1144 S Ocean Drive Fort Pierce, FL 34949

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1 FOR SALE 4 Unit Oceanfront Multifamily 1144 S Ocean Drive Fort Pierce, FL NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR WITHDRAWAL WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR PRINCIPALS NO WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE CONDITION OF THE PROPERTY OR ANY HAZARDS CONTAINED THEREIN ARE ANY TO BE IMPLIED. NAI Southcoast 2055 Kanner Hwy

2 Disclaimer Statement This information has been prepared only for information purposes to assist a potential buyer in determining whether it wishes to proceed with an in-depth investigation of the property and/or business. Seller and any of its officers, employees or agents specifically disclaims any representation or warranty, express or implied, as to the accuracy or completeness of the offering materials or any accompanying information, and no legal commitment, obligation or liability of Seller or its officers, employees or agents shall arise by reason of the materials or accompanying information. Interested parties are expected to review independently all documents relating the property/ business and the purchase. The property/business is being sold on as AS IS, WHERE IS and WITH ALL FAULTS basis. Your complete inspection of the property/business is recommended. Buyers will have an opportunity to examine the financial and legal documents, records, files and information relating to the property now in the possession of Seller, its agents or contractors. The purchase of this property will be based solely on a Buyer s own independent investigation and findings and not in reliance on any information provided by Seller, its agent or contractors. Seller, its agents or contractors shall have no liability for any incorrect information. Seller reserves the right at all times to reject, in its sole and absolute discretion, any and all offers received by it, for any reason whatsoever, notwithstanding that a particular offer is for the highest purchase price among those offers received and meets all the terms and conditions of this offering. Seller also reserves the right at all times to waive any or all technical defects in any offers, in Seller s sole and absolute discretion. The sales process may be terminated or modified without notice at any time. In the event two or more offers are determined to fall within a competitive range, Seller reserves the right to request a best and final offer from those parties.

3 Executive Summary Property Details Sale Price $895,000 Units 4 Cap Rate 3.33% GRM NOI $29,792 Lot Size 0.29 Acres Building Size 4,624 SF Year Built 1973 Renovated 2015 Zoning R4A Property Overview 4 unit apartment building located directly on the white sandy beaches and turquoise blue waters of the Atlantic Ocean in Fort Pierce Florida. 3 units are 1 bedroom and 1 bathroom and 1 unit has 1 bedroom and 2 bathrooms. The bottom 2 units rent for $1,100 per month and the second story units which have magnificent views of the Atlantic ocean rent for $1,200 per month. Individually metered water and electric. Many recent improvements including new: AC, Hot Water Heater, Roof, Impact Windows, and Appliances. Property Highlights CBS construction with impact windows Unprecedented views of the Atlantic Ocean Individually metered New Roof, AC, and Appliances 3

4 8 Unit Oceanfront Multifamily Exterior Photos Photos 4

5 8 Unit Oceanfront Multifamily Aerial Map 10

6 8 Unit Oceanfront Multifamily Photos 6

7 8 Unit Oceanfront Multifamily Photos 8

8 8 Unit Oceanfront Multifamily Photos 9

9 8 Unit Oceanfront Multifamily Photos 7

10 Demographics Map Population 1 Mile 5 Miles 10 Miles TOTAL POPULATION , ,355 MEDIAN AGE MEDIAN AGE (MALE) MEDIAN AGE (FEMALE) Households & Income 1 Mile 5 Miles 10 Miles TOTAL HOUSEHOLDS ,504 49,043 # OF PERSONS PER HH AVERAGE HH INCOME $72,541 $47,012 $53,646 AVERAGE HOUSE VALUE $216,855 $205,661 Race 1 Mile 5 Miles 10 Miles % WHITE 96.2% 49.5% 68.0% % BLACK 2.4% 44.0% 26.3% % ASIAN 0.7% 0.5% 0.8% % HAWAIIAN 0.0% 0.0% 0.0% % INDIAN 0.3% 1.0% 0.5% % OTHER 0.0% 4.1% 2.9% Ethnicity 1 Mile 5 Miles 10 Miles % HISPANIC 4.9% 19.1% 14.5% * Demographic data derived from 2010 US Census 5

11 Unit Mix Summary Unit Type Count % Total Size (SF) 1 BD 1 BA BD 2 BA Totals / Averages 4 100% 3,600 9

12 Fort Pierce Overview Around Town Fort Pierce Overview Located beach side in the charming and historic city of Fort Pierce, these buildings are surrounded by crystal blue ocean waters, 21 miles of uncrowded and unspoiled white sandy beaches, and an award-winning waterfront downtown. Within walking distance from the property are pristine beaches, parks, restaurants, and bars. History buffs will be delighted to learn how Fort Pierce became the birthplace of the Navy Seal as they visit the National Navy Seal Museum. Hop aboard Fort Pierce s Authentic Tours program and discover a unified effort to showcase the cities activities and natural assets that every eco-tourist is sure to enjoy. Discover the story behind Fort Pierce s famous artists such as A.E. Backus, Zora Neale Hurston and the Florida Highwaymen. Additional attractions include a dive-able shipwreck at Pepper Park, world class saltwater fishing and an award winning fishing tournament, as well as St. Lucie County Aquarium and Pelican Island Yacht Club. Just West of the Island is Fort Pierce s vibrant and colorful downtown where on any given day you might enjoy dining, shopping, spa services, art galleries, the farmers market, and various festivals. Also not to be missed is the riverfront park, Sunrise Theatre, and recently renovated world class Marina. The city of Fort Pierce along with the economic development council has undertaken the task of redeveloping and revitalizing many parts of the city. With an emphasis on preserving its original beauty and historical architecture the city has seen and will continue to see many exciting developments. Reconstructed streets, restored buildings, Oculina Bank, Square Grouper restaurant and bar, as well as many newly constructed and proposed high end luxury homes and condos are all now within walking distance from the subject properties. Located in rapidly growing St. Lucie County, Fort Pierce is poised to become a major player in the booming south Florida economy as well as a part of the global demand for multifamily investment opportunities. St. Lucie County has consistently drawn national attention over the past decade, being sited by Forbes Magazine as well as Bloomberg and the Wallstreet Journal as a top place to live or do business. In 2014 Forbes.com also named it one of the 25 Best Places to Retire.

13 Fort Pierce Overview Around Town Fort Pierce Overview Cont SmartAsset.com named St. Lucie county the number 1 spot for millennials to buy their first home in 2016 and Movoto.com in September ranked St. Lucie County No. 1 on a list of the 10 best places to live in Florida, based on low crime rates, cost of living, housing, and other factors. A central location within a 3 hour drive to 11 million Floridians, Fort Pierce has easy access to Interstate 95 and the Florida Turnpike. The county is exploring strategic options for the Port of Fort Pierce, a world class deep water port which has been named one of the best along the East Coast, which could open up the city to an influx of rail, road, and bridge enhancements. The development of the Port of Fort Pierce has caught the eye of many national industrial companies including the likes of Elon Musk and Tesla. The port is already home to apartment complexes, restaurants, a marina, an RV/boat dealership, 2 boat repair businesses, and could experience a massive surge in citrus and cruise ship industry. The Port is 5 miles from I-95 and Florida s turnpike and parallel to Florida s East Coast railway with a spur running into the port area. In addition to the exciting prospect of the further development of the Port,several square miles of shovel ready large parcels are prominently visiblealong I-95. The population is expected to explode to over 400,000 over the next 20 years with 20,000 homes proposed or under construction in neighboring city of Tradition alone. St. Lucie County is home to over 10,000 acres of parks and preserves, horseback riding on the beach, NY Mets Spring Training baseball, championship golf at PGA Village and other top-notch golf courses.admirers of the outdoors will be delighted to discover the beautiful natural gardens, including the Port St. Lucie Botanical Gardens and Heathcote Botanical Gardens in Fort Pierce which features the largest public display of tropical bonsai trees in the United States. Eco-tourists will appreciate St. Lucie s dedication to protecting the environment through environmental education facilities such as the Oxbow Eco-Center, Harbor Branch Ocean Discovery Center, and the St. Lucie County Aquarium featuring the Smithsonian Marine Ecosystems Exhibit and the Manatee Education and Observation Center.

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