Bay Palms Villa An Overview of Current and Projected Financial Performance SIX UNITS 8 ISLE OF VENICE, FORT LAUDERDALE, FLORIDA 33301
INDEX Highlights Rent Roll & Projections Annual Expenses Rental Comps Venice Neighborhood Area Location Map Pictures Vacation Rental Rates Currently on Market Sales in last two Years Demographics Weather & City Contact Information Properties USA, Inc., Proudly presents an exclusive owner/user or investment opportunity. This presentation provides an overview of financial performance, current and projected. Demographics, area information, comparable and vacation rental rates are from public sources. Information contained herein is believed to be accurate but not guaranteed. It is recommended that any interested party do their own due diligence. Please view the Drone video: https://www.youtube.com/watch?v=xxraqmu 8V28&feature=youtu.be
HIGHLIGHTS Bay Palms Villa is a six unit multi family building located on the famous Las Olas Isles, known for its yachting and romantic canals lined with luxury homes. Also called the Venice of Fort Lauderdale or Venice of America. This unique property boasts great water views and offers three boat docks, each can accommodate a 36 boat. Once you enter the property grounds you are surrounded by tropical palms and gardens. The two story villa is the perfect owner/user property or vacation rental investment. Beautifully maintained and being offered for sale for the first time in 25 years. Six units - 1 two bed/two bath; 4 one bed/one bath & 1 studio apartment Two story building Built in 1958 40 year inspection completed Flat roof with elastomers paint 4 yrs. new Central A/C Laundry on site Approximately 4,600 sf under air 7 parking spaces on site Two BBQ areas Common area hot tub All units are individually metered, plus a house meter Lot size is 7,200 sf (60 X 120 )
RENT ROLL Rental Income Current Projected Apt # 10 1/1 $1,450 $1,700 Apt # 11 studio vacant ($1,000) $1,300 Apt # 14-2/2 vacant ($2,375) $2,500 Apt # 21 1/1 $1,300 $1,650 Apt # 22-1/1 $1,475 $1,700 Apt # 23 1/1 $1,525 $1,700 Total Monthly $5,750 $10,550 Gross Annual Rent $113,100 $126,600 Other Projected Income Boat Slip Rent x 3/ 36 slips @ $14 per linear foot (Monthly $1,512) Annual $18,144 Projected Gross Annual $144,744.00 Unit Mix 1 bedroom 1 bath 2 bedroom 2 bath Studio $3,000 $2,000 $1,000 $0 Unit Rent 1 bed/1 bath 2 bed/2bath Studio Current rent Projected rent
ANNUAL EXPENSES Current Expenses Projected Expenses 2016 Property Tax $19,885 $47,434 (estimated based on current purchase price) * Note 1 Liability Insurance only $1,000 $11,400 Full Coverage Note 2 Utilities $3,600 $3,744 (+4%) Repairs and Maintenance $3,900 $3,900 Note 3 Operating Reserve N/A Management Fee N/A Note 4 Vendor Services N/A $28,385 $66,478 Notes: 1. Taxes estimated by Broward County Property Appraiser bcpa.net, after entering a purchase price of $2,590,000;(see below); 2. Insurance quoted by third party company subject to change; 3. Repairs & maintenance at $650 per unit; 4. Seller self manages; * The Estimated Tax is just that, an estimated value based upon the average Millage Rate of 20.3496 mills (or 2.03496%). Senior Exemptions are not taken into account for the estimated tax amount. Your Taxes may be higher or lower. This estimate does not include any Non-Ad Valorem assessments/fees (Fire, Garbage, ----Light, Drainage, Improvement or Safe Neighborhood Assessment) Note: Millage rates are subject to change Taxable Value: $2,331,000 School Board Taxable Value: $2,331,000 Your Estimated Ad Valorem Tax Amount is approximately: * $47,434
RENTAL COMPS (This is $1,600 per month)
VENICE NEIGHBORHOOD Venice is located in one of the most premiere locations in Fort Lauderdale. This perfect location of Venice is undeniable. For anyone interested in a waterfront home that is walking distance to both Fort Lauderdale Beach and Downtown, this is it. Las Olas Blvd can become quite a busy street, but once you exit off of Las Olas Blvd and into the Isle of your choice, you will notice calm, quiet and relaxation almost instantly. It s sometimes hard to believe you are just a mile from busy downtown Fort Lauderdale in one direction and the beach in the other.
AREA MAP Located within 20 minutes to Hollywood International Airport and just 40 minutes to Miami and South Beach. Only 15 minutes to Port Everglades, the 3 rd largest Cruise ship port in the USA, accommodating 3.4 million passengers in 2016. Only 2.5 hours to Naples on the West Coast of Florida, 3 hours to Orlando and 4 hours to Key West, Florida.
VACATION RENTALS The highest and best use for this property is vacation rentals. The below noted is an example of a waterfront 2/1 furnished apartment in the Isles that sleeps up to 6. Here are a few local vacation companies and some on line sources: Ft Lauderdale Vacation Rentals Mac Vacation Rental Services LLC VRBO HomeAway FlipKey AirBnB Vacationrentals.com Itrip.net Winter Rates (12/1-2/29 excluding Christmas and New Years): $225 weekday night $275 weekend night $1,500weekly Spring Rates(3/1-4/30): $225 weekday night $275 weekend night $1,500 weekly Summer Rates (5/1-8/31): $200 weekday night $250 weekend night $1,350 weekly Fall Rates (9/1-11/31): $200 weekday night $250 weekend night $1,350 weekly *Holiday rates are higher. Call for holiday rates. Rates are listed for 2 guests. Each additional guest is $25/night per extra guest. $100 cleaning fee $39 insurance fee
VILLA VACATION RENTAL RATES KIRA-MAR.COM Example: This vacation rental is located at 77 Hendricks Isle, Fort Lauderdale, just one Isle West of Isle of Venice. UNIT TYPE JUNE - SEPTEMBER OCTOBER - MAY SPECIAL EVENTS Deluxe one bedroom suite Deluxe two bedroom master suite Boat Slip - Storage Only Boat Slip - High Occupancy $139 per night $189 per night $259 per night $295 per night $375 per night $495 per night $600 + utilities per month $600 + utilities per month $600 + utilities per month $925 per month $925 per month $925 per month
CURRENTLY ON MARKET
ON MARKET MAP
SALES IN LAST TWO YEARS
POPULATION CENSUS
DEMOGRAPHICS
WEATHER AND THE CITY
CONTACT INFORMATION Carola Lueder Broker/Owner Properties USA, Inc International Real Estate Services 2607 E Atlantic Blvd., Pompano Beach, FL 33062 954-663-8266 Direct 754-800-7430 Office 888-342-3646 Fax carola@propertiesusainc.com www.propertiesusainc.com