Sea Critters Cafe 2005 & 2007 PASS-A-GRILLE WAY ST PETE BEACH, FL 33706 Presented By: Nick Ganey, CCIM 813.967.6077 nick@bounat.com Tommy Szarvas 813.495.3143 tommy@bounat.com Boutique National, LLC 813.906.8310 300 N Franklin St Suite 201 Tampa FL, 33602 bounat.com
Table Of Contents PROPERTY INFORMATION 3 LOCATION INFORMATION 9 DEMOGRAPHICS 12 All materials and information received or derived from Boutique National, LLC its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither Boutique National, LLC its directors, officers, agents, advisors, or affiliates makes any representation or warranty, 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 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. Boutique National, LLC 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 investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Boutique National, LLC makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Boutique National, LLC does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, 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 mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market 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 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 with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Boutique National, LLC in compliance with all applicable fair housing and equal opportunity laws. RETAIL PROPERTY FOR SALE SEA CRITTERS CAFE 2
Section 1 PROPERTY INFORMATION
Executive Summary OFFERING SUMMARY Sale Price: $3,460,000 Sale Leaseback NOI: $225,000 Cap Rate: 6.50% PROPERTY HIGHLIGHTS Sale Leaseback with Sea Critters Café New 5 year Absolute Net lease No Landlord Responsibilities Established Asset Upside Potential via Rent Growth and Land Appreciation Irreplaceable Infill Location on the Main Thoroughfare of Pass-a-Grille Excellent Signage and Visibility Strong Demographics comprised of Active Affluent Adults with High Disposable Incomes Lot Size (3 Parcels): 0.42 Acres Building Size: 3,666 SF Nick Ganey, CCIM Tommy Szarvas 813.967.6077 813.495.3143 nick@bounat.com tommy@bounat.com RETAIL PROPERTY FOR SALE SEA CRITTERS CAFE 4
Property Description PROPERTY OVERVIEW A rare opportunity to acquire a landmark restaurant investment property in the southernmost tip of St Pete Beach, Florida. Offered as a Sale Leaseback with a proven restaurant producing strong historical sales known as Sea Critters Café. Sea Critters Cafén was featured on ABC Television s Tampa Bay Taste Tour, written about in The New York Times and has won the St. Pete Beach Chamber of Commerce Hospitality Plus Award. Opened in the 80's and current owners operating since 2007. The namesake, Pass-A-Grille Beach remains one of the more highly regarded destination on Florida s Gulf Coast. The Asset is situated on 0.42 acres and with a gross leasable area of 3,666 sf. The restaurant underwent recent renovations which included a new capped sea wall and upgrades to both interior and exterior aesthetics, including new deck and docks 552.3 frontage. With the property sitting directly on Pass-A-Grille, docks allow boaters access to the restaurant for waterfront dining. The submarket has strong demographics comprised of active affluent adults with high disposable incomes. Considered the Lynch Pin of Pass-A-Grille, this location is unique and will continue to appreciate in value along with a strong income stream in-place. Low vacancy spurs development as local economy and demographics support growth. Strong rental gains have attracted many investors to the St. Pete market. A competitive bidding environment is encouraging some owners to bring properties to market as prices escalate to record highs and strengthen their opportunity to achieve investment objectives. This asset allows an investor to effectuate strong in place income in addition to property appreciation in the coming years. RETAIL PROPERTY FOR SALE SEA CRITTERS CAFE 5
Additional Photos RETAIL PROPERTY FOR SALE SEA CRITTERS CAFE 6
Additional Photos RETAIL PROPERTY FOR SALE SEA CRITTERS CAFE 7
Site Plan RETAIL PROPERTY FOR SALE SEA CRITTERS CAFE 8
Section 2 LOCATION INFORMATION
Location Maps RETAIL PROPERTY FOR SALE SEA CRITTERS CAFE 10
Aerial Map RETAIL PROPERTY FOR SALE SEA CRITTERS CAFE 11
Section 3 DEMOGRAPHICS
Demographics Map POPULATION 1 MILE 3 MILES 5 MILES Total population 2,099 11,400 56,318 Median age 53.2 58.2 50.2 Median age (Male) 53.6 57.2 48.6 Median age (Female) 52.6 58.6 51.9 HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES Total households 1,049 6,059 27,333 # of persons per HH 2.0 1.9 2.1 Average HH income $110,439 $95,142 $71,216 Average house value $401,022 $416,001 $360,192 * Demographic data derived from 2010 US Census RETAIL PROPERTY FOR SALE SEA CRITTERS CAFE 13