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Thursday, October 30, 2008

65 homes for sale in Lehigh Acres, FL...


65 homes for sale in Lehigh Acres, FL

65 homes for sale in Lehigh Acres, FL by the credit union who now owns the homes. The assets outlined in red already have the deed, the ones in blue have been requested along with the owner's names and addresses. Currently there are 2 LOI's in place which the credit union has termed "low ball offers" what will take this package is a serious buyer that can provide POF and submit that with an LOI at 61k per door and a reasonable closing period. Buyer to pay 4% commission. Asking $61,000 per home for entire portfolio or $4 Million.
My understanding that the homes are well maintained with electricity and security in place Please contact admin@brothers3int.com for Non Circumvent Non Disclosure agreement if you would like more info.

PROPERTY HIGHLIGHTS






Condo Conversion in the city of Kissimmee , FL 


PROPERTY HIGHLIGHTS


 


FOR SALE BY DEVELOPER


Condo Conversion in the city of Kissimmee , FL


Built in 1988/89 Converted 2006/07


Total # Units 384 - Spread across 48 story buildings


 ADD 3% FOR FEES


·         Total Units in Development:   384


·         Available for Purchase:           212 (55%)


·         1 and 2 bedrooms:                  See Unit Mix


·         Avg SqFt:                               715-960 SF See Unit Mix


·         Asking Price:                           Open Bidding (Current debt $16MM - this will be a short sale with lender approval)


·         Retail Value:                           $41,740,000 or $196,887 per unit


·         Suggested Price:                     $10.5MM+ or $49,245+ per unit (8%+ Cap Rate based on current rents at 100% Occupancy)


·         Rent:                                       Available Inventory for sale is currently 65% Occupied renting at


$0.90 mo / $11 annually PSF.  Annual income of $1,092,000. At 100% Occupied the property should revenue $1,510,000 a year with HOA $300,000 and Taxes $300,000 and a 5% Mgmt fee equating to $75,000 total expense should equal $675,00 bring NOI to $835,000        


 


FEATURES AND AMENITIES


 



















Description:


Condominium living right in the heart of Kissimmee . Minutes from world-class attractions, gorgeous beaches and rousing entertainment. The property is the center of it all. Nestled among 47 acres of swaying Pines and majestic Oaks. One and Two Bedroom Condominiums provide the comfort and privacy most people desire. Controlled-access entry community with extraordinary views, warm colors, well planned interiors and exceptional recreational amenities. Built to last with Concrete Block Stucco (CBS) construction. An abundance of amenities to include: pool, spa, fitness center, car care center, tot lot and tennis court.


 


Appliances:


Central Air Conditioning


 


Dishwasher


 


Range


 


Refrigerator


Washer and Dryer Hook Up


  


 


UNIT MIX AVAILABLE FOR PURCHASE




































Model


Unit Count


SF


Type


HOA


Rent


Mo. Potential


Oak


             128


             715


1/1


 $          100


 $          725


 $         92,800


Maple


               84


             960


2/2


 $          140


 $          850


 $         71,400


Total


             212


       172,160


 


 


 


 $       164,200


 



Need more info admin@brothers3int.com

PROPERTY HIGHLIGHTS






Condo Conversion in the city of Kissimmee , FL 


PROPERTY HIGHLIGHTS


 


FOR SALE BY DEVELOPER


Condo Conversion in the city of Kissimmee , FL


Built in 1988/89 Converted 2006/07


Total # Units 384 - Spread across 48 story buildings


 ADD 3% FOR FEES


·         Total Units in Development:   384


·         Available for Purchase:           212 (55%)


·         1 and 2 bedrooms:                  See Unit Mix


·         Avg SqFt:                               715-960 SF See Unit Mix


·         Asking Price:                           Open Bidding (Current debt $16MM - this will be a short sale with lender approval)


·         Retail Value:                           $41,740,000 or $196,887 per unit


·         Suggested Price:                     $10.5MM+ or $49,245+ per unit (8%+ Cap Rate based on current rents at 100% Occupancy)


·         Rent:                                       Available Inventory for sale is currently 65% Occupied renting at


$0.90 mo / $11 annually PSF.  Annual income of $1,092,000. At 100% Occupied the property should revenue $1,510,000 a year with HOA $300,000 and Taxes $300,000 and a 5% Mgmt fee equating to $75,000 total expense should equal $675,00 bring NOI to $835,000        


 


FEATURES AND AMENITIES


 



















Description:


Condominium living right in the heart of Kissimmee . Minutes from world-class attractions, gorgeous beaches and rousing entertainment. The property is the center of it all. Nestled among 47 acres of swaying Pines and majestic Oaks. One and Two Bedroom Condominiums provide the comfort and privacy most people desire. Controlled-access entry community with extraordinary views, warm colors, well planned interiors and exceptional recreational amenities. Built to last with Concrete Block Stucco (CBS) construction. An abundance of amenities to include: pool, spa, fitness center, car care center, tot lot and tennis court.


 


Appliances:


Central Air Conditioning


 


Dishwasher


 


Range


 


Refrigerator


Washer and Dryer Hook Up


  


 


UNIT MIX AVAILABLE FOR PURCHASE




































Model


Unit Count


SF


Type


HOA


Rent


Mo. Potential


Oak


             128


             715


1/1


 $          100


 $          725


 $         92,800


Maple


               84


             960


2/2


 $          140


 $          850


 $         71,400


Total


             212


       172,160


 


 


 


 $       164,200


 



Need more info admin@brothers3int.com

add 3% for our fees

NY Project

add 3% for our fees

 

10% Cap

 

$43M Purchase Price

 

$37M in assumable financing. 6.15%, 30 year amortization, 10 year term

 

22 Buildings

 

683 Units

         

 




























































































 

 

 

 

Annual

Est.  

Est.  

# of Pckg.

# of Bldgs.

# of units

Elv. / Walk

Rent

Expenses

NOI

  OCG 1

6 buildings

259 units

1 Elv.

$2,688,444

$1,233,332

$1,435,112

  OCG 2

4 buildings

112 units

Walk

$1,200,442

$508,907

$691,535

  OCG 3

1 building

42 units 

Elv.  

$435,68

$211,492

$224,146

  OCG 4

1 building

42 units 

Elv.  

$447,736

$216,626

$231,110

  OCG 5

5 buildings

90 units

Walk

$1,032,686

$423,634

$609,052

  OCG 7

4 buildings

106 units

Walk

$1,008,446

$373,478

$634,968

  OCG 8

1 building

32 units*

Walk

$392,512

$131,223

$261,289

 

22

683

 

$7,205,904

$3,098,692

$4,107,212

*1 commercial unit

 

 

 

 

 

Note:  Some buildings are conjoined

Need more info admin@brothers3int.com

add 3% for our fees

NY Project

add 3% for our fees

 

10% Cap

 

$43M Purchase Price

 

$37M in assumable financing. 6.15%, 30 year amortization, 10 year term

 

22 Buildings

 

683 Units

         

 




























































































 

 

 

 

Annual

Est.  

Est.  

# of Pckg.

# of Bldgs.

# of units

Elv. / Walk

Rent

Expenses

NOI

  OCG 1

6 buildings

259 units

1 Elv.

$2,688,444

$1,233,332

$1,435,112

  OCG 2

4 buildings

112 units

Walk

$1,200,442

$508,907

$691,535

  OCG 3

1 building

42 units 

Elv.  

$435,68

$211,492

$224,146

  OCG 4

1 building

42 units 

Elv.  

$447,736

$216,626

$231,110

  OCG 5

5 buildings

90 units

Walk

$1,032,686

$423,634

$609,052

  OCG 7

4 buildings

106 units

Walk

$1,008,446

$373,478

$634,968

  OCG 8

1 building

32 units*

Walk

$392,512

$131,223

$261,289

 

22

683

 

$7,205,904

$3,098,692

$4,107,212

*1 commercial unit

 

 

 

 

 

Note:  Some buildings are conjoined

Need more info admin@brothers3int.com

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