We are a company directly in touch with FDIC, local banks, builders and other Debt/ OREO sellers. To include 1st position senior debt, Pre- foreclosure sales from the Court steps to the bank direct to you. we broker these opportunistic deals direct to you. This blog announcement is to give SEC qualified type of buyers a notice and opportunity for qualified buyers to acquire a substantial portfolios of discounted Notes/REO properties at one time or commercial assets as debt or OREO. High end Luxury Jumbo loans/ REO homes or condos on the beach as well.
4 APARTMENT CONDO BUILDINGS TOTALING 28 UNITS IN CAPE CORAL. 18 INDIVIDUAL BUILT
AS CONDOS IN 2006 AND 10 UNITS UNDER 1 STRAP . Lennar Home condo style designs in 4
separate bldgs 3 with 6 units and 1 with 10
Buildings built in 2006 and 2007. Current GROSS income is right at $198,660 with the 3
vacant units. NET INCOME IS GUESSTIMATED AT 130K . Buildings are in as good a
condition Totals 56 bedrooms
and 46 bathrooms. All tenants pay there
own utilities. Vacant Units need
nothing. All appliances and washer and
dryer are there. Leases are all in place
with deposits on occupied units.
Deposits vary per unit. All units
have all tile except 2 units. Very low
upkeep to maintain current condition.
Expenses available upon request.
Very rare opportunity to buy TURN KEY Bulk condos income assets less than 5 and 6 years
old.
ASSESSMENTS ARE ALL IN AND PAID ON ALL 4 BUILDINGS
ask for confidentiality agreement. Or leave message at 206-350-8675
For 8 SINGLE FAMILY homes, 100% rented to Buyers with LEASE OPTIONS!
One of the homes comps out at $250,000 to 300,000 in a gulf access community.
Current NOI approximation $65,000
All homes 100% rehabbed in 2010
SWFL 6.5 Cap rate in place with an 11.8% IRR over 10 year hold.
ROI 128%. or 8.6 % per year
NOI $65,000 to Proforma of $73k
Retail Market Value $1.4M
Future value:
Total BTCF Income $ 730,000 in 10 years of Net cash income
Selling Price: 2,000,000 to 2,500,000 Year 10 Conservative Selling Costs: 90,000 Broker fees/ commissions Net Proceeds: 1,910,000 Mortgage Balance: 0
Before-tax Reversion: 1,910,000
Taxes due on sale: 284,100
After-Tax reversionEq 1,625,900
Minus cost equity - 1,030.000
sum = $595,900 Profit sale if the asset sells 500ks more add 430k to this 1.25M
Plus Income + 730,000 Profit Income
Total Profit 1,325,910 or $1,755,000
ROI 128.7% Annualized return 8.6% per year
confidential for principlas only. No Brokers REQUEST CONFIDENTIALITY AGREEMENT
Mike Rivera, Investment Real Estate Analyst Naples Fl
Bank OREO Bulk sale of 6 NEW VILLA UNITS Naples FL next to Marco Island GATED PUD coach home Large Beautiful 3 bedroom plus den, 3 baths with spacious 1st floor coach home. 2902 sq ft Two car garage, custom cabinets, Monogram appliances, granite counter tops and impact glass. Beautiful lake view & community pool. Decorator ready Needs flooring paint custom extras if desired.
Financial:
No Income Gross income Estimated at 129,600.00 exp 30% 38,880.00 NOI 91,000.00
COMPS: (Per sq ft)
Total sqft 17,412 interior x avg Mean value 140 = 2,437,680 Total sqft 17,412 interior x avg low value 125 = 2,176,500 Total sqft 17,412 interior x avg High value 170= 2,977,452
Mike Rivera, Former , CIB Investment Real Estate Analyst Naples Fl
Daytona Beach- Class B, Class A location 204-unit garden-style apartment community located on the south side of Beville Road (FL-400), approximately 2 miles east of I-95, the area's major highway, and only two miles from Daytona Beach International Airport. The property's superb location in the heart of Volusia County is within minutes of the area's major employers, educational facilities, healthcare centers and some of the world's most famous beaches.
Info- The exteriors of the buildings were painted in 2008 and the parking lot was re-sealed. The pool was resurfaced in 2007 and the roofs were replaced in 2003. However, the property provides a “value-add” opportunity through interior upgrades. A $30 rent premium has been acheived on units with upgraded appliances. The property provides an additional opportunity through kitchen and bath cabinet renovations. Implementation of an upgrade program over the long term for all units would provide an increase in future rental revenue.
Structural Detail:
Buildings and Heights
11 two- and three-story buildings
Foundation
Poured slab concrete
Exterior Walls
Wood frame with stucco finish
Paving
Asphalt, re-sealed in 2008
Fire Safety
11 buildings with pull stations
Roof
Pitched with asphalt shingles, replaced in 2003
HVAC
Each unit has a central air handler, condensing units are mounted outside each unit
In Q1, overall sales in South West Florida decreased 38% compared to the prior year. Over the last 12 months, the price per square foot for office property is down 33%, multifamily is down 30%, industrial is down 63% and retail is down 31%.
Data from LoopNet's Q1 2010 Investment Market Reports
Mike Rivera 239-770-6257 Mike Rivera Ferrer and Associates
The Increase in SW FL vulture funds and private equity groups hovering for distressed assets is way up. Real estate firms with access to capital and significant experience, expertise and development capacity are well-positioned to take advantage of the opportunities that these distressed assets and debt present. They are able to buy properties with a variety of financial structures, cash and both senior debt holds, and create value through repositioning the assets.
1 43 Units EsteroFL FGCU AREA
Just SOLD 4/2/2010
Mid Two million Range Median Market Value 80k per unit. MLS Listed low 90K as of 3/28/2010
I was personally involved in the inspection and due diligence, and under contract 2 times with 2 different buyers. One of the best Bulk sale opportunity on the west cost of Fl.
Price was $47K per unit or just about $2MM for the 43 units.
This is the 3rd bulk condo sale to close in the Southwest Florida market.
South west Florida is Naples (Collier county) Fort Myers( Lee county) and Charlotte county and Sarasota county.
I have access to these assets such as the recently closed
2. Jamie May may strikes again.
A resort-style pool is one of the amenities at Bermuda Island Apartments.
Jamie May of the JBM multifamily capital brokered the sale of Bermuda Island Apartments, a 360-unit, luxury multifamily community located in Naples. The community is situated on approximately 23 acres on Vanderbilt Beach Road, across from the Ritz-Carlton Golf Resort Hotel and Tiburon Golf Course. It consists of 12 three-story buildings with a combination of one-, two- and three-bedroom residences, with units averaging 1,046 square feet in size.
Amenities at the community include a grand plantation-style clubhouse that features a formal dining hall, a business center, a 2,000-square-foot fitness center and a screened outdoor lanai with ceiling fans and built-in grills. A resort-style swimming pool overlooks a 3-acre lake. The property was initially planned as a condominium conversion but now operates as an apartment community. Occupancy at the community was 90 percent at the time of the sale.
What hot for Multi family & bulk sale opportunities?
Potential to take down Class A 504-bed student housing facility in Estero, FL, (Ft Myers) across Florida Gulf Coast University. The loan was transferred to special servicing in June 2008. The borrower replaced the onsite manager in the spring 2008 and was running an aggressive leasing campaign with deep concessions to increase occupancy for the 2008-2009 school year. The property is currently 80% leased as of Sept. 4, which does not support the debt service and the borrower is unwilling to support the property.
West Coast of Fl Bulk sale - 43 Units High Rise Oceanfront (Gulf) Boat docks, Builder close out Bank held
Guesstimate asking $50M
Recent Comp sales- 1.6MM to 5.8MM 0-3 months old
Cal me for an NCND
and a quick tour will go fast.
Beachfront High Rise 23 units remain 50% of listed price close out. Bonita, Ft Myers beach, Florida sub market.
Smaller opportunities:
90 Units High Rise riverfront luxury units TBD
300 unit High rise MiamiBayfront Biscayne bay 350,000 sq ft at 300 per SQ ft
60 Venice waterfront CharlotteHarborSOLD
46 3/3 Condos N Naples 7MM + 2% fee
83 Units Naples FL Potential Chinese drywall TBD take an assignment of contract
15NaplesGulf access Bayfront Townhomes Olde Naples 980k per unit
Want more? I have it Bank direct or Private equity held.
Mike Rivera,
Investment Real Estate Analyst
Star Capital Group
Naples Fl
1 239-770-6257
Fax 1 239-775-2066
Mike Rivera Ferre & Associates,LLC
.
http://www.naplesassetsales.blogspot.com
Ultimate 2nd homes destinations in Southwest Florida. Bonita Springs and Naples attracts visitors and new residents from around the world having emerged as one of Florida's most dynamic coastal communities. Known as the "Gateway to the Gulf" - Bonita Springs encompasses the world renowned Barefoot Beach, Bonita Beach, Estero Bay, Black and Hickory barrier islands, and Lover’s Key state park.Naples Beach areas Included Vanderbilt Beach, Seagate, Coquina Sands, Pelican Bay,Olde Naples,Bay colony, Royal Harbor,Marco Island.
Most of theses deals are short sales Bank OREO or it could be a debt sale.
Welcome to Star Capital Group OREO & debt sale offerings
BULK REO POOL SALE DETAILS
Dear Investors,
We are a company directly in touch with FDIC, local banks, builders and other Debt/ OREO sellers. To include 1st position senior debt, Pre- foreclosure sales from the Court steps to the bank direct to you.
This blog announcement is to give SEC qualified type of buyers a notice and opportunity for qualified buyers to acquire a substantial portfolios of discounted REO properties at one time or commercial assets as debt or OREO. High end Luxury Jumbo loans/ REO homes or condos on the beach as well.
Registration In order to streamline the registration process and to establish the appropriate business relationships for this opportunity, the following minimum requirements must be met to be considered a potential buyer:
1) Buyer NDA and Letter of Intent (LOI) with final name in which title will be held and the amount of your preliminary bid. If the purchaser is a corporation, you must include sufficient evidence that the corporation is in good standing with the Secretary of State in the state in which the corporation was formed.
2) Buyer Proof of Funds (POF) currently on deposit with wire capability in the amount of the bid.
3) Deposit Escrow must be opened of $100,000 held by the bank (on FDIC BIDS). $10,000 per 100k must be open on smaller debt sales or local bank deals for pre foreclose offers.
4) Buyer must pass Department of Treasury OFAC check and additional checks.
5) The name on the Letter of Intent, Proof of Funds, and contract must all match. No replacements or substitutions will be allowed once the buyer is registered and the purchase contract may not be assigned. 6. Buyers must enter into an exclusise buyers broker agreement with our brokerage firm or take a direct assignment of contract from Star Capital group Investments, mike rivera or one of our attorneys.
(Detailed information and instructions on registering, submitting your bid, and providing your deposit will be provided with the bid package.)
As an added benefit, those who successfully register and submit a bid will be considered for notification of future bulk sale opportunities.
Thanks you,
Mike Rivera, Investment Real Estate Analyst Star Capital Group Naples Fl 239-770-6257 Please e-mail StarCapitalGRP@yahoo.com Ferrer & associates
