Profitable Gym w/ Beach Real Estate
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1 Profitable Gym w/ Beach Real Estate Owner Financing Negotiable Terms 400 Atlantic Blvd, Neptune Beach, FL Price: Lease Rate: $1,400,000 (only $60 PSF) Includes RE, Business and FF&E $6 PSF NNN 1st Year Includes: Rare 22,700 SF building at the Beaches. 4 blocks from the ocean 2,800 members 20 year old business $200,000 in equipment Contact: Alan Dickinson Yes, it does sound too good to be true. So call me to verify! Fly here and you will retire here...
2 1. Executive Summary 2. Investment Analysis 3. Aerial View 4. Exterior Photos 5. Interior Photos 6. First Floor 7. Second Floor 8. Phase 1 9. Appraisal 10. June 2012 Income 11. June 2012 P&L 13. January-July 2012 P&L P&L 17. Equipment List 18. Pro Forma as Office Table of Contents The Property
3 Name Neptune Beach Professional Center (Business and Property) Location, Neptune Beach, FL Parcel Number Brief Legal 21-2S-29E PT GOVT LOT 1 RECD O/R BK Acreage.73 Acres (31,981 SF) Parking 44 Spaces dedicated with unlimited off site parking available at Kmart Year Built 1979, Fully Renovated 2005 Building SF 22,700 SF Value As Is $ PSF ($2,520,000) Market Rent $10.00 PSF Net plus $3.00 PSF Passthrough. Zoning C-3 (Most Intensive) Property Type Office Building (Currently Fitness 2 Story) No. of Stories 2 1st Floor 12,460 SF 2nd Floor 10,280 SF No. of Suites 12 large areas Type of Construction All Concrete Block (even the interior demised walls) Building Value $2,200,000 ( Executive Summary Phase 1 (updated) Ages - Chris, Survey (updated) Boatwright - Tony, ext. 241 Insurance Holmes Organization - Margie, Highlights Replacement, land plus all block construction, including concrete demising walls and completely built out with electric, plumbing, mechanical, sheetrock, doors, and parking should value at $ PSF ($2,274,000) Contact Alan Dickinson, Well Built! Once in a Lifetime Opportunity! 1
4 Investment Analysis This icon property is well built and well located within Neptune Beach s central business district. The 22,700 SF all concrete block building, including the concrete demising walls, would easily cost $ PSF to replace; including the land value, demising walls, bathrooms, electric wiring, mechanical equipment, new roof, and a HVAC system. There is very little office vacancy in Neptune Beach and Atlantic Beach. Occupancies range between 92% and 96%; This area of the beach has the highest occupancy level in the Jacksonville Market. Please call Alan Dickinson at if you have any questions. Must See! 2
5 Aerial View Atlantic Blvd A1A Neptune Beach Central Business District Area Where the affluence is! 3
6 Exterior Photos 4
7 Interior Photos 5
8 First Floor First Floor 6
9 Second Floor Second Floor 7
10 The Phase 1 Phase 1 Available online as a 5.4 MB PDF: 8
11 Further Information on the Appraised Value of the Property Appraisal Available online as a downloadable PDF: 9
12 June 2012 Income June 06/
13 June 2012 P&L 11
14 June 2012 P&L 12
15 January-June 2012 P&L 13
16 January-June 2012 P&L 14
17 2011 P&L 15
18 2011 P&L 16
19 Equipment List Strive QTY. Free Weight QTY. Misc. QTY. Shoulder Press Flat Bench 5 Cable Crossover 2 Incline Press Incline 3 Smith Machine Chest Press Decline 1 T-Bar Row Lat Pull Down Preacher Curl Bench Seated calf Seated Row Life Fitness Treadmill Decline Ab Crunch Leg Press Life Fitness Cross Trainer Squat Rack 3 Leg Curl Military Press Leg Extension Cybex Standing leg Curl Tricep Extension Multi Hip Machine Roman Chair 3 Arm Curl 2 Torso Twist Power Runner Ab Crunch Ab Curl 2 Leg Press 3 Arm Row Hip Adduction Hack Squat Leg Extension Hip Abduction Flat Bench w/ safety rack Leg Press Heavy Bag 2 Seated Leg Curl Speed Bag 2 Seated Leg Extension Stair Master Ab Curl Step Mills 3 Back Machine Life Fitness Arm Curl 9500 Cross Trainers 10 Precor Tricep Extension Step 3 EFX Elliptical Pullover Treadmills 15 EFX Elliptical Fly Cross Trainer 2 EFX Elliptical 546i 4 Chest Press Free Climbers 2 calf raise Recumbent bikes 4 Coby TV's 21 Pull Up /Dip Stand Life Cycles 7 Standard TV's 4 Dip Stand Airdyne 2 Stereos 24 Pull Up & Dip Assist Concept 2 rowers 2 Butt Master Treadwall Versa Climber Nautilus -Ab Crunch Magnum Pec. Fly Body Master Leg Curl Leg Extension Seated Row Chest Press Lateral Raise Shoulder Raise Arm Curl Overhead Tricep Extension Vertical Ab Lat Pulll Down Hammer Strength Leg Extension Leg Press Shrug Deadlift Iso Lateral Incline Press Iso Lateral Wide Chess Press Behind the Neck Press Flat Back Bench Press Extreme Row Pulldown Lateral Rower Arm Curl Seated Dip Promaxima T Bar Row 17
20 Pro Forma As Office 400 Atlantic Blvd Single Tenant Single Tenant SF 22,700 Total Income $13.00 $295, Office Suites Office Suites Leasable SF 17,000 Income Per SF $20.00 Total Income $340, Expenses PSF CAM $1.00 $22,700 Insurance $1.00 $22,700 RE Taxes $1.19 $22,700 Total Expenses $3.19 $72,413 Net Operating Income $223,000 Expenses PSF CAM $1.00 $17, Insurance $1.00 $17, RE Taxes $1.19 $20, Misc. $0.81 $13, Electric $0.48 $10, Janitorial $0.38 $8, Total Expenses $4.00 $86, Less Vacancy 10.00% $29,500 Net Operating Income $254, Actual Net Operating Income $193,500 Less Vacancy 10.00% $34, Value As Is CAP Rate 9.50% $2,000,000 Actual Net Operating Income $220, Replacement $ PSF $2,270,000 Value As Is CAP Rate 9.50% $2,300, Replacement $ PSF $2,270,000 Value Low Value High VALUE Single Tenant to Multi Tenant $2,000,000 $2,300,000 18
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