Saturday, May 10, 2014

Developer's unsold units available for a bulk sale

Nothing really 'new' here these unsold developer's  units have been on the market for years and had a nibble some years ago but the price was to high, as it probably still is.  The units remain available for a bulk sale for $6,840,000. You can see the listing at:

Nautilus Cove Condos
13700 Panama City Beach Parkway, Panama City Beach, FL 32408

$6,840,000  57 Units | Multifamily Property For Bulk Sale
Price:  $6,840,000  No. Units:  57  Building Size:  75,586 SF  
Price/Unit:  $120,000  Property Type:  Multifamily  Property Sub-type: Garden/Low-Rise  Property Use Type:  Investment  Commission Split: 1.5%  Cap Rate: 3.55%  Gross Rent Multiplier: 9.05  Occupancy:  93%  
No. Stories:  2  Year Built:  2007   Parking Ratio: 2 / 1,000 SF  Listing ID:  17468613  Last Updated:  33 days ago (4/7/14)

58% Huge 4 Bedroom/3 Bathroom Units. Huge Resort Pool. Beautiful Club House. Only 8 Blocks to Public Beach. Great Drive By Traffic for Rentals. Huge Potential for Selling as Condos when Market Recovers.

57 beautiful condos in the Nautilus Cove community. These are new construction (not condo conversion) condos with granite counter tops and stainless steel appliances. The mix is 33 four bedroom, three bathroom; 11 three bedroom, two bathroom; and 13 two bedroom, two bathroom. All financial information, building size, lot size and other information in this listing will need to be confirmed by buyer.

Nautilus Cove is located just 8 blocks from a public Gulf of Mexico beach and less then 1 mile from the new Pier Park shopping district. The new international airport is only 12 miles from the property.

Financial Summary
Actual  Year2013
Scheduled Gross Income  $755,849
Effective Gross Income  $605,284
Operating Expenses  $362,528
Net Operating Income  $242,759
Pre-Tax Cash Flow  $242,759