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CONFIDENTIAL OFFERING MEMORANDUM • JULY 01, 2019
Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
220 Tulane Ave, Clearwater, FL 33765
TULANE AVE 4 UNIT MULTIFAMILY
Kari L. Grimaldi/
[email protected]
MULTIFAMIL
Y PROPERTY F
OR SALE
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
MULTIFAMILY PROPERTY FOR SALE
2
presented by:
PROPERTY INFORMATION 3
LOCATION INFORMATION 8
FINANCIAL ANALYSIS 13
ADVISOR BIOS 19
President/ BrokerO: 813.882.0884C: 813.376.3386E:
[email protected]
Kari L. Grimaldi/ Broker
The information contained in the following offering memorandum
is proprietary and strictlyconfidential. It is intended to be
reviewed only by the party receiving it from GrimaldiCommercial
Realty and it should not be made available to any other person or
entity withoutthe written consent of Grimaldi Commercial
Realty.
By taking possession of and reviewing the information contained
herein the recipient agrees tohold and treat all such information
in the strictest confidence.
The recipient further agrees that recipient will not photocopy
or duplicate any part of theoffering memorandum. If you have no
interest in the subject property, please promptly returnthis
offering memorandum to Grimaldi Commercial Realty.
This offering memorandum has been prepared to provide summary,
unverified financial andphysical information to prospective
purchasers, and to establish only a preliminary level ofinterest in
the subject property.
The information contained herein is not a substitute for a
thorough due diligenceinvestigation.
Grimaldi Commercial Realty has not made any investigation, and
makes no warranty orrepresentation with respect to the income or
expenses for the subject property, the futureprojected financial
performance of the property, the size and square footage of the
propertyand improvements, the presence of absence of contaminating
substances, PCBs or asbestos,the compliance with local, state and
federal regulations, the physical condition of theimprovements
thereon, or financial condition or business prospects of any
tenant, or anytenant’s plans or intentions to continue its
occupancy of the subject property.
The information contained in this offering memorandum has been
obtained from sources webelieve reliable; however, Grimaldi
Commercial Realty has not verified, and will not verify, anyof the
information contained herein, nor has Grimaldi Commercial Realty
conducted anyinvestigation regarding these matters and makes no
warranty or representation whatsoeverregarding the accuracy or
completeness of the information provided.
All potential buyers must take appropriate measures to verify
all of the information set forthherein.
Prospective buyers shall be responsible for their costs and
expenses of investigating thesubject property.
CONTENTS CONFIDENTIALITY & DISCLAIMER
TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
TABLE OF CONTENTS
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PROPERTY INFORMATION
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 1 • PROPERTY INFORMATION
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OFFERING SUMMARY
Sale Price: $525,000
Number Of Units: 4
Cap Rate: 5.78%
NOI: $30,356
Lot Size: 0.42 Acres
Year Built: 1983
Building Size: 4,420 SF
Zoning: Residential Medium
Price / SF: $118.78
PROPERTY OVERVIEW
Upside Potential to Increase Rents and Returns! Gorgeous
Clearwater Multifamily 4 unit condo minutes from
Clearwater's
sugar-sand beaches, restaurants, entertainment and shopping!
Updated 4 units with granite counter tops, upgraded kitchens
and baths, and upgraded floor coverings. Spacious 2 bedroom/
1bathroom condos are all on ground floor. Onsite Laundry
Facility. All units occupied with tenants. Gross Annual
Income:
$42,706. Annual Expenses: $12,350. Net Operating Income:
$30,356.
New Pictures to follow.
TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
EXECUTIVE SUMMARY
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 1 • PROPERTY INFORMATION
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PROPERTY DESCRIPTION
Upside Potential to Increase Rents and Returns!
Gorgeous Clearwater Multifamily 4 unit condo minutes
from Clearwater's sugar-sand beaches, restaurants,
entertainment and shopping! Updated 4 units with
granite counter tops, upgraded kitchens and baths, and
upgraded floor coverings. Spacious 2 bedroom/
1bathroom condos are all on ground floor. Onsite
Laundry Facility. All units occupied with tenants. Gross
Annual Income: $42,706. Annual Expenses:
$12,350. Net Operating Income: $30,356.
New Pictures to follow.
LOCATION DESCRIPTION
Centrally located off Drew St in a quiet cul de sac
SITE DESCRIPTION
Beautiful building with plenty of parking per unit.
Centrally located off Drew St in a quiet cul de sac. Drew
to right on Tulane Ave on the west side
INTERIOR DESCRIPTIONDrywall
TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
PROPERTY DESCRIPTION
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 1 • PROPERTY INFORMATION
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SALE HIGHLIGHTS
• Upside Potential to Increase Rents and
Returns
• Updated 4 units
• Granite Counter tops
• Upgraded kitchens and baths
• Upgraded Floor coverings
• All units occupied
TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
COMPLETE HIGHLIGHTS
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 1 • PROPERTY INFORMATION
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TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
ADDITIONAL PHOTOS
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LOCATION INFORMATION
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 2 • LOCATION INFORMATION
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TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
REGIONAL MAP
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 2 • LOCATION INFORMATION
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TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
LOCATION MAPS
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 2 • LOCATION INFORMATION
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220 Tulane Ave
TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
AERIAL MAPS
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 2 • LOCATION INFORMATION
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TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
RETAILER MAP
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FINANCIAL ANALYSIS
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 3 • FINANCIAL ANALYSIS
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INVESTMENT OVERVIEW
Price $525,000
Price per Unit $131,250
GRM -
CAP Rate 5.8%
Cash-on-Cash Return (yr 1) 5.78 %
Total Return (yr 1) $30,356
Debt Coverage Ratio -
OPERATING DATA
Gross Scheduled Income -
Other Income -
Total Scheduled Income $3,895
Vacancy Cost -
Gross Income $42,706
Operating Expenses $12,350
Net Operating Income $30,356
Pre-Tax Cash Flow $30,356
FINANCING DATA
Down Payment $525,000
Loan Amount -
Debt Service -
Debt Service Monthly -
Principal Reduction (yr 1) -
TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
FINANCIAL SUMMARY
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 3 • FINANCIAL ANALYSIS
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INCOME SUMMARY
Other Income $0Rental Income $3,895
Gross Income $3,895
EXPENSE SUMMARY
Utilities (Water/Sewer) $0Laundry Room Electric $0Repairs and
Maintenance $3,432Management $0Property Tax $6,722Insurance
$2,196
Gross Expenses $12,350
Net Operating Income $30,356
TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
INCOME & EXPENSES
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 3 • FINANCIAL ANALYSIS
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UNITNUMBER
UNITBED
UNITBATH
UNITSIZE (SF)
LEASESTART
LEASEEND
CURRENTRENT STATUS LENGTH
1 2 1 915 9/1/18 8/31/19 $950 Leased annual
2 2 1 915 2/1/19 1/31/20 $975 Leased annual
3 2 1 915 3/1/19 2/29/20 $995 Leased annual
4 2 1 915 9/1/18 8/31/19 $975 Leased annual
Totals/Averages 3,660 $3,895
Actual Gross Potential Rent* $46,740
Projected Gross Potential Rent** $0
*Actual Gross Potential Rent is based on current
rents.**Projected Gross Potential Rent is based on market
rents.
TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
RENT ROLL
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Monthly Rent Gross 12
Months
Maintenance Taxes Insurance Total Expenses Net 12 Months
Tulane 1 950 11400 2234
Tulane 2 975 9000 164
Tulane 3 995 11140 500
Tulane 4 975 11166 534
Tulane Total 3,895 42706 3432 6722 2196 12350 30356
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 3 • FINANCIAL ANALYSIS
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POPULATION 1 MILE 3 MILES 5 MILES
Total population 13,117 116,541 235,609
Median age 38.6 43.7 46.1
Median age (Male) 38.1 42.8 44.7
Median age (Female) 39.0 44.0 47.0
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total households 4,491 48,566 104,285
# of persons per HH 2.9 2.4 2.3
Average HH income $53,594 $52,740 $55,407
Average house value $209,876 $198,024 $203,468
* Demographic data derived from 2010 US Census
TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
DEMOGRAPHICS MAP & REPORT
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ADVISOR BIOS
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 4 • ADVISOR BIOS
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PROFESSIONAL BIOGRAPHY
Frank Grimaldi, Sr. is the Founder and CEO of Grimaldi
Commercial Realty Corp.and a pillar of the Tampa Bay Community. He
started Grimaldi CommercialRealty Corp. in 1975. With over 40 years
as a commercial Broker, he hasexperience in every aspect of
commercial real estate including specializing in:
• Creative Seller Financing• Sales & Leasing• Asset
Management• Multi Million Dollar Transactions• Land & Community
Development• Value Analysis• Economic/Urban Development• Retail•
Office• Industrial• Multi-family
Being in the Tampa Bay market market for over 40 years, Frank
has a vastnetwork of contacts allowing him access to clients
purchasing a variety range ofcommercial property types and price
points. His experience has allowed him tosuccessfully weather
numerous turbulent economies and community changes.Frank takes a
hands-on approach to all projects. His philosophy has kept
thecompany successfully growing and has empowered him to be one of
the mosttrusted names in the Tampa Bay Commercial Real Estate
market.
FRANK GRIMALDI, SR.
Founder/CEO
TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
FOUNDER/CEO BIO
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Grimaldi Commercial Realty Corp • 115 W Bearss Ave • Tampa, FL
33613 • 813.882.0884grimaldicommercialrealty.com
SECTION 4 • ADVISOR BIOS
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115 W Bearss AveTampa, FL 33613T 813.882.0884C
[email protected] #BK3076744
PROFESSIONAL BACKGROUND
Kari Grimaldi is a Managing Broker/President of Grimaldi
Commercial Realty Corp. andcommercial real estate expert. Kari has
quickly climbed the ranks of who’s who inTampa Bay Area Commercial
Real Estate to become a Top Producer. Learning & joiningthe
family business at an early age, Kari understands the importance of
networkingand building relationships, and has accumulated 20+ years
of experience and in-depthknowledge to execute and navigate
commercial real estate transactions for Sellers,Buyers, and
Landlords/Tenants from inception to closing. Kari has an extensive
resumewith some of the highlights listed below:
Areas of Expertise:Office and Build to Suit Sales &
LeasingMedical Office Sales & LeasingResale & Leasing of
Office ParksRetail Sales & LeasingIndustrial Sales &
LeasingMulti family InvestmentsSingle NNN National InvestmentsLand
& Commercial DevelopmentForeign Investors & Investment
SpecialistSeller Finance and Creative Financing1031 & Reverse
ExchangesShort Sales & Distressed/Bank-owned assets
As a commercial real estate owner and investor herself, she
knows first hand how toguide others through the process, and
negotiate and close transactions successfully.Kari has a vast
portfolio of closed transactions in all sectors of the commercial
market,and is a multi-million dollar sales producer.
EDUCATION
A Florida native, Kari earned her Bachelors at University of
Florida in Management andPsychology, and a Masters at University of
South Florida. A consummate professional,Kari is continually
educating herself on the latest economic and market trends
withcontinuing education, seminars and networking.
MEMBERSHIPS & AFFILIATIONS
Member of NAR, FAR, and FGCAR- Association of RealtorsREIC
Member- Real Estate Investment CouncilCCIM Candidate- Certified
Commercial Investment MemberICSC Member- International Council of
Shopping Centers
KARI L. GRIMALDI/ BROKER
President/ Broker
TULANE AVE 4 UNIT MULTIFAMILY220 Tulane Ave, Clearwater, FL
33765
ADVISOR BIO & CONTACT 2
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