21 Pre-Leased Units at Vista Cay in Orlando

Hospitality for Sale
Catylist Listing ID: 30577938
Property Subtypes: Resort
Building Status: Under Construction
Number of Units: 25 Units
Building Size (RSF): 26,569 SF
Gross Building Area: See Agent
Gross Land Area: 8 Acres
Sale Price: $6,340,000
Unit Price: $253,600 Per Unit
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: The Reserve at Vista Cay - Final Phase
Name of Establishment: Vista Cay
Sale Terms: Cash to Seller, Build-to-Suit
Cap Rate: 5.0%
Last Updated: 10/20/2020

Overview / Comments

We are pleased to present the opportunity to participate in the vacation rental market with 100% occupancy, pre- leased for five years! How can you do that? How can you own newly constructed, 2 and 3 bedroom vacation rental condos without having to worry about if its going to be rented month to month like all of the other guys? Simple. We have arranged for Sonder, one of the worlds leading short term rental companies, to take over the newly constructed units at Vista Cay immediately upon completion! On top of taking over the rent for up to 5 years, they will also furnish the units to their brand standards, adding upgrades to your units before taking over.

This is your chance to have a net leased property without the week to week market volatility and vacancy that the normal vacation rental units have.

Designed by world class architect - Fugleberg Koch
See other examples of their work: https://fuglebergkoch.com/projects/hospitality/

The best tenant that you could hope for - Sonder
See examples of their other properties: https://www.sonder.com/

FIND PROPERTY OVERVIEW AND SUMMARY: https://docs.google.com/spreadsheets/d/1IGwpepo1h4uOnY6POsA6102u294yvHGqYLEuTT0atcs/edit?usp=sharing

- Class A Vacation Home property to be delivered to you brand new.

- Units between 284,000 and 312,000

- Returns of 5% before any capital appreciation. See detailed analysis Here.

- Proven property - this is the final phase of a successful existing development at Vista Cay.

- No Short Term rental headaches or excuses from the rental agency on why it didn't rent that week.

- Sonder's world class management, housekeeping and booking takes full control of your unit, making this a truly passive investment.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $54,400 (Annual)
Tax Value Land $4,000
Potential Rental Income $490,644 (Annual)
Gross Operating Income $490,644 (Annual)
Net Operating Income $312,064 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Orlando-Kissimmee-Sanford
County: Orange
Submarket Type: Other
Taxing Authority: Orange County
Tax ID/APN: 292406883101000
Zoning: PLANNED DEVELOPMENT - P-D
Retail Clientele: Tourist
Property Located Between: Universal Studios
Property Visibility: Excellent
Largest Nearby Street: Universal Boulevard
Highway Access: Universal Boulevard
Airports: Orlando International Airport - 12 Miles
Site Description: Final Phase of the successful Vista Cay Development.
Area Description: In the heart of Orlando's Tourist section. Directly across from Universal's new 'Epic Universe' -Details: http://bit.ly/epicvista
Nearby Attractions: Universal Studios
Total Number of Buildings: 1
Number of Stories: 4
Property Condition: Excellent
Year Built: 2020
Roof Type: Barrel Shell
Construction/Siding: Concrete
Average Occupancy Rate: 100
Water Recreation: Outdoor Pool, Hot Tub, Spa, Water Slide
Exterior Description: World Class Resort Ameneties
Parking Type: Surface
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: Beautifully Designed and newly appointed by Vista Cay. Sonder will put their own furniture and linens in place for the short term vacation renters.
Zoning Description: Planned Development
Part of Planned Development?: Yes
In Flood Plain?: Yes
Lot Frontage: 648
Lot Depth: 606
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Condo
Legal Description: VILLAGES AT UNIVERSAL BOULEVARD UNIT 2 63/104 LOT 1 (LESS ISLES AT CAY COMMONS CONDO PH 3 9071/0984 & PH 2 9369/1507 & PH 1 9463/0302 & PH 4 BLDG 4 9657/3743)

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,719 52,974 182,700
Median Age: 43.01 37.28 34.55
Households: 1,718 19,558 63,756

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