SWASHBUCKLER
11875 Gulf Boulevard • Treasure Island, FL 33706
•OFFERING MEMORANDUM•
Motel & Apartments
SWASHBUCKLER Treasure Island, FLACT ID ZAA0250070
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Non-EndorsementsMarcus & Millichap Real Estate Investment Services of Florida, Inc. ("Marcus & Millichap") is not affiliated with, sponsored by, or endorsed by any commercial tenant orlessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship orendorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and issolely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
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Joshua D. TeplitzkyFirst Vice President InvestmentsDirector - National Multi Housing [email protected]: (813) 387-4756
Investment Overview
Offering SummaryProperty Address
Number of Units
Number of Buildings
Number of Stories
Year Built
Rentable Square Feet
Lot Size
Type of Ownership
Foundation/Framing/Exterior
Roof Type
HVAC Type
Electrical
Plumbing
ParkingSurface
Assessor’s Parcel Number
11875 Gulf Boulevard, Treasure Island, FL 3370629 Units
Five
Two
1952
13,3400.58 +/- Acres
FeeSimple
Concrete Slab on Grade/Concrete Block/Painted StuccoPitched Composition Shingle
Individual A/C
Copper
Copper/PVC
Asphalt
23-31-15-91764-002-0080
Electricity Property
Water/Sewer Property
Trash Removal Property
Internet/Cable Property
List Price $3,400,000Price per Unit $117,241 per Unit
Pinellas County, FloridaMost Densely Populated County in theState
916,542Pinellas County Year-RoundPopulation
St. Pete Beach Ranked #7 in the United States by TripAdvisor
Utility Paid By
Unit Type # of Units Square Footage Weekly PriceEfficiency 5 325 $367
Junior Studio 2 292 $424
Deluxe Studio 4 340 $452
Large Studio 5 375 $480
Standard 1x1 6 516 $480
Large 1x1 4 600 $735
2 Bed/ 1 Bath 3 800 $848
Pricing Schedule
Current Pricing Schedule - Swashbuckler
Weekly Pricing
Unit Type# of UnitsSquare FootageWeekly Price
Efficiency5325$367*assumption of 4.3333 weeks per month
Junior Studio2292$424
Deluxe Studio4340$452
Large Studio5375$480
Standard 1x16516$480
Large 1x14600$735
2 Bed/ 1 Bath3800$848
Weekly Total Potential$15,255
Monthly Total Potential$66,105
Annual Total Potential$793,260
Daily Pricing
Unit Type# of UnitsSquare FootageDaily Price
Efficiency5325$141
Junior Studio2292$147*assumption of 30.4167 days per month
Deluxe Studio4340$153
Large Studio5375$158
Standard 1x16516$158
Large 1x14600$175
2 Bed/ 1 Bath3800$198
Weekly Total Potential$4,644
Monthly Total Potential$141,264
Annual Total Potential$1,695,171
INVESTMENT HIGHLIGHTS
Swashbuckler consists of five buildings which are comprised of five efficiencies, eleven studios, ten one-bedroom/one-bathrooms and three two-bedroom/one-bathroom floor plans totaling approximately 13,340 square feet of living space. Suites feature kitchenettes in most studio and efficiency units, full sized kitchensin the one-bedrooms and two-bedrooms, ceramic tile or hardwood flooring, and water views in select units. Amenities include a sparkling swimming pool, lushtropical landscaping, leasing office, on-site laundry facility and an abundance of off-street parking. Located directly across from beach access and walk-ability tonearby retailers, restaurants and other demand drivers.
Treasure Island, Florida got its name from an early hotel owner who buried and then "discovered" a couple of wooden chests on the beach. The hotelierclaimed that the chests were filled with "treasure." News of the discovery spread quickly and people began calling the area Treasure Island. The main draw fortodays visitors is not buried treasure, but the towns three miles of white, sandy beaches on the Gulf of Mexico. Nearby activities include swimming, shelling,sunning, snorkeling, parasailing, kayaking, fishing or simply walking the beach and taking in a memorable sunset. Home of what's touted as the "world's longestwaterfront bar" accessible by boat, number of hotels of all price ranges and numerous beach bistros and restaurants.
PROPERTY OVERVIEW
Direct Frontage on Gulf Boulevard
Concrete Block Constructed Asset Built in Phases between 1948 and 1954
Buildings & Walkways were Repainted in 2019
Ten of the Unit Interiors have been Recently Renovated
Opportunity to Acquire Adjacent Land Owned by Current Ownership whichhas Redevelopment Potential for 4 Buildable Units or Additional CommonArea Amenities (Price of Additional Lot is $400,000)
Property Boasts a Transient Business License to Give an InvestorFlexibility in Business Plan for Either Short-Term or Long-Term Rentals
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Property Photos
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Vintage Photos
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Exterior Photos
Interior Photos
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Interior Photos
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Hardwood Floors in Select Floor Plans
Furnished Interiors
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AmenitiesLeasing Office
Swimming Pool
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LOCAL MAP
SWASHBUCKLER
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AERIAL PHOTO
SWASHBUCKLER
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AERIAL PHOTO
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AERIAL PHOTO
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AERIAL PHOTO
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FINANCIALANALYSIS
DAILY PRICING – HYBRID – EOY1
Daily Pricing - In Season
Unit Type # of Units Square Footage Daily Price
Efficiency 5 325 $95
Junior Studio 2 292 $105
Deluxe Studio 4 340 $110
Large Studio 5 375 $115
Standard 1x1 6 516 $125
Large 1x1 4 600 $130 2 Bed/ 1 Bath 3 800 $198
Daily Total Potential $3,563
Annual Total Potential $755,409
Daily Pricing - Out of Season
Unit Type # of Units Square Footage Daily Price
Efficiency 5 325 $55
Junior Studio 2 292 $60
Deluxe Studio 4 340 $65
Large Studio 5 375 $70
Standard 1x1 6 516 $80
Large 1x1 4 600 $85
2 Bed/ 1 Bath 3 800 $95
Daily Total Potential $2,110
Annual Total Potential $322,830
*In Season Months are October through April (212 Days)
*Out of Season Months are May through September (153 Days)
Number of Units Daily Rentals Net Rentable Area End of Year 1
Projection % of GPR Per UnitINCOME
GROSS POSSIBLE/SCHEDULED RENT $1,078,239 37,181
Other IncomeLaundry Income $7,200 0.67% 248
Total Other Income $7,200 0.67% 248
GROSS POTENTIAL INCOME $1,085,439 37,429 Physical Vacancy ($323,472) 30.00% (11,154)
EFFECTIVE GROSS INCOME $761,967 $26,275
EXPENSESReal Estate Taxes % of EGI
2019 Taxes Paid/Adj. for Sale $43,244 5.68% 1,491 Total Real Estate Taxes $43,244 5.68% 1,491
Insurance $35,462 4.65% 1,172
UtilitiesWater & Sewer $19,800 2.60% 683 Cable & Wifi $7,103 0.93% 245 Electric $34,420 4.52% 1,187
Total Utilities $61,323 8.05% 2,115 Contract Services
Contract Services $6,525 0.86% 225 Total Contract Services $6,525 0.86% 225
Repairs & Maintenance $13,050 1.71% 450 Management Fee $45,718 6.00% 1,576 Tourism Tax $22,859 3.00% 316 Sales Tax $53,338 7.00% 1,839 On-Site Payroll $50,000 6.56% 1,724 Replacement & Reserves $7,250 0.95% 250
TOTAL EXPENSES $338,769 44.46% 11,682
NET OPERATING INCOME $423,199 55.54% 14,593
List Price Per Unit CAP Rate - Daily Rentals
$3,400,000 $117,241 12.45%
YEAR-ROUND WEEKLY PRICING SCHEDULE
Weekly Pricing - Year Round
Unit Type # of Units Square Footage Weekly Price
Efficiency 5 325 $367 Junior Studio 2 292 $424 Deluxe Studio 4 340 $452 Large Studio 5 375 $480 Standard 1x1 6 516 $480 Large 1x1 4 600 $735 2 Bed/ 1 Bath 3 800 $848 Weekly Total Potential $15,255 Monthly Total Potential $66,105 Annual Total Potential $793,260
*assumption of 4.3333 weeks per month
Number of Units Weekly Rentals Net Rentable Area End of Year 1
Projection % of GPR Per UnitINCOME
GROSS SCHEDULED RENT $793,260 27,354 Other Income
Laundry Income $7,200 0.91% 248 Total Other Income $7,200 0.91% 248
GROSS POTENTIAL INCOME $800,460 27,602 Physical Vacancy ($118,989) 15.00% (4,103)
EFFECTIVE GROSS INCOME $681,471 $23,499
EXPENSESReal Estate Taxes % of EGI
2019 Taxes Paid/Adj. for Sale $43,244 6.35% 1,491 Total Real Estate Taxes $43,244 6.35% 1,491
Insurance $35,462 5.20% 1,172
UtilitiesWater & Sewer $19,800 2.91% 683 Cable & Wifi $7,103 1.04% 245 Electric $34,420 5.05% 1,187
Total Utilities $61,323 9.00% 2,115 Contract Services
Contract Services $6,525 0.96% 225 Total Contract Services $6,525 0.96% 225
Repairs & Maintenance $13,050 1.91% 450 Management Fee $40,888 6.00% 1,410 Tourism Tax $20,444 3.00% 316 Sales Tax $47,703 7.00% 1,645 On-Site Payroll $50,000 7.34% 1,724 Replacement & Reserves $7,250 1.06% 250
TOTAL EXPENSES $325,889 47.82% 11,238
NET OPERATING INCOME $355,582 52.18% 12,261
List Price Per Unit CAP Rate -Weekly Rentals
$3,400,000 $117,241 10.46%
MARKETCOMPARABLES
SALES COMPARABLES MAP
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SWASHBUCKLER MOTEL & APARTMENTS
(SUBJECT)
Sea Jay Motel
The New Yorker
Island Paradise Cottages
Blue Water Motel & Cottages
Bungablows
8535 Blind Pass Dr
Serendity
SALES COMPARABLES
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PROPERTY NAMESWASHBUCKLER
SALES COMPARABLES
Avg. $301.35
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$50.00
$100.00
$150.00
$200.00
$250.00
$300.00
$350.00
$400.00
$450.00
$500.00
Average Price Per Square Foot
Avg. $145,750
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
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Average Price Per Unit
SALES COMPARABLES SALES COMPS AVG
PROPERTY NAME
MARKETING TEAM
SWASHBUCKLER
SALES COMPARABLES
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SALES COMPARABLES
SWASHBUCKLER11875 Gulf Blvd, Treasure Island, FL, 33706
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Units Unit Type
Sales Price: $3,099,000 7 Studio Bath
Price/Unit: $163,105 12 1 Bdr 1 Bath
Price/SF: $402.68
Total No. of Units: 19
Year Built: 1958
NOTESThis property is currently under contract.
SEA JAY MOTEL11240 1st St E, Treasure Island, FL, 33706
Units Unit Type
Close Of Escrow: 8/1/2018 10 Studio Bath
Sales Price: $2,450,000
Price/Unit: $153,125
Price/SF: $321.69
Total No. of Units: 16
Year Built: 1957
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NOTESThis property represents the conventional sale of a garden apartment/motel.
THE NEW YORKER332 Hamden Dr, Clearwater Beach, FL, 33767
PROPERTY NAME
MARKETING TEAM
SWASHBUCKLER
SALES COMPARABLES
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SALES COMPARABLES
Units Unit Type
Close Of Escrow: 6/1/2018 6 1 Bdr 1 Bath
Sales Price: $1,150,000 2 2 Bdr 1 Bath
Price/Unit: $143,750
Price/SF: $252.30
Total No. of Units: 8
Year Built: 1947
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ISLAND PARADISE COTTAGES13215 2nd St E, Madeira Beach, FL, 33708
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Close Of Escrow: 8/1/2016
Sales Price: $1,825,000
Price/Unit: $140,385
Price/SF: $434.52
Total No. of Units: 13
Year Built: 1949
BLUE WATER MOTEL & COTTAGES8105 W Gulf Blvd, Treasure Island, FL, 33706
Close Of Escrow: 12/1/2016
Sales Price: $1,525,000
Price/Unit: $138,636
Price/SF: $314.69
Total No. of Units: 11
Year Built: 1946
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BUNGABLOWS12321 Gulf Blvd, Treasure Island, FL, 33706
PROPERTY NAME
MARKETING TEAM
SWASHBUCKLER
SALES COMPARABLES
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SALES COMPARABLES
Close Of Escrow: 2/1/2015Sales Price: $1,250,000Price/Unit: $156,250Price/SF: $281.59Total No. of Units: 8
Year Built: 1973
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8535 BLIND PASS DR8535 Blind Pass Dr, Treasure Island, FL, 33706
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Units Unit TypeClose Of Escrow: 7/5/2018 5 Studio BathSales Price: $1,250,000 5 1 Bdr 1 BathPrice/Unit: $125,000Price/SF: $101.99Total No. of Units: 10
Year Built: 1951
SERENDITY 6901 Sunset Way, St Pete Beach, FL, 33706
Contact:
Joshua TeplitzkyFirst Vice President InvestmentsDirector - National Multi Housing [email protected] 30
Slide Number 1Slide Number 2Investment �OverviewOffering Summary Slide Number 5Property �PhotosSlide Number 7Slide Number 8Slide Number 9Slide Number 10Slide Number 11Slide Number 12Slide Number 13Slide Number 14Slide Number 15Slide Number 16Slide Number 17Slide Number 18Slide Number 19FINANCIAL� ANALYSISDAILY PRICING – HYBRID – EOY1YEAR-ROUND WEEKLY PRICING SCHEDULEMARKET�COMPARABLESSlide Number 24Slide Number 25Slide Number 26Slide Number 27Slide Number 28Slide Number 29Slide Number 30
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