Wholesaling Commercial Property

[Jeremy Cohen]

Hey BP,

Hope all is well! 

I realize you are a very busy and you have a lot on your plate.

Your time is your most valuable asset you have and I respect that.

I thought I'd personally reach out & see if anyone could assist with analyzing this deal. 

I wouldn't want to waste it or interfere with your schedule.

I certainly don’t mean to intrude, but I've found a commercial property here I'd like to wholesale to a developer.

I wanted to ask you a few quick questions. 

Here is the information:

Asking Price: $6,250,000.

I prepared a summary of the main characteristic of site for your convenience. On the other hand, knowing which plan you or your clients have for this location will be very helpful to me to aid you achieve the project’s objectives.

Executive Summary

The property comprises of a single irregular shaped parcel with 352,099 sq. ft. (8.08 acres). The property is improved with a hotel complex. The first building is 127,831 GSF (109,558 ESF) built in 1970 with 160 hotel rooms, reception, boutique, gym, meeting rooms, restaurant, banquet kitchen, and indoor atrium area with pool. The building is in average condition with some deferred maintenance required. In addition there is a four story hotel building built in 1972 with an additional 103 rooms with a total of 43,875 GSF (40,584 ESF)

Location: 820 E. Bush Blvd, Tampa, FL 33612

Hillsborough County Folio# 098889-0000

Neighborhood Description: The subject is located at the intersection of Highway I-275 and E. Busch Blvd in the Sulphur Springs/USF neighborhood of the City of Tampa

FAR: up 1.50

Total Construction up to: 522,720 sqft

Zoning: CI – Commercial Intensive (This district provides areas for intense commercial activity, permitting heavy commercial and service uses)

Land Use: TF25 – Nebraska Ave

Property Use: 3923 – Limited Service Hotel

Flood Zone: Zone X – FIRM Map Number 12057C0212H, Effective Date: August 28, 2008

Zoning

CI – Commercial Intensive – City of Tampa

This district provides areas for intense commercial activity, permitting heavy commercial and service uses. Minimum lot size is 10,000 square feet. Maximum FAR is 1.0-1.5. Maximum height is 45 feet.

BUSCH GARDEN PARK: 2 miles away and direct access from Busch Blvd. Visitors per year: More than 3,000,000

INTERNATIONAL AIRPORT TAMPA: 7 miles away. Visitors per year: 8,000,000

Currently implementing expansion and modernization process to bring more than 18,000,000 visitors per year

PORT OF TAMPA: 7 miles away. #1 in heavy cargo and received Cruise Ships with more than 1,000,000 passengers

UNIVERSITY OF SOUTH FLORIDA (USF). 3 miles away

Students: 48,000 Annual Budget: $1,500,000,000

Utilities

All utilities are available to the site including; City sewer, water, garbage, electricity, telephone, cable, police and fire services.

Ingress/Egress

Vehicle access is available from east bound Busch Blvd, south bound Nebraska Avenue and potentially from Wilma Street.

Topographical Features/Influences

The subject site is flat and at street grade.

Frontage

The property has approximately 350’ frontage on Busch Blvd and 264’ frontage on

Nebraska Avenue.

Flood Zone Determination

Zone X – FIRM Map Number 12057C0212H, Effective Date: August 28, 2008 “The areas of minimal flood hazard, which are outside the SFHA and higher than the elevation of the 0.2-percent-annual-chance flood”

HILLSBOROUGH COUNTY MARKET AREA

GENERAL AREA DESCRIPTION:

The subject property is located in the Sulphur Springs/USF neighborhood of the City of Tampa in Hillsborough County in close proximity to Busch Gardens theme park.

Hillsborough County which, along with Pinellas, Pasco, Polk, Manatee, Sarasota and Hernando Counties, comprises the greater Tampa Bay Area. The estimated total population as of April 1, 2010 was 4,238,736 million, estimated to reach 4,569,642 in 2015 – a projected 7.8% growth between 2010-2015.

The Bay Area has easy access to local, national, and international markets due to a good transportation system, a major international airport, and deep-water port with access to the Gulf of Mexico. The Tampa/St. Petersburg/Clearwater area is known for its fine quality of life, recreational activities, and progressive community business atmosphere.

It is part of an area sometimes referred to as the Sunbelt, which extends into the Orlando area and contains numerous vacation attractions, including Disney World, Sea World, Busch Gardens, and beach area resorts.

Hillsborough County is geographically located midway along the west coast of Florida. The county’s boundaries encompass 1,048 square miles of land and 24 miles of inland

water for a total of 1,072 square miles. The unincorporated area encompasses 931 square miles or 87 percent of the total area. The municipalities of Tampa (the county seat), Temple Terrace and Plant City account for the remaining 141 square

miles.

Florida taxes and incentives are designed to provide the best business investment opportunity possible for its developing indigenous businesses and for those seeking expansion opportunities. Its attractive tax structure, a legislative and regulatory climate conducive to economic activity, incentives, finance and business assistance programs, low occupancy and construction costs and adequate space in which to expand are all fueling the accelerated growth. Florida’s economy remains one of the healthiest in the nation.

There are no personal income or personal property taxes, and as of 2008, the first $50,000 of assessed valuation of an owner occupied homestead is exempt from real property taxes, less local School Taxes.

Any guidance would be appreciated. 

Thanks!