The Plaza at El Jobean Self-Storage

Transcription

1 The Plaza at El Jobean Self-Storage 3900 El Jobean Road, Port Charlotte, FL Offering Memorandum John Williams Investment Sales Associate 100 NE 3rd Ave, Suite 605 Ft. Lauderdale, FL Rodney Langer Sr. Vice President/Market Leader 100 NE 3rd Ave, Suite 605 Ft. Lauderdale, FL

2 Table of Contents The Plaza at El Jobean Self Storage 3900 El Jobean Rd, Port Charlotte, FL Investment Overview Property Description 3 Property Highlights 4 Property Visuals Location Map 5 Area Map 6 Site Map 7 Property Photos 8 Market Analysis Competition Map 10 Area Overview 11 Demographic Summary 12 Charlotte County Development 13 Financial Analysis Management Report Year Ending Unit Mix 18 Historical Cashflow 19 John Williams Investment Sales Associate 100 NE 3rd Ave, Suite 605 Ft. Lauderdale, FL jwilliams@equity.net Rodney C. Langer Sr. Vice President & Market Leader 100 NE 3rd Ave, Suite 605 Ft. Lauderdale, FL rlanger@equity.net

3 Property Description Asking Price: $3,700,000 Profitable Self-Storage facility with surplus land for expansion and re-development Location: 3900 El Jobean Road, Port Charlotte FL Acreage: 10.7 Acres (6+ acres available for expansion & redevelopment) Utilities: Availability request submitted to County Year Built: 2001 Construction Detail: Fabricated Metal Office: Yes, manager onsite Climate Controlled: Yes (21 Units of 201) Features & Amenities: Covered Parking, Controlled Access, and Climate controlled units Software: U-Haul Self Storage System Security: Gated Access Operation Hours: Monday Friday 9 AM 5 PM Saturday: 9-12 pm and Sunday by appointment only PAGE 3

4 Property Highlights The Plaza at El Jobean Self-Storage is located in Southwest Florida (Charlotte County) near the shores of Charlotte Harbor off SR776 (El Jobean Road). In close proximity to Murdock, FL. a primary retail hub intersected by Tamiami Trail (Hwy 41) and SR776, the two main arteries serving Port Charlotte. Investment opportunity with abundant up-side potential for future expansion and/or re-development along with income to assist carrying the property during development. This property is prime for the right investor, developer or land owner with a creative vision. The property has 10.7 acres zoned CG (Commercial General) and offers 550 foot prime frontage, great visibility, a left in median cut and good site access. The rear 4 acres are partially developed and include a profitable selfstorage facility, an awarding winning U-Haul rental center and a leased cell tower. This diverse group of income producers provide an existing income stream while a buyer considers their options for developing the front 6+ acres of vacant land. Commercial General (CG), Charlotte County, FL - zoning is quite liberal and allows for Office, Retail, Drug Store, Convenience Store, Bank, Gas, Restaurant, Bar, Hotel/Motel, Medical/Hospital, Assisted Living, School/College, Recreation and more. Charlotte County Utility Department has implemented a Sewer Master Plan for the county which prioritizes areas for new water and sewer services. One designated area which begins construction mid 2018 is El Jobean Sewer Expansion Area which is located adjacent and south of El Jobean Storage. We have submitted an availability request and await the projected timeline for connection to the system from our property (anticipated 2019). PAGE 4

5 Location Map PAGE 5

6 Area Map PAGE 6

7 Site Map PAGE 7

8 Property Photos PAGE 8

9 Property Photos PAGE 9

10 Competition Map 5 Mile Radius Thrifty Mini Storage Subject Property Extra Space Storage Murdock Self Storage All Store Self Storage PAGE 10

11 Area Overview Charlotte County (pop. 177,500) is located in Southwest Florida and is part of the MSA that includes Naples and Ft. Myers. According to US Census Bureau data is one of the fastest growing regions in the country. The data suggests the metro area grew by 3% adding over 5000 new residents between July 2015 and July This ranked the area 3 rd in the state and 8 th in the country. The area s incredible growth continues with many current development and expansion projects in progress and more in planning. In combination with the fact that Florida is a non-income tax state, the great weather, multiple outdoor activities and pristine beaches are quickly making Charlotte County a premier destination for business and pleasure. Punta Gorda Interstate Airport Park (PGD) located adjacent to I-75 and SR17 continues to expand its commercial and general aviation services. Regular flight services are provided by Allegiant Airlines. Western Michigan University and its internationally renowned College of Aviation recently announced its decision to locate a second flight school at PGD. They have committed a minimum 5 year term and over $2.0MM budget for facilities and improvements. PAGE 11

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13 Charlotte County area and Economic Development Murdock Village Private Equity Group's re-development located between US-41 and SR776 with primary access from SR776. The project boasts over acres of residential, hotels, retail and entertainment. The plan includes 2400 homes, a 150-room hotel, 200,000 sf of retail and a large entertainment district that will comprise a state-of-the-art water park, indoor skydiving, Topgolf facility and more. Additionally within the similar property area the county has a designated school site, a planned Aquatic center and a future technology park development which allinclusive accounts for approximately acres of new development. Sunseeker Resort planned for development by Allegiant Air is a 20 acre waterfront luxury resort located directly on Charlotte Harbor, and the Peace River. The design plan is the largest master-planned hotel-condo on Florida s gulf coast. The resort will include a hotel, 9 condo towers, various restaurants, bars, retail shops, a world-class fitness center, a large white sandy beach, private marina and the largest private resort pool in North America. Sunseeker Resort along with the county's redevelopment area adds 40 + acres of mixed-used designated Riverwalk district. Babcock Ranch Community under development by Kitson & Partners located off SR31 on the eastern side of the county, there is a conceived master-planned community. This incorporates maintaining the natural integrity of the areas agriculture, wildlife and preserves. The plan envisions well designed environmentally friendly communities, green energy, greenways, and wildlife corridors throughout. Included is a mix of residential, retail (Town Center) and office, light industrial, civic and educational facilities, open space, parks and recreational and institutional uses. The concept plan encompasses over 19,000 acres. Just north of the subject property lies one of the top Harley-Davidson dealerships in the country and they have announced a large 7 acre expansion that will include a 7800 sf restaurant, an increased garage servicing over 300 patrons covered seating and area to relax, an outdoor covered pavilion for live music and movies, new administration building, bike storage, an expanded showroom, increased parking and a riding academy range offering training and safety courses along with a large test track. Harborside El Jobean Beach & Yacht Club, a waterfront residential development just south of the subject property, is positioned on the Myakka river. A 49 unit development consisting of 41 condo units and 8 attached Villas. All units offer a picturesque sweeping view of the harbor and preserve area. Included is a 485 foot fishing pier, community pool, sandy beach, a spa, fitness center and a clubhouse. PAGE 13

14 Murdock Village Master Plan Development PAGE 14

15 Murdock Village Master Plan Development PAGE 15

16 Murdock Village Master Plan Development PAGE 16

17 This analysis is a part of a package and is subject to the same conditions set forth in the disclaimer located within this package. PAGE 17

18 Current Unit Mix Report as of 01/2018 Width X Depth Type Rent Occupied Units Total Units Sq.Ft. per Unit Rent/Sq Ft Gross Sq.Ft. Occupied Sq.Ft. Physical Occupancy Economic Occupancy Actual Rent Gross Potential Income 5x5 Non-climate $ $ % 58.33% $ $ x10 Climate $ $ % % $ $ x10 Non-climate $ $ % 86.00% $ 1, $ 1, x10 Non-climate $ $ % 91.00% $ $ 1, x10 Climate $ $ % % $ 1, $ 1, x15 Non-climate $ $ % % $ 1, $ 1, x17 Non-climate $ $ % 50.00% $ $ x20 Parking $ % % $ 1, $ 1, x30 Parking $ % 85.00% $ 1, $ 1, x40 Parking $ % % $ $ x40 Parking $ % 85.00% $ 4, $ 5, Totals $ 13, $ 15, TOTAL BASED ON UNIT TYPE Climate 21 Non-Climate 66 Parking 113 Total 201 This analysis is a part of a package and is subject to the same conditions set forth in the disclaimer located within this package. PAGE 18

19 Historical Cash Flow POTENTIAL INCOME Gross Potential Income $ 155,672 $ 178,475 $ 187,019 REVENUE Storage Rentals $ 122,283 $ 122,389 $ 129,541 (Economic Occupancy %) 79% 69% 69% Retail (Locks, Boxes, etc.) $ 3,479 $ 3,344 $ 3,062 Cell Tower/Billboard $ 17,109 $ 15,984 $ 15,057 U-Haul Commission $ 22,156 $ 24,942 $ 21,131 Miscellaneous $ 392 $ 580 $ 534 Total Revenues $ 165,421 $ 167,239 $ 169,325 EXPENSES Payroll & Administrative $ 35,647 $ 36,195 $ 31,953 Advertising $ 215 $ 133 Accounting & Legal $ 5,170 $ 4,795 $ 5,170 Postage & Handling $ 105 $ 77 $ - Alarm & Security $ - $ 4,300 Supplies $ 44 $ 1,084 $ 899 Credit Card/Bank Charges $ 2,052 $ 2,213 $ 2,426 Telephone/Internet $ 2,680 $ 2,769 $ 2,577 Utilities $ 4,611 $ 4,324 $ 4,804 Insurance $ 7,693 $ - $ 3,426 Maintenance Reserve $ - $ - $ - Maintenance & Repairs $ 4,810 $ 5,745 $ 3,915 Management Fees $ - $ - $ - Miscellaneous $ 440 $ 611 $ 768 Real Estate Taxes $ 13,200 $ 13,265 $ 14,226 Total Expenses $ 76,665 $ 75,513 $ 70,164 Net Operating Income $ 88,756 $ 91,727 $ 99,161 This analysis is a part of a package and is subject to the same conditions set forth in the disclaimer located within this package. PAGE 19

20 Offering Instructions Confidentiality Memorandum and Disclaimer Equity, LLC has been engaged as the exclusive agent for the sale of The Plaza at El Jobean 3900 El Jobean Rd, Port Charlotte, FL (the Property ), by the owner of the Property ( Seller ). The Property is being offered for sale in an as-is, where-is condition and the Seller and Equity LLC make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed, should be registered with Equity, LLC as a Registered Potential Investor or as Buyer s Agent for an identified Registered Potential Investor. The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the confidentiality agreement furnished by Agent prior to delivery of this Offering Memorandum. The enclosed materials are being provided solely to facilitate the prospective investor s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent or the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller s obligations thereunder have been satisfied or waived. By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent or as otherwise provided in the Confidentiality and/or Registration Agreement executed and delivered by the recipient(s) to Equity, LLC. PAGE 20

21 Offering Instructions Criteria for LOI Purchase Price at closing to the Seller Due Diligence Period to conduct buyer s investigation of the property Closing Period after the conclusion of the Due Diligence Period Earnest Money deposit amount In addition, please answer the following questions to help analyze the non-price related factors of your offer: 1. Your firm s source of funds for this acquisition. 2. If financing is required, what are the levels and timeframes for approval of funds? 3. Your procedure and staffing resources for due diligence review and property inspections. 4. Any additional information and experience that your firm has with self-storage properties and/or development. Contact Info: John Williams Investment Sales Associate jwilliams@equity.net Rodney Langer Sr. Vice President/ Market Leader rlanger@equity.net PAGE 21