Sea Huse Apartments 601 S Ocean Drive, Hutchinsn Island, FL Martin Gldstein Russell Gldstein
Sea Huse Apartments Overview These 12 charming units, lcating directly acrss A1A frm the Atlantic Cast, ffer residents the luxury f year-rund seabreezes at an affrdable price. Featuring a very marketable unit mix f 2 2 Bedrm Units, 3 1 Bedrm units, and 7 spacius Efficiencies, Sea Huse als presents flexibility and value as a lng term investment. Hutchinsn Island stretches alng Flrida s Eastern Atlantic Cast frm Ver Beach t Stuart. It is knwn fr its beautiful beaches and parks, but is less densely ppulated than mre suthern Palm Beach and Singer Islands, making it ideal fr peple seeking a laid-back, luxurius Flrida lifestyle at a mre affrdable price pint. Sea Huse is als cnvenient t lcal cmmerce centers in Frt Pierce, Prt St. Lucie, Stuart, and Ver Beach, making it strng n live/wrk/play fundamentals. 601 S Ocean Drive features rbust CBS cnstructin, ensuring lw-maintenance durability and structural lngevity. Interirs are updated with mdern cabinets, tile flring and recently dne bathrms, yet significant rental upside remains. Hutchinsn Island als ffers multiple public beach access pints within walking distance f the prperty. Current tenants are n 6 mnth leases and remain n the prperty year rund, s current cash flw is stable, while market rents remain cmpetitive and are easy t attain. Certain wners/investrs may seek t rent a prtin r all f the prperty as a vacatin rental, due t its highly desirable castal lcatin a cncept prven viable by many prperties n the island. Suth-Central Flrida s rental market has explded ver the preceding decade as peple flck t the area fr its relatively lw cst f living and beautiful castal lifestyle. Hutchinsn Island in particular is hme t a huge number f mdern, luxury cnd units and single-family hmes. Apartments such as these hit a sweet spt in the market here, as they are relatively affrdable and easy t maintain ccupancy, while als being in ne f the mst desirable and beautiful lcales in the United States. Cntinued ppulatin grwth in Suth and Central Flrida ver the last decade has been steady. The trend twards rental husing and away frm hmewnership brught n by the 2009 Single-family husing crisis has yielded real benefits fr wners f quality residential rentals. In this market, multifamily investment prperties emerged as stable, relatively recessin-prf, and simple asset t manage. Sea Huse ffers all f this and mre, while als prviding a unique waterfrnt living experience in additin t excellent return n investment! Accrding t a widely-quted, well-respected quarterly reprt last published in June 2017 by the University f Central Flrida s Institute fr Ecnmic Cmpetitiveness: Ecnmic and jb grwth in Flrida are frecasted t cntinue t utperfrm the U.S. labr market and mre Baby Bmers cntinue t reach the end f their wrking lives. This bdes well fr cntinued ppulatin grwth via the in-migratin f retirees and jb seekers t Flrida. The ppulatin f Flrida is als grwing naturally, as birth rates exceed death rates. In additin t these surces f dmestic ppulatin grwth, internatinal immigratin will als feed int the state s ppulatin grwth. With ppulatin grwth cmes increased demand fr affrdable, quality rental husing. Rbust CBS cnstructin ensures lng-term reliability and relative ease f maintenance ver the lng term. Martin Gldstein Russell Gldstein The-Gldstein-Grup.cm
Sea Huse Apartments Highlights and Lcatin Map Dwntwn Ft. Pierce Intracastal Waterway Jetty Park Atlantic Ocean Sea Huse Apts Asset Overview: Current Cap Rate: 8.85% Market Rents Cap Rate: 11.19% Price: $1,200,000 Address: 601 S. Ocean Dr, Hutchinsn Island, FL 12 Units 3 1BRs, 2 2BRs, 7 Eff. 100% Occupied! Excellent value-add pprtunity via imprved exterir maintenance and management. Beautiful waterfrnt lcatin with multiple public beach access pints clse by. Excellent fundamentals. Lw maintenance CBS cnstructin Rf in gd cnditin! Desirable, central castal lcatin Excellent lng term grwth prspects Bike-friendly, walkable area! Just a shrt ride r drive frm: Wrld famus Suth Flrida Beaches Vibrant Dwntwn Frt Pierce All lcal shpping and cmmerce! Fully ccupied, stable, with belw market rents. All lng term tenants. Cnvenient t I-95, Prt St. Lucie, Ver Beach, Palm Beach Cunty, and mre! Mix f windw-unit and central air cnditining units cst effective and energy efficient. Well dcumented financials, easily finance-able! Excellent capitalizatin rate with massive near and lng term rental rate upside. Tenants n 6 mnth leases with lng term ccupancy being the nrm. Martin Gldstein Russell Gldstein The-Gldstein-Grup.cm
Sea Huse Apartments Aerial View Intracastal Waterway Atlantic Ocean Sea Huse Apts Martin Gldstein Russell Gldstein The-Gldstein-Grup.cm
Sea Huse Apartments Finance Unit Number Current Rent Market Rent SH-01 $ 1,200.00 $ 1,400.00 SH-02 $ 1,200.00 $ 1,400.00 SH-03 $ 1,200.00 $ 1,400.00 SH-04 $ 1,410.00 $ 1,610.00 SH-05 $ 1,200.00 $ 1,400.00 SH-06 $ 1,500.00 $ 1,700.00 SH-07 $ 1,600.00 $ 1,800.00 SH-08 $ 950.00 $ 1,150.00 SH-09 $ 1,400.00 $ 1,600.00 SH-10 $ 1,500.00 $ 1,700.00 SH-11 $ 1,200.00 $ 1,400.00 SH-12 $ 780.00 $ 1,400.00 Ttals $ 15,140.00 $ 17,960.00 Current Cash-n Cash Return: 20.99% Offered at $1,200,000 Current Cap Rate: 8.85% Market Cap Rate: 12.07% Market Cash-n Cash Return: 30.36% Revenues Current Pr Frma Mnthly Rents $ 15,140.00 $ 17,960.00 Mnthly Laundry Incme $ 182.00 $ 182.00 Mnthly Ttal $ 15,322.00 $ 18,142.00 Annualized 183,864.00 217,704.00 Expenses Taxes (2nd cl. Estimate after sale) 12,273.03 18,000.00 Insurance 16,711.10 16,711.10 Utilities 31,804.00 31,804.00 R&M 7,727.00 7,727.00 Management (5%) 9,193.20 9,193.20 Ttal Exp 77,708.33 83,435.30 NOI 106, 155. 67 134, 268. 70 List Price $ 1,200,000.00 $ 1,200,000.00 Capitalizatin Rate 8. 85% 11. 19% Leveraged Return Dwn Payment $ 300,000.00 $ 300,000.00 Ttal Leverage $ 900,000.00 $ 900,000.00 Debt Service Expense (4.8%) $ 43,200.00 $ 43,200.00 NOI After Debt Svc $ 62,955.67 $ 91,068.70 Leveraged Return 20. 99% 30. 36% Martin Gldstein Russell Gldstein The-Gldstein-Grup.cm
Martin Gldstein Russell Gldstein The-Gldstein-Grup.cm
Martin Gldstein Russell Gldstein The-Gldstein-Grup.cm
Martin Gldstein Russell Gldstein The-Gldstein-Grup.cm
Martin Gldstein Russell Gldstein The-Gldstein-Grup.cm
Cntact Listing Agents Fr mre infrmatin r t schedule a prperty tur please d nt hesitate t cntact us at the numbers and/r email addresses belw: Martin Gldstein, Lic. Real Estate Brker Martin@TheGldsteinRealEstateGrup.cm 561-310-0935 Russell Gldstein Russell@TheGldsteinRealEstateGrup.cm 561-503-3648 Martin Gldstein Russell Gldstein The-Gldstein-Grup.cm