extensive ground floor retail



FIRST LOOKS

(Left) Tampa’s new 4-Star hotel with 500 guest rooms, innovative meeting spaces, as well as shared gathering spaces, exciting restaurants, and

rooftop lounge areas, brought together with a world-class design.

(Right) The first residences in Water Street Tampa. The two towers - one condominium and one rental - share a green roof with amenities for resi-

dents. A new full-service grocery store will be the heart of the retail in the building.



TAMPA INTERNATIONAL AIRPORT EXPANSIONPHASE 1 Scheduled for completion in 2018, this expansion phase plans to reduce the congestion of curbside dropoffs, roads and Main Terminal auto traffic. This phase includes a 2.6 million-square-foot Rental Car Center to help travelers. A 1.4-mile automated people mover is also in the works to help with traffic control of travelers inside of the airport. This people mover will be included in an expanded Main Terminal.

PHASE 1 RENDERING



TAMPA INTERNATIONAL AIRPORT EXPANSION (CONT.)PHASE 2Phase 2 of the airport expansion will include another curbside expansion and 17-Acre commercial development around the rental car center. This commercial development area will feature an office building, convenience store (with gas station), hotel, a commercial curb to accommodate transit and other ground transportation. The curbside expansion includes new express lanes exclusively for passengers without checked luggage.

PHASE 2 RENDERING

PHASE 3The final phase is the actual expansion phase. This phase will include the construction of a new Airside D with 16 gates. These gates will be capable of handling both domestic and international flights.

Information received from and updates available on: http://www.tampaairport.com/MasterPlan



LOCATION OVERVIEWTAMPA BAY MSAThe Tampa metro area is one of the Top 20 markets in the country, and the population center of the eight-county region. More than 4.2 million people live in Tampa Bay, and an active labor force of nearly 2 million ensures an abundance of qualified candidates to fulfill employer demand.

Tampa Bay is young and diverse, with a median age of 36. The population is educated and expanding, with Florida boasting the top talent pipeline in the country, bolstered by a state college and university system that introduces over 165,000 new graduates to the workforce each year.

Tampa is the fastest growing major city in the state, and ranked as one of America’s best cities for millen-nials. With a rising number of young professionals and rapid job creation in high-tech industries, Tampa Bay is considered among the leading places for the creative class to cluster.

Tampa Bay is home to 19 corporate headquarters with over $1 billion in annual revenue, eight of which are Fortune 1000 companies, in addition to being the location of choice for nearly 500 foreign-owned companies representing over 40 nations. Nearly one in four business and information services firms in Florida are located within our region, which anchors the Florida High Tech Corridor, including some of the biggest names in banking and finance.

TAMPA BAY MSA – TOP PRIVATE EMPLOYERS

COMPANY INDUSTRY EMPLOYEESBayCare Health System Healthcare 19,600Publix Super Market Retail Trade 13,800HCA West Florida Healthcare 13,150Verizon Telecommunications 9,950Tampa General Hospital Healthcare 6,600Wal-Mart Retail Trade 5,800Florida Hospital Healthcare 5,100Lakeland Regional Medical Center Healthcare 5,000Moffitt Cancer Center Healthcare 4,300Citi Finance & Insurance 4,000Busch Gardens Entertainment & Recreation 3,800All Children’s Hospital Healthcare 2,900Home Shopping Network Retail Trade 2,800Raymond James Financial Finance & Insurance 2,800Casper’s Company Food Services 2,500Humana Healthcare 2,400Comcar Industries Transportation & Warehousing 2,400TECO Energy Utilities 2,300PricewaterhouseCoopers Professional & Technical 2,200Bayfront Medical Center Healthcare 2,000Progressive Insurance Finance & Insurance 2,000GEICO Finance & Insurance 2,000Mosaic Fertilizer Manufacturing 2,000USAA Finance & Insurance 2,000Bright House Networks Telecommunications 2,000JP Morgan Chase Finance & Insurance 1,900Nielsen Media Research Professional & Technical 1,800FIS Management Services Finance & Insurance 1,800Coca-Cola Refreshments Administrative & Support 1,600Jabil Circuit Manufacturing 1,600MetLife Finance & Insurance 1,500Tech Data Wholesale Trade 1,500Honeywell Aerospace Manufacturing 1,500



LOCATION OVERVIEWQUALITY OF LIFEWith a cost of living well below the national average, a mild seasonal climate and a robust assortment of cultural and recreational amenities, it’s no surprise that Tampa Bay is a top destination for residents and visitors alike. The region offers access to world-class health care, including the #1 hospital in Florida, an exceptional education system at every level of learning, and neighborhoods as diverse as the landscape itself. Rivers, lakes and nearby beaches, along with the eponymous Tampa Bay, offer ample opportunities for year-round outdoor adventures, with thousands of Acres of parks and trails for hiking, biking and exploring the natural beauty of Florida.

The region is home to four professional sports teams: the Tampa Bay Buccaneers, Tampa Bay Lightning, Tampa Bay Rays and the Tampa Bay Rowdies. We’re also the spring training destination for six Major League Baseball teams, including the New York Yankees, and a frequent host of major athletic events, from the Super Bowl to the PGA Tour.

Tampa Bay is home to an expansive collection of award-winning museums and attractions, along with some of the top entertainment venues in the country, like the David A. Straz, Jr. Center for the Performing Arts and Amalie Arena, home of the Tampa Bay Lightning.

Tampa Bay Area beaches and the region’s enviable climate provide year-round opportunities for outdoor recreational pursuits, including swimming, sailing, water-skiing, jet skiing, windsurfing, parasailing, diving and shelling. More than 300 species of fish can be caught in area waters, noted as one of Florida’s premier fishing spots. Kayaking and canoeing are popular with a variety of rivers, streams and natural coastline to explore. In 2012, St. Pete Beach received the Travelers’ Choice Award for top U.S. Beach destination by TripAdvisor. The beach also ranked fifth for worldwide beach destinations.

TOURISMTourism is a major economic driver for Tampa Bay, generating $12.7 billion in annual revenue. The Tampa Bay region hosts an estimated 35 million visitors per year. The port of Tampa’s cruise industry reports handling approximately 875,000 passengers of cruise ship sailings in 2011. One of America’s most popular departure ports for western Ca-ribbean cruises, Tampa also offers year-round cruises to Cozumel and Costa Maya. Ships sailing from Tampa are with Carnival Cruises, Royal Caribbean Cruises, Holland American Cruise Lines, and Norwegian Cruise Lines.

SHOPPINGTampa Bay has 16 regional shopping centers containing over 11 million square feet of space. Additionally, there are over 160 smaller shopping centers in the Tampa Bay region.

CLEARWATER BEACH

RAYMOND JAMES STADIUM - TAMPA BAY BUCCANEERS

TAMPA’S BAYSHORE BOULEVARD



LOCATION OVERVIEWUNIVERSITIES AND COLLEGESTampa Bay is home to nearly 80 colleges, universities and technical schools, including the University of South Florida (USF). With more than 47,000 students, USF is one of the largest public universities in the country. Offering over 220 degrees, including a Top 20 entrepreneurship program, USF is also one of the Top 50 research institutions in the nation and ranked 10th worldwide in the number of U.S. patents granted.

Named by Forbes as one of “America’s Best Colleges,” the University of Tampa has experienced more than a decade of continuous growth and record-setting enrollment, attracting a diverse student body from every state and over 120 nations.

Saint Leo University, located in Pasco County, is a Top 10 provider of higher education to the military. Its Tampa Education Center offers learning opportunities to working adults, and serves as a support center for online students throughout the world.

Hillsborough Community College (HCC) is among the country’s leading two-year institutions in associate degrees awarded. Operat-ing five primary campuses near major employment centers, HCC assists local businesses with a comprehensive corporate training and continuing education division. The Plant City campus is also the site of the University of Florida’s Gulf Coast Research and Education Center.

St Petersburg College has ten locations throughout PInellas County offering over 100 academic programs to its 57,000+ currently enrolled students through traditional classroom and online degree and certificate programs.

Eckerd College, situated along a spectacular one-mile long stretch of waterfront in South Pinellas County, offers under-graduate and graduate degrees in 40 majors to its 2,300+ students.

UNIVERSITY OF SOUTH FLORIDA

UNIVERSITY OF TAMPA

ECKERD COLLEGE CAMPUS SAINT LEO UNIVERSITY HILLSBOROUGH COMMUNITY COLLEGE



LOCATION OVERVIEWKEY INDUSTRIESThe top five industry super sectors in Tampa Bay are as shown below. These industries represent over two-thirds of the total regional employment

• Trade, Transportation and Utilities• Professional and Business Services• Education and Health Services• Leisure and Hospitality• Financial Services

TARGET CLUSTERSThere are four target clusters sharing talent, technology, educational resources, and in-frastructure in Tampa Bay. A study conducted by SRI determined these four sectors as having extensive resources the region, along with high growth potential. As a result, the Tampa Bay Partnership’s Regional Business Plan was designed to encourage employ-ment growth in these four target clusters.

• Applied Medicine and Human Performance• High-Tech Electronics and Instruments• Business, Financial and Data Services• Marine and Environmental Activities

DEFENSE AND SECURITY | MACDILL AIR FORCE BASEThe presence of MacDill Air Force Base, the global headquarters of U.S. Central Command and U.S. Special Operations Command, makes us a top market for the defense and se-curity industry. MacDill Air Force Base employs over 15,000 active-duty service members, and more than 440,000 veterans call Tampa Bay home, supplying an invaluable source of uniquely trained personnel.

THE DEPTH AND DIVERSITY OF TAMPA BAY’S REGIONAL BUSINESS COMMUNITY HAVE LED TO SIGNIFICANT GROWTH IN INDUSTRIES DEFINED BY INNOVATION AND TECHNOLOGY

The Tampa Bay region is home to a wide range of innovative organizations from large re-search and development institutions to up and coming businesses, with ample opportu-nity for continued growth and incentives for regional investment. Since 2001, the Tampa Bay region has seen over $906 million in venture capital investments. In 2011 alone, the region generated 841 new patents.

LIFE SCIENCESWith disruptive breakthroughs in research, devices, simulation and personalized medi-cine, Tampa Bay is changing the DNA of health care.

MANUFACTURINGFrom high-tech turbines to consumer product packaging, Bay Area businesses are pio-neering the art of modern manufacturing technology.

AGRIBUSINESSGenerating nearly $1 billion each year, the thriving local agribusiness industry is the center of leading genetic research trials and an emerging nutraceutical industry.



LOCATION OVERVIEWBY AIR, LAND OR SEA, THE TAMPA BAY MSA HAS THE CRITICAL CONNECTIVITY NEEDED TO SUC-CEED IN THE CONTINUOUS CYCLE OF GLOBAL BUSINESS ACTIVITY.The Tampa Bay region’s freight system encompasses over-the road transport, water transport, air cargo, and rail freight carriers, as well as freight terminals, warehousing facilities, and local and regional distribution centers. It also includes the following supporting transportation infrastructure:

• 500 miles of active CSX Transportation railroad and siding tracks• Approximately 143 million square feet of industrial space, with an additional 76 million square feet approved for development• Extensive seaport facilities at the Port of Tampa and Port Manatee, along with the Port of St. Petersburg and Port Citrus• Growing air cargo operations at Tampa International Airport and St. Petersburg-Clearwater International Airport

TAMPA INTERNATIONAL AIRPORT (TPA)Tampa International Airport offers non-stop flights to over 70 domestic and international destinations, at fares lower than most major metro areas. Serving approximately 17 million people each year, it ranks among the top North American aviation facilities and is the only U.S. location to be named one of the 10 “most-loved” airports in the world.

ST. PETERSBURG-CLEARWATER INTERNATIONAL AIRPORT (PIE)St. Petersburg-Clearwater International Airport (PIE) provides easy and convenient access to low-cost airline service throughout the Midwest, Northeast, Southeast, Canada, and charters to the Keys. PIE currently has six airlines flying to more than 25 non-stop destinations. The airport recently completed a $20 million renovation, which includes new terminal facilities and two jet bridges.

PORT OF TAMPAIn addition to being one of the world’s fastest growing cruise ports, the 5,000-Acre Port of Tampa is the largest and most diverse seaport in Florida. One of the country’s premiere shipbuilding and repair centers, the Port of Tampa is also the nation’s closest deepwater gateway to the Panama Canal, providing unparalleled access to Latin American markets. On-dock unit-train service to the container terminal, with a direct connection to the CSX Transportation rail network, is now available.

INTERSTATES AND HIGHWAYSI-4, I-75 and I-275 link the region to major U.S. cities and 30 million consumers within an eight-hour drive. A new north-south toll road connectsI-4 with the Lee Roy Selmon Expressway. The elevated roadway features dedicated truck lanes with an exclusive point of entry to the Port of Tampa.

RAIL TRANSPORTATIONCSX provides reail service from the Tampa Bay region to all major freight nodes and ports east of the Mississippi River. A new integrated logistics center planned in Winter Haven (Polk County) will create a statewide rail-to-truck distribution center unlike anything in the Southeast.

THE PORT OF TAMPA

TAMPA INTERNATIONAL AIRPORT

SUNSHINE SKYWAY BRIDGE

Sources: The Tampa Bay Partnership, Tampa-Hillsborough Economic Development Corporation




Heritage at Tampa


REGIONAL MAP


Heritage at Tampa


LOCAL MAP

SUBJECT SITE



PARCEL VIEW

FINANCIAL ANALYSIS

Sq Feet

100011001300142015001750

1,259Weighted Averages: $1,119110

2Bdr 1Bath$1,075$985

$1,250$1,385

$1,150

2424262

322

Unit Type

3Bdr 2.5Bath3Bdr 2Bath

2Bdr 2.5Bath2Bdr 2Bath2Bdr 2Bath

Units

$0.89 $1,219 $0.97 8.94%

Pro Forma Rent

$0.92$1,200$1,175

8.70%8.00%

$1.07

Pro Forma Rent Increase

10.15%9.30%9.09%

7.22%$1,485

$0.88$0.85

$1.09

PF Rent/Sq Foot

$1,085

Rent/Sq Foot

$0.83$0.81

Current Rent

$1,100

$0.85$0.90

$1,250$1,350

$0.98$0.99

$0.79

$1,477,320Gross Potential Rent

$1,609,320

Pro Forma Monthly

$134,110

Current Monthly

$123,110Gross Potential Rent Gross Potential Rent

Current Annual Pro Forma AnnualGross Potential Rent

2Bdr 1Bath, 21.82%

2Bdr 2Bath, 21.82%

2Bdr 2Bath, 23.64%

2Bdr 2.5Bath, 1.82%

3Bdr 2Bath, 29.09%

3Bdr 2.5Bath, 1.82%

Total:



UNIT MIX

% Per Unit % Per UnitIncomeGross Potential Rent (GPR) (1) $13,430 $14,630Other income 0.61% $81 0.56% $81Tenant Charges 3.00% $403 2.75% $403Laundry Income (2) 0.06% $8 0.22% $32Utilities Income (3) 3.92% $526 6.60% $966Total Other Income 7.58% $1,018 10.13% $1,482Gross Potential Income (GPI) $14,448 $16,112Economic LossVacancy (-) 5.35% $719 5.00% $732Loss to Lease (-) 3.61% $485 2.00% $293Bad Debt (-) 0.49% $66 0.50% $73Total Economic Loss -9.45% -$1,269 -7.50% -$1,097Effective Gross Income (EGI) $13,179 $15,015ExpensesTaxes (4) 7.46% $983 11.48% $1,724Insurance (5) 2.38% $314 3.07% $461Utilities 9.16% $1,208 8.04% $1,208Waste / Trash Removal 1.56% $205 1.37% $205Repairs & Maintenance 3.88% $511 3.33% $500Contract Services 2.81% $370 1.67% $250Management 2.69% $355 3.00% $450Salaries & Wages (6) 9.45% $1,245 7.85% $1,178General & Administrative 1.20% $158 1.05% $158Marketing & Leasing 0.68% $89 0.59% $89Reserves & Replacements* 1.90% $250 1.67% $250Total Expenses 43.16% $5,689 43.12% $6,474

Net Operating Income (NOI) $7,490 $8,540

2017 Taxable Value $5,767,8412017 Millage Rate 18.7480

Pro Forma Taxable Value $10,117,500

* Inserted at Broker's Discretion

(1) Current GPR Based on Top Rent of Rent Roll Dated As Of 11.13.2018(2) Current Owner has Not Achieved Full Potential of Laundry Facility, Pro Forma Laundry Income Based on New Agreement with Contract Provider

(3) Pro Forma Utilities Income Based on 80% of Water/Sewer/Trash Expense(4) Pro Forma Taxes are Reassessed at 75% of List Price, Florida Early Payment Discount of 4% is Applied

(5) Pro Forma Insurance Expense Based on Premium Estimate Received from Franklin Street Insurance Services(6) Pro Forma Salaries & Wages Include 1 Manager ($45k/Yr), 1 Maintenance Technician ($45k/Yr), and a Porter ($18k/Yr). An additional 20% is Included for Taxes and Benefits

$27,500$712,182

$823,908 $939,454

$625,738

$32,186$8,047

$55,000$27,500$49,549

$129,600$17,344$9,820

-$120,699$1,651,636

$189,683$50,750

$132,836$22,600

$163,015$1,772,335

$80,466

$9,820$27,500

$108,135$34,503

$132,836$22,600$56,263$40,741$39,035

$136,961$17,344

-$139,640$1,449,646

$53,354$7,216

$111,966$1,589,286

$79,070

$44,281$835

$57,896

T3 Income / T12 ExpensesAs Of Oct. '18

Pro Forma

Total

$1,477,320$8,954

Total

$1,609,320$8,954$44,281$3,500

$106,280



INCOME & EXPENSES

Price

Price Per Unit

Price Per Sq Foot

Net Operating Income

Value Indicators

Cap RateGross Rent Multiplier

T3 Income / T12 ExpensesAs Of Oct. '18

$129,545

Pro Forma

$939,454

$102.89

List Price$14,250,000

$823,908

8.04

6.59%

8.97

5.78%



PRICING & FINANCIAL ANALYSIS

PROPERTY COVERAGES

Building Value $9,884,000

Personal Property $15,000

Business Income $1,500,000

Total Insured Value Estimate $11,399,000

HERITAGE AT TAMPA110 Units

141,200 SF

PROPERTY INDICATION SUMMARY

Property Premium Indication $40,000

GL Premium Indication $8,500

Umbrella Indication $2,250

Approximate Total $50,750

Total Cost Per Unit $461 / unit

LONNIE KITCHENPartner | 813.658.3360

[email protected]

Standard Limits of Insurance: $2MM Aggregate | $1MM per Occurrence

Premium Basis: 110 Units, some pools.

LIABILITY INSURANCE

Limit of Insurance $2MM

UMBRELLA INSURANCE**Estimates are based upon meeting Fannie Mae and Freddie Mac stringent guidelines and include an expectation that there are no claims for prior 5 years, lender agrees to replacement cost values used, roofs replaced in the last 10 years, No Section 8 Housing, property is free from aluminum electrical wiring (Unless noted), and location is not located in high hazard flood zone. This estimate is based upon initial review of underwriting information and a formal quote must be secured.



PRELIMINARY INSURANCE QUOTE

RENT COMPARABLES


SUBJECT PROPERTY7011 San Ramon Place | Tampa, FL 33617

1 RIVER VIEW APARTMENTS5659 Del Prado DrTampa, FL 33617

2 RIVERTREE LANDING APARTMENTS6909 Indian River DrTampa, FL 33617

3 THE PARK AT RAVENNA6919 Bonair DrTampa, FL 33617

4 SOUTHERN COVE8741 Grove TerraceTampa, FL 33617

5 RIVERSIDE PALMS5008 Sierra PlTampa, FL 33617

6 RIVER POINTE APARTMENTS8024 Hidden River DrTampa, FL 33617


RENT COMPS MAP


SUBJECT PROPERTY7011 San Ramon Place | Tampa, FL 33617

Building Size: 141,200 SF

Year Built: 1969

Lot Size: 7.75 AC

No. Units: 110

Avg. Size: 1,259 SF

Occupancy: 95%

Avg. Rent: $1,119

Avg. Rent/SF: $0.89

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

2Bdr 1Bath 24 21.8 1,000 $985 $0.99

2Bdr 2Bath 24 21.8 1,100 $1,075 $0.98

2Bdr 2Bath 26 23.6 1,300 $1,100 $0.85

2Bdr 2.5Bath 2 1.8 1,420 $1,150 $0.81

3Bdr 2Bath 32 29.1 1,500 $1,250 $0.83

3Bdr 2.5Bath 2 1.8 1,750 $1,385 $0.79Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 110 100% 1259 $1,119 $0.89

RIVER VIEW APARTMENTS5659 Del Prado Dr | Tampa, FL 33617

1


Year Built: 1971

Lot Size: 18.43 AC

No. Units: 296

Avg. Size: 1,126 SF

Occupancy: 95%

Avg. Rent: $930

Avg. Rent/SF: $0.83


1 Bdr 1 Bath 140 47.3 894 $827 $0.93

2 Bdr 1 Bath 40 13.5 1,132 $930 $0.82

2 Bdr 2 Bath 92 31.1 1,365 $1,027 $0.75

3 Bdr 2 Bath 24 8.1 1,565 $1,159 $0.74Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 296 100% 1,126 $930 $0.83

Laundry: On-Site FacilityUtilities: Water/Sewer Paid by TenantAmenities: Pool, Playground, Clubhouse


RENT COMPS


RIVERTREE LANDING APARTMENTS6909 Indian River Dr | Tampa, FL 33617

2


Year Built: 1970

Lot Size: 8.28 AC

No. Units: 230

Avg. Size: 987 SF

Occupancy: 92%

Avg. Rent: $888

Avg. Rent/SF: $0.90


1 Bdr 1 Bath 117 50.9 800 $825 $1.03

2 Bdr 1 Bath 81 35.2 1,165 $925 $0.79

2 Bdr 2 Bath 24 10.4 1,165 $975 $0.84


TOTAL/AVG 230 100% 987 $888 $0.90

Laundry: On-Site FacilityUtilities: Water/Sewer Paid by TenantAmenities: Pool, Riverfront Deck, Pet Friendly

THE PARK AT RAVENNA6919 Bonair Dr | Tampa, FL 33617

3


Year Built: 1971

Lot Size: 16.1 AC

No. Units: 300

Avg. Size: 809 SF

Occupancy: 95%

Avg. Rent: $851

Avg. Rent/SF: $1.05


1 Bdr 1 Bath 11 3.7 624 $678 $1.09

1 Bdr 1 Bath 112 37.3 678 $769 $1.13

1 Bdr 1 Bath 13 4.3 839 $799 $0.95

1 Bdr 1 Bath 10 3.3 871 $799 $0.92

2 Bdr 1 Bath 137 45.7 906 $929 $1.03

2 Bdr 2 Bath 17 5.7 960 $959 $1.00Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 300 100% 809 $851 $1.05

Laundry: Washer/Dryer in Select Units; On-Site FacilityUtilities: Water/Sewer/Trash Included in RentAmenities: Pool, Picnic Areas, Playground


RENT COMPS


SOUTHERN COVE8741 Grove Terrace | Tampa, FL 33617

4


Year Built: 1974

Lot Size: 9.14 AC

No. Units: 180

Avg. Size: 1,103 SF

Occupancy: 98%

Avg. Rent: $1,030

Avg. Rent/SF: $0.93


2 Bdr 1 Bath 58 32.2 950 $990 $1.04

2 Bdr 1.5 Bath 22 12.2 1,300 $1,025 $0.79


TOTAL/AVG 180 100% 1,103 $1,030 $0.93

Laundry: On-Site FacilityUtilities: Water/Sewer/Trash Included in RentAmenities: Business Center, Playground, Tennis Courts

RIVERSIDE PALMS5008 Sierra Pl | Tampa, FL 33617

5


Year Built: 1972

Lot Size: 14.6 AC

No. Units: 351

Avg. Size: 900 SF

Occupancy: 95%

Avg. Rent: $891

Avg. Rent/SF: $0.99


Studio 32 9.1 538 $690 $1.28

1 Bdr 1 Bath 52 14.8 723 $775 $1.07

1 Bdr 1 Bath 88 25.1 754 $805 $1.07

1 Bdr 1.5 Bath 52 14.8 827 $825 $1.00

2 Bdr 1.5 Bath 24 6.8 981 $905 $0.92

2 Bdr 2 Bath 40 11.4 1,122 $999 $0.89

3 Bdr 2 Bath 6 1.7 1,239 $1,180 $0.95

2 Bdr 2 Bath 5 1.4 1,244 $1,080 $0.87

3 Bdr 2.5 Bath 40 11.4 1,304 $1,199 $0.92

3 Bdr 2.5 Bath 12 3.4 1,461 $1,220 $0.84Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 351 100% 900 $891 $0.99

Laundry: Connections in Select Units; On-Site FacilityUtilities: Water/Sewer Included in RentAmenities: Pool, Fitness Center, Playground, Pet-Friendly


RENT COMPS


RIVER POINTE APARTMENTS8024 Hidden River Dr | Tampa, FL 33617

6


Year Built: 1973

Lot Size: 12.92 AC

No. Units: 212

Avg. Size: 882 SF

Occupancy: 95%

Avg. Rent: $909

Avg. Rent/SF: $1.03


1 Bdr 1 Bath 16 7.5 530 $763 $1.44

1 Bdr 1 Bath 36 17 663 $799 $1.21

1 Bdr 1 Bath 4 1.9 765 $803 $1.05

1 Bdr 1 Bath 48 22.6 767 $818 $1.07

2 Bdr 1 Bath 28 13.2 858 $908 $1.06

2 Bdr 2 Bath 28 13.2 1,050 $974 $0.93

2 Bdr 2 Bath 48 22.6 1,150 $1,079 $0.94

3 Bdr 2 Bath - TH 4 1.9 1,550 $1,230 $0.79Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 212 100% 882 $909 $1.03

Laundry: Washer/Dryer Connections in Select Units: On-SiteFacilityUtilities: Water/Sewer Paid by TenantAmenities: Business Center, Pool, Fitness Center


RENT COMPS


1

2

3

4

5

SUBJECT PROPERTY RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY %

Heritage at Tampa7011 San Ramon PlaceTampa, FL 33617

$0.89 $1,119 141,200 SF 110 95%

RENT COMPS RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY %

River View Apartments5659 Del Prado DrTampa, FL 33617

$0.83 $930 369,700 SF 296 95%

Rivertree Landing Apartments6909 Indian River DrTampa, FL 33617

$0.90 $888 234,918 SF 230 92%

The Park at Ravenna6919 Bonair DrTampa, FL 33617

$1.05 $851 260,000 SF 300 95%

Southern Cove8741 Grove TerraceTampa, FL 33617

$0.93 $1,030 198,700 SF 180 98%

Riverside Palms5008 Sierra PlTampa, FL 33617

$0.99 $891 366,507 SF 351 95%


RENT COMPS SUMMARY


6

SUBJECT PROPERTY RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY %

River Pointe Apartments8024 Hidden River DrTampa, FL 33617

$1.03 $909 224,888 SF 212 95%

RENT/SF RENT/UNIT BLDG SF # OF UNITS OCCUPANCY %

Totals/Averages $0.96 $916 275,786 SF 261 95%


RENT COMPS SUMMARY



RENT COMPS CHART

FRANKLIN STREET

TENANTREPRESENTATION

INVESTMENTSALES

INSURANCESERVICES

CAPITALADVISORS

PROPERTYMANAGEMENT

PROJECTMANAGEMENT

TAILOREDTO OUR

CLIENT NEEDSLANDLORD

REPRESENTATION

OUR MISSION STATEMENT Franklin Street and our family of full-service companies are committed to providing supreme advisory services through the collaboration of each member of our team of Real Estate professionals.

We deliver precise and accurate information to our clients by embracing technology and the development and recruitment of top-level employees. Nationwide, we are helping clients make the most successful decisions in real estate, capital, management and insurance from our southeast based offices.

ACHIEVING RESULTS THROUGH COLLABORATIONFounded in 2006 during one of the toughest real estate climates, Franklin Street has evolved to become one of the fastest-growing full-service commercial real estate firms in the southeast.

Our family of real estate companies – which include Capital Advisors, Investment Sales, Insurance Services, Landlord and Tenant Representation, Property Management and Project Management – is focused on delivering value-added solutions to the evolving demands of our clients.



ABOUT US

ACHIEVING RESULTS THROUGH

COLLABORATION

LANDLORD REPRESENTATION

Leasing a commercial real estate property requires expertise, research and planning. Our team creates and implements a unique strategy to find prospective tenants that provide the best, long-term use of the asset.

INSURANCE SERVICES

Franklin Street Insurance Services offers commercial property and casualty insurance programs tailored to fit the needs of our clients and protect their businesses in the case of an unfortunate event or situation.

INVESTMENT SALES

From the process of buying to selling property, our investment sales team offers customized solutions based on each client’s unique needs—ensuring optimal results that increase property value and deliver maximum benefits to the client.

CAPITAL ADVISORS

Our team of experts specializes in helping clients secure capital for their commercial real estate investments—via debt and equity placement. We work closely with our clients to develop, optimize and implement a plan that enables them to achieve more, retain more and profit more.

TENANT REPRESENTATION

Experienced in working with both tenants and landlords nationwide, we understand the industry and will work alongside our clients during every step of the deal process, ensuring that they secure the ideal space and best lease terms for their business needs.

PROPERTY MANAGEMENT

Business sites require ongoing maintenance. We offer integrated property and facilities management for both investors and occupiers of mixed-use, office, industrial, retail and multifamily product types—maximizing property value and ensuring a safe and reliable environment for its users.

PROJECT MANAGEMENT

Our project management team is ready to manage every aspect of a commercial real estate project, whether it requires an exterior facelift, interior remodel or a tenant build-out. We have expertise to deliver results, while ensuring that projects are completed on time and within budget.



CLIENT SERVICES

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COLLABORATIONINTEGRITYHARD WORKACCOUNTABILITY

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PROPERTYMANAGEMENT

PROJECTMANAGEMENT

TAILOREDTO OUR

CLIENT NEEDSLANDLORD

REPRESENTATION

FACILITIESMANAGEMENT

Oscar [email protected]

Greg MatusSenior Vice President, Investment [email protected]

Darron KattanManaging Director813.658.3355 [email protected]

Avery [email protected]

Ethan [email protected]

AJ [email protected]

Zachary AmesDirector813.288.6676 [email protected]

Robert GoldfingerManaging Director813.658.3353 [email protected]

Kevin KelleherSenior Director813.658.3358 [email protected]

Hernando [email protected]

Dan DratchSenior [email protected]

Jim ReedDirector904.899.0310 [email protected]

Mark [email protected]

Jake ReidSenior Director404.832.1255 [email protected]

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WE COLLABORATE. FIND OUT MORE BY VISITING FRANKLINST.COM

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