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

9 A PARTMENT U NITS
A DMIRAL ' S C LUB
2615 Lake Drive
Riviera Beach, FL 33404

OFFERING SUMMARY
Listed by:
INVESTMENT HIGHLIGHTS Price $2,500,000
Down Payment (100%) $2,500,000 BILL B. KOHLHEPP

Multi-Unit Intracoastal Waterfront Units 9
Property with 75 Feet of Water frontage Senior Associate
Price Per Unit $277,778 Tel: (954) 245-3457

Two Buildings with Eight Units and a Rentable SF 8,600 Fax: (954) 446-9308
Two-Bedroom, 1.5 Bath, One-Car Price Per SF $290.70 Bill.Kohlhepp@marcusmillichap.com
Garage Single-Family Home on the Year Built 1954
Water Lot Size .45 Acre WILLIAM J. BERTHIAUME

Five Deep-Water Boat Slips (18 Feet of Cap Rate - Current 3.04% Associate
Depth at Low Tide) Extending 145 Feet Cap Rate - Pro Forma 5.77% National Multi Housing Group
and Can Slip Large Vessels GRM - Current 15.01 Tel: (954) 245-3507
GRM - Pro Forma 8.37 Fax: (954) 245-3410

Less than Five Minutes to Peanut Island
William.Berthiaume@marcusmillichap.com
and the Atlantic Ocean

Closest Crossing Point to the West End
of the Bahamas from the USA

One of the Few Remaining Properties
That Have Not Been Purchased or
Redeveloped

Seller Financing Available

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: Q0240022 Property ID: 1632691)
 2615 L AKE DRIVE • RIVIER A BEAC H, FL 33404

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

6 2Bdr 1Bath 800 $1,700-$2,500 $2.63 $11,328 $1,700-$3,600 $3.31 $14,950

1 3Bdr 2Bath 1,600 $1,800 $1.13 $1,800 $2,500-$5,400 $2.47 $3,738
1 Efficiency 1Bath 400 $750 $1.88 $750 $900-$2,000 $3.63 $1,358
1 2Bdr 1.5Bath 1,800 $1.88 $4,000-$6,000 $2.78 $4,833

9 Total 8,600 $13,878 $24,879

OPERATING DATA
INVESTMENT OVERVIEW INCOME CURRENT PRO FORMA
Admiral's Club offers a buyer the opportunity to own an Gross Potential Rent $166,536 $298,548
outstanding waterfront property with multiple units, a single- Other Income 30,600 36,000
Gross Potential Income $197,136 $334,548
family home and five deep water boat slips with direct ocean
Less: Vacancy/Deductions (GPR) (30.0%) 49,961 (30.0%) 89,564
access through the Lake W orth Inlet. The asset is located Effective Gross Income $147,175 $244,984
on Singer Island, the gem of Palm Beach County, South Less: Expenses 71,202 100,699
Florida, about 5.4 miles from W est Palm Beach. Net Operating Income $75,973 $144,284

The property is currently operated as a hotel/motel with an

owner-occupied house on-site. The current NOI of about
$76,000 has a significant upside potential by renting out the
single-family house (currently occupied by the owner and
generating no income) and by bringing the seasonal and off- Listing Office:
season rents to market. Our pro forma has calculated to an
NOI of about $144,000 at 70 percent occupancy. 5900 North Andrews Avenue
Additionally, there are currently five boat slips on the new
EXPENSES Suite 100
Real Estate Taxes $32,802 $45,000 Ft. Lauderdale, FL 33309
docks with potential for more. This irreplaceable waterfront
Insurance 15,000 15,000 Tel: (954) 245-3400
property is not a “CAP rate transaction” since the property’s Utilities - Electric, Water 16,200 16,200 Fax: (954) 245-3410
potential is currently not utilized and a HABU (Highest and Repairs & Maintenance 6,000 8,600
Best Use) study will determine the direction of one’s Licenses 300 300 www.marcusmillichap.com
investment strategy with capital improvements or Submerged Land Lease 600 600
Management Fee 0 12,249
redevelopment leading to the highest return on investment.
Advertizing 300 500
Reserves & Replacements 0 2,250
The property is offered at $2.5M - a bargain price for a Total Expenses $71,202 $100,699
visionary investor. Expenses per Unit $7,911 $11,189
Expenses per SF $8.28 $11.71
% of EGI 48.4% 41.1%

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: Q0240022 Property ID: 1632691)