1600 Padre Boulevard

Size: px

Start display at page:

Download "1600 Padre Boulevard"

Kelley Little
5 years ago
Views:

1 OFFERING MEMORANDUM Troy Giles Realty & Management 1

Offered By: Office: 956-761-2040 Mobile: 956-551-2040 Troy W.

Building & Land For Sale LEGAL DESCRIPTION: So Padre Island, Sunny Isles Lot 10-12 Blk 4 LOCATION: 1600 P adre Blvd.

2 Offered By: Office: Mobile: Troy W. Giles TROY GILES REALTY & MANAGEMENT 5813 PADRE BOULEVARD SOUTH PADRE ISLAND, TX PADRE BLVD Location, Location, Location! Building & Land For Sale LEGAL DESCRIPTION: So Padre Island, Sunny Isles Lot Blk 4 LOCATION: 1600 P adre Blvd., South Padre Island, Tx LOT SIZE: 100 x 150 TAX ID: TAXES: $9, INSURANCE: $6, SHOWING INSTRUCTIONS: Long Term Tenants, Call Troy for Appt. LIST PRICE: $785, LISTING AGENT: Troy Giles, (956) Troy@TroyGilesRealty.com Although this information is believed to be accurate, it can not be guaranteed. Price and terms subject to change without notice. Principal Broker: Troy Giles License Number:

00 Tenants pay all utilities. $20 per month is collected for water (there is only one meter).

3 Current Tenants Becky s Place Rent: $1670/month Unique women's boutique while visiting South Padre Island where you will find name brand, high style ladies fashions, apparel, accessories, and jewelry. Ace Tatoo Rent: $1970/month Premier tattoo parlor on South Padre Island. Very popular during peak season and spring break. Total Income from Rent: $3, Tenants pay all utilities. $20 per month is collected for water (there is only one meter). Each renter has agreed to an automatic 6 month extension of each of their leases from the date that a contract has been accepted for this property. All terms and conditions and rental amounts must remain for a 6 month period. A purchaser of this property must agree to these terms in writing 7

4 Property Description PROPERTY FEATURES: Building with land for sale in the heart of South Padre Island Located next to CVS Pharmacy on Padre Boulevard Two long term tenants INCOME: ACE - $1, BECKY S - $1, TOTAL - $3, (X 12 MONTHS) EXPENSE: TAXES - $9, INSURANCE - $6, MAINTENANCE - $ MOWING - $ TOTAL - $15, TOTAL PROFIT: $28,

5 Property Description Space Plan 16

6 DEMOGRAPHIC ANALYSIS 21

7 Demographic Analysis 22

8 Demographic Analysis COMMUNITY PROFILE The following community profile information is intended to help you perform relevant site selection research on Sou Island, Texas, and is intended to serve as a starting point. If you do not find all the information that you need in order to make an informed decision about South Padre Island contact the South Padre Island Economic Development Corporation office and we will be happy to provide you with mation or data that you require. City of South Padre Island - Demographics Summary Estimated Population- # of Inhabitants 5,900 Population 2000 census 2,838 Population growth from 2000 census 22% Median Age 57.7 Average Age 52.0 Number of Households 1,827 Average Household Income $70,096 Per capita Income $36,795 Estimated to be Employed 34.6% Master s or Doctorate Degree Earned 15.2% Bachelor s Degree Earned 18.2% 23

9 Demographic Analysis LOCATION South Padre Island, Texas is located at the eastern edge of Cameron County in the growing Rio Grande Valley of Texas. The Valley consists of four counties. The counties from west to east are Starr, Hidalgo, Willacy and Cameron. Monterrey San Antonio Austin Houston Tampico Dallas Mexico City El Paso Distance to Major Cities 225 miles 285 miles 340 miles 367 miles 336 miles 531 miles 666 miles 815 miles UTILITIES South Padre Island is equipped to supply electrical, water, telephone and other public service needs to industry in the Laguna Madre Area. Electrical service can be obtained from several suppliers ( The Laguna Madre Water District manages water and sewer needs ( ). Telecommunication service is available through AT&T, and industrial waste disposal is provided by Allied Waste ( ). 24

10 Demographic Analysis EDUCATION The Island is within a 90-minute drive of two four-year universities, (University of Texas at Brownsville and University of Texas Pan American), a technical and vocational training program, a university preparatory program and the Marine Military Academy. The children of Island residents are part of the Point Isabel Independent School District. In addition, South Padre Island is home to the University of Texas at Brownsville (UTB) South Padre Island Campus in the old Coast Guard station, and nearby is UTB s Laguna Madre Learning Center at Port Isabel High School. LABOR Low wage costs and high productivity levels characterize the Rio Grande Valley labor force. The local labor force is drawn from the Laguna Madre Area and the surrounding communities of Brownsville and Los Fresnos. The unemployment rate for Cameron County in April 2010 was 10.8% and the unemployment rate for South Padre Island is estimated to be 6.9% The current year estimated per capita income is $36,795, compared to an estimate of $26,410 for the United States as a whole. Major Employers Schlitterbahn Beach Water Park 383 Sheraton South Padre Island Beach Hotel 225 Isla Grand Resort 217 City of South Padre Island 200 Blackbeard's Restaurant 180 Hilton Garden Inn 150 Louie's Backyard 130 La Quinta Inn and Suites 120 La Copa Inn 110 Sea Ranch Enterprises 85 25

11 Demographic Analysis TAXES The State of Texas has no state income tax and allows for local tax incentives and exemptions from state sales tax. Local taxing discounts include a $15,000 homestead exemption, a 20 percent exemption on Laguna Madre Water District and City of South Padre Island taxes. Cameron County offers a $12,000 exemption to taxpayers over the ages of 65. Ad valorem taxes are assessed and collected by the Point Isabel ISD Tax Office. The City of South Padre Island levies a 2 percent sales tax and a 7 percent hotel-motel occupancy tax. Contact the Cameron County Appraisal District ( ) or the websitewww.cameroncad.org. South Padre Island Total Revenue Earned Year Property Tax 4,016,920 4,255,282 5,166,612 5,294,904 6,244,873 $6,152,850 Sales Tax 2,031,668 2,209,441 2,401,168 2,497,841 2,552,357 2,394,470 Hotel/Motel 4,777,696 5,322,385 5,355,993 4,408,809 4,691,737 5,283,701 Mixed Drink 206, , , , , ,166 Total Revenue 11,033,258 11,994,195 13,128,089 12,396,725 13,705,580 14,055,187 Causeway Count 7,925,169 8,008,000 8,136,813 7,760,441 8,211,184 7,829,591 Taxing Entities 2011 Rates Point Isabel Independent School District Cameron County City of South Padre Island South Texas ISD Texas Southmost College Laguna Madre Water District Total *Cents per $100 26

12 Demographic Analysis POPULATION The resident population of South Padre Island in the 2000 Census was 2,422. Estimated number of inhabitants in 2008 is 5,900. Due to the large number of visitors, the resident population is only a small percentage of the total number of people who are in the City of South Padre Island at any given time. In the Resort Market Analysis produced by THK Associates in 2005, the annual visitation for South Padre Island was just over 5.1 million visits which equals an average daily population of approximately 14,000. South Padre Island s population has a high median age of as compared to 27 for Cameron County. The Rio Grande Valley area has been one of the fastest growing areas in the nation, with a 54 percent increase in population since Population Trends South Padre Island 1,667 2,422 2,816 Port Isabel 4,467 4,865 5,006 Cameron County 260, , ,220 Rio GrandeValley 701, ,371 1,264,091 POPULATION South Padre Island is a year-round vacation destination located at practically the same latitude as Miami, Florida. The Island enjoys a sub-tropical environment with mild, dry winters and warm, breezy summers Winter Average Temp. Summer Average Temp. Average Daily Temp. Average Sunshine Days Average Growing Season Average Annual Rainfall Climatic Profile 65 degrees 82 degrees 74 degrees 253 days 336 days 27.6 inches 27

HOLIDAY INN EXPRESS SOUTH PADRE ISLAND 6502 Padre Blvd South Padre Island, TX 78597

HOLIDAY INN EXPRESS SOUTH PADRE ISLAND 6502 Padre Blvd South Padre Island, TX 78597 6502 Padre Blvd South Padre Island, TX 78597 1 EXECUTIVE SUMMARY VITAL DATA CURRENT YEAR 1 Price $9,850,000 CAP Rate 9.12% 10.80% Net Operating Income $897,867 $1,064,082 Down Payment 20% / $1,970,000