E X C L U S I V E M U L T I - F A M I L Y O F F E R I N G

31 A PARTMENT U NITS
P URDY P INES
54th Trail South
West Palm Beach, FL 33415

OFFERING SUMMARY
Price $1,975,000
INVESTMENT HIGHLIGHTS Down Payment (30%) $592,500

31 Units: 29 Two-Bedroom/Two-Bath Loan Amount $1,382,500
and Two Three-Bedroom/Two-Bath Loan Type Proposed New

Very Well Maintained Interest Rate/Amortization/Term 6.500%/30 Years/30-Year
Units 31

Long-Term Tenants in Place Price Per Unit $63,710

New Roofs, Appliances, Carpet and Rentable SF 28,300
Paint Price Per SF $69.79

Elementary School Next Door Year Built 1990
Lot Size 3.93 AC Listed by:

Close Proximity to Grocery Stores, Cap Rate - Current 8.20%
Wellington Mall, Okaheelee Park, PBI Cap Rate - Pro Forma 10.49% WILLIAM J. BERTHIAUME

Perimeter of Property Fenced GRM - Current 6.54 Associate
GRM - Pro Forma 5.71 National Multi Housing Group
Net Cash Flow After Debt Service - Current 9.63% Tel: (954) 245-3507
Net Cash Flow After Debt Service - Pro Forma 17.27% Fax: (954) 245-3410
Total Return - Current 12.24% License: FL SL 3097618
Total Return - Pro Forma 19.88% William.Berthiaume@marcusmillichap.com

Offices Nationwide Listing Office: 5900 North Andrews Av enue, Suite 100 www.marcusmillichap.com
F t . L au d er d al e, F L 33309 • T el : ( 954) 245- 3400 F ax: ( 954) 245- 3410

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must
verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2009 Marcus & Millichap
(Activity ID: P0240257 Property ID: 1625647)
 54TH T RAIL SOUT H • WEST PALM BEAC H, FL 33415

UNIT MIX
No. of Unit Approx. Current Rents Average Monthly Pro Forma Average Monthly
Units Type Square Feet Rent/SF Income Rents Rent/SF Income

4 2Bdr 2Bath Flat 900 $750 $0.81 $3,000 $925 $1.03 $3,700
9 2Bdr 2Bath Flat 900 $800 $0.83 $7,200 $925 $1.03 $9,250
3 2Bdr 2Bath Flat 900 $725-$825 $0.86 $2,325 $925 $1.03 $2,775
13 2Bdr 2Bath Flat 900 $850 $0.89 $11,050 $925 $1.03 $11,100
2 3Bdr 2Bath Flat 1,100 $800 $0.75 $1,600 $1,000 $0.84 $2,000

31 Total 28,300 $25,175 $28,825

OPERATING DATA
INVESTMENT OVERVIEW INCOME CURRENT PRO FORMA
This is a great opportunity to own 31 units in W est Palm Gross Potential Rent $302,100 $345,900
Beach, Florida which is the center of Palm Beach County. Other Income 465 465
Gross Potential Income $302,565 $346,365
The property consists of 31 units on 54th Trail South which
Less: Vacancy/Deductions (GPR) (7.0%) 21,147 (5.0%) 17,295
encompasses the entire private and gated street. The units Effective Gross Income $281,418 $329,070
and grounds are extremely well kept and in pristine Less: Expenses 119,490 121,873
condition. Many units are under annual leases that can go Net Operating Income $161,928 $207,198
up in pricing (inferior units on other streets rent at $900- Debt Service 104,860 104,860
Debt Coverage Ratio 1.54 1.98
$1100 per month). Currently units in Purdy Pines are rented
Net Cash Flow After Debt Service 9.6% $57,068 17.3% $102,337
at an average of $800 per month. Principal Reduction 15,453 15,453
Total Return 12.2% $72,521 19.9% $117,790
Many of these units have new roofs, paint, carpet, nice tile
and carpet flooring, great kitchens and many of them have Listing Office:
new appliances. All units are separately metered for
electric and water. Each unit also has its own central heat 5900 North Andrews Avenue
and air units with many of them being in newer condition or
EXPENSES Suite 100
Real Estate Taxes $41,270 $41,270 Ft. Lauderdale, FL 33309
having new compressors. There are also long-term tenants
Insurance 23,250 23,250 Tel: (954) 245-3400
and all new tenants come with an annual lease agreement. Utilities 7,626 7,626 Fax: (954) 245-3410
License 140 140
Repairs, Maintenance & Cleaning 23,142 23,142 www.marcusmillichap.com
Advertising 2,241 2,241
Management Fee 14,071 16,454
Reserves & Replacements 7,750 7,750
Total Expenses $119,490 $121,873
Expenses per Unit $3,855 $3,931
Expenses per SF $4.22 $4.31
% of EGI 42.5% 37.0%

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must
verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2009 Marcus & Millichap
(Activity ID: P0240257 Property ID: 1625647)