BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S....
Transcript of BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S....
![Page 1: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/1.jpg)
BOCA SOL APARTMENTS 200 N.E. 20TH STREET
BOCA RATON, FL 333431
OFFERING MEMORANDUM
![Page 2: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/2.jpg)
TABLE OF CONTENTS
PREPARED BY: Manny Gutierrez CEO DeFalco Real Estate Group Public Pricing® LLC 1601 NW 13th Street Boca Raton, FL 33486 Office: 561-391-4141 Extension 207 Mobile: 561-352-9406 Fax: 561-391-3911 [email protected] www.defalco.com www.publicpricing.com Terri Samuels Executive Assistant DeFalco Real Estate Group Public Pricing® LLC 1601 NW 13th Street Boca Raton, FL 33486 Office: 561-391-4141 Extension 310 Mobile: 561-271-5656 Fax: 561-391-3911 [email protected] www.defalco.com www.publicpricing.com
2
DISCLOSURE AND CONFIDENTIALITY 3
SECTION I - PROPERTY DESCRIPTION 4
Investment Overview 5
Area Overview 6
Area Highlights 7
School System 8
Employment Presence 9
Property Summary 10
Area Maps 11
Aerial Photos 12
Property Photos 14
Floor Plans 24
Amenities 27
SECTION II - RECENT SALES 28
Recent Sales Map 29
Price / SF & Price / Unit 30
Recent Sales 31
SECTION III - RENT COMPARABLES 33
Rent Comparables Map 34
Average Occupancy & Average Rents 35
Rent Comparables 37
SECTION IV - FINANCIAL ANALYSIS 40
Unit Mix & Unit Rent SF 41
Actual 6 Year Income / Expese 42
Rent Roll 44
SECTION V - DEMOGRAPHICS 46
Demographic Report 47
Summary Report 48
Demographic Map 49
Traffic Count 52
![Page 3: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/3.jpg)
DISCLOSURE AND CONFIDENTIALITY
STATEMENT: The information and material contained in this package (“Offering Memorandum”) has been prepared to provide a summary of information to all prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, claim to represent all material and information regarding the subject property, and it is not a substitute for a thorough due diligence investigation that all purchasers should conduct and satisfy themselves. DeFalco Real Estate Group, Public Pricing® and Seller have not made any investigation of the property, operating history, financial reports, leases, tenants, square footage, or any other aspect of the property, including but not limited to age of property, environmental problems that may exist and make no warranty or representation whatsoever concerning any of these issues. The accuracy of information and material contained in this package has been obtained from sources believe to be reliable; however, DeFalco Real Estate Group, Public Pricing® and Seller make no warranty or representation whatsoever regarding the accuracy or completeness of the information and material provided. Any and all financials, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance and stability of the property. DeFalco Real Estate Group, Public Pricing® and Seller strongly urge and recommend that prospective purchasers conduct an in-depth investigation and rely on their own due diligence of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership. All parties are advised that in any property, the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. DeFalco Real Estate Group, Public Pricing® and Seller recommends, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional. The Seller retains the sole right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a purchase and sale agreement containing terms and conditions acceptable to Seller and such obligations of Seller shall be those in the contract of sale. Information and material contained in this document is strictly confidential and furnished for the sole purpose of considering an investment in the property described herein. Information and material contained herein is not to be copied and (or) used for any purpose or made available to any other person without the express written approval from DeFalco Real Estate Group and (or) Public Pricing® LLC. By accepting this “Offering Memorandum”, the recipient agrees to keep all information and material contained herein confidential.
3
![Page 4: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/4.jpg)
BOCA SOL APARTMENTS 200 N.E. 20TH STREET
BOCA RATON, FL 333431
PROPERTY DESCRIPTION
4
![Page 5: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/5.jpg)
INVESTMENT OVERVIEW
This exclusive listing offers the opportunity to purchase a stabilized, multifamily asset. Boca Sol Apartments is located in the renowned City of Boca Raton Florida. The property is located in East Boca Raton, east of I-95, north of Glades Road, east of Dixie Highway, on 20th N.E. Street. The property consist of 5 apartment buildings and 1 management/leasing office with a pool and beach area. Under original ownership, the apartment complex was built in 1969 using concrete block and reinforced concrete construction, the exterior is painted stucco. The apartment complex sits on 5.19 acres in a well desired location. There are a total of 90 apartments with 3 different floor plans that include 36 small one bedroom - one bath units, 16 large one bedroom - one bath units, and 38 two bedroom - one bath units. As units turn, management update units with new flooring, resurfaced counter tops, closet doors, resurfaced tubs, efficient toilets, fresh paint, and carpet in order to modernize the apartment community. Tenants are responsible for paying electric, water, phone, cable and internet. There are a total of 5 laundry rooms, one in each building with a total of 10 sets of washers and dryers. The laundry machines are managed and maintained by Boca Sol Apartments and provides an additional steady stream of income. Situated in East Boca Raton, Boca Sol is conveniently located to FAU and major employers. Please call to set appointment, our set scheduled Property Previews are: • Tuesday 1pm to 4pm • Thursday 1pm to 4pm
5 PROPERTY DESCRIPTION
![Page 6: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/6.jpg)
AREA OVERVIEW
Boca Raton is a city in Palm Beach County, Florida, USA, incorporated in May 1925. According to the United States Census Bureau, the city has a total area of 29.1 square miles. 27.2 square miles of this is land and 1.9 square miles of it is water. Boca Raton is a ‘principal city’ (as defined by the Census Bureau) of the South Florida metropolitan area. In the 2000 census, the city had a total population of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address of Boca Raton, about 200,000 in total, are not actually within Boca Raton’s municipal boundaries. It is estimated that on any given day, there are roughly 350,000 people in the city itself. In terms of both population and land area, Boca Raton is the largest city between West Palm Beach and Pompano Beach, Broward County. The literal translation of “Boca Raton” is “Mouth of The Mouse” (“mouse” in Spanish is “ratón”), the Spanish word boca meaning inlet and ratón being a Spanish nautical term describing rocks that gnawed at a ship’s cable. Another explanation is that it refers metaphorically to a pirate’s cove. The name Boca Ratones originally appeared on eighteenth century maps associated with an inlet in the Biscayne Bay area of Miami. By the beginning of the nineteenth century, the term was mistakenly moved north to its current location on most maps and applied to the inland waterway from the closed inlet north for 8.5 miles, which was called the “Boca Ratones Lagoon”.
6 PROPERTY DESCRIPTION
![Page 7: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/7.jpg)
AREA HIGHLIGHTS
Mizner Park which was completed in 1991, is a downtown outdoor shopping and dining center, was built over the site of the old Boca Raton Mall. It has since become a cultural center for the southern Palm Beach County. Featuring a landscaped central park between the two main roads (collectively called Plaza Real) with stores only on the outside of the roads, Mizner Park resembles a Mediterranean suburban “town center” with a more contemporary look. Boca Raton Museum of Art - As “The Official Fine Arts Museum for the City of Boca Raton.” the Museum plays a key role in enhancing the cultural, educational, and economic vitality of Boca Raton and its surrounding communities, and has maintained the reputation of being one of South Florida’s leading cultural institutions, attracting more than 200,000 visitors annually to its galleries and programs. Town Center at Boca Raton is an upscale super-regional shopping center. It is the largest enclosed and conventional shopping mall within Palm Beach County, and second largest by square feet in South Florida, behind the Aventura Mall. Cinemark Theaters Palace 20 - Previously Muvico Theaters who sold its Boca Location to Cinemark in March of 2009, is one of the most luxurious movie theaters in America and one of Boca Raton’s most popular entertainment destinations. Gumbo Limbo Nature Center, founded in 1984, is a unique cooperative project of the City of Boca Raton, Greater Boca Raton Beach and Park District, The Palm Beach County School District, Florida Atlantic University (FAU), and Gumbo Limbo Nature Center, Inc. Each year, more than 100,000 local and tourist visitors receive valuable environmental education while enjoying respite from the city bustle.
7 PROPERTY DESCRIPTION
![Page 8: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/8.jpg)
SCHOOL SYSTEM
City of Boca Raton Public Library - located at 200 NW Boca Raton Blvd, Boca Raton is less than 10 minutes from the Subject Property. Education - 12 Elementary Schools, 5 Middle Schools, 4 High Schools, 17 Private Schools and 5 Universities. The schools for this community are JC Mitchell Elementary, Boca Raton Middle, and Boca Raton Community High. Universities:
• Florida Atlantic University founded in 1961, held its first classes in Boca Raton in 1964. FAU is a member of the State University System of Florida and is the largest university in Boca Raton. It has over 26,000 students, 3,000 of which are residential students, and a Division I athletics program. FAU is located at 777 Glades Rd, Boca Raton, which is 5 minutes from the subject property. • Palm Beach State College has had a Boca Raton campus, adjacent to Florida Atlantic University, since 1971. Located at 3000 Saint Lucie Ave, Boca Raton, which is 3.4 miles from the subject property. • Lynn University is a four year co-educational institution offering 17 undergraduate degrees and five graduate degrees with more than 114 specializations through its five colleges. Located at 3601 N. Military Trail, Boca Raton, which is less than 3 miles from the subject property. • Digital Media Arts College, founded in 2001, offers bachelor’s and master’s degrees in computer animation and graphic design. Current enrollment is approximately 350 students. Located at 5400 Broken Sound Boulevard Northwest, Boca Raton, which is ten minutes from the subject property. • Everglades University is regionally accredited by the Commission on Colleges of the Southern Association of Colleges and Schools to award bachelor’s and master’s degrees. Located at 5002 TRex Ave, Boca Raton, which is 10 minutes from the subject property.
8 PROPERTY DESCRIPTION
![Page 9: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/9.jpg)
EMPLOYEMENT PRESENCE
Palm Beach County boasts some of the finest manufacturers in the world. Their presence is a strong indication of the country’s ability to support industry. Although the country has a variety of producers, there are distinct industry clusters. The most prevalent in the country are communications & information technology, aerospace & engineering, agriculture & food processing, business & financial services and medical & pharmaceutical products. Many of the country’s industrial employers are competing on a worldwide basis with products sold in the international market. Some of the largest employers in the state are located within Boca Raton. Goods Producing companies include IBM Corporation who employs approximately 600 individuals, Tyco Safety / Sensormatic has 500 employees, Jarden Consumer Solutions employs 450 people, and Siemens and Signet Diagnostics Imaging both employ 400 workers. Service Producing Companies like FAU which employees 2,776, the Boca Raton Resort & Club has 2,200 employees, The Office Depot Headquarters which has 2,100 employees, Boca Raton Community Hospital maintains 2,100 employees, and the City of Boca Raton employs an additional 1,638 employees to name a few.
9 PROPERTY DESCRIPTION
![Page 10: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/10.jpg)
PROPERTY SUMMARY
10 PROPERTY DESCRIPTION
THE OFFERING Property Boca Sol Apartments
Property Address 200 N.E. 20th Street
Boca Raton, FL 33431
Pacel Number 06-43-47-17-00-000-7015
Zoning R3E
SITE DESCRIPTION Number of Units 90
Number of Buildings 5 + Management Office
Number of Stories 2
Year Built 1969
Lot Size 5.19 acres
Type of Ownership Free Simple
Density 18+/- Units Per Acre
Parking 166 Spaces
Parking Ratio 1.85 Spacer Per Unit
Landscapting Mature
Topography Level
UTILITIES Water City of Boca Raton - Owner
Phone AT&T / Bell South - Resident
Electric FPL - Resident
Cable Comcast - Resident
CONSTRUCTION Foundation Concrete Slab
Framing Concrete Block
Exterior Concrete Block / Painted Stucco
Parking Surface Paved Asphalt
Roof Built Up Flast Shingled Mansards
MECHANICAL HVAC Central Air - Conditioning
Wiring Copper
Fire Protection Smoke Detectors / Fire Extinguishers
![Page 11: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/11.jpg)
AEREA MAPS
11 PROPERTY DESCRIPTION
LOCA AREA MAP
REGIONAL MAP
![Page 12: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/12.jpg)
AERIAL PHOTOS
12 PROPERTY DESCRIPTION
![Page 13: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/13.jpg)
AERIAL PHOTOS
13 PROPERTY DESCRIPTION
![Page 14: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/14.jpg)
PHOTOS
14 PROPERTY DESCRIPTION
![Page 15: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/15.jpg)
PHOTOS
15 PROPERTY DESCRIPTION
![Page 16: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/16.jpg)
PHOTOS
16 PROPERTY DESCRIPTION
![Page 17: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/17.jpg)
PHOTOS
17 PROPERTY DESCRIPTION
![Page 18: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/18.jpg)
PHOTOS
18 PROPERTY DESCRIPTION
![Page 19: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/19.jpg)
PHOTOS
19 PROPERTY DESCRIPTION
![Page 20: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/20.jpg)
PHOTOS
20 PROPERTY DESCRIPTION
![Page 21: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/21.jpg)
PHOTOS
21 PROPERTY DESCRIPTION
![Page 22: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/22.jpg)
PHOTOS
22 PROPERTY DESCRIPTION
![Page 23: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/23.jpg)
PHOTOS
23 PROPERTY DESCRIPTION
![Page 24: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/24.jpg)
FLOOR PLANS
24 PROPERTY DESCRIPTION
2 BEDROOM / 1 BATH • 855 Square Feet • 38 Units • 42% of Total Units
![Page 25: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/25.jpg)
FLOOR PLANS
25 PROPERTY DESCRIPTION
Large BEDROOM / 1 BATH • 725 Square Feet • 16 Units • 18% of Total Units
![Page 26: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/26.jpg)
FLOOR PLANS
26 PROPERTY DESCRIPTION
Small BEDROOM / 1 BATH • 713 Square Feet • 36 Units • 40% of Total Units
![Page 27: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/27.jpg)
AMENITIES
27 PROPERTY DESCRIPTION
COMMON AREA
• Large Open Landscape Spaces
• Picturesque Pool
• Laundry Facility In Each Building
• Resident Storage Bins
• East Location Close To Beaches
• Conveniently Located to I-95
UNIT AREA
• Large Floor Plans
• Central Air-Conditioning
• Fully Equipped Appliance Package
In Kitchen
• Walk-in Closets
• Screened Porch
![Page 28: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/28.jpg)
BOCA SOL APARTMENTS 200 N.E. 20TH STREET
BOCA RATON, FL 333431
RECENT SALES
28
![Page 29: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/29.jpg)
RECENT SALES MAP
29 RECENT SALES
Boca Sol Apartments
1. Boca Colony
2. Camino Palms & Camino Woods
3. Keith Garden Apartments
4. Crown Court Apartments
5. Carriage Walk Apartments
6. Dunes Apartment Homes
RECENT SALES MAP
1
2
3 4
5
6
![Page 30: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/30.jpg)
PRICE/SF & PRICE/UNIT
30 RECENT SALES
130.00 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00
Boca Colony
Camino Palms Camino Woods
Keith Garden
Crown Court
Carriage Walk
Dune Apt
Average $85.94
AVERAGE PRICE / SF
130.00 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00
Boca Colony
Camino Palms Camino Woods
Keith Garden
Crown Court
Carriage Walk
Dune Apt
Average $87,946
AVERAGE PRICE / UNIT
![Page 31: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/31.jpg)
COMPARABLES
31 RECENT SALES
BOCA COLONY 6061 Boca Colony Dr. Boca Raton, FL 33433
No. of Units: 180
Year Built: 1983
Sales Price: $21,600,000
Price/Unit: $120,000
Price/SF: $127.89 COE: July 2011
UNITS TYPE
76 1Bdr / 1Bath
76 2Bdr / 2Bath
28 3Bdr / 2Bath
Comments: The property was stabilized and 96% occupied at the time of sale. It was stated that the seller chose to market the property because the asset was older than what they were comfortable with. The buyer liked the asset primarily for the location. It was stated that the buyer expects to improved rents by putting roughly $5,000/door into unit upgrades.
COE: August 2011
Comments: This was a sale of two property portfolio.
CAMINO PALMS – CAMINO WOODS 101 SW 12th Street Boca Raton, FL 33432
No. of Units: 102
Year Built: 1974
Sales Price: $7,300,000
Price/Unit: $71,569
Price/SF: $89.55
UNITS TYPE
12 Studio / 1Bath
77 1Bdr / 1Bath
8 2Bdr / 1Bath
4 2Bdr / 2Bath
1 3Bdr / 2Bath
KEITH GARDEN 1171 NW 15th Ave. Boca Raton, FL 33486
No. of Units: 24
Year Built: 1973
Sales Price: $1,515,000
Price/Unit: $63,125
Price/SF: $77.28 COE: December 2010
Comments: The buyer did not obtain financing toward the purchase of this property, after placing a down payment for the full amount. The buyer bought the property with the intention of replacing the roof and repaving the parking lot.
UNITS TYPE
12 1Bdr / 1Bath
12 2Bdr / 1Bath
![Page 32: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/32.jpg)
COMPARABLES
32 RECENT SALES
CROWN COURT APARTMENS 1300 NW 15th Ave Boca Raton, FL 33486
No. of Units: 35
Year Built: 1985
Sales Price: $2,562,450
Price/Unit: $73,213
Price/SF: $72.86 COE: May 2010
UNITS TYPE
35 2Bdr / 2Bath
Comments: This was part of a 3 property portfolio. This property consists of all two bedrooms, two bath apartments.
COE: May 2010
Comments: This was a part of a 3 property portfolio. This property consists of all townhome units.
CARRAIGE WALK APARTMENTS 1400 NW 13th St. Boca Raton, FL 33486
No. of Units: 38
Year Built: 1987
Sales Price: $4,671,270
Price/Unit: $122.928
Price/SF: $73.55
UNITS TYPE
16 2Bdr / 2Bath
22 3Bdr / 2Bath
DUNES APARTMENT HOMES 9410 SW 8th Street Boca Raton, FL 33428
No. of Units: 36
Year Built: 1987
Sales Price: $2,766,280
Price/Unit: $76,841
Price/SF: $74.56 COE: May 2010
Comments: This was part of a 3 property portfolio. This property consists of all two bedrooms, two bath apartments. The property is on the 9th hole of Boca Dunes Golf Course, located just West of 441 and South of Glades Road. Financing in the amount of $6,570,000 from Freddie Mac.
UNITS TYPE
36 2Bdr / 2Bath
![Page 33: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/33.jpg)
BOCA SOL APARTMENTS 200 N.E. 20TH STREET
BOCA RATON, FL 333431
RENT COMPARABLES
33
![Page 34: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/34.jpg)
RENT COMPARABLES MAP
34 RENT COMPARABLES
Boca Sol Apartments
1. Boca Winds
2. Boca Manor
3. The Bicycle Club
4. Cynthia Gardens Apartments
5. Keith Garden Apartments
6. Crown Court Apartments
7. Country Club Apartments
MAP
1
2
3 4
6 7
5
![Page 35: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/35.jpg)
AVERGE OCCUPANCY & RENTS
35 RENT COMPARABLES
100
90
80
70
60
50
40
30
20
10
0 1
Average 94.75%
AVERAGE OCCUPANCY
1,100
1,000
900
800
700
600
500
400
300
200
100
0
Average 1Bedroom $800
AVERAGE RENTS-1 BEDROOM
Subject 2 3 4 5 6 7
Subject 1 2 3 4 5 6 7
Average Studio $764
Studio
1Bdr
![Page 36: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/36.jpg)
AVERAGE RENTS
36 RENT COMPARABLES
1,500
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
400
300
200
100
0
Average 3 Bedroom $1,295
AVERAGE RENTS- 2 & 3 BEDROOMS
Subject 1 2 3 4 5 6 7
Average 2Bedroom $1,044
3Bdr
2Bdr
![Page 37: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/37.jpg)
RENT COMPARABLES
37 RENT COMPARABLES
BOCA WINDS 530 NE 47th St. Boca Raton, FL 33431
Currently offering no concessions. Water, sewer and trash are included in the rent. Amenities include on-site parking, on-site laundry and central air conditioning.
Unit Type Units Rent
Studio 15 $764
1 Bdr 1 Bath 37 $843
2 Bdr 1 Bath 30 $1,163
BOCA MANOR 2500 North Federal Highway Boca Raton, FL 33431
THE BICYCLE CLUB 1908 NW 4th Ave. Boca Raton, FL 33432
Total / Average 82 $946
Unit Type Units Rent
1 Bdr 1 Bath 38 $785
1 Bdr 1.5 Bath 24 $810
2 Bdr 2 Bath 23 $1,050
Total / Average 85 $864
Currently offering no concessions. Water, sewer and trash are included in the rent. Amenities include on-site parking, on-site laundry and central air conditioning.
Unit Type Units Rent
1 Bdr 1 Bath $795
2 Bdr 1 Bath $1,150 - $1,200
3 Bdr 2 Bath $1,350 - $1,400
Total / Average 48 $1,115
Currently offering no concessions. Water, sewer and trash are included in the rent. Amenities include on-site parking, washer/dryer hook-up and central air conditioning.
No. of Units: 82 Occupancy: 95% Year Built: 1972
No. of Units: 85 Occupancy: 95% Year Built: 1969
No. of Units: 48 Occupancy: 98% Year Built: 1969
![Page 38: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/38.jpg)
RENT COMPARABLES
38 RENT COMPARABLES
CYNTHIA GARDENS APARTMENTS 1675 NW 4th Ave Boca Raton, FL 33432
Currently offering no concessions. Water, basic cable, sewer and trash are included in the rent. Amenities include on-site parking, on-site laundry and central air conditioning.
Unit Type Units Rent
1 Bdr 1 Bath 180 $815 - $865
KEITH GARDEN APARTMENS 1171 NW 15th Ave Boca Raton, FL 33486
CROWN COURT APARTMENTS 1300 NW 15th Ave Boca Raton, FL 33486
Total / Average 180 $840
Unit Type Units Rent
1 Bdr 1 Bath 12 $725
2 Bdr 1 Bath 12 $900
Total / Average 24 $812
Currently offering no concessions. Water, sewer and trash are included in the rent. Amenities include on-site parking, on-site laundry and central air conditioning.
Unit Type Units Rent
2 Bdr 2 Bath 35 $1,030
Total / Average 35 $1,030
Currently offering no concessions. Water, sewer and trash are included in the rent. Amenities include on-site parking, washer/dryer hook-up and central air conditioning.
No. of Units: 181 Occupancy: 95% Year Built: 1966
No. of Units: 24 Occupancy: 95% Year Built: 1973
No. of Units: 35 Occupancy: 90% Year Built: 1985
![Page 39: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/39.jpg)
RENT COMPARABLES
39 RENT COMPARABLES
COUNTRY CLUB APARTMENTS 1601 NW 13th St Boca Raton, FL 33486
Currently offering no concessions. Water, sewer and trash are included in the rent. Amenities include on-site parking, on-site laundry and central air conditioning.
Unit Type Units Rent
1 Bdr 1 Bath 12 $840
2 Bdr 1 Bath 12 $915-$1,015
2 Bdr 2 Bath 20 $1,015
3 Bdr 2 Bath 40 $1,190
Total / Average 84 $1,074
No. of Units: 84 Occupancy: 95% Year Built: 1975
![Page 40: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/40.jpg)
BOCA SOL APARTMENTS 200 N.E. 20TH STREET
BOCA RATON, FL 333431
FINANCIAL ANALYSIS
40
![Page 41: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/41.jpg)
UNIT MIX AND UNIT RENT/SF
A
B
C
D
E MGMT OFFICE
BUILDING MAKE UP
Building (A) 18 units 15,536 RSF 1/1 small (4) 1/1 large (4) 2/1 (10) $900 Average Mo Rent Building (B) 20 units 15,574 RSF 1/1 small (8) 1/1 large (3) 2/1 (9) $885 Average Mo Rent Building (C) 20 units 15,574 RSF 1/1 small (8) 1/1 large (3) 2/1 (9) $885 Average Mo Rent Building (D) 20 units 15,574 RSF 1/1 small (8) 1/1 large (3) 2/1 (9) $885 Average Mo Rent Building (E) 12 units 8,734 RSF 1/1 small (8) 1/1 large (3) 2/1 (1) $842 Average Mo Rent Management Office: 1,110sqft
Unit Type No. of Units Approx. Sq. Ft. Current Rents Price / SF
Small 1 Bedroom / 1 Bath 36 713 $825.00 $1.16
Large 1 Bedroom / 1 Bath 16 725 $850.00 $1.17
2 Bedroom / 1 Bath 38 855 $950.00 $1.11
GRAND TOTAL 90 69,758
Sales
1/1 small
1/1 large
2/1
40%
18%
42%
41
![Page 42: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/42.jpg)
ACTUAL 6 YEAR INCOME / EXPENSE
42 FINANCIAL ANALYSIS
![Page 43: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/43.jpg)
ACTUAL 6 YEAR INCOME / EXPENSE
43 FINANCIAL ANALYSIS
![Page 44: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/44.jpg)
RENT ROLL
44 FINANCIAL ANALYSIS
![Page 45: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/45.jpg)
RENT ROLL
45 FINANCIAL ANALYSIS
![Page 46: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/46.jpg)
BOCA SOL APARTMENTS 200 N.E. 20TH STREET
BOCA RATON, FL 333431
DEMOGRAPHICS
46
![Page 47: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/47.jpg)
DEMOGRAPHIC REPORT
47 DEMOGRAPHICS
![Page 48: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/48.jpg)
SUMMARY REPORT
48 DEMOGRAPHICS
RADIUS: 5 MILES
Population In 2010, the population in your selected geography was 231,951. The population has changed by 5.10% since 2000. It is estimated that the population in your area will be 236,020 five years from now, which represents a change of 1.75% from the current year. The current population is 47.4% male and 52.6% female. The median age of the population in your area is 48.0, compare this to the US average which is 37.1. The population density in your area is 2,957.46 people \=per square mile. Households There are currently 103,573 households in your selected geography. The number of households has changed by -0.03% since 2000. It is estimated that the number of households in your area will be 103,638 five years from now, which represents a change of 0.06% from the current year. The average household size in your area is 2.19 persons. Income In 2010, the median household income for your selected geography is $60,636, compare this to the US average which is currently $51,517. The median household income for your area has changed by 23.98% since 2000. It is estimated that the median household income in your area will be $65,277 five years from now, which represents a change of 7.65% from the current year. The current year per capita income in your area is $46,088, compare this to the US average, which is $27,867. The current year average household income in your area is $100,200, compare this to the US average which is $72,148. Race & Ethnicity The current year racial makeup of your selected area is as follows: 82.3% White, 11.1% Black, 0.4% Native American and 1.7% Asian/Pacific Islander. Compare these to US averages which are: 73.52% White, 12.42% Black, 0.76% Native American and 4.60% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 13.2% of the current year population in your selected area. Compare this to the US average of 15.45%. Housing The median housing value in your area was $170,302 in 2000, compare this to the $US average of $115,194 for the same year. In 2000, there were 77,892 owner occupied housing units in your area and there were 25,716 renter occupied housing units in your area. The median rent at the time was $799. Employment In 2010, there are 189,866 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 72.4% of employees are employed in white-collar occupations in this geography, and 27.6% are employed in blue-collar occupations. In 2010, unemployment in this area is 9.60%. In 2000, the median time traveled to work was 19.8 minutes.
![Page 49: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/49.jpg)
DEMOGRAPHIC MAP
49 DEMOGRAPHICS
1 MILE
![Page 50: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/50.jpg)
DEMOGRAPHIC MAP
50 DEMOGRAPHICS
3 MILE
![Page 51: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/51.jpg)
DEMOGRAPHIC MAP
51 DEMOGRAPHICS
5 MILE
![Page 52: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/52.jpg)
TRAFFIC COUNT MAP
52 DEMOGRAPHICS
![Page 53: BOCA SOL APARTMENTS - Fred DeFalco, PA · of 74,764 and the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address](https://reader033.fdocuments.us/reader033/viewer/2022052615/607abc2e143afc37b5414ccd/html5/thumbnails/53.jpg)
BOCA SOL APARTMENTS 200 N.E. 20TH STREET
BOCA RATON, FL 333431
OFFERING MEMORANDUM
53