PROPERTY FOR SALE 7,500 +/- SF Professional Office Condo 6645 Vineland Rd, Orlando, FL, 33873 SRDcommercial.com 877.518.5263
TABLE OF CONTENTS Executive Summary 3 Analysis 4 Regional Location Map 5 Location Map 6 Demographics Map 7 Demographics 8 Market Area 9 Trade Area 10 Neighborhood Aerial 11 Site Aerial 12 Zoning 16 Performance using Current Rents 17 Performance using Market Rents 18 Agent Information 19 Confidentiality & Disclaimer 20 SRDcommercial.com 877.518.5263 page 2
EXECUTIVE SUMMARY Site Address: 6645 Vineland Rd. Orlando, Florida 32819 County: Orange PIN (Property Identification Number): 282313435400020 Land Size: Building Size: 2.02 +/- Acres 7,500 +/- SF Year Built: 2000 Property Use: Utilities: Zoning: Condo-Professional Building Water & Sewer (Orange County) P-O: Professional Office (City of Orlando) Taxes: $12,521 (2017) Traffic Count: 23,715 on Turkey Lake Rd. Asking Price: $1,700,000 Net Operating Income $93,175 SRDcommercial.com 877.518.5263 page 3
ANALYSIS Location Situated just west of Universal Studios, I-4, and SR 91 (Florida Turnpike) High population density, major tourist area Site/Building Medical and Professional Offices - Great Condition Solid rental history... Current rents $17 to $18 Mod Gross - Opportunity to increase soon to market levels 7,500 +/- square feet building G o o d p a r k i n g, c o r n e r v i s i b i l i t y, a n d f u l l s i g n a l i z e d a c c e s s v i a L a k e C a n e D r. Political/Legal Professional Offices (P-O) - provide for and encourage development of a wide variety of high quality functional and attractive professional office centers in accordance with adopted county development plans and policies. SRDcommercial.com 877.518.5263 page 4
REGIONAL LOCATION MAP Orlando Subject Lake Buena Vista Located in the Orlando - Kissimmee - Sanford MSA... 6 miles from Downtown Orlando. Excellent access to I-4 and Florida Turnpike SRDcommercial.com 877.518.5263 page 5
LOCATION MAP Orlando Subject High population density - In close proximity to Universal Studios and International Drive SRDcommercial.com 877.518.5263 page 6
DEMOGRAPHICS MAP 1, 2, 3 mile radius 5 & 10 minute drive SRDcommercial.com 877.518.5263 page 7
DEMOGRAPHICS Benchmark Demographics 1 mile 2 miles 3 miles 5 minutes 10 minutes Orange. FL US Population 7,424 34,091 85,439 12,145 88,163 1,332,714 20,619,313 327,514,334 Households 2,784 14,016 34,042 4,738 35,332 484,985 8,064,657 123,158,887 Families Great 1,834 8,382 20,316 3,050 21,130 312,171 5,223,357 81,106,685 Average Household Size Population 2.67 2.43 2.50 2.56 2.49 2.68 2.50 2.59 Owner Occupied Housing Units Density 1,531 5,997 12,605 2,476 13,407 257,096 5,071,790 77,207,043 Renter Occupied Housing Units 1,253 8,019 21,437 2,261 21,925 227,889 2,992,867 45,951,844 Median Age 38.9 36.3 34.0 38.6 34.1 34.7 42.2 38.2 Trends: 2015-2020 Annual Rate Population 2.14% 2.00% 2.05% 2.04% 2.04% 1.97% 1.36% 0.83% Households 2.05% 1.96% 1.98% 1.97% 1.98% 1.91% 1.30% 0.79% Families 1.87% 1.74% 1.81% 1.79% 1.81% 1.85% 1.25% 0.71% Owner HHs 1.53% 1.52% 1.55% 1.54% 1.54% 1.76% 1.19% 0.72% Median Household Income 1.53% 1.82% 2.05% 1.70% 2.01% 2.14% 2.13% 2.12% Households by Income <$15,000 6.20% 8.60% 9.90% 6.70% 9.90% 11.40% 12.00% 11.50% $15,000 - $24,999 8.80% 10.70% 12.00% 8.70% 11.70% 11.40% 11.70% 10.00% $25,000 - $34,999 12.20% 12.00% 12.00% 11.50% 11.90% 11.30% 11.10% 9.70% $35,000 - $49,999 12.60% 16.10% 17.30% 13.70% 17.20% 14.50% 14.60% 13.10% $50,000 - $74,999 20.90% 19.40% 19.10% 20.70% 19.00% 18.80% 18.70% 17.80% $75,000 - $99,999 12.10% 10.70% 9.40% 11.70% 9.50% 11.50% 11.70% 12.40% $100,000 - $149,999 11.80% 10.90% 10.30% 12.30% 10.40% 11.80% 11.50% 13.90% $150,000 - $199,999 8.50% 5.90% 4.60% 8.10% 4.80% 4.50% 4.30% 5.70% $200,000+ 6.90% 5.70% 5.50% 6.60% 5.70% 4.80% 4.60% 6.10% Average Median Household Income $59,670 $52,345 $48,701 $58,794 $49,171 $51,232 $50,606 $56,124 Average Household Income Income $87,060 $77,491 $73,599 $85,708 $74,455 $73,416 $72,632 $80,675 Per Capita Income Levels $33,855 $31,846 $29,230 $33,920 $29,555 $27,404 $28,921 $30,820 Population by Age 0-4 5.10% 5.20% 5.90% 4.90% 5.90% 6.10% 5.30% 6.10% 5-9 5.30% 5.10% 5.50% 5.10% 5.50% 6.10% 5.50% 6.30% 10-14 5.60% 5.20% 5.40% 5.50% 5.40% 6.00% 5.60% 6.30% 15-19 5.70% 5.70% 5.90% 5.70% 5.90% 6.60% 5.70% 6.40% 20-24 6.40% 8.70% 9.70% 6.90% 9.70% 8.70% 6.40% 7.00% 25-34 16.00% 18.10% 19.20% 16.40% 19.20% 16.90% 13.10% 13.80% 35-44 14.60% 14.30% 14.40% 14.50% 14.30% 13.40% 11.80% 12.50% 45-54 14.10% 13.60% 13.00% 14.00% 13.00% 12.90% 13.00% 13.00% 55-64 13.90% 12.20% 10.80% 13.70% 10.90% 11.30% 13.50% 12.90% 65-74 8.70% 7.60% 6.60% 8.60% 6.60% 7.20% 11.30% 9.20% 75-84 3.40% 3.00% 2.60% 3.40% 2.60% 3.30% 6.20% 4.40% 85+ 1.20% 1.20% 0.90% 1.30% 0.90% 1.40% 2.70% 2.00% SRDcommercial.com 877.518.5263 page 8
MARKET AREA 169,500 107,000 Turkey Lake 59,500 City of Orlando Wastewater Division Orlando Metro Gymanastics Orange County Jail Olympia High School 39,000 Millenia Plaza 58,000 30,500 116,000 The Mall at Millenia Subject Dr. Phillips High School Universal Studios 54,500 107,000 Orlando International Premium Outlets Artegon Marketplace Westridge Middle School 58,000 4 miles 30,500 188,000 96,100 Sandlake West Business Park Amazon Distribution 58,000 7 miles SRDcommercial.com 877.518.5263 page 9
TRADE AREA Millenia Plaza 107,000 116,000 Subject 30,500 Universal Studios Orlando International Premium Outlets 54,500 3 miles Dr. Phillips High School Artegon Marketplace 188,000 96,100 30,500 Amazon Distribution 58,000 4 miles SRDcommercial.com 877.518.5263 page 10
NEIGHBORHOOD AERIAL 59,500 Vineland Rd 18,000 Subject 54,500 Turkey Lake Rd Universal Studios 18,000 10,700 S Kirkman Rd 30,500 Dr. Phillips High School 170,000 SRDcommercial.com 877.518.5263 page 11
SITE AERIAL Lake Cane Dr Access Point Subject Turkey Lake Rd Right in/right Out Vineland Rd 18,000 SRDcommercial.com 877.518.5263 page 12
PHOTOS SRDcommercial.com 877.518.5263 page 13
PHOTOS SRDcommercial.com 877.518.5263 page 14
PHOTOS SRDcommercial.com 877.518.5263 page 15
ZONING Subject Professional Offices (P-O) The intent and purposes of the P-O professional office district are: To provide for and encourage development of a wide variety of high quality functional and attractive professional office centers in accordance with adopted county development plans and policies.to establish standards which will promote high quality site development of individual office structures and larger office centers, both of which are properly oriented towards arterial roads and compatible with adjoining properties. To encourage the provision of professional services at the neighborhood and community levels, and to provide sites large enough to permit landscaped open spaces and off-street parking facilities.to recognize the growing importance of the county as a regional service center and the need to accommodate the increasing service demands of the resident and tourist populations. SRDcommercial.com 877.518.5263 page 16
PERFORMANCE USING CURRENT RENTS Income Capitalization Analysis Unit/Space Type Income Method Units/SF Annual % of PGI Unit 270 $16.42 $/SF/Year 1,200 $19,704 15.3% Unit 210 - Vacant $20.00 $/SF/Year 1,200 $24,000 18.6% Unit 250 $16.70 $/SF/Year 900 $15,030 11.7% Unit 240 $16.42 $/SF/Year 1,200 $19,704 15.3% Unit 260 $17.42 $/SF/Year 951 $16,566 12.9% Unit 220-230 $17.94 $/SF/Year 1,882 $33,763 26.2% Total Rental Income: Other Income: $128,768 100.0% 0.0% Potential Gross Income: $128,768 100% Vacancy & Collection Loss: $6,438 5.00% Effective Gross Income (EGI): $122,329 95.0% Expense Amount Method Annual $/SF Taxes $12,521 $/Year $12,521 $1.71 Insurance $0.35 $/SF $2,567 $0.35 Management 6% % of EGI $7,340 $1.00 Repairs and Maintenance 4% % of EGI $4,893 $0.67 Reserves $0.25 $/SF $1,833 $0.25 Total Expenses: $29,154 $3.98 Expense Ratio (Expenses/EGI): Expense Reimbursements: Net Expense Ratio Net Operating Income (NOI): 23.83% $0 23.83% $93,175 $12.71 Capitalization Rate: Value (NOI/Cap Rate): 5.50% $1,694,099 $231.02 Rounded: $1,700,000 $231.83 SRDcommercial.com 877.518.5263 page 17
PERFORMANCE USING MARKET RENTS Income Capitalization Analysis Unit/Space Type Income Method Units/SF Annual % of PGI Unit 270 $20.00 $/SF/Year 1,200 $24,000 16.4% Unit 210 - Vacant $20.00 $/SF/Year 1,200 $24,000 16.4% Unit 250 $20.00 $/SF/Year 900 $18,000 12.3% Unit 240 $20.00 $/SF/Year 1,200 $24,000 16.4% Unit 260 $20.00 $/SF/Year 951 $19,020 13.0% Unit 220-230 $20.00 $/SF/Year 1,882 $37,640 25.7% Total Rental Income: Other Income: $146,660 100.0% 0.0% Potential Gross Income: $146,660 100% Vacancy & Collection Loss: $7,333 5.00% Effective Gross Income (EGI): $139,327 95.0% Expense Amount Method Annual $/SF Taxes $12,521 $/Year $12,521 $1.71 Insurance $0.35 $/SF $2,567 $0.35 Management 6% % of EGI $8,360 $1.14 Repairs and Maintenance 4% % of EGI $5,573 $0.76 Reserves $0.25 $/SF $1,833 $0.25 Total Expenses: $30,853 $4.21 Expense Ratio (Expenses/EGI): Expense Reimbursements: Net Expense Ratio Net Operating Income (NOI): 22.14% $0 22.14% $108,474 $14.79 Capitalization Rate: Value (NOI/Cap Rate): 6.40% $1,694,899 $231.13 Rounded: $1,700,000 $231.83 SRDcommercial.com 877.518.5263 page 18
AGENT INFORMATION Mike Seney, MAI Sales Associate Mike Seney, MAI, specializes in general commercial real estate throughout Central Florida. In addition, he is a State Certified Real Estate Appraiser with A.R.E.A. Real Estate Appraisers, Inc. located in Winter Haven. Mike has a strong 20-year background in commercial real estate as a real estate appraiser and has experience appraising all types of properties, such as commercial, industrial, vacant land, residential subdivisions, and more. He holds the MAI designation from the Appraisal Institute. He is a graduate of the University of Florida in Business Administration and is a member of the East Polk County Association of Realtors (EPCAR) and the Appraisal Institute. Contact InformVation: mseney@srdcommercial.com 863.226.5554 Disciplines: General Commercial Real Estate Appraisal SRDcommercial.com 877.518.5263 page 19
CONFIDENTIALITY & DISCLAIMER About Coldwell Banker Commercial Saunders Ralston Dantzler Realty Coldwell Banker Commercial Saunders Ralston Dantzler Realty (CBCSRD) is located in Lakeland, Florida and is Florida s I-4 corridor s premier commercial real estate firm. We offer unique positioning of properties utilizing our intimate knowledge of local markets, a recognized national brand, and a global reach through our Coldwell Banker Commercial offices worldwide. CBC worldwide achieved $5 billion in investment sales and leasing transactions in 2016. CBCSRD was founded by three highly-recognized CCIM-designated Florida brokers. The company brings together experts on all aspects of real estate. We provide services to land and commercial clients through both CBCSRD and our land brokerage, Coldwell Banker Commercial Saunders Real Estate. For more information, please visit SRDcommercial.com 2017 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. All Rights Reserved. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks owned by Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. 2017 Coldwell Banker Commercial Saunders Ralston Dantzler Realty, LLC, All rights Reserved, makes every attempt to provide accurate information on this property, however, does not guarantee the accuracy. Buyer should rely entirely on their own research, inspection of property, and records. SRDcommercial.com 877.518.5263 page 20