FOR SALE 3853 CR 621 Bushnell, FL Located in Sumter County, FL Asking price of $1,599,000 222 +/- acres Six residences one conventional built home and five mobile homes Five Billboards and Cell Tower - all currently leased Improved pasture being utilized for cattle grazing Century 21 Prime Property Resources, Inc
PROPERTY DESCRIPTION This property contains approximately 222 acres. Included are six residences: one conventional built home and five mobile homes. The property includes five billboards (all currently leased) and a cell tower. The land is predominantly improved pasture and the owner utilizes the property for cattle grazing. Property includes multiple ponds and has an abundance of wildlife, including deer and turkey. The passive income associated with this property is significant. The owner currently rents the single family home and two of the mobile homes for a combined $24,600/year (potential gross income). The other three mobile homes are dilapidated and in need of removal; however, it is our understanding, per Sumter County, that the mobile homes are permitted via a vested right, and in the event a mobile home is removed and not replaced within one year, then the vested right will terminate. The rental associated with the five billboards is approximately $4,500/year, and the owner has recently renegotiated the cell tower lease with a corresponding annual rent of $18,000. The cell tower lease will continue through 2042 and the rent will escalate 15% every five years with the next renewal set to occur sometime in 2017. 2
FOR DISCUSSION PURPOSES ONLY 2017 C & D Cattle Enterprises, LLC Discussion of rental income re: Sumter 222+/- acre ranch: Annual Estimated Income Cell Tower $ 18,000.00 Bill Boards: CBS (2) $ 2,000.00 Lamar (1) $ 600.00 Fairways $ 1,800.00 Estimated Cell Tower and Billboard annual rents $ 22,400.00 Seller Leaseback (at Buyer s option) of pasture (Ag Lease) $ 15,000.00 Residential Units (Green House, DWMH and one SWMH): Residential Proforma (estimation for discussion purposes) Current Monthly Rental Green House 800.00 DWMH 750.00 SWMH 500.00 Total Monthly 2,050.00 Annualized Residential Rental Income $ 24,600.00 Total Gross Income (with Seller Ag leaseback) $ 62,000.00 Parties have agreed to amend the Cell Tower lease which will incorporate the rental increase totaling $18,000 annually. Escalator of 15% beginning 2018. DISCLAIMER: Broker is involved in this transaction as a real estate broker licensed under Chap 475, Fla. Stat. Broker may provide information and details related to this transaction within the general knowledge and experience of Broker as to real estate and related matters such as financing and investing in real estate. Broker does not make any representation or warranty as to the accuracy, soundness or completeness of any information and details provided by him. All parties are advised to seek independent financial, legal and other professional advice to assist them in evaluating the transaction and to perform such due diligence, inspections and evaluations regarding the transaction as they deem advisable. 3
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DEMOGRAPHICS FOR SUMTER COUNTY, FL Population 118,891 Population per Square Mile 170.8 Households 45,868 Owner Occupied Housing Unit Rate 90.3 % Total Employer Establishments - 1,319 Median Household Income - $49,874 TRAFFIC COUNT FOR W. C-476 Per Lake-Sumter MPO 364 7
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