FOR SALE 36 UNITS (35 units + 1/1 office)

(1)

FOR SALE

36 UNITS

(35 units + 1/1 office)

Southgate Apartments

675 W Pensacola Street

Tallahassee, FL 32304

(2)

E x e c u t i v e S u m m a r y

One of the best locations in Tallahassee, Southgate Apartments is right smack in the midst of FSU

campus, is less than a half mile walk to the stadium, less than a half mile walk to the core of The

State Capital, and walking distance to numerous eateries and jobs. The current configuration is 34

one bedrooms ranging from 500-600 SF, one 2 bedroom 2 bath (unit 18), and an office (unit 19)

that was formerly a one bedroom. Unit 18 picked up the second bedroom by taking unit 19’s

bedroom. The new buyer would convert the office back to a one bedroom, thus turning unit 18

back in to a one bedroom for a total of 36 one bedrooms.

Built in 1964, this concrete block, two-building asset has a brand new pitched shingle roof installed

in 2020 as well as new exterior paint and asphalt parking lot. Tenants pay electric and landlord

pays water and sewer. There is an on-site laundry room and maintenance closet. The operating

costs for the property are exceptionally low because there is no landscaping, amenities, or

common area air-conditioned spaces to maintain. In addition, each unit has Amana heating and

cooling wall units and are less than $1,000 each to replace when needed, further keeping capital

expenses low.

The Opportunity: There are numerous rent comps in the immediate submarket ranging from

$750-950/month for one bedrooms with an average of over $800/month. The subject property

averages only $559/month. While a few units have had some updating done, no units have been

fully remodeled. This is a true value-add opportunity to renovate units for much higher rents.

Lastly, due to its proximity to FSU, FAMU, the Capital, and dense workforce in the immediate area

the units can be leased to students, professionals, or both.

(3)

C a m p u s M a p

Dodd Hall Williams Bldg Diffenbaugh Bldg Westcott Bldg Bryan Hall Broward Hall Gilchrist Hall Landis Hall Johnston Hall Reynolds Hall Dorman Hall Deviney Hall Azalea Hall Magnolia Hall Police Dept Wildwood Hall Traditions Hall Ragans Hall Success Ctr Mendenhall Bldg Leach Recreation Ctr HCB Classroom Bellamy Bldg Strozier Library Thagard Bldg Earth, Ocean Sciences Dept of Biochemistry Salley Hall West Dining College of Medicine Psychology Dept Life Sciences Hoffman Lab Fisher Hall Fine Arts Bldg Law Library Civic Center Basketball Training Facility Dunlap Training Facility Doak Campbell Stadium

(4)

P r o p e r t y A e r i a l

W Pensacola St.

W Saint Augustine St.

W Lafayette St.

(5)

M a r k e t A e r i a l

W Pensacola St.

G

ay

St.

W Saint Augustine St.

W Lafayette St.

W Jefferson St.

721 Lafayette St 12 UNITS Park Lafayette 12 UNITS Eight O Eight 40 UNITS Lafayette Apts 20 UNITS Lofts on Gaines 24 UNITS Stadium View 16 UNITS The NINE 438 BEDS The Edge 413 BEDS The Axis 128 BEDS College Town 337 BEDS

W Madison St.

The Flex 340 BEDS

W Gaines St.

The Court 260 BEDS Catalyst 402 BEDS 301 Copeland 279 BEDS College Place 219 BEDS Villa Frenzee 36 BEDS The Deck 349 BEDS Lafayette Street 12 UNITS

Market

Student

The Eclipse 140 BEDS Elements 296 BEDS Places on Lorene 120 BEDS

(6)

P r o p e r t y & A r e a D e t a i l s

Garden Masonry Concrete Block 2020 pitched shingle 36 1 BR/1 BA - 500 SF +/-Leon 21-13-20-797-000 Style Construction Exterior Roof No of Units Avg Unit Size County Parcel #s CONSTRUCTION

D E M O G R A P H I C S

1-Mile:

19,742

3-Mile:

101,404

5-Mile:

171,772

Population

1-Mile:

$16,790

3-Mile:

$30,193

5-Mile:

$38,228

Median Income

1-Mile:

73.6%

3-Mile:

63.7%

5-Mile:

56.7%

Renter Occupied Units Electric Water Sewer UTILITIES Tenant Landlord Landlord Electrical Plumbing OTHER Copper

Galvanized Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri

forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography.

(7)

(8)

(9)

(10)

R e n t C o m p a r a b l e s

1

2

4

3

759 Apartments 759 Basin Street Tallahassee, FL 32304 Park Avenue 638-648 E Park Avenue Tallahassee, FL 32301

4

2

A University View 445 Conradi Street Tallahassee, FL 32304

1

Villa Capri 1819 W Pensacola St Tallahassee, FL 32304

3

5

6

7

Midtown Place 415 N Gadsden Street Tallahassee, FL32301

7

Century Parc 310 Blount Street Tallahassee, FL 32301

6

Florida Towers 472 W Jefferson St Tallahassee, Fl 32301

5

(11)

Villa Capri – 1819 W Pensacola Street

1

A University View – 445 Conradi Street

2

S o u t h G a t e A p a r t m e n t s Subjec t P ro pe rt y Year Built # of

Units Unit Size SF Rent/Unit 1969 16 1 BR/1 BA 700 $769

Year Built

# of

Units Unit Size SF Rent/Unit 1968 56 1 BR/1 BA 554*

$750-$800 Year

Built

# of

Units Unit Size SF Rent/Unit 1964 35+1 1 BR/1 BA 500 $559

~also has 29 - 2 BR/1 BA

~also has 5 studios & 1 - 2 BR/1BA*average for all floor plans A 1 BR/1BA currently serves as office

(12)

3

4

S o u t h G a t e A p a r t m e n t s Subjec t P ro pe rt y

Park Avenue – 638-648 E Park Avenue

Year Built

# of

Units Unit Size SF Rent/Unit 1950 24 1 BR/1 BA 850 $848* *Rent is estimate from CoStar

759 Apartments – 759 Basin Street

Year Built

# of

Units Unit Size SF Rent/Unit 1967 40 1 BR/1 BA 580 $819 Year

Built

# of

Units Unit Size SF Rent/Unit 1964 35+1 1 BR/1 BA 500 $559 A 1 BR/1BA currently serves as office

(13)

5

6

Florida Towers – 472 W Jefferson Street

Year Built

# of

Units Unit Size SF Rent/Unit 1968 54 1 BR/1 BR 690 $825 Year

Built

# of

Century Parc – 310 Blount Street

Year Built

# of

Units Unit Size SF Rent/Unit 1971 11 1 BR/1 BA 665 $925 ~also has 6 2 BR/1 BA, 12 2 BR/2BA, 8 3 BR/2 BA

(14)

7

Midtown Place – 415 N Gadsden Street

Year Built

# of

Units Unit Size SF Rent/Unit 1969 24 1 BR/1 BA 700 $950 ~also has 13 2 BR/2 BA, 16 3 BR/3 BA

Year Built

# of

(15)

S a l e C o m p a r a b l e s

1

2

3

4

5

La Mediterranean 119 Cadiz St Tallahassee, FL 32301

4

Town Tallahassee 302 E Georgia St Tallahassee, FL 32301

3

Lafayette Apartments 608 W Lafayette St Tallahassee, FL 32304

2

Hayden Villas 410-414 Hayden Rd Tallahassee, FL 32304

1

Lipona Villas 110 Lipona Rd Tallahassee, FL 32304

6

The Edge at 401 401 W Park Ave Tallahassee, FL 32301

6

(16)

Lipona Villas – 110 Lipona Road

Hayden Villas – 410-414 Hayden Road

Year Built # of Units Sold Price Price/Unit Date Sold 1973 11 $825,000 $75,000 Apr 2020

2

1

Year Built # of Units Sold Price Price/Unit Date Sold 1968 16 $1,440,000 $90,000 Jul 2020 Year Built # of Units Target Price Price/Unit

1964 36 $3,100,000 $86,111 S o u t h G a t e A p a r t m e n t s Subjec t P ro pe rt y

(17)

Lafayette Apartments – 608 W Lafayette Street

Town Tallahassee – 302 E Georgia Street

Year Built # of Units Sold Price Price/Unit Date Sold 1965 18 $1,725,000 $95,833 Sept 2019

4

3

Year Built # of Units Sold Price Price/Unit Date Sold 1964 20 $2,100,000 $105,000 Jan 2020 Year Built # of Units Target Price Price/Unit

(18)

La Mediterranean – 119 Cadiz Street

5

Year Built # of Units Sold Price Price/Unit Date Sold 1967 18 $1,537,500 $85,417 Dec 2019 Year Built # of Units Target Price Price/Unit

The Edge at 401 – 401 W Park Avenue

Year Built # of Units Sold Price Price/Unit Date Sold 1972 40 $3,395,000 $84,875 Nov 2020

(19)

You have indicated an interest in purchasing (Southgate Apartments at 675 W. Pensacola St. in Tallahassee, FL) "Property" from its respective Owner(s).

The Owner(s) is willing to discuss a possible sale of the Property with you and will furnish to you certain documentation and information requested by you, from time to time, in connection with the Property which the Owner deems appropriate to furnish to you ("Documentation"). However, the Documentation shall be furnished to you with the express understanding that the following shall apply:

(1) Any Documentation delivered to you shall be used by you and your employees and agents for internal purposes only in order to permit you to analyze the prospective purchase of the Property; (2) No copies will be made of any Documentation without the express written consent of the Owner; (3) None of the Documentation, or information contained therein, or knowledge derived there from shall be disclosed to any third party unless such disclosure is consented to, in advance and in writing, by the Owner and such party agrees to be bound by the terms of this letter; furthermore you will be responsible for the failure of any related party to maintain the terms of this agreement; (4) If you do not purchase the Property, then all Documentation furnished to you shall be returned or destroyed; (5) The conditions of this letter are not intended to and shall not cover any information which is generally known within the real estate industry or which is public knowledge; (6) You are acting as a Principal in this transaction and not a wholesaler or an agent of or acting on behalf of any other party; (7) You or your staff will not contact anyone at the property without written permission from Beau Beery Multifamily Advisors or Owner; (8) The information provided in this Offering, including all attachments, is believed by the Owner and Broker to be accurate, but no representation, warranty or guaranty is being made by the Owner or Broker with respect to such information or other information that may be provided. The information is subject to errors, omissions and changes, and the Owner and Broker are under no obligation to update any of the information in case of any change. This information is being provided as part of an invitation for offers, and nothing contained herein shall constitute an offer by the Owner. Any offer received by the Owner and Broker shall be subject to the acceptance by the Owner of the price and all other terms and conditions and the execution of a formal contract for sale and purchase.

(20)