Page 18 of 19 July 2019 TRANSMITTAL LETTER RE: Lake Johns Motel Apartments and RV Park – 30 unit Apartment/RV Park in Oakland, FL The Russell Smith Trust, DBA Lake Johns Motel Apartments and RV Park is offering the 30-unit Apartment/RV Park for sale which consists of 5 Duplexes, 1 Mobile Home, 1 Efficiency, 1 RV pad, and 18 RV’s on 2.15 Acres. The property is located at 15992 West Colonial Drive, Winter Garden, Florida 34787 and is in the city limits of Oakland, Florida. This offering represents a unique opportunity to purchase 30 rental units zoned C-1 in a high growth area in West Orange County, Florida. The property is being sold to settle an estate. The property is owned in a family trust and has been in the family since the 1970’s. The current Co-Trustees, Gerald A. Smith and Robert E. Smith took over control of the property in July of 2017. The Co-Trustees are licensed Real Estate Agent/Brokers who are also beneficiaries and are acting on the behalf of the trust/estate. A 2.0% Brokerage fee is being offered to the Buyers Broker provided that the Broker is called out in the LOI and the deal closes. All offers are requested by August 31 st , 2019 and the owners reserve the right to accept a preemptive offer. We invite you to learn more about this offering by contacting the Co-Trustees, Robert E. Smith, CCIM at 407.422.0704 X101 or Gerald A. Smith at 407.422.0704 X103. You can download the latest information and/or submit a formal Letter of Intent on Smith Equities Real Estate Investment Advisor’s website at: www.smitheq.com/LakeJohns To gain access to the complete brochure, you will need to either sign and return the enclosed confidentiality agreement or you can download it electronically at www.smitheq.com/LakeJohns By accepting the agreement online, you will then be able to download all files and supporting documents. You will also be able to submit your offer in the form of a Letter of Intent (LOI) directly from the website. Once you put in your offering price, dates and terms, it will then let you “Mail Merge” to a formal Letter of Intent that you can print the LOI on your letterhead, sign and fax back to (407) 422-0705. We look forward to working with you on this opportunity. Please feel free to call us with any questions or to schedule a site tour. Please do not go into the leasing office without scheduling the visit with either of the Co-Trustees. Very truly yours, Russell Smith Trust. DBA Lake Johns Motel Apartments and RV Park Gerald A. Smith, Co-Trustee Robert E. Smith, CCIM, Co-Trustee Notice to Brokers: Seller is offering a 2% Buyer Rep fee if you bring in an acceptable offer and it closes. We are not accepting buyer registrations so please make sure you are called out in the LOI.
Transcript
Page 18 of 19
July 2019
TRANSMITTAL LETTER
RE: Lake Johns Motel Apartments and RV Park – 30 unit Apartment/RV Park in Oakland, FL
The Russell Smith Trust, DBA Lake Johns Motel Apartments and RV Park is offering the 30-unit Apartment/RV Park for sale which consists of 5 Duplexes, 1 Mobile Home, 1 Efficiency, 1 RV pad, and 18 RV’s on 2.15 Acres. The property is located at 15992 West Colonial Drive, Winter Garden, Florida 34787 and is in the city limits of Oakland, Florida. This offering represents a unique opportunity to purchase 30 rental units zoned C-1 in a high growth area in West Orange County, Florida.
The property is being sold to settle an estate. The property is owned in a family trust and has been in the family since the 1970’s. The current Co-Trustees, Gerald A. Smith and Robert E. Smith took over control of the property in July of 2017. The Co-Trustees are licensed Real Estate Agent/Brokers who are also beneficiaries and are acting on the behalf of the trust/estate. A 2.0% Brokerage fee is being offered to the Buyers Broker provided that the Broker is called out in the LOI and the deal closes.
All offers are requested by August 31st, 2019 and the owners reserve the right to accept a preemptive offer. We invite you to learn more about this offering by contacting the Co-Trustees, Robert E. Smith, CCIM at 407.422.0704 X101 or Gerald A. Smith at 407.422.0704 X103.
You can download the latest information and/or submit a formal Letter of Intent on Smith Equities Real Estate Investment Advisor’s website at:
www.smitheq.com/LakeJohns
To gain access to the complete brochure, you will need to either sign and return the enclosed confidentiality agreement or you can download it electronically at www.smitheq.com/LakeJohns By accepting the agreement online, you will then be able to download all files and supporting documents. You will also be able to submit your offer in the form of a Letter of Intent (LOI) directly from the website. Once you put in your offering price, dates and terms, it will then let you “Mail Merge” to a formal Letter of Intent that you can print the LOI on your letterhead, sign and fax back to (407) 422-0705.
We look forward to working with you on this opportunity. Please feel free to call us with any questions or to schedule a site tour. Please do not go into the leasing office without scheduling the visit with either of the Co-Trustees.
Very truly yours,
Russell Smith Trust. DBA Lake Johns Motel Apartments and RV Park
Gerald A. Smith, Co-Trustee Robert E. Smith, CCIM, Co-Trustee
Notice to Brokers: Seller is offering a 2% Buyer Rep fee if you bring in an acceptable offer and it closes. We are not accepting buyer registrations so please make sure you are called out in the LOI.
Lake Johns Motel Apartments and RV Park Non-Electronic Confidentiality Agreement
Gerald A. Smith, and Robert E. Smith, CCIM, Co-Trustees, (the "Owner") are offering for sale the property located at 15992 West Colonial Drive, Winter Garden, Florida. The property consists of 5 Duplexes, 1 Mobile Home, 1 Efficiency, 1 vacant RV pad, and 18 RV’s on 2.15 Acres of C-1 zoned land. All inquiries and communications with respect to the contemplated sale of such Properties be directed to the Co-Trustees. All fees due outside brokers in connection with the sale of the Properties shall be paid per separate agreement. Potential Purchaser agrees that Owner shall be responsible for paying any fees to agents representing Potential Purchaser. Owner has available for review certain information concerning the Properties which includes brochures and other materials (collectively "Informational Materials"). Owner will not disclose such Informational Materials to Potential Purchaser unless and until the Potential Purchaser has executed this Agreement. Upon Owner’s receipt of this executed agreement, Owner is prepared to provide the Informational Materials for the Potential Purchaser's consideration in connection with the possible purchase of the Property subject to the following conditions;
1. All Informational Materials pertaining to the Properties, which may be furnished to the Potential Purchaser by OWNER, shall continue to be the Property of the Owner. The InformationalMaterials will be used solely for the purpose of the Potential Purchaser and may not be copied or duplicated without OWNER written consent and must be returned to OWNER immediately upon OWNER's request or when the Potential Purchaser terminates negotiations with respect to the Properties.
2. The Informational Materials may be disclosed to the Potential Purchaser's partners, employees, legal counsel and institutional lenders ("Related Parties"), for the purpose of evaluating the potential purchase of the Properties.
3. The Potential Purchaser understands and acknowledges that Owner does not make any representations or warranty as to the accuracy or completeness of the Informational Materials and that the information used in the preparation of the Informational Materials was furnished to OWNER by others and has not been independently verified by OWNER and is not guaranteed as to completeness or accuracy.
4. The Potential Purchaser hereby indemnifies and holds harmless OWNER and their respective affiliates and successors and assigns against and from any loss, liability or expense,including attorney's fees, arising out of any breach of any of the terms of this Agreement including, without limitation, claims for brokerage commissions.
5. The Potential Purchaser acknowledges that the Properties have been offered for sale subject to withdrawal from the market, prior sale or rejection of any offer because of the termsthereof, lack of satisfactory credit references of any prospective purchaser, or for any other reason whatsoever, without notice. The Potential Purchaser acknowledges that the Properties are being offered without regard to race, creed, sex, religion, or national origin. This agreement terminates one (1) year from the date hereof except as to written claims by Owner against Potential Purchaser prior thereto.
6. Permitted Disclosure. Provision of Service to OWNER. If Recipient is offering information to a qualified third party pursuant to written cooperation agreement with OWNER, then Recipient may reveal to a third party only the Confidential Information that is reasonably necessary for Recipient to reveal in connection with the performance of Recipient's obligations to OWNER and only so long as Recipient has first obtained from the third party an oral agreement to abide by the terms of this Agreement in the same manner, and to the same extent, that Recipientis bound hereunder.
7. Recipient as Partnership or Corporation. In the event that Recipient is a partnership or corporation, the provision of this Agreement relating to access to, and disclosure of, Confidential Information shall apply to all partners, officers, directors, employees and agents of Recipient, as applicable, and Recipient shall be responsible for ensuring the compliance of all suchparties with the terms hereof.
8. Applicable Law: Jurisdiction. This Agreement shall be governed by federal law, and to the extent that state law would apply under applicable federal law, the laws of the state of Florida.Recipient consents to venue and personal jurisdiction in the United States District Court in the State of Florida.
9. Attorney's Fees. If any legal action or other proceeding of any kind is brought for the enforcement of this Agreement or because of any alleged breach, default or any other dispute inconnection with any provision of this Agreement, the successful or prevailing party shall be entitled to recover all reasonably attorneys' fees and other costs incurred in such action orproceedings, in addition to any relief to which it may be entitled.
10. Internet Passwords - Prospective Purchaser understands and agrees not to share his/her log-in password to www.amecs.com/www.smitheq.com with the other party. In the eventProspective Purchaser requires assistance from third party sources working for Prospective Purchaser, then third party shall obtain the confidential information by creating a new useraccount and logging on under the new account number. Owner reserves right to change account settings and properties shown at its sole discretion.
11. Communications/Property Tours: Purchaser shall not contact directly any persons concerning the Property without Owner’s permission. Such persons include without limitation, Owner’semployees, suppliers, and tenants.
12. Brokerage Disclosure. The property is being sold to settle out an estate. The property is owned in a family trust and has been in the family since the 1979. Gerald A Smith and Robert E. Smith are Co-Trustees and are licensed Real Estate Agent/Broker who are also beneficiaries acting on behalf of the trust/estate. The Co-Trustees took over control of the property inJuly of 2017.
12. Entire Agreement. This Agreement embodies the entire agreement between the parties in relation to the subject matter herein and supersedes all prior understandings or agreements, oral or written, between the parties hereto.
IF IN AGREEMENT WITH THE FOREGOING, PLEASE RETURN ONE SIGNED COPY OF THIS AGREEMENT TO: Russell Smith Trust ATTENTION:
Robert E. Smith, CCIM, Co-Trustee E-FAX (407) 422-0705 Email: [email protected]
Registered Name/Company Buyer Name:
Title
Company
Tel:
Email:
Fax
Buyer Address:
City, State, Zip
Broker Name
Broker Company
Broker Tel:
Broker Email:
WINTER GARDEN, FL
15992 W COLONIAL DR WINTER GARDEN, FL
350 East Pine Street, Orlando, Florida 32801 Tel: (407)422-0704 eFax: (866)206-5930 Web: www.SmithEq.com/LakeJohns
15992 West Colonial Drive Town of Oakland, Florida 34787
5 Duplexes, 1 Mobile Home, 1 Efficiency and 18 RV’s 30 Rental Units
93,654 SF | 2.15 Acres West Orange County | C-1 Zoning
FOR SALE
For More Information: www.smitheq.com/lakejohns
(407) 422-0704
Gerald A. Smith X103 Co-Trustee/Licensed Real Estate Salesman [email protected] Cell: (407) 810-1628 Robert E. Smith, CCIM, X101 Co-Trustee/Licensed Real Estate Broker [email protected] Cell: (407) 496-8575
• Estate Sale W/8 Beneficiaries• Unique Mix of Duplexes and RV’s• Excellent West Orange Location• 19 Minutes from DT Orlando• In Path of Growth• Future Redevelopment Potential• In Historic Town of Oakland City Limits• High Demand/100% Occupied• Near Florida Turnpike and SR 50
All information contained herein was obtained from sources deemed reliable, but no representation is made as to the accuracy thereof and is submitted subject to prior sale, change of price/terms, or withdrawal without notice. Submission is also subject to errorsand omissions. Duplication of this material is not authorized without written consent of Smith Equities Real Estate Investment Advisors.
Town of Oakland Florida (Population 2,887/Established 1887) Located between Lake Apopka and John’s Lake, Oakland is one of the oldest municipalities in Orange County and is approximately 2.10 Square Miles maintains the quite small-town feel. Oakland was established in 1887 and is known as a diverse, thriving and growing small community noted for their laid-back lifestyle and majestic oak trees. Oakland is a small town of just over 2,887 residents according to the 2016 census estimate and is located just west of downtown Winter Gardens historic district.
New Home Styles popping up around Oakland includes Colonial Revival, Victorian, Craftsman, Spanish Colonial and Florida Vernacular which all compliment the rich history of Oakland. In 2017, Oakland approved a 58-acre development called Longleaf at Oakland which is just .5 miles west of Lake Johns Motel Apartments and RV Park. It is currently under construction and when complete will be the new “Gateway” to the emerging area between Winter Garden and Clermont and includes 100 Townhomes and 84 detached single-family homes. The plans also include 150 Senior and 350 apartments on the west side of the site (North SR 50 at the Turnpike exit). Oakland has recently been discovered by many of the national home builders now that sewer service for these developments are now being provided by the City of Oakland thru a joint agreement between Oakland and the City of Clermont.
While Lake Johns Motel Apartments and RV Park is currently on a well and septic system, water/sewer services are being expanded by the City of Oakland east along highway 50.
West Orange Trail Lake Johns Motel Apartments & RV Park is only .4 miles south of the West Orange Trail which is 22 mile, 15ft wide asphalt world-class rail trail connecting urban and suburban sections of Orange County. This trail is part The Coast-to-Coast Trail is part of the Florida Greenways and Trails System plan that will connect the Gulf to the Atlantic Ocean.
It is also just minutes away from downtown Winter Garden's Plant Street Market with restaurants, shops, a local brewery, and a weekly farmer's market. Lake Johns Motel Apartments and RV Park is
approximately 1 mile east of the Clermont/Winter Garden exit of the Florida Turnpike at SR 50 and only 12 miles north of the North entrance to Disney World. Daily traffic counts of 22,500 vehicles per day on SR 50 give the property tremendous drive by exposure.
The property was annexed into the town of Oakland in 1993. The property directly across the highway from Lake Johns is currently going thru zoning approval to expand water sewer that site. Once those services are brought across Highway 50 the plan would be to hook into those services. The property is in Tildenville Elementary, Lakeview Middle School, West Orange High School and is only .1 mile from the new A rated Oakland Charter School.
All information contained herein was obtained from sources deemed reliable, but no representation is made as to the accuracy thereof and is submitted subject to prior sale, change of price/terms, or withdrawal without notice. Submission is also subject to errorsand omissions. Duplication of this material is not authorized without written consent of Smith Equities Real Estate Investment Advisors.
Motel/Efficiency/RV Overview Year Built (Duplexes) 1951 Years Family Owned: 40Yrs + Acres 2.15 Zoning C-1
Buildings/Hookups Units Qty Duplex Buildings 5 10 Qty of RV's 19 19 Double Wide Mobile Home 1 1 Efficiencies 1 1 Totals 26 31 Average Unit Size (SF) 506
Total Rentable SF 15,671 Monthly Rentals 7 Weekly Rentals (7 Month Min) 24 Average Mkt Rents (Week | Mo) $227/Wk | $982/Mo
Utilities Electric Duke Energy Natural Gas Lake Apopka Natural Gas Sewer Septic-Drain Field Water Well Municipality Oakland County Orange
Price/Terms *Asking Price $Per Unit $Per SF $Gross Potential Income-Proforma $Proforma NOI $GRM 4.6 T-3 Actual Collections (Annualized): $T-6 Actual Collections (Annualized): $CAP Rate (Based on Proforma): 9.33% **Request for Offers: August 31st, 2019 * Price is "As IS" Reduced from $ for quick sale ** Owner reserves the right to accept a preemptive offer.
DEAL SUMMARY
The property is being sold to settle an estate that is owned by a family trust. The Co-Trustees Gerald A. Smith and Robert E. Smith are licensed Real Estate Agent/Broker’s and are beneficiaries acting on the behalf of the Russell Smith Trust. A 2.0% Brokerage fee is being offered to the Buyers Broker provided that the Broker is called out in the LOI and the deal closes.
Owner reserves the right to accept a preemptive offer.
We invite you to learn more about this offering by contacting Robert E. Smith, CCIM at 407.422.0704 X101 or Gerald A. Smith at 407.422.0704 X103.
You can download the latest information and/or submit a formal Letter of Intent on our website at: http://www.smitheq.com/LakeJohns. Once you hit View More Details, you will be required to accept the electronic confidentiality agreement before getting the confidential information.
Please go to www.smitheq.com/lakejohns to see pricing and January 2018 through June 2018 Actual Income and Expenses. Priced for quick sale.
15992 W COLONIAL DR WINTER GARDEN, FL Photos - Duplexes
All information contained herein was obtained from sources deemed reliable, but no representation is made as to the accuracy thereof and is submitted subject to prior sale, change of price/terms, or withdrawal without notice. Submission is also subject to errors and omissions. Duplication of this material is not authorized without written consent of Smith Equities Real Estate Investment Advisors.
Duplex #1
Duplex #2 Duplex #6
Duplex #3 Duplex #7
Duplex #5
Lake Johns Motel Apts & RV’s
OFFICE & MH #A
Duplex #4
15992 W COLONIAL DR WINTER GARDEN, FL PHOTOS
Page 10 of 19
15992 W COLONIAL DR WINTER GARDEN, FL Photos - Duplexes
All information contained herein was obtained from sources deemed reliable, but no representation is made as to the accuracy thereof and is submitted subject to prior sale, change of price/terms, or withdrawal without notice. Submission is also subject to errors and omissions. Duplication of this material is not authorized without written consent of Smith Equities Real Estate Investment Advisors.
Duplex #8 Duplex #9
Duplex #10 Efficiency #11
15992 W COLONIAL DR WINTER GARDEN, FL Photos – RV Park
Page 11 of 19 All information contained herein was obtained from sources deemed reliable, but no representation is made as to the accuracy thereof and is submitted subject to prior sale, change of price/terms, or withdrawal without notice. Submission is also subject to errors and omissions. Duplication of this material is not authorized without written consent of Smith Equities Real Estate Investment Advisors.
RV #5
RV #2 RV #6
RV #3 RV #7
RV #4 RV #8
15992 W COLONIAL DR WINTER GARDEN, FL Photos – RV Park
Page 12 of 19 All information contained herein was obtained from sources deemed reliable, but no representation is made as to the accuracy thereof and is submitted subject to prior sale, change of price/terms, or withdrawal without notice. Submission is also subject to errors and omissions. Duplication of this material is not authorized without written consent of Smith Equities Real Estate Investment Advisors.
MH # 9B
RV # 10 RV #14
RV #11
RV #12 RV #16
RV #15
RV #13
Page 13 of 19
All information contained herein was obtained from sources deemed reliable, but no representation is made as to the accuracy thereof and is submitted subject to prior sale, change of price/terms, or withdrawal without notice. Submission is also subject to errors and omissions. Duplication of this material is not authorized without written consent of Smith Equities Real Estate Investment Advisors.
RV #19
RV #20 RV# 18
RV #17
15992 W COLONIAL DR WINTER GARDEN, FL Photos – RV Park
Page 14 of 19
15992 W COLONIAL DR WINTER GARDEN, FL
All information contained herein was obtained from sources deemed reliable, but no representation is made as to the accuracy thereof and is submitted subject to prior sale, change of price/terms, or withdrawal without notice. Submission is also subject to errors and omissions. Duplication of this material is not authorized without written consent of Smith Equities Real Estate Investment Advisors.
Site Plan/Aerial
Page 15 of 19
15992 W COLONIAL DR WINTER GARDEN, FL
All information contained herein was obtained from sources deemed reliable, but no representation is made as to the accuracy thereof and is submitted subject to prior sale, change of price/terms, or withdrawal without notice. Submission is also subject to errors and omissions. Duplication of this material is not authorized without written consent of Smith Equities Real Estate Investment Advisors.
Town of Oakland/Winter Garden Photos
All information contained herein was obtained from sources deemed reliable, but no representation is made as to the accuracy thereof and is submitted subject to prior sale, change of price/terms, or withdrawal without notice. Submission is also subject to errors and omissions. Duplication of this material is not authorized without written consent of Smith Equities Real Estate Investment Advisors.
15992 W COLONIAL DR WINTER GARDEN, FL
Schools West Orange (High School) | View Zone Map
Principal William J Floyd Office Phone 407-905-2400
Grade 2016: B | 2015: A | 2014: B
Lakeview (Middle School) | View Zone Map
Principal Gracemarie Howland Office Phone 407-877-5010
Grade 2016: B | 2015: B | 2014: B
Tildenville (Elementary) | View Zone Map
Principal Agathe Alvarez Office Phone 407-877-5054
Grade 2016: C | 2015: C | 2014: A
Community/Neighborhood Association A community/neighborhood association was not found. Tell us about a community/neighborhood association... Utilities/Services
Electric Duke Energy
Water Oakland
Recycling (Friday, Tuesday) Oakland
Trash (Tuesday, Friday) Oakland
Yard Waste (Wednesday) Oakland
Elected Officials State Senate Randolph Bracy
US Representative Val Demings
State Representative Eric Eisnaugle
County Commissioner Betsy VanderLey
School Board Representative Christine Moore
Orange County Property Appraiser Rick Singh
Library District Orange County Orange County Library System...
New: Commercial Stats (5 mile radius) Apartments 1,390 Average Median Household Income 59,783 Condominiums 1,113 Mobile Homes 267 Multi Family Residences 0 NET RENTABLE AREA 12,948,886 Population 18-24 yrs 6,854 Population 25-34 yrs 10,111 Population 35-44 yrs 12,795 Population 45-54 yrs 12,437 Population 55-64 yrs 8,451 Population over 65 yrs 7,528 Single Family Residences 16,999 Total Family Households 22,932 Total Households 29,987
Census Demographics Map See Block Group On Map
Population 2366 Population Density 1577.5 Diversity Index 58.5 Total Households 916 households Total Single Family Homes 661 homes Total Residential Condos 255 condos Median Single Family Home Living Area 2879 sqft. Median Residential Condo Living Area 1544 sqft. Median Single Family Home Market Value $313,022 Median Condo Market Value $145,100
Traffic Information W Colonial Dr 22,500 Vehicles / Day
All information contained herein was obtained from sources deemed reliable, but no representation is made as to the accuracy thereof and is submitted subject to prior sale, change of price/terms, or withdrawal without notice. Submission is also subject to errors and omissions. Duplication of this material is not authorized without written consent of Smith Equities Real Estate Investment Advisors.
15992 W COLONIAL DR WINTER GARDEN, FL
Russell Smith Trust dba Lake Johns Motel Apartments and RV Park 350 East Pine Street Orlando, FL 32801
(407) 422-0704 eFax (866) 206-5930
Acknowledgments / Additional Resources Some of the data obtained herein was obtained from Orange County public records and both The City of Orlando and Downtown Development Board. Additional Links that are useful as an underwriting tool are:
• Downtown Orlando • Town of Oakland • Greater Orlando Apartment Association Online Market Survey / MyRentComps • Orange County Property Appraisers Website
Other Downtown Partner Agencies
• Black Business Investment Fund • Central Florida Sports Commission • Central Florida Urban League • Hispanic Business Initiative Fund • Metro Orlando Economic Development Commission • MyRegion.org • National Center for Simulation • National Entrepreneur Center • Orlando, Inc. • SCORE (Counselors to America's Small Business) • UCF Incubator - Orlando • UCF Small Business Development Center • UCF Business Incubation Program
This listing is being marketed through the “For Sale By Owner” portal of Smith Equities Real Estate Investment Advisors proprietary marketing platform.
