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Double Eagle Apartments 1050 Wayne Ave

37 Unit Block of Flats £5,355,444 (£144,742/Unit) 6.63% Net Initial Yield New Smyrna Beach, FL 32168

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Investment Highlights

Current ownership will agree to hold $1MM at 6% interest rate which will run concurrently with their mortgage
Less than $1.5MM needed for potential acquisition
Existing 0.15 acre concrete slab which could be utilized for additional units or common area amenities

Assumable Fannie Mae Loan with seven years remaining at 4.9% interest rate
Nearly $150,000 of capital expenditures invested within the last few years
Six 2-story buildings with a centrally located pond situated on 4.14 acres

Executive Summary

Double Eagle is a 37-unit Class B apartment community located in New Smyrna Beach, Florida. The asset was constructed in 1980 with frame construction on concrete slab. The community consists of 37 units with a favorable unit mix of (24) two bedroom/one bathroom units and (13) three bedroom/two bathroom units that average nearly 1,100 square feet each. The community is situated on approximately 4.14 acres with a centrally located pond.
Double Eagle’s average in-place rent is approximately 15% under market values with the opportunity to elevate both organically and through light interior upgrades. The community is being offered to the market with an assumable loan from Fannie Mae. The loan has multiple years remaining at below market interest rate.
Double Eagle offers a rare opportunity to acquire a well-maintained asset in an irreplaceable neighborhood setting within New Smyrna Beach.
Please contact Andrew Green (Andrew.Green@foundrycommercial.com) to discuss the offering.

Offering Memorandum
Operating and Financials

Property Facts Under Contract

Price	£5,355,444	Building Class	C
Price Per Unit	£144,742	Lot Size	4.14 AC
Sale Type	Investment	Building Size	32,407 SF
Net Initial Yield	6.63%	Average Occupancy	97%
No. Units	37	Number of Floors	2
Property Type	Residential	Year Built/Renovated	1980/2019
Property Subtype	Apartment	Parking Ratio	1.88/1,000 SF
Apartment Style	Garden

Price	£5,355,444
Price Per Unit	£144,742
Sale Type	Investment
Net Initial Yield	6.63%
No. Units	37
Property Type	Residential
Property Subtype	Apartment
Apartment Style	Garden
Building Class	C
Lot Size	4.14 AC
Building Size	32,407 SF
Average Occupancy	97%
Number of Floors	2
Year Built/Renovated	1980/2019
Parking Ratio	1.88/1,000 SF