1221 SE 9th Terrace, Cape Coral, FL 33990
This property is in one of only a few Cape Coral zoned commercial industrial property districts.
While it is an older building (constructed in 1973), it was subject to a major upgrade in 2011 in order for the main tenant to comply with the fit out requirements of a national car body repair franchise.
On a relatively small parcel of 0.73 acres, the site is improved by a single story three-tenant metal building offering a total of 19,680 square meters of gross lettable area. The price paid per square foot is $35.06, which is substantially less than replacement value.
The property is expected to provide immediate cash flow as it is 100% leased as at purchase date. It is across the road from 1013 SE 12th Avenue.
Property / Financial Information:
Disclaimer: Information provided about forecast annual net cash flow and cash on cash returns are derived from unaudited financial projections. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Responsible Entity. The Responsible Entity cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements.
|Acquisition date||11 July 2014|
|Contract purchase price||$690,000|
|Original listed price||$715,000|
|Discount to listing price||$25,000|
|Independently appraised price||$700,000|
|Estimated Insurance Replacement Cost||$1,180,800|
|Occupancy at purchase date||100%||Appraisal date and appraiser||4 July 2014
Diversified Appraisal, Inc.
|Finance terms||All cash|
|Gross Building Area||19,680 sq ft (1,828 sq mtrs)|
|Land size||32,000 sq ft (2,972 sq mtrs)|
|At purchase estimated net operating income||$61,894|
|At purchase estimated cap rate||8.72%|
|At purchase estimated cash on cash return||8.72%|
Currency: All numbers are shown in USD. Returns shown have not been translated into Australian dollars as the exchange rate varies. A AUD:USD exchange rate below AUD1:USD1 will increase the percentage return. A AUD:USD exchange rate in excess of AUD1:USD1 will decrease the return.
Management costs: Returns shown above include US management costs, but exclude the management fee charged by the Responsible Entity (1.98% per annum of Gross Assets).
Returns: Returns prior to the property being stabilized are expected to be lower than those forecast above as once off due diligence costs are absorbed, and as less income is received from vacancies as at purchase date. Unless otherwise noted, properties are expected to be stabilized within 12 months of acquisition.
More information on key terms:
|Net operating income:||Operating income – operating expenses|
|Capitalization rate:||(Net operating income ÷ Purchase price) × 100|
|Cash on Cash return:||(Annual cash back ÷ Cash down) × 100|
|At purchase capitalization rate:||Using unaudited management forecasts, the estimated capitalization rate at purchase date.|
|At purchase cash on cash return:||Using unaudited management forecasts, the estimated cash on cash return at purchase date.|